Americas Gold and Silver Corporation (AMEX:USAS) shares traded lower Friday after the company reported first-quarter results that missed analyst expectations despite sharp revenue growth and improved operating performance.

Earnings Miss Overshadows Strong Revenue Growth

The company reported earnings of 3 cents per share, below consensus estimates of 10 cents per share. Revenue totaled $67.8 million, missing analyst expectations of $69.2 million.

Revenue increased 187% year over year, driven by higher production volumes and stronger realized metal prices. The company also reported operational improvements at the Galena Complex in Idaho and the start of commercial production from the high-grade EC120 zone at Cosalá.

Adjusted EBITDA Swings To Profit

Adjusted EBITDA rose to $33.6 million, compared with a loss of $5.5 million in the prior-year quarter, supported by stronger production, higher pricing and improved operational leverage.

Americas Gold and Silver ended the quarter with $122.4 million in cash.

Silver Production Surges Across Key Operations

Silver production increased 76% year over year to 787,000 ounces, while silver sales totaled 830,000 ounces during the quarter.

At Galena, silver production rose about 35% year over year to roughly 425,000 ounces due to higher throughput. Cosalá production climbed 174% to 362,000 ounces, reflecting higher-grade output from the EC120 zone.

Cash costs averaged about $24 per ounce sold, while all-in sustaining costs totaled approximately $34 per ounce sold.

EC120 Milestone And Antimony Joint Venture Highlight Expansion Plans

During the quarter, the company declared commercial production at EC120, which contains higher-grade silver and copper than the San Rafael mine.

Americas Gold and Silver also entered a joint venture with United States Antimony Corporation (NYSE:UAMY) to develop an antimony processing facility in Idaho aimed at strengthening U.S. critical minerals supply chains.

2026 Outlook

Americas Gold and Silver said it remains on track to meet its 2026 production guidance, forecasting consolidated silver production between 3.2 million and 3.6 million ounces. The company expects all-in sustaining costs (AISC) to range from $30 to $35 per ounce sold.

Capital investment guidance for the year is projected between $90 million and $120 million, including $30 million to $40 million in sustaining capital and $60 million to $80 million in growth capital as the company continues advancing operational expansion initiatives.

Stock Reaction And Technical Analysis

USAS Price Action: Americas Gold And Silver shares were down 12.52% at $6.25 at the time of publication on Friday, according to Benzinga Pro data.

From a trend perspective, USAS is still in a longer-term uptrend, trading 21.2% above its 200-day SMA ($5.21), but the intermediate trend has cooled with the stock trading 7% below its 100-day SMA ($6.79).

It's also right around its short-term averages, sitting 0.6% above the 20-day SMA ($6.28) and 0.4% below the 50-day SMA ($6.34), which often acts like a "decision zone" for traders.

Momentum is best explained by MACD: it's above its signal line and the histogram is positive, which points to improving momentum versus the prior downswing even as price chops around key averages.

In plain English, when MACD is above the signal line, it suggests downside pressure is easing and buyers are starting to push back.

The moving-average structure is mixed: the 20-day SMA is below the 50-day SMA (a bearish short-term setup), but the 50-day SMA remains above the 200-day SMA (a bullish longer-term backdrop).

That combination often produces sharp swings, because longer-term holders may still "buy dips" while shorter-term traders sell rallies until price reclaims the mid-term trend.

  • Key Resistance: $6.50 — a nearby round-number area where rebounds can stall, sitting above the current price and near the short-term moving-average cluster

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