SSR MINING INC.SSRM

SSR MINING INC. Revenue Disclosure

10-KFiled Feb 17, 20263 min read
REVENUE 
The following table represents revenues by product (in thousands): 
Year Ended December 31,
 202520242023
Gold doré sales
Çöpler
$— $63,873 $438,894 
Marigold
536,186 401,384 538,090 
CC&V
444,910 — — 
Seabee
179,068 191,704 164,292 
Concentrate sales
Puna
433,098 321,943 270,438 
Other (1)
Çöpler
— 425 3,523 
Marigold
4,372 7,641 154 
CC&V
5,532 — — 
Seabee
72 64 54 
Puna
26,399 8,584 11,482 
Total (2)
$1,629,637 $995,618 $1,426,927 
(1)Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; silver and copper by-product revenue arising from the production and sale of gold doré; and revenue from fine carbon sales.
(2)For the years ended December 31, 2025, 2024, and 2023, the Company recognized revenue under ASC 606 “Revenue from Contracts with Customers” of $1,603.2 million, $987.0 million, and $1,415.4 million, respectively, excluding Other Puna revenues related to embedded derivatives relating to provisional concentrate metal sales.
Revenue by metal
Revenue by metal type for the years ended December 31, are as follows (in thousands): 
Year Ended December 31,
202520242023
Gold 
$
1,160,164 
$
656,961 
$
1,141,276 
Silver 384,434 272,334 215,387 
Lead 44,125 45,930 46,422 
Zinc 4,539 3,679 8,629 
Other (1)
36,375 16,714 15,213 
Total   
$
1,629,637 
$
995,618 
$
1,426,927 
(1)Other revenue includes: changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; silver and copper by-product revenue arising from the production and sale of gold doré; and revenue from fine carbon sales.
Significant customers
Gross product revenues from each customer who individually accounted for 10% or more of total gross revenues consisted of the following:
Year Ended December 31,
2025 (1)
2024 (2)
2023 (3)
Canadian Imperial Bank of Commerce
33 %30 %33 %
Royal Bank of Canada
13 %— %— %
National Bank of Canada
12 %— %— %
Trafigura Trading LLC
11 %— %— %
Asahi Refinery
— %13 %— %
Central Bank of Türkiye
— %— %31 %
(1)For the year ended December 31, 2025, the sales to Canadian Imperial Bank of Commerce (“CIBC”), the Royal Bank of Canada (“RBC”), and the National Bank of Canada (“NBC”) were included in the Marigold, CC&V, and Seabee segments. For the year ended December 31, 2025, the sales to Trafigura Trading LLC were included in the Puna segment.
(2)For the year ended December 31, 2024, the sales to CIBC and Asahi Refinery were included in the Marigold and Seabee segments.
(3)For the year ended December 31, 2023, the sales to CBIC are included in the Marigold and Seabee segments and the sales to Central Bank of Türkiye are included in the Çöpler segment.
Provisional metal sales
At December 31, 2025, the Company had silver sales of 4.6 million ounces at an average price of $50.43 per ounce, lead sales of 21.4 million pounds at an average price of $0.89 per pound, and zinc sales of 2.4 million pounds at an average price of $1.31 per pound, subject to normal course final pricing over the next several months.
For the years ended December 31, 2025, 2024 and 2023, changes in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase of $26.4 million, an increase of $8.6 million and an increase of $11.5 million, respectively. The changes in fair value have been recorded in Revenue.

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 18, 2025
2023Feb 27, 2024
2022Feb 22, 2023
2021Feb 23, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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