Santacruz Silver Mining (TSXV: SCZ) on Friday evening filed their first quarter 2026 financial results. The quarter saw the company ride a sharply stronger silver market to a standout first quarter, with revenue, profit and margins all expanding at double and triple digit rates against year ago figures.
Revenue climbed 81% year over year to $127.5 million, while gross profit rose 54% to $42.9 million. Net income of $28.5 million more than tripled, up 201% from the prior year, and adjusted EBITDA of $42.6 million was 55% higher. The quarter also marked a meaningful sequential step up from Q4 2025, when the company posted a $4.6 million net loss on revenue of $102.8 million.
Cash and highly liquid marketable securities ended the period at $64.9 million, largely unchanged from the $66.7 million position at the end of Q4, even after Santacruz paid $31.5 million in taxes during the quarter. Working capital meanwhile improved to $75.9 million.
For context, the figures reframe what was already a strong 2025. Full-year revenue last year totalled $326.4 million with adjusted EBITDA of $104.6 million, meaning Q1 alone delivered roughly 39% of 2025’s full-year revenue and 41% of its EBITDA.
On the production side, mining operations churned out 1.0 million ounces of silver and 14,496 tonnes of zinc, with the San Lucas ore processing business adding another 341,405 silver ounces and 7,144 tonnes of zinc. Consolidated silver output of 1.34 million ounces was essentially flat with Q4 2025 but down 16% year over year, reflecting the lingering impact of the May 2025 water inflow at Bolivar. Total zinc production fell 9% sequentially to 21,640 tonnes.
The cost picture cuts both ways. Mining operations sold silver at an average realized price of $63.30 per ounce, a 128% year over year jump, against all-in sustaining costs of $31.60 per ounce, yielding a realized mining margin of $31.70 per ounce, up 221%. AISC ticked down 13% from Q4.
Zinc was less flattering, with realized prices slipped 7% sequentially to $3,116 per tonne while AISC rose to $2,729, compressing the unit margin to $387 from $704 in Q4.
Santacruz Silver last traded at $12.02 on the TSX Venture.
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