Americas Gold and Silver Posts Record Output Despite Revenue Miss

Americas Gold and Silver Corporation (AMEX:USAS) saw its stock decline 6.99% to $2.59 on Friday following the release of its fiscal third-quarter 2026 financial results. For everyday investors, the report highlights a familiar market dynamic where record operational achievements can be overshadowed by short-term revenue expectations.

During the quarter, total revenue expanded 68% year over year to reach $51.4 million. However, this figure failed to meet Wall Street consensus estimates of $68.37 million. On the bottom line, the firm posted an adjusted loss of 2 cents per share, which was an improvement from the 6-cent loss recorded in the same period last year. Net losses similarly narrowed to $5.6 million from $16.5 million, while adjusted EBITDA increased to $9.3 million, largely supported by stronger realized silver prices.

Operationally, the company reached a major milestone by generating 800,458 ounces of silver, marking the highest quarterly output in its 28-year history. Chairman and CEO Paul Andre Huet pointed to strong results at the Cosalá operations—bolstered by higher grades at the EC120 mine—and noted exceptional new mineral discoveries. Total silver-equivalent production touched 936,870 ounces, though cash costs averaged $29.66 per ounce sold and all-in sustaining costs reached $42.94 per ounce.

Looking ahead, management anticipates full-year silver production to land near the lower end of its 3.2 million to 3.6 million-ounce guidance, with all-in sustaining costs tracking toward the upper boundary of its $30 to $35 per-ounce forecast. The firm concluded September with $63.3 million in cash and $113 million in total liquidity as it continues upgrades at its Galena assets.

What to watch next: Monitor upcoming operational updates from the Cosalá and Galena expansions to see if efficiency improvements help lower all-in sustaining costs.