The massive beat on revenue and earnings, combined with strong cash flow and a reiterated 2026 guidance, is a clear positive catalyst. The stock should reprice higher on the magnitude of the beat and the strong silver price tailwind. Monitor Q2 operational updates for normalization of Zgounder throughput and Boumadine pyrite transport acceleration.
Price Chart
Executive Summary
Aya Gold & Silver reported Q1 2026 results with record revenue of $117.3M (up 247% YoY) and net income of $48.5M (up 600% YoY), driven by a 158% increase in average realized silver equivalent price to $82.22/oz and 34% higher sales volumes. Operating cash flow reached $70.2M, and the company ended the quarter with $171.7M in cash. The Zgounder mine produced 1.27M oz silver (up 18% YoY), though QoQ production fell 8% due to weather disruptions. The Boumadine pyrite reclaim operation contributed 227,802 AgEq oz. Full-year 2026 guidance was reiterated.
Key Facts
- Revenue of $117,274,000 in Q1 2026 vs $33,831,000 in Q1 2025 (+247% YoY)
- Net income of $48,533,000 (diluted EPS $0.33) vs $6,930,000 (diluted EPS $0.05) in Q1 2025 (+600% YoY)
- Operating cash flow of $70,175,000 vs $7,926,000 in Q1 2025 (+785% YoY)
- Average net realized silver equivalent price of $82.22/oz, up 158% YoY from $31.87/oz
- Cash and cash equivalents of $171,670,000 as of March 31, 2026
- Total debt reduced to $98,193,000 from $112,177,000 at year-end 2025 following first principal repayment
- Consolidated silver equivalent production of 1,492,814 oz, up 40% YoY
- Zgounder silver production of 1,265,012 oz, up 18% YoY but down 8% QoQ due to weather disruptions
- Cash costs per AgEq oz sold of $18.40, down 8% QoQ and 3% YoY
- Exploration spending of $14,066,000 on Boumadine drilling program (42,827m completed in Q1)
- Full-year 2026 guidance reiterated unchanged
Financial Impact
Revenue increased $83.4M YoY (+247%) to $117.3M; net income increased $41.6M YoY (+600%) to $48.5M; operating cash flow increased $62.2M YoY (+785%) to $70.2M
Risk Factors
- Weather-related disruptions at Zgounder could recur, impacting throughput and recovery
- Boumadine pyrite reclaim logistics remain constrained by port closures in northern Morocco
- Contingent liability from Duro Felguera arbitration (up to $13,500,000) remains unresolved
- Single-customer concentration risk (>95% of sales to one client in Switzerland)
- Moroccan tax rate increase could pressure future net income
Market Snapshot
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-034789 |
| Document: q12026ayagoldsilverinc-mda.htm | 0001628280-26-034789 |
| Document: q12026earningsresults2.htm | 0001628280-26-034789 |
| Document: form6kforq12026.htm | 0001628280-26-034789 |
| Document: ayaceoform52-109f2certific.htm | 0001628280-26-034789 |
| Document: ayacfoform52-109f2certific.htm | 0001628280-26-034789 |
| Document: 0001628280-26-034789-index-headers.html | 0001628280-26-034789 |
| Document: 0001628280-26-034789-index.html | 0001628280-26-034789 |
| Document: 0001628280-26-034789.txt | 0001628280-26-034789 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 20, 2026 22w ago | 6-K | $16.96 $19.88 | ▲ +17.22% | ▲ +16.22% | No price |
May 14, 2026 23w ago | 6-K | $21.42 $18.72 | ▼ −12.61% | ▼ −11.75% | No price |
May 4, 2026 25w ago | 6-K | $18.08 $20.70 | ▲ +14.49% | ▲ +8.85% | No price |
US Market Status
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