Gold Royalty(US:GROY)2025-11-06 01:54Revenue Performance - Revenue for Q3 2025 reached $4,148,000, a 101.5% increase compared to $2,060,000 in Q3 2024[4] - Revenue for the three months ended September 30, 2025, was $4,148,000, a 101.0% increase from $2,060,000 in the same period of 2024[47] - Revenue for the nine months ended September 30, 2025, reached $11,109,000, up 64.5% from $6,748,000 in 2024[47] - Revenue from Canada for the nine months ended September 30, 2025, was $3,443,000, up from $2,341,000 in 2024, reflecting a 47.3% increase[71] - The company recognized $326,000 in revenue for prior periods due to a favorable judgment related to royalties from the Jerritt Canyon Mine[47] Profitability and Loss - Gross profit for the nine months ended September 30, 2025, was $8,961,000, up 68.5% from $5,315,000 in the same period of 2024[4] - Operating income for Q3 2025 was $572,000, compared to an operating loss of $923,000 in Q3 2024[4] - Net loss after income taxes for Q3 2025 was $1,133,000, a significant decrease from a net income of $3,423,000 in Q3 2024[4] - The company reported a total comprehensive loss of $2,953,000 for the nine months ended September 30, 2025[4] - For the three months ended September 30, 2025, the company reported a net loss of $1,133,000 compared to a net income of $3,423,000 for the same period in 2024[6] Cash Flow and Liquidity - Cash provided by operating activities for the nine months ended September 30, 2025, was $5,994,000, compared to $1,281,000 for the same period in 2024[6] - Operating cash flows before movements in working capital increased to $1,922,000 for the three months ended September 30, 2025, from $343,000 in the same period of 2024[6] - The company's working capital as of September 30, 2025, was $5,017,000, compared to $2,012,000 as of December 31, 2024, indicating improved liquidity[61] - Cash and cash equivalents increased to $4,484,000 from $2,267,000 as of December 31, 2024[2] - The company reported a decrease in cash and cash equivalents to $4,484,000 at the end of September 2025, from $2,518,000 at the end of the same month in 2024[6] Assets and Liabilities - Total assets as of September 30, 2025, were $740,525,000, compared to $737,515,000 as of December 31, 2024[2] - Current liabilities rose to $4,896,000 from $3,859,000 as of December 31, 2024[2] - Non-current assets as of September 30, 2025, amounted to $730,612,000, slightly down from $731,644,000 as of December 31, 2024[73] - The total contractual obligations as of September 30, 2025, amounted to $83,456,000, with $6,009,000 due within one year[63] Financing Activities - The Company entered into a gold-linked loan agreement providing $10,000 project financing for the Borborema Project, with interest payable in gold at 110 ounces per quarter[23] - The Company amended its credit facility, increasing the total available capacity to $75,000, with a reduced interest rate reflecting a 100 basis points reduction[28] - The outstanding balance of the bank loan was $24,064 as of September 30, 2025, after a repayment of $2,000[28] - The Company completed a private placement of $40,000 in unsecured convertible debentures, bearing interest at 10% per annum over a 5-year term[29] - The balance of the convertible debentures increased to $26,736 as of September 30, 2025, with finance costs of $4,838 recognized during the period[34] Shareholder Equity and Compensation - Issued capital increased to $598,993,000 as of September 30, 2025, from $595,811,000 as of December 31, 2024[2] - The weighted average number of common shares outstanding for Q3 2025 was 170,913,113, compared to 169,152,636 for Q3 2024[4] - The Company issued 567,125 GRC Shares during the nine months ended September 30, 2025, in satisfaction of RSUs and debenture interest payments[37] - Management salaries for the three months ended September 30, 2025, were $505,000, an increase from $314,000 in 2024, reflecting a 61% rise[70] - Directors' fees for the nine months ended September 30, 2025, totaled $148,000, down from $161,000 in 2024, indicating a decrease of 8.1%[70] Expenses - General and administrative costs for the three months ended September 30, 2025, were $1,726,000, a decrease of 12.3% from $1,968,000 in 2024[48] - Employee costs increased to $1,055,000 for the three months ended September 30, 2025, compared to $700,000 in 2024, reflecting a 50.7% rise[48] - Interest expense on bank loans for the nine months ended September 30, 2025, was $1,883,000, an increase from $1,411,000 in 2024[52] - The Company incurred finance costs of $2,292,000 for the three months ended September 30, 2025, compared to $2,166,000 in the same period of 2024[6] - The Company incurred finance costs of $1,238,000 for the three months ended September 30, 2025, compared to $1,130,000 in 2024, representing a 9.6% increase[68] Other Financial Information - The total balance of royalties, streaming, and other mineral interests as of September 30, 2025, was $718,351,000, an increase from $671,722,000 at the end of 2023[16] - The company holds a 12.5% equity interest in Prospector Royalty Corp., valued at $1,464,000 as of September 30, 2025[22] - The fair value of the gold-linked loan was classified as Level 3, valued at $10,615,000 as of September 30, 2025[54] - A 10% change in the market price of the company's short-term investments would impact net loss by approximately $86,000[65] - The embedded derivative related to the convertible debentures had a fair value of $896 as of September 30, 2025, down from $1,921 at the end of 2023[35]