Sailfish Royalty (TSXV: FISH) posted in Q2 2025 a 31% drop in revenue to $713,178 from $1,026,242 in the comparable period last year. Royalty revenue jumped to $626,603 from $167,844 last year, while sales plunged to $86,575 from $858,398.
Gross profit rose to $687,330 from $565,681 as gross margin expanded to 96.4% from 55.1%, reflecting materially lower depletion and cost of sales. Operating expenses increased to $406,953 from $279,100, led by higher share-based compensation at $98,083 compared to $27,390. This led to an essentially flat operating income at $280,377 versus $286,581 last year, lifting operating margin to 39.3% from 27.9%.
The company recorded a $6,255 loss in fair value adjustment on the silver receivable compared to recording a $987,762 gain a year earlier. And while interest expense dropped to $44,823 from $109,338, after a $51,890 loss from discontinued operations, net income sharply fell to $185,318 from $1,141,470.
For the first half, operating cash flow improved to $192,362 from an outflow of $85,504 in H1 2024 as non-cash charges and working capital movements offset the profit decline. After the firm generated $974,623 from investing cash flow and used $1,630,952 in financing cash flow, cash balance decreased down to $1,678,162 at June 30, 2025 from $2,150,823 at the beginning of the year.
On production, gold ounces earned from streams collapsed to 8 ounces from 365 ounces, while silver ounces earned landed at 1,672 ounces, reflecting a new contribution in 2025.
Sailfish Royalty last traded at $2.46 on the TSX Venture.
Information for this briefing was found via sources and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
