SSRM earnings analysis
What we found in SSRM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.47
- Gross margin
- 60.87%
- Operating margin
- 43.19%
- Segment
- Marigold: Q2 revenue increased $8.6 million (7.2%) year over year; gold sold declined 16.5% to 29,720 oz.
- Segment
- Cripple Creek & Victor: Q2 revenue decreased $20.9 million (13.9%) year over year; gold sold declined 36.4% to 28,499 oz.
- Segment
- Seabee: Q2 revenue increased $30.8 million (89.1%) year over year; gold sold increased 51.7% to 15,700 oz.
- Segment
- Puna: Q2 revenue increased $19.9 million (19.4%) year over year; silver sold declined 40.6% to 1.506 million oz.
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing SSRM makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever