Endeavour Silver Announces Q2 2026 Financial Results
Endeavour reported record second-quarter production and revenue, although all-in sustaining costs remained above guidance, creating ongoing margin pressure.
Endeavour Silver Corp. (EDR) reported second-quarter 2026 financial results after the close on July 29, 2026. Revenue surged 149% year-over-year to $212.1 million, while net earnings swung to a $66.5 million profit, compared to a loss of $20.5 million in Q2 2025. The quarter reflected the first full contribution from Terronera and an uplift at Kolpa following its plant expansion.
Silver production rose 31% to 1.94 million ounces, and gold output climbed 35% to 10,474 ounces. Realized prices remained elevated at $70.16 per ounce for silver and $4,305 per ounce for gold. Cash costs per payable silver ounce increased to $23.52, up from $15.35 in Q2 2025, while all-in sustaining costs (AISC) reached $36.89 per ounce, compared to $25.16 in the prior-year quarter.
Operational updates highlighted that the LNG plant at Terronera began commissioning in June and is now operational. Kolpa delivered a 36% quarter-over-quarter throughput jump after the plant expansion. The balance sheet remains robust with $236.6 million in cash and working capital of $214.4 million. The release does not include an explicit reaffirmation of full-year guidance, though a Q2 production update on July 8 noted output was “in line with plan.”
Endeavour Silver Corp. (EDR) released its second-quarter financial results, adding revenue and earnings detail to the production figures reported on July 8. While headline net earnings reached $66.5 million, adjusted net earnings fell 24% sequentially, dropping from $59.2 million in the first quarter to $44.8 million in the second. Mine-operating cash flow before taxes also declined 13% quarter-on-quarter, moving from $114.6 million to $99.9 million.
Costs remain elevated, with all-in sustaining costs (AISC) at $36.89 against a full-year target of $27–$28, with no near-term relief evident. The results confirm strong top-line growth but underline ongoing margin pressure. The market, already aware of production volumes and the share-price decline since February 2026, likely priced in a mixed quarter. No transformative events, such as mergers and acquisitions, major resource changes, or strategic investor entry, are present. The release is characterized as expected and unremarkable, neither shocking negatively nor providing a positive catalyst.
Endeavour Silver Corp. is a mid-tier silver producer with operating mines in Mexico, specifically Guanaceví and Terronera, and in Peru, where it operates Kolpa. Terronera achieved commercial production on October 1, 2025, while Kolpa was acquired on May 1, 2025. The company’s asset portfolio also includes the advanced-stage Pitarrilla project in Durango, Mexico, where a feasibility study is underway, as well as earlier-stage exploration properties in Chile and the USA, along with additional targets in Mexico. In January 2026, the company sold the non-core Bolañitos mine, streamlining its focus to four core assets.