Silvercorp revenue surges 47% on higher realized silver prices

Silvercorp Metals (NYSE:SVM reported record revenue for its full fiscal year 2026, driven by a dramatic rally in global silver prices that generated substantial operating cash flow and offset heavy non-cash accounting adjustments.

The Vancouver-based mining company announced that its annual revenue climbed 47% year-over-year to $438.1 million.

The top-line acceleration was propelled primarily by a 72% increase in the company's realized silver selling price, which bypassed modest volume declines in its core silver, lead, and zinc extractions.

Operationally, the higher metal pricing environment translated into elevated margin yields.

Silvercorp recorded an adjusted net income of $150.8 million, or $0.69 per share, after stripping out volatile, one-time accounting items.

Cash flow from operating activities climbed to $310.6 million, enabling the company to harvest $181.3 million in free cash flow.

Furthermore, optimized byproduct credits from its secondary base metal outputs pushed the company's baseline cash costs per ounce of silver into negative territory at negative $0.94.

Despite the strong underlying cash metrics, Silvercorp posted an unadjusted GAAP net loss of $9.9 million for the fiscal year.

Management attributed the GAAP deficit entirely to a large, non-cash derivative charge related to the mark-to-market valuation of its outstanding convertible notes.

The fiscal year also marked a key geographic expansion for the miner outside its primary operating base in China.

Silvercorp finalized the acquisition of a 70% operating stake in Chaarat ZAAV CJSC, converting the entity into a joint venture alongside state-owned Kyrgyzaltyn.

The transaction grants Silvercorp control over the fully permitted Tulkubash and Kyzyltash gold projects in the Kyrgyz Republic, extending the underlying mining license through 2062.

Silvercorp closed the fiscal period with a strong liquidity profile, reporting approximately $697 million in combined cash, short-term investments, and liquid equity portfolios.

The capital reserve is expected to fund the company's multi-million dollar Phase 1 mining development in Kyrgyzstan alongside ongoing industrial capacity expansions at its flagship Ying mining district.