Versamet Royalties (VMET) Q4 2025 earnings summary

Executive summary

• Achieved record revenue, cash flow, and net income for both Q4 and full year 2025, driven by strong asset performance, new acquisitions, and favorable commodity prices.

• Attributable gold equivalent ounces (GEOs) reached all-time highs, with significant year-over-year growth.

• Expanded asset portfolio with new copper and silver streams and a polymetallic royalty.

• Uplisted to the Toronto Stock Exchange and commenced trading on NASDAQ.

Financial highlights

• Q4 2025 revenue: $18.4M (+465% YoY); full year 2025 revenue: $34.8M (+189% YoY).

• Q4 2025 net income: $15.1M (vs. -$7.3M Q4 2024); full year 2025 net income: $20.3M (vs. -$2.4M 2024).

• Q4 2025 adjusted EBITDA: $13.6M (+862% YoY); full year 2025 adjusted EBITDA: $23.0M (+336% YoY).

• Operating cash flow before working capital changes: $13.9M in Q4 2025 (+1,126% YoY), $24.7M for 2025 (+277% YoY).

• Attributable GEOs: 4,430 in Q4 2025 (+260% YoY), 9,815 for 2025 (+94% YoY).

Outlook and guidance

• Guidance for 2026: 20,000 to 23,000 attributable GEOs, indicating continued strong growth.

• Management expects further portfolio growth in 2026, supported by recent financings and increased credit facility.