Elemental Royalty (ELE) Q4 2025 earnings summary

Executive summary

• Completed a transformative merger with EMX Royalty, Elemental, and Altus Strategies, creating a gold-focused, globally diversified royalty portfolio with over 200 assets and 18 currently cash flowing.

• Achieved record financial results in 2025, including revenue of $49.2M (up 128% year-over-year), adjusted EBITDA of $34.9M (up 131%), and operating cash flow of $33.9M.

• Secured a $100 million private placement from Tether Investments, increasing their stake to 32% and enhancing financial flexibility.

• Listed on Nasdaq, resulting in a fivefold increase in trading liquidity and positioning for potential index inclusion.

• Announced inaugural annual dividend of $0.12/share, payable in cash or XAUT tokens, with regulatory and technical rollout ongoing.

Financial highlights

• Full-year 2025 revenue reached $49.2M, with Q4 revenue of $16.0M; combined pro forma revenue with EMX would have been $87.2M.

• Adjusted EBITDA was $34.9M, and adjusted operating cash flow was $33.9M.

• Sold 14,285 GEOs in 2025, up from 8,987 the prior year.

• Ended 2025 with $53.1M in cash and $80.1M in working capital.

• Established a $150M revolving credit facility with a $50M accordion feature.

Outlook and guidance

• 2026 revenue guidance is $76.5M–$94.5M, assuming $4,500/oz gold and $5.50/lb copper.

• 2026 GEO sales guidance is 17,000–21,000, with five-year outlook targeting over 30,000 GEOs and $135M+ in annual revenue by 2030.

• Plans to maintain or increase the $0.12/share annual dividend, with potential for broader XAUT dividend availability.

• Expects adjusted EBITDA margin to rise to 75%+ of revenue by 2026.

• Continued advancement and optimization across the development pipeline, with active evaluation of acquisitions and consolidation opportunities.