Silvercorp delivered exceptional results on the back of strong silver prices, with record revenue and profitability. The company's low-cost position and strong balance sheet provide a solid foundation. The confirmed Fiscal 2027 guidance for modest production growth, combined with the ongoing construction of the El Domo project, positions Silvercorp for continued cash flow generation. Monitor the progress of the El Domo and Tulkubash projects as key catalysts for future growth and valuation.
Price Chart
Executive Summary
Silvercorp reported a record year with annual revenue surging 47% to $438.1M and adjusted net income doubling to $150.8M ($0.69/share), driven by a 72% increase in realized silver prices. Record Q4 revenue of $147.4M (+96% YoY) and operating cash flow of $90.2M highlight the strong operational momentum. These exceptional financial results are underpinned by a strong silver price environment and low cash costs, reinforcing Silvercorp's position as a profitable producer. The fiscal 2027 guidance targets modest production growth, and the company maintains a robust balance sheet with $422M in cash.
Key Facts
- Record annual revenue of $438.1 million, up 47% from $298.9 million in Fiscal 2025.
- Record Q4 revenue of $147.4 million, up 96% from $75.1 million in Q4 Fiscal 2025.
- Record adjusted net income attributable to shareholders of $150.8 million ($0.69 per share), up from $75.1 million ($0.37 per share) in Fiscal 2025.
- Record adjusted EBITDA of $238.1 million ($1.09 per share), up from $132.2 million ($0.65 per share) in Fiscal 2025.
- Record Q4 adjusted EBITDA of $98.1 million ($0.44 per share), up from $29.8 million ($0.14 per share) in Q4 Fiscal 2025.
- Realized silver price averaged $46.44/oz in Fiscal 2026, up 72% from $26.95/oz in Fiscal 2025.
- Q4 silver price averaged $78.56/oz, up 183% from $27.78/oz in Q4 Fiscal 2025.
- Cash cost per ounce of silver was negative $0.94 in Fiscal 2026, improving from negative $0.54 in Fiscal 2025.
- Operating cash flow was $310.6 million, up from $138.6 million in Fiscal 2025.
- Free cash flow was $181.3 million, up from $58.8 million in Fiscal 2025.
- Cash, cash equivalents, and short-term investments were $422.3 million as of March 31, 2026.
- Fiscal 2027 guidance: silver production of 6.8-7.1 million ounces and gold production of 9,500-10,000 ounces.
- Completed acquisition of ZAAV (Tulkubash/Kyzyltash gold project) in Kyrgyzstan for $92 million.
- El Domo project construction on track for July 2027 target production start date.
Financial Impact
Record revenue and profitability driven by surging silver prices; revenue up 47% to $438.1M, adjusted net income up 101% to $150.8M.
Risk Factors
- Significant exposure to silver price volatility; a sustained decline could materially impact revenue and profitability.
- Construction and permitting risks at the El Domo project in Ecuador and the Tulkubash project in Kyrgyzstan.
- Political and operational risks associated with operations in China, Ecuador, and Kyrgyzstan.
- Dilution risk from the $150M convertible notes if converted into common shares.
- Contingent liability of $70 million related to the ZAAV acquisition, with additional milestone payments due.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-066826 |
| Document: tm2615713d1_ex99-3.htm | 0001104659-26-066826 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 6d ago | 6-K | $9.26 | awaiting T+5 | — | $8.22 (+11.23%) |
Oct 19, 2026 6d ago | Press Release | $9.26 | awaiting T+5 | — | $8.22 (+11.23%) |
Oct 7, 2026 18d ago | 6-K | $10.31 $9.76 | ▼ −5.33% | ▼ −5.06% | $8.22 (−20.27%) |
Oct 2, 2026 23d ago | Press Release | $10.55 $10.30 | ▼ −2.37% | ▼ −2.79% | $8.22 (−22.09%) |
Sep 30, 2026 26d ago | 6-K | $10.67 $10.04 | ▼ −5.90% | ▼ −7.82% | $8.22 (−22.96%) |
Sep 29, 2026 27d ago | 6-K | $10.83 $10.51 | ▼ −2.95% | ▼ −4.90% | $8.22 (−24.10%) |
Sep 25, 2026 4w ago | 6-K | $11.34 $10.58 | ▼ −6.70% | ▼ −6.48% | $8.22 (−27.51%) |
Sep 23, 2026 4w ago | 6-K | $11.51 $10.67 | ▼ −7.30% | ▼ −6.62% | $8.22 (−28.58%) |
Sep 17, 2026 5w ago | 6-K | $12.15 $11.34 | ▼ −6.67% | ▼ −7.27% | $8.22 (−32.35%) |
Aug 31, 2026 8w ago | 6-K | $12.44 $12.43 | ▼ −0.08% | ▲ +0.06% | $8.22 (−33.92%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers