Endeavour Silver (NYSE: EXK) revenue jumps 29.2% while Guanacev silver output falls

Posted by Trevor Kearing on Nov 10th, 2026

What happened

Endeavour Silver Corp. (NYSE: EXK) reported third-quarter revenue of $184.5 million and a net profit of $26.4 million, against a loss a year earlier.

The figures come from the company's management discussion and analysis for the quarter ended Sept. 30, dated Nov. 9. All amounts are in U.S. dollars. The net loss in Q3 2025 was $42.0 million, and earnings per share were $0.09 against a loss of $0.14.

Adjusted net earnings, a non-IFRS measure, were $42.1 million against a loss of $2.0 million. Adjusted EBITDA was $83.4 million against $27.9 million. Working capital stood at $246.7 million against a deficit of $56.1 million a year earlier.

Key numbers

Metric	Latest	Change	Source
Q3 revenue, net of smelting and refining costs	$184.5 million	from $142.8 million, +29.2%	Calculated from SEC 6-K
Q3 net earnings (loss)	$26.4 million	from -$42.0 million	SEC 6-K, management's discussion and analysis
Q3 adjusted EBITDA (non-IFRS)	$83.4 million	from $27.9 million, +199%	SEC 6-K, management's discussion and analysis
Q3 silver ounces produced	2,096,545 oz	from 1,766,926 oz, +19%	SEC 6-K, management's discussion and analysis
Q3 all-in sustaining costs per silver ounce (non-IFRS)	$29.54	from $30.53, -3%	SEC 6-K, management's discussion and analysis
Guanacev Q3 silver ounces produced	702,972 oz	from 1,024,321 oz, -31%	SEC 6-K, management's discussion and analysis

Two ways to read the revenue gain

The filing's revenue discussion compares the quarter with $142.8 million in Q3 2025, net of $3.1 million of smelting and refining costs. Q3 2026 revenue was net of $3.6 million of those costs. That is a rise of $41.7 million, or 29.2%, by OptimistFi's calculation.

The highlights table frames it differently. It puts revenue from operations a year earlier at $111.4 million, a 66% gain. It also lists $31.5 million of pre-operating production revenue in Q3 2025 and none in Q3 2026.

Silver ounces sold rose 8% to 1,900,368. The realized silver price was $62.42 an ounce, up from $38.58 a year earlier.

Stock perps: every US stock that trades as a perpetual future, by leverage, live

Where the ounces came from

Silver production rose 19% to 2,096,545 ounces. Gold rose 39% to 10,126 ounces. The filing says higher plant throughput came mainly from Terronera, which contributed 165,171 tonnes, and Kolpa, which contributed 256,052 tonnes. The January sale of the Bola itos mine partly offset this.

Terronera produced 710,670 ounces of silver and 7,157 ounces of gold despite a suspension from Aug. 12 to Aug. 23. Kolpa's 682,903 ounces were 14% above a year earlier. The filing ties that to a plant expansion to 2,500 tonnes per day in the first half of 2026.

Guanacev went the other way. Silver output fell 31% to 702,972 ounces on lower grades and lower milled tonnes. Average silver grade was 257 grams per tonne against 340. A capacity reduction from Sept. 21 to Oct. 13, to replace the primary mill head and trunnion, also weighed on throughput.

A better quarter for costs, a harder nine months

Consolidated cash costs per silver ounce, net of by-product credits, fell 9% to $16.55 from $18.09. The filing links the drop to higher metal prices lifting by-product credits. Costlier third-party material partly offset it.

All-in sustaining costs (AISC), a non-IFRS measure, fell 3% to $29.54 from $30.53. The filing credits mainly the addition of Terronera, whose AISC of $21.81 sits below the average, and lower AISC at Kolpa.

Nine-month figures are less friendly. Cash costs were $20.73 against $16.58, up 25%. AISC were $34.32 against $27.19, up 26%. The filing cites higher costs at Guanacev from third-party purchases and fewer ounces. At Kolpa it cites inflationary and labor market pressures.

The comparison is uneven. The 2026 period includes nine months of Kolpa and 15 days of Bola itos. In 2025 there were five months of Kolpa and no Terronera.

Why it matters

OptimistFi has argued that Endeavour works if its enlarged asset base turns into low-cost production before leverage, cost inflation or dilution absorb the commodity upside. The quarter supports the first half of that: more ounces at lower consolidated unit costs. Terronera's cash cost of negative $0.20 per ounce sits far below Kolpa's $15.30.

The cost-inflation test is not yet passed. Guanacev's cash cost per ounce jumped 48% to $33.97 on costlier third-party mill feed at higher metal prices and fewer ounces. The filing also cites labor shortages at Kolpa. Basic weighted average shares rose 2% to 296.2 million, a small dilution alongside the earnings turn.

Some items are not operating gains. The company received net proceeds of $31.0 million from the Bola itos sale in 2026, against $72.8 million invested to buy Kolpa in 2025. A deferred income tax recovery of $1.1 million, down from $6.2 million, mainly reflects timing differences in revenue recognition.

OptimistFi reads the filing as mixed for the case. Scale and earnings improved, but the cost proof rests on Terronera and Kolpa offsetting a weaker Guanacev.

What's next

The next report, covering the fourth quarter of 2026, will show whether consolidated costs stay low after the Terronera stoppage and the Guanacev capacity cut that ran into October. Consolidated AISC holding near the third-quarter level would strengthen the case. Further grade declines at Guanacev would weaken it.

The filing also says planned Pitarrilla spending is not expected to be incurred in full in 2026. Project activity is expected to shift into 2027.