Silvercorp Metals reports record quarterly revenue of $147.4 million
The company reported a 96% increase in quarterly revenue driven by a realized silver price of $78.6 per ounce.
Silvercorp Metals Inc. (SVM), a precious metals producer, reported revenue of $147.4 million for the three months ended March 31, 2026. This figure represents a 96% increase over the same period in 2025. The company said the result was mainly driven by an average realized silver price of $78.6 per ounce, which was 183% higher than the previous year. Silver accounted for 78% of the quarterly revenue.
During the quarter, the company sold approximately 1.5 million ounces of silver and 2,623 ounces of gold. It also sold 13.6 million pounds of lead and 3.9 million pounds of zinc. Production for the period included approximately 1.5 million ounces of silver and 2,492 ounces of gold.
Operating costs shifted as the company adopted a more mechanized shrinkage mining method. This change contributed to a cash cost per ounce of silver, net of by-product credits, of negative $1.92, compared to $2.49 in the fourth quarter of fiscal 2025. All-in sustaining costs per ounce of silver, net of by-product credits, rose 21% to $17.35 from $14.31 in the prior-year quarter. Silvercorp attributed this increase to higher sustaining capital expenditures and higher government taxes linked to the increase in revenue.
Adjusted earnings before interest, income tax, depreciation and amortization attributable to equity shareholders reached a record $98.1 million, or 0.44 a share. This compared to $29.8 million, or 0.14 a share, in the fourth quarter of fiscal 2025. Adjusted net income attributable to equity shareholders was $59.3 million, or 0.27 a share, compared to $14.7 million, or 0.07 a share, in the prior-year period.
Despite the adjusted gains, the company reported a net loss attributable to equity shareholders of $0.7 million, or 0.003 a share. Silvercorp said this loss was mainly due to a $60.4 million non-cash charge from the mark-to-market fair value of derivative liabilities related to convertible notes.
For the full fiscal 2026, the company reported adjusted net income of $151 million, or 0.69 a share, and cash flow from operating activities of $310.6 million.