SSRMHIGH SIGNALRISK10-K

SSRM suspended operations at its Çöpler facility following a fatal heap leach pad incident that killed nine employees, while revenue grew substantially amid significant capital expenditure increases.

The Çöpler incident represents a major operational and reputational crisis that has eliminated production from a key facility, creating substantial operational risk and potential regulatory scrutiny. The fatalities also expose the company to significant legal and financial liability, while the operational suspension removes a material revenue source going forward.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

SSRM's financial profile expanded meaningfully with revenue growing substantially year-over-year, supported by strong cash position growth to $534.8M and increased stockholders' equity to $3.5B. However, capital expenditures increased notably to $230.2M and total liabilities rose significantly to $1.8B, suggesting higher operational investment needs and increased financial obligations. The overall balance sheet remains solid but the substantial increase in liabilities alongside the operational challenges at Çöpler creates a mixed financial outlook.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+63.7%
$995.6M→$1.6B

Strong top-line growth of 63.7% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+60.4%
$143.5M→$230.2M

Capital expenditure jumped 60.4% — major investment cycle underway; assess returns on deployment.

Total Liabilities
Balance Sheet
+43.3%
$1.2B→$1.8B

Liabilities grew 43.3% — significant increase in debt or obligations, assess impact on financial flexibility.

Cash & Equivalents
Balance Sheet
+37.9%
$387.9M→$534.8M

Cash position surged 37.9% — strong cash generation or capital raise providing significant financial cushion.

Current Assets
Balance Sheet
+25.1%
$1.0B→$1.3B

Current assets grew 25.1% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+17.4%
$5.2B→$6.1B

Asset base grew 17.4% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+12.9%
$3.1B→$3.5B

Equity base grew 12.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+11.6%
$84.2M→$94.0M

Receivables grew 11.6% — monitor days sales outstanding for collection efficiency.

Inventory
Balance Sheet
+11.3%
$464.1M→$516.3M

Inventory built 11.3% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
There were 203,326,282 common shares outstanding on January 31, 2026.
BUSINESS 4 Introduction 4 Segment Information 4 Principal Products 4 Competition 5 pler Incident 6 Environmental, Social and Governance 7 Human Capital 8 Available Information 9 ITEM 1A.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 113 Business Overview 113 Consolidated Results of Operations 113 Results of Operations 118 Liquidity and Capital Resources 123 Non-GAAP Financial Measures 126 Critical Accounting Policies and Estimates 133 New Accounting Pronouncements 136 Risks and Uncertainties 136 ITEM 7A.
The above list is not exhaustive of the factors that may affect any of the Company s forward-looking statements and information.
Certain additional risks and uncertainties and other factors are described under Item 1A Risk Factors, and these are not the only risks and uncertainties we face.
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REMOVED
There were 202,386,185 common shares outstanding on January 31, 2025.
BUSINESS 3 Introduction 3 Segment Information 3 Principal Products 3 Competition 4 Environmental, Social and Governance 5 Human Capital 7 Available Information 8 ITEM 1A.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 101 Business Overview 101 Consolidated Results of Operations 102 Results of Operations 108 Liquidity and Capital Resources 112 Non-GAAP Financial Measures 115 Critical Accounting Policies and Estimates 122 New Accounting Pronouncements 125 Risks and Uncertainties 125 ITEM 7A.
FORM 10-K SUMMARY 188 SIGNATURES 189 1 PART I pler Incident On February 13, 2024, SSR Mining Inc.
and its subsidiaries (collectively, SSR Mining, or the Company ) suspended all operations at its pler property, in T rkiye, as a result of a significant slip on the heap leach pad (the pler Incident ).
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