Elemental Royalty (ELE) Q4 2025 earnings summary

Executive summary

• Completed a transformative merger with EMX Royalty and Altus Strategies, creating a gold-focused, globally diversified royalty portfolio with over 200 assets and significant cash-flowing royalties.

• Achieved record financial results in 2025, including revenue of $49.2 million (up 128% year-over-year), adjusted EBITDA of $34.9 million (up 131%), and operating cash flow of $33.9 million.

• Secured a $100 million private placement from Tether Investments, now a major shareholder, enhancing financial flexibility.

• Listed on Nasdaq, resulting in a fivefold increase in liquidity and positioning for index fund inclusion.

• Announced inaugural annual dividend of $0.12 per share, payable quarterly, with an option for payment in XAUT tokens.

Financial highlights

• Full-year 2025 revenue reached $49.2 million, with Q4 revenue of $16.0 million; combined pro forma revenue with EMX would have been $87.2 million.

• Adjusted EBITDA for 2025 was $34.9 million, with an adjusted EBITDA margin of ~71%.

• Adjusted operating cash flow was $33.9 million, up 288% year-over-year.

• Ended 2025 with $53.1 million in cash and $80.1 million in working capital.

• Sold 14,285 GEOs in 2025, up 59% year-over-year.

Outlook and guidance

• 2026 revenue guidance is $76.5–$94.5 million, assuming $4,500/oz gold and $5.50/lb copper.

• 2026 GEO sales guidance is 17,000–21,000, with a five-year outlook targeting over 30,000 GEOs and $135 million+ in annual revenue by 2030.

• Adjusted EBITDA margin expected to rise to 75% or above by 2026.

• Effective tax rate estimated at 20% for 2026, with ongoing efforts to streamline tax structure.