Silvercorp Metals (SVM) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year results, with Q4 silver production up 42% year-over-year to 1.6 million oz and revenue up 76% to $75.1 million.

• Full-year revenue reached $299 million, up 39% from the prior year, driven by higher metals prices, increased sales volumes, and the Adventus acquisition.

• Adjusted full-year net income was $75.1 million ($0.37/share), up 91% year-over-year; Q4 adjusted net income was $14.7 million ($0.07/share) after excluding a $21 million non-cash charge.

• Cash flow from operating activities in Q4 was $31 million, up 200% year-over-year; full-year operating cash flow was $139 million.

• Completed Adventus Mining acquisition and major capital projects, including mill expansion and a new tailings facility.

Financial highlights

• Q4 net loss of $7.6 million due to a non-cash derivative liability charge; adjusted net income was $14.7 million.

• Q4 revenue of $75.1 million, up 76% year-over-year; full-year revenue of $299 million, up 39%.

• Q4 cash flow from operations of $31 million, up 200% year-over-year; full-year $139 million, up from $92 million.

• Ended fiscal year with $369 million in cash and short-term investments, up 100% year-over-year.

• Adjusted full-year earnings were $75.1 million ($0.37/share), up from $39 million ($0.22/share) prior year.

Outlook and guidance

• Fiscal 2026 production guidance: 7.4–7.6 million oz silver, 9,100–10,400 oz gold, 65–67 million lbs lead, 29–30 million lbs zinc.

• Anticipated production cost: $81–$82/ton; all-in sustaining cost: $155–$158/ton, slightly higher due to increased spending at Ying Mine.

• Growth projects include $25 million for ramp/tunnel development and $25 million for exploration at Ying Mine.

• El Domo project in Ecuador targets first production by end of 2026, with a $241 million capital cost.

• Forward-looking statements highlight ongoing production, continued capital investment, and integration of Adventus assets.