This is a strong operational beat with clear fundamental improvement from higher production and surging silver prices. Watch the conference call on July 30 for cost guidance and Terronera ramp-up timeline—cost inflation may temper enthusiasm.
Price Chart
Executive Summary
Endeavour Silver reports a transformative Q2 2026 with revenue of $212.1 million (up 149% YoY), net earnings of $66.5 million vs a loss of $20.5 million, and mine operating cash flow before taxes of $99.9 million (up 336% YoY), driven by record silver equivalent production, the addition of Terronera, and realized silver prices doubling to $70.16/oz. Costs rose meaningfully (cash costs up 53% to $23.52/oz, AISC up 47% to $36.89/oz) but were more than offset by surging revenue from higher metal prices and volumes.
Key Facts
- Revenue from operations $212.1 million in Q2 2026, up 149% from $85.3 million in Q2 2025
- Net earnings $66.5 million vs net loss of $20.5 million in Q2 2025
- Adjusted net earnings $44.8 million ($0.15/share) vs adjusted loss $9.2 million (-$0.03/share) in Q2 2025
- Record silver equivalent production of 3.44 million oz, up 36% YoY
- Realized silver price $70.16/oz (up 113%) and gold price $4,305/oz (up 30%)
- Mine operating cash flow before taxes $99.9 million, up 336% YoY
- Cash position $236.6 million; working capital $214.4 million as of June 30, 2026
- Cash costs $23.52/oz (up 53%) and AISC $36.89/oz (up 47%) YoY
- Terronera LNG plant commissioned in June; mine complex ramp-up through Q3 2026
Financial Impact
Revenue growth of $126.8 million YoY (149%); net income swing of +$87.0 million from loss to profit; mine operating cash flow increase of $77.0 million
Risk Factors
- Cost inflation: cash costs +53% and AISC +47% YoY could compress margins if silver prices decline
- Terronera ramp-up risk: operational issues or delays could impact H2 production guidance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005027 |
| Document: f6k_072926.htm | 0001171843-26-005027 |
| Document: 0001171843-26-005027-index-headers.html | 0001171843-26-005027 |
| Document: 0001171843-26-005027-index.html | 0001171843-26-005027 |
| Document: 0001171843-26-005027.txt | 0001171843-26-005027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 12d ago | 6-K | $7.83 | awaiting T+20 | — | $7.51 (−4.15%) |
Oct 8, 2026 18d ago | 6-K | $8.57 | awaiting T+20 | — | $7.51 (+12.43%) |
Sep 22, 2026 4w ago | 6-K | $10.51 $8.20 | ▲ +21.98% | ▲ +21.42% | $7.51 (+28.59%) |
Aug 24, 2026 9w ago | 6-K | $10.76 $10.13 | ▼ −5.86% | ▼ −5.87% | $7.51 (−30.25%) |
Aug 20, 2026 9w ago | 6-K | $10.62 $10.13 | ▲ +4.61% | ▲ +4.09% | $7.51 (+29.33%) |
Aug 17, 2026 10w ago | 6-K | $10.14 $9.64 | ▲ +4.93% | ▲ +2.95% | $7.51 (+25.99%) |
Jul 29, 2026 12w ago | 6-K | $7.77 $11.30 | ▲ +45.43% | ▲ +41.47% | $7.51 (−3.41%) |
Jul 8, 2026 15w ago | 6-K | $7.72 $8.96 | ▲ +16.06% | ▲ +12.79% | $7.51 (−2.78%) |
Jul 8, 2026 15w ago | Press Release | $7.72 $8.96 | ▲ +16.06% | ▲ +12.79% | $7.51 (−2.78%) |
Jun 18, 2026 18w ago | 6-K | $8.61 $7.49 | ▼ −13.01% | ▼ −13.54% | $7.51 (−12.83%) |
US Market Status
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