Majestic Gold (MJS) Q4 2025 earnings summary

Executive summary

• Revenue grew 25.8% year-over-year to $89.3 million for FY2025, with gross profit up 30.8% to $47.6 million.

• Net income declined 10.8% to $18.3 million for FY2025, despite higher revenue and gross profit.

• Gold production decreased 6.7% to 29,804 ounces for FY2025.

• Cash flow from operating activities increased 8.3% to $30.9 million for FY2025.

Financial highlights

• Adjusted EBITDA rose to $45.5 million for FY2025, up from $38.3 million in FY2024.

• Cash and cash equivalents at year-end were $167.1 million, up from $100.7 million.

• Working capital increased to $117.3 million from $86.3 million year-over-year.

• Fourth quarter revenue was $25.6 million, up 34.8% year-over-year; gross profit was $14.5 million, up 65.1%.

• Fourth quarter net income was $3.1 million, down 16% year-over-year.

Outlook and guidance

• Management cautions that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from projections.