Vox Royalty (VOXR) Q4 2025 earnings summary

Executive summary

• Achieved record annual royalty and net precious metal receipts of $16.6 million in 2025, up from $11 million in 2024.

• Generated record operating cash flows of $10.7 million for 2025, nearly doubling the prior year.

• Delivered robust organic growth across the royalty and streaming portfolio, with a commodity mix of 55% gold and 45% other metals.

• Early 2026 milestones include amending the Greenstone Offtake Stream, new Australian royalty acquisitions, full repayment of revolving credit facility, and inclusion in the GDXJ index.

Financial highlights

• Royalty revenue for 2025 was $12 million, up from $11 million in 2024.

• Net precious metal income reached $4.6 million in 2025, compared to $0 in 2024, with an average net precious metal income of $91.06/oz.

• Gross profit for 2025 was $10.1 million, up from $7.9 million in 2024.

• Q4 2025 saw record quarterly receipts of $7.4 million, with $4.4 million from net precious metal income and $3 million from royalty revenue.

• Adjusted EBITDA for 2025 was $9.3 million ($0.17/share), up from $4.6 million ($0.09/share) in 2024.

Outlook and guidance

• Positioned for enhanced operating leverage in 2026 and beyond, supported by a scalable model and strengthened balance sheet.

• Forward-looking statements highlight expectations for continued growth and operating leverage, subject to various business and economic risks.