Gold Royalty Corp. (NYSE American: GROY) reported full‑year 2025 results that marked a historic high for the company, with total revenue reaching $15.6 million—up 63% from $9.4 million in 2024. The company posted a net loss of $4.1 million, a narrowing from the $6.5 million loss in 2024, and an adjusted EBITDA of $9.8 million, a 78% increase over the $5.3 million reported in 2024. Operating cash flow turned positive at $6.2 million, and free cash flow also became positive, signaling a shift from an acquisition‑driven model to a cash‑harvesting business.
Revenue growth was driven primarily by the addition of a royalty on BHP’s Pedra Branca mine, which contributed $3.2 million in the year, and by continued expansion at the company’s core assets—Côté, Vareš, and Borborema—each reporting higher production and royalty rates. The company also benefited from a $1.5 million increase in land‑agreement proceeds and interest, which boosted the “Total Revenue, Land Agreement Proceeds and Interest” figure to $17.8 million.
The narrowing net loss and robust EBITDA improvement reflect disciplined cost management and the elimination of one‑time charges that weighed heavily in 2024. Management highlighted that the company’s operating leverage has improved as royalty income scales with underlying mine production, while capital expenditures remained flat at $1.2 million, supporting the positive cash‑flow trajectory.
Positive operating cash flow and free cash flow are milestones for Gold Royalty, underscoring the company’s ability to generate cash from its royalty portfolio. The results also support the company’s plan to reduce debt and potentially return capital to shareholders by the end of 2026. In line with this strategy, Gold Royalty has upsized its credit facility to $150 million, providing additional liquidity for future acquisitions.
For 2026, the company guided for total GEOs between 7,500 and 9,300, implying a 60% year‑over‑year growth. Management reiterated its commitment to debt reduction and capital return, while maintaining confidence in the continued expansion of its royalty portfolio. Investors noted that, despite the strong results, market sentiment remained cautious due to future EPS forecasts that suggest potential losses, tempering enthusiasm for the company’s upside potential.
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