Lithium Royalty (LIRC) Q3 2025 earnings summary

Executive summary

• Revenue for the quarter was $417,000, an 86% increase year-over-year, driven by new royalty streams and positive pricing adjustments.

• Portfolio expanded to 36 royalties, including a new tungsten royalty, diversifying exposure to critical minerals.

• Three new assets, including Tres Quebradas and Ganfeng's Mariana project, commenced production in 2025, with more meaningful contributions expected in 2026.

• The acquisition of a royalty on the Fox Tungsten asset diversifies exposure beyond lithium.

Financial highlights

• Royalty revenue rose to $417,000 in Q3 2025, up from $224,000 year-over-year, an 86% increase.

• Gross profit rose 96% year-over-year to $386,000.

• Net loss narrowed to $921,000 from $1.65 million in Q3 2024.

• Adjusted EBITDA loss was $1.1 million, flat year-over-year and improved from a $1.5 million loss last quarter.

• Ended the quarter with $27.5 million in cash and no debt.

Outlook and guidance

• Expecting increased royalty revenue in 2026 as Tres Quebradas, Ganfeng's Mariana, and other assets ramp up production.

• Pipeline for new royalty acquisitions is robust, focusing on high-grade, low-cost, near-term cash-flowing assets.

• Anticipates the lithium market to rebalance sooner if demand trends persist, with potential for positive year-on-year price growth in Q4 2025.

• Sigma Lithium's Grota do Cirilo Phase 2 on track for 2026 production start.