Santacruz Silver Q1 Revenue Jumps 81% to $127.5M; Net Income Triples
Revenues rose 81% year-over-year to $127.5 million in Q1 2026, driving net income of $28.5 million (+201%) and adjusted EBITDA of $42.6 million (+55%). Cash and marketable securities doubled to $64.9 million while average realized silver price jumped 128% to $63.30 per ounce, boosting margins.
1. Q1 2026 Financial Highlights
In the quarter ended March 31, 2026, Santacruz delivered revenue of $127.5 million, up 81% year-over-year, generating gross profit of $42.9 million (+54%), net income of $28.5 million (+201%) and adjusted EBITDA of $42.6 million (+55%).
2. Strong Liquidity Position
The company ended Q1 2026 with $64.9 million in cash and highly liquid marketable securities, a 100% increase year-over-year, and working capital of $75.9 million, up 47%, providing significant financial flexibility for operations and growth.
3. Operational Developments and Outlook
Santacruz remains focused on restoring full production at Bolivar by Q4 2026 following the May 2025 water inflow event, enhancing metallurgical recoveries at its Zimapan operation and implementing a new reporting framework that separates mining operations from ore processing to clarify performance drivers.