Silvercorp Metals (SVM) Q3 2026 earnings summary

Executive summary

• Achieved record Q3 revenue of $126.1 million, up 51% year-over-year, driven by higher silver prices and strong operational performance.

• Adjusted net income reached $47.9 million ($0.22/share), more than doubling year-over-year, excluding a $60 million non-cash derivative liability charge.

• Cash flow from operating activities hit a record $133 million, up 196% year-over-year.

• Ended the quarter with $463 million in cash and short-term investments, up over $80 million sequentially.

• Produced 1.9 million ounces of silver, 2,096 ounces of gold, and 2.0 million ounces of silver equivalent.

Financial highlights

• Net loss of $15.8 million due to a significant $60 million non-cash charge; adjusted net income was $47.9 million.

• Adjusted EBITDA was $66.7 million, up 66% year-over-year; free cash flow rose 336% to $90 million.

• Realized silver price increased 80% to $49.0/oz after smelter deductions.

• Silver accounted for 72% of Q3 revenue.

• Investments in associates and other companies valued at up to $260 million as of December 31.

Outlook and guidance

• Ying Mining District mines will close for three weeks during Chinese New Year, but processing will continue using stockpiled ore.

• Kuanping Mine expected to start initial ore production in June 2026.

• GC Mine to process about 50,000 tonnes of ore in Q4 Fiscal 2026.

• Throughput at Ying is tracking above guidance, but lower grades may result in production at the lower end of guidance.