ASM Q2 Earnings Meet Estimates, Shares Dip 5% on Revenue Miss

Shares of Avino Silver & Gold Mines Ltd. ASM have dipped 5% since reporting second-quarter 2026 results on Aug.12 as revenues lag estimates and production falls year over year despite a higher average realized silver price.  

The company reported adjusted earnings of 6 cents per share for the second quarter of 2026, unchanged year over year and in line with the Zacks Consensus Estimate. 

Including one-time items, the company registered earnings per share of 6 cents compared with earnings of 2 cents in the year-ago quarter.

Avino Silver Price, Consensus and EPS Surprise

Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote

Revenues rose 23% year over year to $26.8 million but missed the consensus estimate of $31 million by 14.4%. The top-line shortfall came as silver-equivalent payable ounces sold fell 43% to 387,142 ounces, even as the average realized silver price more than doubled to $68.90 per ounce.

Avino Silver's Q2 Costs Rise, EBITDA Jumps

The company recorded cash costs of $28.62 per silver-equivalent payable ounce, an 89% rise from $15.11 in the year-ago quarter. Consolidated all-in sustaining costs were $38.75 per silver-equivalent payable ounce compared with $20.93 in the second quarter of 2025.

Avino Silver reported mine-operating income of $13 million, up 27% from $10.2 million in the year-ago quarter. EBITDA was $12.6 million, which was 69% higher than $7.4 million in the prior-year quarter.

ASM’s Q2 Production Update

The company’s silver-equivalent production was 534,945 ounces in the second quarter of 2026, which marked a 17% decrease from the second quarter of 2025. Silver feed grade rose 22% to 67 grams per ton, while gold feed grade increased 30% to 0.51 grams per ton. Silver recovery fell to 69% from 85%, and copper recovery declined to 72% from 83%.

Coming to the second quarter’s metal-wise detailed figures, silver production fell 6% to 267,305 ounces and copper production dropped 50% to 729,929 pounds. Gold output, however, increased 23% to 2,178 ounces.

La Preciosa development production increased 59% from the first quarter, contributing 100,658 silver-equivalent ounces. This included 84,806 silver ounces and 182 gold ounces.

Avino Silver’s Financial Position

The company ended the second quarter with $144 million in cash in hand, higher than $101.7 million at the end of 2025. Cash provided by operating activities was $13.3 million compared with $8.4 million in the year-ago quarter. The company remained debt-free, excluding operating equipment leases.

ASM’s Outlook

The company's 2026 production guidance is 2.4 million to 2.7 million silver-equivalent ounces, while it targets more than 3 million ounces in 2027. 

La Preciosa has a 2026 production goal of 500 tons per day. Two drills were operating there, with 6,591 meters completed by the end of the second quarter toward a 15,000-meter exploration program. Drilling has shifted from infill work to exploration and step-out holes at high-priority targets. Avino Silver also budgeted 15,000 meters of exploration at the Avino Mine for 2026.

Avino Silver Stock’s Price Performance

Shares of the company have skyrocketed 87.5% over the past year compared with the industry’s 77.5% surge.

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ASM’s Zacks Rank

The company currently has a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

How Did Avino Silver’s Peers Fare in Q2?

Endeavour Silver Corporation EXK reported adjusted earnings of 15 cents per share for the second quarter of 2026 against an adjusted loss of 3 cents incurred in the prior-year quarter. The bottom line met the Zacks Consensus Estimate.

Endeavour Silver’s revenues skyrocketed 149.4% to $212 million from $85 million in the second quarter of 2025. The top line beat the Zacks Consensus Estimate of $201 million.

First Majestic Silver Corp AG posted earnings per share of 21 cents for second-quarter 2026, which missed the Zacks Consensus Estimate of 25 cents. AG posted earnings of 4 cents per share in the year-ago quarter.

First Majestic Silver’s revenues rose 57.2% year over year to $415 million in the quarter under review. 

Buenaventura Mining Company BVN reported second-quarter 2026 adjusted earnings per share of 94 cents, missing the Zacks Consensus Estimate of 98 cents. BVN posted earnings of 40 cents per share in the year-ago quarter.

Buenaventura Mining’s revenues jumped 43.4% year over year to $529 million in the quarter under review. The top line missed the Zacks Consensus Estimate of $596 million.

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