SSR Mining Inc. (SSRM) Income Statement

The revenue trajectory shows a clear V-shaped recovery, with quarterly revenue climbing from a low of $184.8M in 2024Q2 to $581.8M in 2026Q1, before settling at $443.8M in 2026Q2. This growth appears driven by both higher gold prices and increased production volumes, as evidenced by the gross margin expansion from 28.6% in 2024Q1 to over 60% in 2026. The durability of this growth is uncertain, however, given the volatility in quarterly figures and the potential for price normalization.

The gross margin expansion is remarkable, with the company achieving over 60% gross margins in the last two quarters, compared to sub-40% margins in 2024. This suggests that SSR Mining is benefiting from higher gold prices and possibly lower cash costs per ounce. The margin profile now exceeds peers like Coeur Mining (39.3%) and Hecla (43.7%), indicating superior cost structure or higher-grade ore. However, investors should monitor whether this margin level is sustainable if gold prices retreat or if production costs rise.

The operating leverage is evident as SG&A expenses have not grown proportionally with revenue. For instance, in 2026Q1, SG&A was $38.5M on revenue of $581.8M (6.6% of revenue), while in 2024Q3, SG&A was $19.0M on revenue of $257.4M (7.4% of revenue). This indicates that the company is leveraging its fixed cost base effectively as production ramps up. The operating margin of 51.8% in 2026Q2 is exceptionally high, suggesting that the company is operating at near-optimal capacity.

The cost structure has improved dramatically, with COGS declining as a percentage of revenue, reflecting higher gold prices and possibly lower production costs. SG&A expenses have been kept in check, averaging around $25M per quarter, which is modest relative to revenue. Notably, R&D expenses are zero in most quarters, which is typical for a mining company but may indicate limited investment in exploration or development. The absence of R&D could be a concern for long-term growth, but it is not unusual for the industry.

The 2024Q1 quarter was a nadir, with a massive operating loss likely due to impairment charges or operational disruptions. Since then, the company has shown consistent improvement, with operating income turning positive in 2024Q2 and accelerating through 2025 and 2026. This inflection appears to be driven by a combination of higher gold prices, operational improvements, and possibly the ramp-up of new mines. The lasting impact is a transformed margin profile, but the sustainability of this recovery depends on external factors like gold prices.