Silvercorp Metals (SVM) Q4 2026 earnings summary

Executive summary

• Achieved record annual revenue of $438.1 million for fiscal 2026, up 47% year-over-year, driven by higher silver prices and strong production volumes.

• Adjusted net income reached $151 million ($0.69/share), more than doubling from the prior year, with adjusted EBITDA up 80% to $238.1 million.

• Cash flow from operating activities surged 124% to $311 million, supporting robust free cash flow of $181.3 million.

• Completed acquisition of a 70% stake in Chaarat ZAAV CJSC for $92 million, expanding the project pipeline and extending mining licenses by 30 years.

• ESG performance improved, with MSCI ESG rating upgraded to AA and a medium risk Sustainalytics score.

Financial highlights

• Q4 revenue was $147.4 million, up 96% year-over-year, with silver representing 78% of quarterly revenue.

• Q4 adjusted net income was $59.3 million, up over 300% year-over-year; Q4 adjusted EBITDA was $98.1 million, up 230%.

• Fiscal 2026 cash cost per ounce of silver (net of by-product credits) was negative $0.94; AISC per ounce was $14.25.

• Ended the year with $422.3 million in cash and short-term investments and $274.6 million in equity investments.

• Free cash flow for the year was $181.3 million, up over 200% year-over-year.

Outlook and guidance

• Construction of Ying's No. 3 Mill commenced, expected to add 3,000 tpd capacity by Q1 fiscal 2028, raising total milling capacity to 6,500 tpd.

• Updated mine plan and resource estimate for Ying, including Kuanping, to be released soon; Kuanping ramp development underway.

• Tulkubash project in Kyrgyzstan advancing toward construction, with pre-stripping targeted for Q2 fiscal 2027.

• Applied for small-scale mining environmental licenses at Kuanping and Condor, targeting Q2 fiscal 2027 for approval.

• TLP 35kV Substation and Power Line Project underway to improve power reliability and support safety permit renewal.