SMI Q1 2026 Revenue Jumps 36% Amid Falling Production Volumes
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SMI Q1 2026 Highlights
- Revenue: 411 MDH (+36 % YoY)
- Production volumes: –25 % (maintenance shutdown)
- Silver price movement: +150 % YTD
- Capital expenditure: 68 MDH (84 % R&D)
- Net debt (31 Mar 2026): –374 MDH (vs –540 MDH end‑2025)
SMI kicked off 2026 with a reported revenue of 411 million Moroccan dirhams (MDH), a 36 % increase compared with the same quarter last year. The rise came despite a roughly 25 % decline in production volumes, caused by a scheduled maintenance shutdown of a processing unit.
Strong silver price gains of about 150 % year‑to‑date more than compensated for the temporary dip in output, pushing the top line higher.
During the quarter, the company invested 68 MDH, with 84 % earmarked for research and development of mining infrastructure. These expenditures support SMI’s next phase of capacity expansion.
Net debt improved to –374 MDH as of 31 March 2026, up from –540 MDH at the end of 2025. The 166 MDH swing mainly reflects a short‑term increase in working‑capital needs driven by higher customer receivables.
Overall, the solid revenue performance and strategic spending suggest that SMI is well positioned to resume growth once production returns to normal levels.