Operating income surged to $21.8 million in 2026Q1, reflecting significant operating leverage as margins expanded to 52.5% from 4.8% in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 |
|---|
| Sales/Revenue | 110.7M | 86.66M | 66.18M | 43.89M | 44.19M | 11.23M | 16.02M | 31.75M | 34.12M | 33.36M | 34.69M | 14.93M | 16.62M | 15.12M | 2.27M | 10.5K | 0 | 281 | 25K | 0 | 0 | 0 | 3.39K | 6.26K | 129 | 0 | 1 | 0 | 0 | 68.81K |
| Revenue Growth % | 52.43% | 30.95% | 50.78% | -0.67% | 293.54% | -29.92% | -49.53% | -6.95% | 2.27% | -3.84% | 132.44% | -10.22% | 9.98% | 566.78% | 21492.53% | - | -100% | -98.88% | - | - | - | -100% | -45.93% | 4737.79% | - | -100% | - | - | -100% | - |
| Cost of Goods Sold | 51.6M | 44.83M | 42.98M | 36.07M | 29.13M | 7.68M | 15.83M | 32.02M | 27.85M | 21.98M | 22.96M | 8.57M | 9.81M | 8.42M | 1.44M | 150.37K | 0 | 2.5K | 109.35K | 0 | 0 | 0 | 56.84K | 0 | 0 | 0 | 0 | -68.96K | 0 | 0 |
| COGS % of Revenue | - | 51.73% | 64.94% | 82.18% | 65.91% | 68.41% | 98.81% | 100.85% | 81.63% | 65.87% | 66.19% | 57.44% | 59.04% | 55.72% | 63.61% | 1432.23% | - | 890.77% | 437.42% | - | - | - | 1678.1% | - | - | - | - | - | - | - |
| Gross Profit | 59.09M | 41.83M | 23.2M | 7.82M | 15.06M | 3.55M | 190K | -270K | 6.27M | 11.25M | 11.73M | 6.35M | 6.81M | 6.69M | 825.07K | -140K | 0 | -2.5K | -84.35K | 0 | 0 | 0 | -56.84K | 6.26K | 129 | 0 | 1 | 68.96K | 66.18K | 68.81K |
| Gross Margin % | 53.38% | 48.27% | 35.06% | 17.82% | 34.09% | 31.59% | 1.19% | -0.85% | 18.37% | 33.73% | 33.81% | 42.56% | 40.96% | 44.28% | 36.39% | -1333.46% | - | -890.77% | -337.42% | - | - | - | -1678.1% | 100% | 100% | - | 100% | - | - | 100% |
| Gross Profit Growth % | - | 80.27% | 196.73% | -48.09% | 324.64% | 1766.84% | 170.37% | -104.31% | -44.32% | -4.07% | 84.68% | -6.71% | 1.73% | 711.2% | 689.34% | - | 100% | 97.04% | - | - | - | 100% | -1007.43% | 4737.79% | - | -100% | -100% | 4.2% | -3.82% | - |
| Operating Expenses | 13.81M | 12.47M | 8.46M | 7.94M | 6.25M | 5.26M | 4.86M | 4.23M | 4.36M | 5.2M | 5.88M | 3.57M | 3.57M | 3.99M | 1.94M | 3.82M | 1.09M | 808.9K | 1.15M | 867.54K | 3.4M | 1.24M | 408.12K | 250.53K | 96.67K | 87.68K | 232.95K | 344.8K | 1.13M | 344.04K |
| OpEx % of Revenue | - | 14.39% | 12.78% | 18.09% | 14.14% | 46.83% | 30.32% | 13.34% | 12.79% | 15.59% | 16.94% | 23.9% | 21.47% | 26.39% | 85.58% | 36384.42% | - | 288095.32% | 4616% | - | - | - | 12049.89% | 3999.84% | 74665.48% | - | 17441846.54% | - | - | 500.01% |
| Selling, General & Admin | 9.86M | 12.47M | 8.11M | 7.75M | 6.07M | 4.89M | 4.64M | 4.09M | 4.21M | 5.33M | 5M | 3.31M | 3.45M | 3.94M | 1.98M | 3.83M | 1.08M | 808.9K | 1.28M | 865.5K | 3.4M | 1.24M | 407.14K | 243.73K | 96.67K | 87.68K | 200.77K | 275.84K | 198.54K | 275.24K |
| SG&A % of Revenue | - | 14.39% | 12.25% | 17.67% | 13.73% | 43.6% | 28.98% | 12.87% | 12.35% | 15.98% | 14.4% | 22.21% | 20.74% | 26.06% | 87.39% | 36460.62% | - | 288095.32% | 5140% | - | - | - | 12021.04% | 3891.28% | 74665.48% | - | 15031925.63% | - | - | 400% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.19M | 0 | 350K | 184K | 184K | 363K | 215K | 147K | 147K | -130K | 882.51K | 251.8K | 122.75K | 50.19K | -41.43K | 0 | 3.83K | 2.5K | 9.61K | 0 | 2.27K | 857 | 4.36K | 6.8K | 0 | 0 | 32.19K | 68.96K | 926.54K | 68.81K |
| Operating Income | 45.29M | 29.36M | 14.74M | -119K | 8.81M | -1.71M | -4.67M | -4.5M | 1.91M | 6.05M | 5.85M | 2.79M | 3.24M | 2.7M | -1.11M | -3.97M | -1.13M | -639.08K | -1.29M | -868K | -3.4M | -1.24M | -408.12K | -244.26K | -96.54K | -1.14M | -232.95K | -345K | -1.13M | -275.24K |
| Operating Margin % | 40.91% | 33.88% | 22.28% | -0.27% | 19.94% | -15.24% | -29.13% | -14.19% | 5.61% | 18.14% | 16.87% | 18.66% | 19.49% | 17.89% | -49.18% | -37813.13% | - | -227611.56% | -5180% | - | - | - | -12049.89% | -3899.84% | -74565.48% | - | -17441798.17% | - | - | -400.01% |
| Operating Income Growth % | - | 99.14% | 12489.08% | -101.35% | 615.08% | 63.35% | -3.64% | -335.32% | -68.38% | 3.42% | 110.16% | -14.04% | 19.82% | 342.51% | 71.91% | -251.33% | -76.82% | 50.65% | -49.19% | 74.49% | -174.66% | -203.59% | -67.08% | -153.02% | 91.52% | -388.94% | 32.48% | 69.33% | -308.74% | - |
| EBITDA | 51.58M | 33.38M | 18.13M | 2.8M | 11M | 405K | -2.75M | -781K | 5.17M | 9.11M | 7.77M | 3.83M | 4.34M | 3.6M | -919.54K | -3.97M | -1.13M | -636.86K | -1.29M | -865.74K | -3.4M | -1.24M | -407.14K | -243.73K | -96.54K | 1.04M | -205.48K | -276.04K | -1.06M | -206.43K |
| EBITDA Margin % | 46.59% | 38.52% | 27.39% | 6.38% | 24.89% | 3.61% | -17.17% | -2.46% | 15.15% | 27.31% | 22.39% | 25.69% | 26.11% | 23.79% | -40.56% | -37805.61% | - | -226820.67% | -5170.7% | - | - | - | -12021.1% | -3891.31% | -74565.48% | - | -15384901.07% | - | - | -300.01% |
| EBITDA Growth % | 101.63% | 84.11% | 547.46% | -74.54% | 2615.8% | 114.72% | -252.24% | -115.11% | -43.25% | 17.31% | 102.56% | -11.68% | 20.71% | 491.09% | 76.83% | -252.46% | -76.83% | 50.73% | -49.31% | 74.54% | -174.66% | -204.1% | -67.05% | -152.47% | -109.28% | 606.13% | 25.56% | 73.93% | -412.92% | - |
| D&A (Non-Cash Add-back) | 6.29M | 4.02M | 3.39M | 2.92M | 2.19M | 2.12M | 1.92M | 3.72M | 3.26M | 3.06M | 1.91M | 1.05M | 1.1M | 892.22K | 195.46K | 789 | 3.86K | 2.22K | 2.32K | 2.26K | 2.27K | 857 | 975 | 534 | 0 | 2.18M | 27.47K | 68.96K | 66.18K | 68.81K |
| EBIT | 48.91M | 29.36M | 14.81M | -129K | 7.78M | -1.59M | -8.87M | -2.9M | 2.17M | 5.75M | 6.72M | 2.26M | 4.51M | 3.25M | -1.01M | -4.02M | -768K | -1.17M | -1.17M | -1.53M | -3.77M | -2.09M | -689.78K | -244.26K | -96.54K | -3M | 1 | -345K | -265K | -275.24K |
| Net Interest Income | 1.48M | 865.9K | -23K | 33K | -79K | 101.1K | 96K | 397K | -338K | -14K | -216K | -106K | -183K | 87.02K | 45.46K | 0 | 0 | 3.07K | 0 | -1.04M | 675.16K | -1.4M | 33.83K | 378 | 129 | -65.64K | 429 | 0 | -132K | -68.81K |
| Interest Income | 2.18M | 1.44M | 364K | 414K | 20K | 176.43K | 332K | 545K | 204.03K | 246K | 52K | 46.22K | 35.88K | 136.56K | 45.46K | 77.23K | 14.2K | 65.08K | 120.28K | 358.93K | 364.73K | 40.29K | 33.88K | 6.26K | 129 | 754 | 429 | 0 | 0 | 0 |
| Interest Expense | 694.11K | 572.86K | 387K | 381K | 99K | 75.33K | 236K | 148K | 553K | 260K | 268K | 151.98K | 218.88K | 49.54K | 0 | 77.23K | 14.2K | 65.16K | 120.28K | 1.4M | -310K | 1.44M | 52 | 5.88K | 0 | 66.4K | 0 | 137.92K | 132.36K | 68.81K |
| Other Income/Expense | 8.42M | 11.24M | -322K | -391K | -1.13M | 93K | -4.22M | 1.54M | 150K | -617K | 601.52K | -483K | 965.56K | 498.09K | 107.52K | -43.38K | 362.46K | -531.64K | 111.5K | -665K | 310.44K | -851K | -282.26K | 1.37K | -26.35K | -1.92M | 523.83K | -68.96K | 860.36K | 275.24K |
| Pretax Income | 53.71M | 40.6M | 14.42M | -510K | 7.68M | -1.62M | -8.89M | -2.97M | 2.06M | 5.44M | 6.46M | 2.3M | 4.21M | 3.2M | -1.01M | -4.02M | -768K | -1.17M | -1.17M | -1.53M | -3.09M | -2.09M | -690.38K | -242.89K | -122.89K | -3.06M | 290.88K | -414K | -199K | -1 |
| Pretax Margin % | 48.52% | 46.85% | 21.79% | -1.16% | 17.38% | -14.41% | -55.49% | -9.35% | 6.05% | 16.3% | 18.61% | 15.42% | 25.29% | 21.18% | -44.42% | -38327.46% | - | -416958.07% | -4668% | - | - | - | -20383.66% | -3877.99% | -94919.29% | - | 21778910.52% | - | - | -0% |
| Income Tax | 16.83M | 13.49M | 6.32M | -1.05M | 4.58M | 439K | -1.41M | -633K | 407K | 2.77M | 4.44M | 1.92M | 2.04M | 2.4M | 261.67K | 84.72K | 27.85K | -228.51K | -98.65K | -554K | 0 | -17.27K | -33.23K | 93.4K | 0 | 869.29K | 1.04M | 68.96K | 1.19M | 275.24K |
| Effective Tax Rate % | 31.33% | 33.22% | 43.83% | 206.27% | 59.69% | -27.13% | 15.84% | 21.33% | 19.72% | 50.97% | 68.77% | 83.58% | 48.51% | 75.11% | -25.99% | -2.11% | -3.63% | 19.52% | 8.45% | 36.14% | 0% | 0.83% | 4.81% | -38.45% | 0% | -28.4% | 356.78% | -16.66% | -598.49% | -27523500% |
| Net Income | 36.88M | 27.11M | 8.1M | 542K | 3.1M | -2.06M | -7.65M | -31.46M | 1.63M | 2.52M | 2.02M | 378.09K | 2.17M | 796.62K | -1.27M | -4.11M | -1.49M | -987.76K | -1.25M | -885K | -3.09M | -2.07M | -657.15K | -336.3K | -122.89K | -2.08M | -746.93K | -483K | -1.39M | -275.24K |
| Net Margin % | 33.32% | 31.28% | 12.24% | 1.23% | 7.01% | -18.32% | -47.75% | -99.1% | 4.77% | 7.56% | 5.81% | 2.53% | 13.03% | 5.27% | -55.98% | -39137.06% | - | -351796.75% | -4988% | - | - | - | -19402.48% | -5369.21% | -94919.29% | - | -55924544.13% | - | - | -400.01% |
| Net Income Growth % | 181.14% | 234.68% | 1394.46% | -82.49% | 250.51% | 73.11% | 75.68% | -2034.87% | -35.53% | 25.1% | 433.21% | -82.54% | 171.9% | 162.78% | 69.12% | -175.77% | -50.85% | 20.79% | -40.9% | 71.39% | -49.28% | -215.3% | -95.41% | -173.65% | 94.08% | -177.8% | -54.64% | 65.25% | -405.02% | - |
| Net Income (Continuing) | 36.88M | 27.11M | 8.1M | 542K | 3.1M | -2.06M | -7.48M | -2.33M | 1.66M | 2.67M | 2.02M | 378.09K | 2.17M | 796.62K | -1.27M | -4.11M | -796K | -942.2K | -1.09M | -979K | -3.09M | -2.07M | -657.15K | -336.3K | -122.89K | -2.08M | -746.93K | -483K | -1.39M | -275.24K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -169K | -29.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.21 | 0.17 | 0.06 | 0.00 | 0.03 | -0.02 | -0.09 | -0.03 | 0.03 | 0.05 | 0.05 | 0.01 | 0.07 | 0.03 | -0.05 | -0.15 | -0.07 | -0.05 | -0.06 | -0.04 | -0.17 | -0.19 | -0.06 | -0.04 | -0.02 | -0.43 | -0.16 | -0.10 | -0.32 | -0.08 |
| EPS Growth % | 144.35% | 183.33% | - | -83% | 223.41% | 77.22% | -169.46% | -223.25% | -45.8% | -4.03% | - | -89.55% | 144.33% | 160.13% | 68.73% | -111.86% | -47.5% | 21.82% | -53.5% | 76.47% | 10.53% | -201.11% | -40.53% | -108.84% | 95% | -168.75% | -60% | 68.75% | -322.72% | - |
| EPS (Basic) | - | 0.18 | 0.06 | 0.00 | 0.03 | -0.02 | -0.09 | -0.03 | 0.03 | 0.05 | 0.05 | 0.01 | 0.07 | 0.03 | -0.05 | -0.15 | -0.07 | -0.05 | -0.06 | -0.04 | -0.17 | -0.19 | -0.06 | -0.05 | -0.02 | -0.43 | -0.16 | -0.11 | -0.32 | -0.08 |
| Diluted Shares Outstanding | 173.63M | 157.81M | 141.33M | 125.35M | 117.62M | 100.16M | 83.18M | 69.98M | 60M | 53.32M | 43.79M | 36.72M | 33.27M | 27.7M | 27.07M | 26.8M | 20.06M | 20.58M | 20.59M | 22.14M | 18.39M | 10.97M | 10.41M | 7.49M | 5.71M | 4.87M | 4.58M | 4.57M | 4.38M | 3.64M |
| Basic Shares Outstanding | 166.54M | 147.72M | 134.6M | 121.26M | 114.37M | 100.16M | 85.01M | 69.98M | 56.85M | 52.52M | 42.7M | 37.81M | 32.33M | 28.27M | 25.26M | 26.8M | 20.06M | 20.58M | 20.59M | 22.14M | 18.39M | 10.97M | 10.41M | 7.02M | 5.63M | 4.87M | 4.58M | 4.57M | 4.38M | 3.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Jurisdictional and commodity volatility
As reported in recent financial statements, ASM achieved a significant 119.9% year-over-year revenue growth in 2026Q1, marking a substantial departure from the more modest growth rates observed throughout the 2024 fiscal year and suggesting a potential step-change in production throughput or realized metal pricing.
The recent surge in top-line performance appears to be driven by a combination of operational scaling and favorable market conditions for silver and copper. Investors should monitor whether this growth trajectory is sustainable or if it reflects temporary spikes in ore grades that may normalize in subsequent quarters.
Based on the company's reported figures, gross margins expanded to 61.6% in 2026Q1, representing a notable improvement from the 18.9% margin recorded in 2024Q1 and indicating enhanced efficiency in the extraction and processing of silver and gold concentrates at the Durango site.
This margin expansion suggests that the company is successfully leveraging its existing infrastructure to lower unit costs as production volumes increase. However, the reliance on spot-market-linked contracts means that these margins remain inherently sensitive to fluctuations in global metal prices and potential inflationary pressures on mining consumables.
According to the income statement data, operating income reached $21.8 million in 2026Q1, demonstrating significant operating leverage as the company successfully scaled production without a proportional increase in overhead, resulting in an operating margin of 52.5% compared to just 4.8% in 2024Q1.
The ability to convert revenue growth into operating profit at such a high rate suggests that the company's fixed-cost base is well-managed. This trend warrants further investigation into whether future expansion projects, such as La Preciosa, can maintain this level of operational efficiency without requiring significant additional administrative support.
As indicated by the latest quarterly filings, net income reached $15.7 million in 2026Q1, with the company reporting zero stock-based compensation for the period, which enhances the quality of earnings compared to previous quarters where such expenses were present and potentially dilutive to shareholders.
The absence of non-operating charges and stock-based compensation in the most recent quarter suggests a cleaner earnings profile that reflects core operational success. Investors should continue to monitor the consistency of these earnings, particularly as the company integrates new assets and navigates potential changes in the regulatory environment.
Quick answers to the most common questions about buying ASM stock.
For fiscal year 2025, Avino Silver & Gold Mines Ltd. (ASM) reported total revenue of $86.7M. This represents a 125840.1% increase compared to $0.1M in 1997.
Avino Silver & Gold Mines Ltd. (ASM) is profitable, generating $27.1M in net income for the fiscal year ending 2025 with a net profit margin of 31.3%.
Avino Silver & Gold Mines Ltd. (ASM) reported an operating income of $29.4M, resulting in an operating profit margin of 33.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Avino Silver & Gold Mines Ltd. (ASM) generated $41.8M in gross profit for the year, representing a gross profit margin of 48.3%. This demonstrates the company's core pricing power and production efficiency.