Sprott (SII) Q2 2025 earnings summary

Executive summary

• Assets under management (AUM) reached $40 billion as of June 30, 2025, up 14% from March 31, 2025, and 27% from December 31, 2024, driven by strong net sales, market appreciation, and investor demand for precious metals and uranium products.

• Net income for Q2 2025 was $13.5 million ($0.52/share), up 1% year-over-year; year-to-date net income was $25.5 million ($0.99/share), up 2% from the prior year.

• Adjusted EBITDA for Q2 was $25.5 million, up 14% year-over-year; year-to-date adjusted EBITDA was $47.4 million, up 12%.

• Physical trusts and managed equity strategies performed strongly, with new ETF launches achieving rapid AUM growth and surpassing key milestones.

• Metals markets are experiencing scarcity, pushing gold, silver, and platinum prices to multi-year highs, and supporting robust operating results.

Financial highlights

• AUM increased to $40 billion at quarter-end, up from $35.1 billion at March 31 and $31.5 billion at December 31, 2024.

• Q2 2025 total revenues were $65.2 million, up from $48.0 million in Q2 2024; six-month revenues were $108.5 million, up from $89.5 million.

• Management fees for Q2 were $44.4 million, up 16% year-over-year; carried interest and performance fees surged to $14.8 million from $0.7 million.

• Net fees for Q2 were $53.2 million, up 54% year-over-year; adjusted EBITDA margin was 61%.

• Cash and cash equivalents totaled $75.1 million as of June 30, 2025, up from $46.8 million at year-end 2024.

Outlook and guidance

• Management expects continued market volatility and constructive conditions for precious metals and critical materials, with further AUM growth anticipated.

• Plans include expanding exchange-listed product offerings and launching at least one additional active ETF before year-end.

• Dividend policy remains focused on maintaining a high payout, with growth potential if strong results persist.

• Performance and carried interest fees are expected to remain variable and not modeled as a run rate.

• The company is committed to managing expenses while investing in business growth.