실적분석 2026년 8월 12일

Avino Silver & Gold Mines ($ASM) Q2 2026 Earnings Analysis — Revenue Misses by a Wide Margin While Net Income Surges

Earnings Scorecard

Revenue: $26.79 million (YoY +22.8%, vs. $52.15 million estimate) ❌ Miss

EPS (Net income per share): Basic $0.06 (YoY $0.02, thin consensus coverage)

Guidance: Not provided — no next-quarter or full-year outlook in this interim filing

Stock Reaction: After-hours -2.67% ($7.18) — as of 08-12 20:50 Korea Standard Time

The Positives

Net income surge: Q2 net income of $10.90 million, roughly 3.8x the prior-year $2.86 million

Mine operating income: $12.97 million (vs. $10.22 million YoY), expanded from the prior year

Cash position: Cash of $144.78 million at end of June (up from $101.72 million at year-end)

Revenue sources are Mexico's Avino mine concentrate sales and La Preciosa development ore processing. The gross-margin structure held, while foreign-exchange revaluation gains and a deferred-tax reversal provided additional lift to the bottom of the net-income line.

The Negatives

Revenue estimate miss: Actual $26.79 million vs. $52.15 million estimate, a shortfall of roughly 49%

Provisional-price adjustment: Per Note 13 in the source filing, concentrate revenue of $32,013 (thousand) and a provisional-price adjustment of -$5,226 (thousand) trimmed revenue

Slowdown vs. Q1: The source does not present Q1 revenue directly; backing it out from first-half (6-month) revenue of $66.22 million leaves an implied Q1 of roughly $39.43 million, indicating a notable deceleration into Q2

Part of the net-income increase was driven by non-recurring and accounting items, including roughly $2.48 million in foreign-exchange revaluation gains and a deferred-tax reversal, which should be viewed separately from underlying operating cash generation. An at-the-market share issuance during the first half expanded the float, which is also a consideration when interpreting per-share metrics.

What Management Said

The disclosure was centered on the interim financial statements with no management commentary or forward-looking figures, noting simply that revenue from Mexico's Avino and La Preciosa concentrate and development ore accounted for everything. With no next-quarter or full-year guidance figures in the filing, the market is reading the results against prior-year and first-half cumulative comparisons.

Market Reaction and Key Watchpoints

Although earnings expanded sharply year over year, revenue came in well below estimates and Q2's share of first-half revenue looks weaker, which appears to have been the first thing priced in.

Watch whether next-quarter revenue recovers along with concentrate volumes and metal prices without provisional-price adjustments.

Monitor whether the share of mine-segment core operating income — ex FX, derivatives, and deferred tax items — is sustained within net income.

Track La Preciosa's development contribution and the pace of additional issuance and buybacks for their impact on per-share value.