10-Q · May 5, 2026
SSR Mining reported a strong Q1 2026 with revenues significantly increasing by 83.7% to $581.8 million, driven primarily by a surge in realized gold and silver prices. The company also faced a substantial non-cash…
Earnings analysis · 10-Q
SSRM earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
SSRM delivered 9.5% year-over-year Q2 revenue growth to $443.8 million and expanded continuing-operations operating income 14.0% to $191.7 million, powered by substantially higher realized gold and silver prices.…
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SSRM delivered 9.5% year-over-year Q2 revenue growth to $443.8 million and expanded continuing-operations operating income 14.0% to $191.7 million, powered by substantially higher realized gold and silver prices. However, revenue declined 23.8% sequentially, GAAP diluted EPS of $0.47 missed the $0.80 consensus estimate, and sales volumes and AISC deteriorated at several mines. The $1.5 billion Çöpler sale has left the company with $1.783 billion of cash and no revolver borrowings, materially strengthening liquidity despite sizeable discontinued-operation losses and a $337.8 million share repurchase program.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.47
What stood out
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Revenue grows year over year but misses consensus
Q2 revenue rose 9.5% year over year to $443.8 million, driven by a 28.9% increase in realized gold price to $4,301/oz and a 110.7% increase in realized silver price to $74.24/oz. Revenue nevertheless fell 23.8% sequentially from $581.8 million in Q1 2026 and was $39.7 million below the $483.5 million consensus estimate.
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Operating margin expands year over year
Continuing-operations operating income increased 14.0% to $191.7 million, producing a 43.2% operating margin, versus 41.5% a year earlier. Margin contracted from 51.6% in Q1 2026 as revenue declined sequentially and cost of sales per gold-equivalent ounce rose 27.1% year over year to $1,775.
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GAAP EPS improves but trails estimate
Diluted EPS was $0.47, comprising $0.66 from continuing operations and a $0.19 loss from discontinued operations. This improved from a $0.59 diluted loss in Q1 2026 and from $0.42 in Q2 2025, but was $0.33 below the $0.80 consensus estimate.
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Seabee and Puna price-led growth
Seabee was the strongest operating contributor: revenue increased $30.8 million, or 89.1%, as gold production rose 52.9% to 16,817 oz after the prior-year temporary suspension. Puna revenue rose $19.9 million, or 19.4%, despite a 41.7% fall in silver production, supported by higher realized silver prices.
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Asset sale transforms liquidity and debt position
Liquidity increased materially following the Türkiye divestiture: cash and equivalents were $1.783 billion at June 30, up $1.267 billion from December 31, 2025. The company had no revolver borrowings and fully discharged its remaining $230.0 million of 2019 Notes during Q1.
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Strong cash generation despite higher capex
Six-month continuing-operation free cash flow was $299.1 million, up from $194.4 million a year earlier. Continuing operating cash flow was $420.5 million and mineral-property/PP&E spending was $121.4 million, equal to 28.9% of continuing operating cash flow.
What to watch
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Broad volume declines increase price reliance
Production volumes weakened across several assets: Q2 gold-equivalent ounces sold fell 16.2% to 97,822 oz, including a 36.4% decline in CC&V gold sales to 28,499 oz and a 40.6% decline in Puna silver sales to 1.506 million oz. Higher metal prices offset these volume declines in revenue.
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AISC rises sharply across operations
Cost inflation and lower grades pressured unit economics. Consolidated AISC increased 41.1% year over year to $2,622 per gold-equivalent ounce; Puna AISC per silver ounce increased 134.8% to $29.52 and Marigold AISC per gold ounce increased 54.0% to $3,044.
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Disposal losses and residual legal exposure
Discontinued operations recorded a $44.6 million Q2 net loss and a $410.4 million six-month loss, including a $337.4 million loss on the Çöpler divestiture and a $17.5 million loss on Artmin deconsolidation. The filing reports no changes to the risk factors disclosed in the 2025 Form 10-K.
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Argentina currency exposure increased
The company recorded an $18.3 million foreign-exchange loss in Q2, compared with a $10.2 million loss a year earlier, primarily from ARS weakening against the USD. It held $33.3 million of cash in ARS at June 30, 2026.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management states that $1.783 billion of cash and cash equivalents, available revolver capacity, and anticipated operating cash flow are expected to sustain operating needs for the next 12 months.
Earlier filings 4
10-K · February 17, 2026
SSR Mining shows a sharp operational recovery in 2025 with a large Q4 outperformance and material margin expansion. Q4 2025 revenue was $522.0M with a 64.0% gross margin and 42.9% operating margin; full-year 2025…
10-Q · November 4, 2025
SSR Mining reported Q3 revenue of $385,839 (in thousands) and net income attributable to SSR Mining shareholders of $65,441 (in thousands), with basic EPS of $0.32, reflecting strong year-over-year recovery driven by…
10-Q · August 5, 2025
SSR Mining materially outperformed the prior-year quarter: revenue rose to $405.5M (vs $184.8M a year ago) and net income attributable to shareholders was $90.1M (vs $9.7M). The quarter was driven largely by the Feb 28,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.