Endeavour Silver (TSX: EDR) posted revenue of $212.1 million in the second quarter of 2026, up 149% from $85.3 million a year earlier and marginally ahead of the $209.7 million booked in the first quarter.
Net earnings landed at $66.5 million, or $0.22 per share, against a $20.5 million loss in Q2 2025. Excluding a $21.7 million gain on derivative revaluations and other items, adjusted earnings were $44.8 million, or $0.15 per share, down from $59.2 million and $0.21 three months earlier.
Adjusted EBITDA of $90.0 million was similarly softer sequentially, off from $108.4 million in Q1, while unadjusted EBITDA rose to $110.9 million. Mine operating cash flow before taxes reached $99.9 million, well above the $22.9 million of a year ago but below the $114.6 million logged in the first quarter.
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Price explains most of the sequential slippage. Endeavour realized $70.16 per ounce of silver and $4,305 per ounce of gold in the second quarter, down from $85.95 and $5,035 in Q1, offset by higher volumes of 2,054,108 silver ounces and 10,823 gold ounces sold.
Cash closed the quarter at $236.6 million, with working capital of $214.4 million versus $146.4 million at the end of 2025. Finance costs climbed to $5.7 million on a $5.1 million charge tied to the senior convertible notes issued last December.
Production totalled 1,943,955 ounces of silver and 10,474 ounces of gold, along with 6,207 tonnes of lead and 3,989 tonnes of zinc, for 3.44 million silver equivalent ounces. Throughput of 509,576 tonnes benefited from the Kolpa plant expansion commissioned at the end of Q1, which lifted that mine’s throughput 36% quarter over quarter.
First half silver output of 3.82 million ounces represents roughly 44% of the 8.3 to 8.9 million ounce annual range, leaving the back half to carry more weight. Gold at 22,215 ounces tracks closer to its 46,000 to 48,000 ounce target, as does silver equivalent output of 6.78 million ounces against 14.6 to 15.6 million. Zinc, at 6,831 tonnes versus 16,000 to 18,000, is the clearer laggard.
Costs are the sharper divergence. Cash costs of $23.52 per payable silver ounce and all in sustaining costs of $36.89 sit far above the $12 to $13 and $27 to $28 ranges issued in January. Endeavour points to higher metal prices inflating royalties, mining duties and third-party material purchases, and guidance was built on $36 silver, roughly half what the company actually received. Direct operating costs of $161.73 per tonne came in 13% below Q1.
Endeavour Silver last traded at $10.25 on the TSX.
