Gold Royalty (NYSE: GROY) reported Q4 2025 revenue of $4.5 million, up from $3.4 million in Q4 2024, while full-year revenue increased to $15.6 million from $10.1 million.
However, profitability remained negative with quarterly net losses narrowing to $0.9 million from $3.2 million a year earlier, while full-year net losses widened to $4.1 million from $3.4 million. That apparent deterioration is distorted by a $6.5 million deferred tax recovery booked in 2024 following an internal reorganization.
On an adjusted basis, net loss improved to essentially breakeven from a $2.7 million loss, while full-year adjusted net loss widened to $1.7 million from $1.2 million.
Cash provided by operating activities was $0.2 million in Q4 versus $1.3 million a year earlier, but full-year operating cash flow more than doubled to $6.2 million from $2.5 million. That full-year result aligned with management’s description of 2025 as an inflection year.
The company ended 2025 with more than $12.0 million in cash, and a fully undrawn credit facility that was later increased to $150.0 million.
On production, Q4 fell to 1,255 gold equivalent ounces from 1,445 ounces, and full-year GEOs declined to 5,173 ounces from 5,462 ounces, despite higher total revenue. The reason was simple math as the average gold price jumped to $4,149 per ounce in Q4 2025 from $2,661 per ounce last year.
Gold Royalty expects 2026 to yield 7,500 to 9,300 gold equivalent ounces, including about 684 ounces from land agreement proceeds and interest payments, based on assumed gold pricing of $5,150 per ounce and copper pricing of $5.75 per pound.
The five-year outlook is even more aggressive: 28,000 to 34,000 ounces in 2030, including about 600 ounces from land agreement proceeds and interest payments, based on assumed gold pricing of $3,500 per ounce and copper pricing of $5.00 per pound.
Gold Royalty last traded at $3.59 on the NYSE.
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