Revenue grew 82.3% year-over-year to $366.3M in Q2 2026, with gross margin expanding to 46.0% from 26.1% a year earlier, though net income volatility persists with a swing from -$57.5M in Q1 2026 to $37.2M in Q2 2026.
Allied Gold Corporation (AAUC) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 1.49B | 1.33B | 730.38M | 655.69M | 669.55M |
| Revenue Growth % | 55.35% | 82.35% | 11.39% | -2.07% | - |
| Cost of Goods Sold | 834.64M | 825.28M | 510.15M | 548.9M | 486.82M |
| COGS % of Revenue | - | 61.97% | 69.85% | 83.71% | 72.71% |
| Gross Profit | 653.75M | 506.54M | 220.23M | 106.79M | 182.73M |
| Gross Margin % | 43.92% | 38.03% | 30.15% | 16.29% | 27.29% |
| Gross Profit Growth % | - | 130% | 106.23% | -41.56% | - |
| Operating Expenses | 175.89M | 141.62M | 86.97M | 64.12M | 46.57M |
| OpEx % of Revenue | - | 10.63% | 11.91% | 9.78% | 6.95% |
| Selling, General & Admin | 164.49M | 120.79M | 61.75M | 64.02M | 46.57M |
| SG&A % of Revenue | - | 9.07% | 8.45% | 9.76% | 6.95% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 2M | 20.82M | 25.22M | 100K | 0 |
| Operating Income | 477.86M | 364.92M | 133.27M | 42.67M | 136.16M |
| Operating Margin % | 32.11% | 27.4% | 18.25% | 6.51% | 20.34% |
| Operating Income Growth % | - | 173.83% | 212.31% | -68.66% | - |
| EBITDA | 547.47M | 437.3M | 182.25M | 88.34M | 189.49M |
| EBITDA Margin % | 36.78% | 32.83% | 24.95% | 13.47% | 28.3% |
| EBITDA Growth % | 114.02% | 139.94% | 106.31% | -53.38% | - |
| D&A (Non-Cash Add-back) | 69.61M | 72.37M | 48.98M | 45.66M | 53.33M |
| EBIT | 373.23M | 248.47M | -8.97M | -177.15M | 102.12M |
| Net Interest Income | -11.94M | -11.12M | -11.63M | -30.81M | -29.94M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.94M | 11.12M | 11.63M | 30.81M | 29.94M |
| Other Income/Expense | -129.68M | -127.57M | -138.63M | -228.26M | -81.84M |
| Pretax Income | 348.17M | 237.35M | -5.37M | -185.59M | 54.32M |
| Pretax Margin % | 23.39% | 17.82% | -0.73% | -28.3% | 8.11% |
| Income Tax | 363.25M | 234.05M | 114.19M | 5.96M | 49.11M |
| Effective Tax Rate % | 104.33% | 98.61% | -2127.94% | -3.21% | 90.42% |
| Net Income | -61.83M | -51.85M | -115.63M | -208.48M | -7.42M |
| Net Margin % | -4.15% | -3.89% | -15.83% | -31.8% | -1.11% |
| Net Income Growth % | 51.89% | 55.16% | 44.54% | -2709.35% | - |
| Net Income (Continuing) | -15.08M | 3.31M | -119.55M | -191.54M | 5.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 123.56M | 97.07M | 70.53M | 80.71M | 66.02M |
| EPS (Diluted) | -0.45 | -0.45 | -1.23 | -2.54 | -0.09 |
| EPS Growth % | 62.87% | 63.41% | 51.57% | -2877.73% | - |
| EPS (Basic) | - | -0.45 | -1.23 | -2.54 | -0.09 |
| Diluted Shares Outstanding | 136.5M | 115.22M | 89.68M | 83.57M | 83.57M |
| Basic Shares Outstanding | 126.41M | 115.22M | 89.68M | 83.57M | 83.57M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying AAUC stock.
For fiscal year 2025, Allied Gold Corporation (AAUC) reported total revenue of $1.33B. This represents a 98.9% increase compared to $669.6M in 2022.
Allied Gold Corporation (AAUC) reported a net loss of $51.8M for the fiscal year ending 2025.
Allied Gold Corporation (AAUC) reported an operating income of $364.9M, resulting in an operating profit margin of 27.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Allied Gold Corporation (AAUC) generated $506.5M in gross profit for the year, representing a gross profit margin of 38.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Mali regulatory and tax risk
Revenue Surge Driven by Gold Prices and Volume
Allied Gold's revenue jumped 82.3% year-over-year to $366.3M in Q2 2026, according to the latest income statement, reflecting strong gold prices and higher production volumes from its West African operations.
The 45.4% sequential growth in Q2 2026 follows a 150.4% year-over-year surge in Q4 2025, indicating a clear acceleration in top-line momentum. This appears driven by both favorable gold prices and the ramp-up of production, likely from the Sadiola and Bonikro-Agbaou complexes. However, the sustainability of this growth depends on continued operational stability in Mali and Côte d'Ivoire, as well as the successful commissioning of the Kurmuk project in Ethiopia.
Gross Margin Expansion Masks Underlying Cost Pressures
Gross margin improved to 46.0% in Q2 2026 from 26.1% a year earlier, as reported in financial statements, but the volatility suggests sensitivity to ore grades and input costs.
The gross margin has shown significant fluctuation, ranging from 24.2% in Q1 2024 to 46.0% in Q2 2026, indicating that the company's cost structure is not yet stable. The improvement in recent quarters may reflect higher gold prices and better ore grades, but the mid-tier cost profile suggests that margin expansion could be capped if input costs rise or grades decline. Investors should monitor the AISC trend, as it is a more comprehensive measure of cash costs per ounce.
Operating Leverage Evident but Net Income Lags
Operating income scaled to $147.1M in Q2 2026, a 40.2% operating margin, according to the income statement, yet net income remained positive at $37.2M, indicating strong operating leverage.
The operating margin has expanded from 12.8% in Q1 2024 to 40.2% in Q2 2026, demonstrating that revenue growth is translating into operating profit at an increasing rate. However, the gap between operating and net margins remains wide, with net margin at 10.2% in Q2 2026, suggesting significant non-operating charges such as interest, taxes, or impairments. The negative net income in several quarters, including -$57.5M in Q1 2026, highlights that operating leverage has not consistently flowed to the bottom line.
Net Income Volatility Raises Quality Concerns
Despite robust operating profits, net income swung from -$57.5M in Q1 2026 to $37.2M in Q2 2026, per the income statement, suggesting one-time items or tax effects distorting earnings quality.
The earnings quality appears low, with net income fluctuating dramatically across quarters, including a -$108.0M loss in Q3 2024. The negative ROE of -11.3% in the latest report indicates that the company is not yet generating consistent returns on equity. Stock-based compensation has been volatile, with a negative $23.0M in Q2 2026, which may indicate unusual accounting adjustments. Investors should scrutinize the components of net income, including any impairments or deferred tax effects, to assess the sustainability of earnings.
COGS and SG&A Drive Margin Variability
Cost of goods sold rose to $197.7M in Q2 2026, while SG&A spiked to $68.1M in Q1 2026, as per the income statement, indicating cost control challenges.
The cost structure is dominated by COGS, which has ranged from $103.6M to $237.4M over the past ten quarters, reflecting variable production costs. SG&A has also been volatile, with a notable spike in Q1 2026 to $68.1M, which may include one-time expenses. The company's ability to manage these costs is critical, as any escalation could compress margins. The high fixed-cost nature of mining operations means that volume fluctuations can significantly impact unit costs.
Q4 2025 Marks a Turning Point in Revenue
Revenue surged to $427.8M in Q4 2025, a 150.4% year-over-year increase, according to the income statement, marking a clear inflection point in the company's growth trajectory.
The Q4 2025 quarter appears to be a pivotal period, with revenue more than doubling from the prior year, likely driven by higher gold prices and increased production from the Sadiola mine. This inflection was followed by continued strong revenue in Q1 and Q2 2026, suggesting that the company has entered a higher growth phase. However, the negative net income in Q4 2025 and Q1 2026 indicates that the growth has not yet translated into profitability, possibly due to startup costs or one-time charges. The lasting impact will depend on whether the company can convert this revenue growth into sustainable net income.
Profitability Remains Elusive Despite Revenue Growth
Despite 82.3% revenue growth, net margin was -3.9% in the latest report, per the income statement, suggesting that rapid expansion is not yet yielding bottom-line profits.
Short-sellers would likely focus on the persistent gap between operating and net margins, which indicates that the company is incurring significant non-operating costs. The negative net income in several quarters, including a -$108.0M loss in Q3 2024, raises questions about the quality of earnings. Additionally, the reliance on gold prices and the political risk in Mali could lead to margin compression if gold prices fall or if the government increases royalties. The company's ability to self-fund its growth without dilutive equity raises is a positive, but the lack of consistent profitability may keep the stock at a discount to peers.