Gold Royalty (GROY) financial statements
Gold Royalty reported revenue of $16M in fiscal 2025, up 200.3% a year over 4 years.
Net income was -$4M and the operating margin 9.9%, against -6552.6% in 2021.
The diluted share count rose 421% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Gold Royalty's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $192,000 | $4M | $3M | $10M | $16M |
| Cost of revenue | $163,817 | — | — | $268,000 | $1M |
| Gross profit | $28,000 | $2M | $2M | $7M | $12M |
| Selling, general and admin | $9M | $14M | $8M | $8M | $7M |
| Operating income | -$13M | -$21M | -$31M | -$4M | $2M |
| Interest expense | — | $633,000 | $2M | $4M | $4M |
| Pre-tax income | -$15M | -$17M | -$33M | -$9M | -$4M |
| Income tax | — | -$15,000 | -$6M | -$6M | -$205,000 |
| Net income | -$15M | -$17M | -$27M | -$3M | -$4M |
| EPS (diluted) | -$0.45 | -$0.14 | -$0.18 | -$0.02 | -$0.02 |
| Diluted shares | 34M | 128M | 145M | 160M | 175M |
| Gross margin | 14.6% | 55.5% | 69.1% | 65.6% | 76.4% |
| Operating margin | -6552.6% | -544.0% | -1016.1% | -40.2% | 9.9% |
| Net margin | -7815.6% | -439.8% | -877.8% | -33.8% | -26.5% |
Balance sheet
Fiscal years, from Gold Royalty's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $14M | $2M | $2M | $14M |
| Receivables | $412,000 | $1M | $931,000 | $2M | $3M |
| Total current assets | $13M | $17M | $6M | $6M | $23M |
| Total assets | $279M | $689M | $691M | $738M | $823M |
| Total current liabilities | $7M | $7M | $4M | $4M | $5M |
| Total liabilities | $54M | $152M | $170M | $179M | $124M |
| Shareholders' equity | $225M | $536M | $521M | $558M | $699M |
| Net debt | -$10M | -$7M | -$1M | -$2M | -$12M |
Cash flow
Fiscal years, from Gold Royalty's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$12M | -$19M | -$7M | $3M | $6M |
| Capital spending | $2,000 | $28,000 | — | — | — |
| Free cash flow | -$12M | -$19M | — | — | — |
| Dividends paid | — | $4M | $3M | — | — |
| Net borrowing | — | $9M | — | — | — |
| Free cash flow margin | -6225.0% | -489.1% | — | — | — |
| Dividends per share | — | $0.03 | $0.02 | — | — |
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What was Gold Royalty's revenue in 2025?
$16M in fiscal 2025, from its 10-K filing.
From Gold Royalty's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.