Endeavour Silver Posts Record Q2 Revenue of $212M, Raises 2026 Capex to $181M
EXK sits 53% above its 52-week low of $4.91.
Summary
Endeavour Silver reported Q2 2026 revenue of $212.1 million and net earnings of $66.5 million, driven by higher metal prices and Terronera's first full quarter of production. The company raised its 2026 capital budget to $181.4 million and repaid its remaining debt facility.
Key Events · Earnings and Guidance · EXK
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Record Q2 Revenue and Earnings
Revenue of $212.1 million, up 149% year-over-year, with net earnings of $66.5 million ($0.22 per share) compared to a loss of $20.5 million in Q2 2025. H1 2026 revenue reached $421.8 million with net earnings of $131.4 million.
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Terronera Drives Production Growth
Terronera contributed 608,347 oz silver and 7,666 oz gold in its first full quarter of commercial production, helping push consolidated silver output up 31% to 1.94 million oz.
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2026 Capex Budget Raised to $181.4M
The board approved an expanded capital program, up from $157.8 million, with additional spending at Kolpa ($18.1M) and Guanaceví ($5.5M) for expansion and sustaining projects.
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Debt Facility Fully Repaid
The final balance of the Terronera senior secured debt facility was repaid in June 2026, leaving only $5.6 million in equipment financing and $241.2 million in convertible notes on the balance sheet.
Analysis · EXK · Energy & Transportation
A standout quarter saw revenue more than double year-over-year to $212.1 million, while net earnings swung to $66.5 million from a prior-year loss. Sharply higher silver and gold prices, together with the first full quarter of commercial production at Terronera, powered the surge. The company also raised its 2026 capital spending plan by $23.6 million to $181.4 million, reflecting expansion projects at Kolpa and Guanaceví, and repaid the final balance of its Terronera debt facility. Although costs per ounce remain elevated due to royalty impacts from higher metal prices and labor inflation, management expects improvement in the second half as Terronera ramps up and transitions to lower-cost LNG power. Strong cash generation and debt repayment strengthen the balance sheet, but the increased capex and cost pressures warrant attention.
At the time of this filing, EXK was trading at $7.50 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $4.91 to $15.15. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.