EMX Royalty (EMX) Q2 2025 earnings summary

Executive summary

• Achieved $14.7M in revenue and other income, $19.0M in adjusted royalty revenue, and $12.1M in adjusted EBITDA for the first half of 2025, reflecting strong operational performance and cash flow growth.

• Increased 2025 revenue guidance due to rising commodity prices and robust revenue momentum into the second half of the year.

• Strengthened financial position through disciplined capital management, including share buybacks and early debt repayment.

Financial highlights

• Adjusted royalty revenue for Q2 2025 was $8.2M, up 5% year-over-year; adjusted EBITDA was $4.9M, similar to the prior year.

• Adjusted cash flows from operating activities reached $9.0M in Q2, up 570% from the prior year, driven by $8.4M in deferred payments collected.

• Net income for Q2 was $0.6M, reversing a $4.0M loss in Q2 2024; net income for the first half was $1.9M, compared to a $6.2M loss in 2024.

• Cash and cash equivalents stood at $17.2M, with working capital of $30.2M as of June 30, 2025.

Outlook and guidance

• Updated 2025 guidance: adjusted royalty revenue expected at $30M–$35M (up from $26M–$32M), GEO sales at 10,500–12,000, reflecting higher metal prices.

• Option and other property income guidance remains at $1M–$2M.

• Guidance based on higher assumed gold and copper prices per CIBC consensus forecasts.