Vox Royalty (VOXR) Q2 2025 earnings summary

Executive summary

• Delivered positive cash flow and increased royalty receipts compared to the same quarter last year.

• Completed accretive acquisition of a producing copper-gold royalty at Kanmantoo for $11.7 million.

• Added to the Russell 2000 and Russell 3000 indexes during the quarter.

• Maintained a strong balance sheet with over $13 million in cash and receivables at quarter-end.

Financial highlights

• Generated cash flows from operations of $1.76 million for the quarter, down from $2.01 million year-over-year.

• Royalty revenue receipts were $2.87 million for the quarter, slightly up from $2.84 million year-over-year.

• Reported revenue of $2.77 million for the quarter, down from $2.84 million year-over-year.

• Net loss of $0.39 million for the quarter, compared to a net loss of $0.33 million in the prior year.

• Working capital increased to $10.48 million from $8.25 million year-over-year.

Outlook and guidance

• Reiterated 2025 royalty revenue guidance of $13–$15 million.

• Expects revenue and operating income to increase in the second half of 2025, driven by higher production at gold royalty assets and improved iron ore prices.

• Anticipates consistent quarterly revenue from the newly acquired Kanmantoo royalty in Q3 and Q4 2025.

• Janet Ivy royalty expected to benefit from a 40% increase in crushing and grinding capacity.