Vox Royalty (VOXR) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $3.82 million, up 57% year-over-year, and record year-to-date revenue of $9.37 million, up 15% year-over-year.

• Completed multiple asset acquisitions, including the Global Gold Portfolio and Wyloo North iron ore royalty.

• Successfully closed a $63.25 million public offering and upsized credit facility to $75 million to fund acquisitions.

• Added to the Russell 2000® and Russell 3000® indexes.

Financial highlights

• Q3 2025 revenue: $3,815,640 (up from $2,428,809 in Q3 2024).

• Gross profit for Q3 2025: $2,368,889 (up from $1,887,501 in Q3 2024).

• Net income for Q3 2025: $161,673 (compared to a net loss of $107,613 in Q3 2024).

• General and admin expenses for Q3 2025: $1,052,784 (down 14% year-over-year).

• Cash and accounts receivable at quarter end: $16,437,035 (up 36% year-over-year).

Outlook and guidance

• Organic developments in the royalty portfolio, including new development decisions and gold studies, are expected to drive future revenue and higher operating margins.

• Anticipates continued realization of operating leverage and per share returns in Q4 and beyond.