Silvercorp Metals (TSX: SVM) capped its fiscal 2026 with a record setting fourth quarter, as a near doubling in silver prices propelled the company to its strongest top line result on record.
Revenue for the three months ended March 31, 2026 came in at $147.4 million, up 96% year over year and a notable step up from the $126.1 million booked in the prior quarter. Mine operating earnings surged 282% to $100.0 million. The realized silver price of $78.56 per ounce was behind the record performance, the figure was a 183% jump from Q4 fiscal 2025 and a sharp acceleration from the $49.00 per ounce realized in Q3.
Adjusted net income attributable to shareholders climbed to a record $59.3 million, or $0.27 per share, versus $14.7 million, or $0.07 per share, a year earlier. Q3 adjusted earnings, for reference, came in at $47.9 million, or $0.22 per share. Adjusted EBITDA also set a record at $98.1 million.
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A reported net loss of $0.7 million muddied the picture, but that was driven by a $60.4 million non-cash mark-to-market charge tied to convertible note derivative liabilities, an issue the company addressed during the quarter by removing the cash settlement option to avoid future P&L volatility.
Cash flow from operating activities reached $90.2 million in Q4, with free cash flow of $57.9 million. The company closed the quarter with $422.3 million in cash and short term investments.
For the full fiscal year, Silvercorp reported revenue of $438.1 million, up 47%, and adjusted net income of $150.8 million, or $0.69 per share, double the prior year. Operating cash flow more than doubled to $310.6 million, while free cash flow tripled to $181.3 million. The annual realized silver price averaged $46.44 per ounce.
On the production side, Q4 output totaled roughly 1.5 million ounces of silver, 2,492 ounces of gold, 13.6 million pounds of lead, and 3.9 million pounds of zinc. Cash cost per ounce of silver, net of by-product credits, was negative $1.92, a meaningful improvement from $2.49 a year earlier as more mechanized shrinkage mining took hold. All-in sustaining costs came in at $17.35 per ounce, up 21% on higher taxes linked to revenue and elevated sustaining capex.
Full-year production totalled 6.8 million ounces of silver and 8,723 ounces of gold, with cash cost of negative $0.94 per ounce and an AISC of $14.25.
Silvercorp Metals last traded at $17.25 on the TSX.
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