Gold Royalty (GROY) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $9.4 million and adjusted EBITDA of $7.0 million in Q1 2026, representing over 300% year-over-year growth compared to Q1 2025.

• Net income reached $1.8 million, reversing a loss of $1.2 million in Q1 2025.

• Celebrated five-year anniversary, growing from 18 royalties and no revenue in 2021 to over 250 royalties and meaningful cash flows.

• Announced key management changes, including John Griffith as President and Jackie Przybylowski as VP, Capital Markets and Sustainability.

• Attributable gold equivalent ounces (GEOs) for Q1 2026 reached 1,920, keeping the company on track to meet full-year guidance.

Financial highlights

• Total revenue, land agreement proceeds, and interest reached $9.4 million, with adjusted EBITDA of $7.0 million in Q1 2026.

• Ended Q1 with $13.6 million in cash, no debt, and a fully undrawn $150 million credit facility.

• Adjusted net income was $3.3 million, compared to an adjusted net loss of $1.2 million in Q1 2025.

• Generated 1,920 GEOs, up from 1,249 GEOs year-over-year.

• Achieved first positive free cash flow in mid-2025 and expect continued positive free cash flow.

Outlook and guidance

• 2026 guidance set at 7,500–9,300 GEOs, with Q1 annualized results tracking above the low end.

• Production expected to grow to 28,000–34,000 GEOs by 2030, nearly 500% growth from 2025 actuals.

• Over 70% of projected growth to 2030 comes from assets already permitted and built, with over 90% including satellite deposits.

• 2026 guidance assumes a gold price of $5,150/oz and copper price of $5.75/lb.

• Portfolio growth outlook remains strong, with volumes expected to be weighted to the second half of 2026 as key assets ramp up.