Revenue growth accelerated to $308.6M in 2025Q4, while structural efficiency improvements drove gross margins to 54.2% from 26.7% in 2024Q1.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 |
|---|
| Sales/Revenue | 927.66M | 510.6M | 447.67M | 399.96M | 382.61M | 390.92M | 313.01M | 268.52M | 215.37M | 184.07M | 134.95M | 123.03M | 148.53M | 168.24M | 137.71M | 20.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50 | 0 |
| Revenue Growth % | 81.68% | 14.06% | 11.93% | 4.54% | -2.13% | 24.89% | 16.57% | 24.68% | 17% | 36.4% | 9.69% | -17.17% | -11.72% | 22.17% | 582.76% | - | - | - | - | - | - | - | -100% | - | - |
| Cost of Goods Sold | 467.44M | 314.76M | 261.77M | 195.82M | 215.31M | 198.72M | 176.09M | 179.65M | 146.55M | 120.35M | 101.34M | 119.12M | 149.44M | 150.04M | 126.26M | 23.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 50.39% | 61.64% | 58.47% | 48.96% | 56.27% | 50.83% | 56.26% | 66.9% | 68.05% | 65.38% | 75.09% | 96.83% | 100.61% | 89.18% | 91.68% | 114.61% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 460.23M | 195.84M | 185.91M | 204.14M | 167.3M | 192.2M | 136.92M | 88.88M | 68.81M | 63.72M | 33.61M | 3.9M | 85K | 18.2M | 11.45M | -2.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50 | 0 |
| Gross Margin % | 49.61% | 38.36% | 41.53% | 51.04% | 43.73% | 49.17% | 43.74% | 33.1% | 31.95% | 34.62% | 24.91% | 3.17% | 0.06% | 10.82% | 8.32% | -14.61% | - | - | - | - | - | - | - | 100% | - |
| Gross Profit Growth % | 135% | 5.35% | -8.93% | 22.02% | -12.96% | 40.37% | 54.06% | 29.15% | 7.99% | 89.58% | 760.94% | 4492.94% | -99.53% | 58.92% | 488.63% | - | - | - | - | - | - | - | -100% | - | - |
| Operating Expenses | 102.93M | 78.41M | 77.08M | 142.65M | -29.27M | 37.26M | 200.76M | 14.02M | 15.44M | 14.65M | 12.84M | 13.22M | 24.24M | 22.49M | 28.21M | 14.82M | 216.23K | 201.78K | 23.97K | 92.24K | 93.46K | 79.49K | 34.1K | 43.01K | 56.46K |
| OpEx % of Revenue | 11.1% | 15.36% | 17.22% | 35.67% | -7.65% | 9.53% | 64.14% | 5.22% | 7.17% | 7.96% | 9.51% | 10.75% | 16.32% | 13.37% | 20.49% | 73.46% | - | - | - | - | - | - | - | 85620.56% | - |
| Selling, General & Admin | 63.38M | 23.57M | 22.95M | 23.44M | 14.86M | 26.62M | 26.07M | 11.54M | 13.75M | 7.63M | 5.7M | 8.11M | 11.23M | 16.6M | 25.37M | 14.82M | 216.23K | 202.75K | 23.97K | 92.24K | 93.46K | 79.49K | 32.5K | 43.01K | 56.46K |
| SG&A % of Revenue | 6.83% | 4.62% | 5.13% | 5.86% | 3.88% | 6.81% | 8.33% | 4.3% | 6.39% | 4.15% | 4.22% | 6.59% | 7.56% | 9.87% | 18.42% | 73.46% | - | - | - | - | - | - | - | 85620.56% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 39.55M | 54.84M | 54.13M | 119.21M | -44.13M | 10.64M | 174.69M | -4.86M | -815K | 7.02M | 7.14M | 5.12M | 5.13M | 5.88M | 17.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 357.29M | 117.44M | 108.83M | 61.49M | 196.57M | 154.94M | -63.84M | 74.85M | 101.71M | 34.73M | -15.35M | -23.36M | -177.91M | -9.25M | -24M | -17.76M | -253.07K | -203K | -23.97K | -92.45K | -93.2K | -79.49K | -34.1K | -42.96K | -56.46K |
| Operating Margin % | 38.52% | 23% | 24.31% | 15.37% | 51.38% | 39.64% | -20.4% | 27.87% | 47.23% | 18.87% | -11.38% | -18.99% | -119.78% | -5.5% | -17.43% | -88.07% | - | - | - | - | - | - | - | -85520.83% | - |
| Operating Income Growth % | 204.24% | 7.91% | 76.98% | -68.72% | 26.86% | 342.7% | -185.29% | -26.41% | 192.87% | 326.2% | 34.27% | 86.87% | -1823.51% | 61.46% | -35.12% | -6918.98% | -24.67% | -746.77% | 74.07% | 0.8% | -17.25% | -133.14% | 20.64% | 23.9% | - |
| EBITDA | 411.38M | 151.51M | 146.82M | 94.97M | 228.12M | 179.95M | 143.12M | 105.26M | 121.58M | 47.29M | -3.03M | -7.42M | -161.29M | 7.61M | -6.24M | -14.32M | -216.23K | -202K | -23.97K | -92.24K | -93.46K | -79.49K | -34.1K | -42.96K | -56.46K |
| EBITDA Margin % | 44.35% | 29.67% | 32.8% | 23.75% | 59.62% | 46.03% | 45.72% | 39.2% | 56.45% | 25.69% | -2.25% | -6.03% | -108.59% | 4.52% | -4.53% | -71% | - | - | - | - | - | - | - | -85520.83% | - |
| EBITDA Growth % | 171.51% | 3.19% | 54.6% | -58.37% | 26.77% | 25.74% | 35.96% | -13.42% | 157.09% | 1660.83% | 59.19% | 95.4% | -2219.7% | 221.88% | 56.41% | -6523.08% | -7.04% | -742.6% | 74.01% | 1.3% | -17.57% | -133.14% | 20.64% | 23.9% | - |
| D&A (Non-Cash Add-back) | 54.08M | 34.08M | 38M | 33.48M | 31.55M | 25.01M | 206.96M | 30.41M | 19.87M | 12.56M | 12.32M | 15.93M | 16.62M | 16.86M | 17.76M | 3.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 245.71M | 118.15M | 87.22M | 93.75M | 244.43M | 45.35M | -64.73M | 25.94M | 102.19M | 28.37M | 3.25M | 18.41M | -165.31M | -30.36M | -29.18M | -17.51M | -121.43K | -203K | -239.25K | -89.74K | -93.2K | 0 | 0 | -42.96K | 0 |
| Net Interest Income | -26.02M | -20.43M | -16.32M | -21.53M | -17.02M | -22.83M | -10.59M | -26.69M | -30.97M | -28.33M | -8.61M | -8.25M | -13.48M | -16.75M | -8.22M | -457K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 12.6M | 6.89M | 11.06M | 6.76M | 1.41M | 1.57M | 1.09M | 832.27K | 317K | 317.14K | 90.26K | 755.22K | 175.53K | 227K | 89.39K | 152K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 38.62M | 27.32M | 27.38M | 28.29M | 18.43M | 24.4M | 11.68M | 8.65M | 31.29M | 28.65M | 8.71M | 9M | 13.65M | 19.27M | 9.96M | 609K | 36.84K | 103.47K | 0 | 0 | 0 | 28.77K | 0 | 0 | 0 |
| Other Income/Expense | -150.2M | -38.11M | -50M | -3.76M | 35.13M | -116.9M | -47.95M | -57.56M | -33.27M | -16.18M | 9.9M | 32.73M | -1.33M | -29.93M | -10M | -360K | 94.8K | 0 | -278.08K | 2.71K | 0 | 0 | -2 | 42.96K | 0 |
| Pretax Income | 207.09M | 79.33M | 58.83M | 57.73M | 231.71M | 38.05M | -111.79M | 17.29M | 68.44M | 18.55M | -5.46M | 9.37M | -179.23M | -39.17M | -31.71M | -18.12M | -158.27K | 0 | -302.06K | -89.53K | 0 | 0 | -34.1K | 0 | 0 |
| Pretax Margin % | 22.32% | 15.54% | 13.14% | 14.43% | 60.56% | 9.73% | -35.71% | 6.44% | 31.78% | 10.08% | -4.04% | 7.62% | -120.67% | -23.28% | -23.03% | -89.85% | - | - | - | - | - | - | - | - | - |
| Income Tax | 127.72M | 56.04M | 47.41M | 62.59M | 51.74M | 65.62M | 19.38M | 20.67M | 31.59M | 14.84M | 7.63M | 13.02M | -14.22M | -3.25M | 4.95M | -1.21M | 0 | 305.25K | 0 | 49.13K | 135.38K | 108.26K | -10 | 43.2K | 56.52K |
| Effective Tax Rate % | 61.68% | 70.64% | 80.59% | 108.42% | 22.33% | 172.47% | -17.33% | 119.54% | 46.16% | 80% | -139.81% | 138.96% | 7.93% | 8.3% | -15.61% | 6.7% | 0% | - | 0% | -54.88% | - | - | 0.03% | - | - |
| Net Income | 78.34M | 24.58M | 11.42M | -4.86M | 186.23M | -4.65M | -131.16M | -3.38M | 36.85M | 3.71M | -13.02M | -3.31M | -165.16M | -36.17M | -37.05M | -16.91M | -158.27K | -305K | -34.06K | -138.66K | -135.38K | -108.26K | -34.09K | -43.2K | -56.52K |
| Net Margin % | 8.45% | 4.81% | 2.55% | -1.21% | 48.67% | -1.19% | -41.9% | -1.26% | 17.11% | 2.02% | -9.65% | -2.69% | -111.19% | -21.5% | -26.9% | -83.83% | - | - | - | - | - | - | - | -86000% | - |
| Net Income Growth % | 218.71% | 115.27% | 335.06% | -102.61% | 4102.28% | 96.45% | -3781.74% | -109.17% | 893.48% | 128.49% | -293.35% | 98% | -356.59% | 2.36% | -119.1% | -10583.53% | 48.11% | -795.55% | 75.44% | -2.42% | -25.05% | -217.58% | 21.1% | 23.56% | - |
| Net Income (Continuing) | 79.37M | 23.29M | 11.42M | -4.86M | 179.97M | -27.57M | -131.16M | -3.38M | 36.85M | 3.71M | -13.09M | -3.65M | -165.01M | -35.92M | -35.62M | -16.91M | -158.27K | -307K | -302.06K | -138.98K | -135.01K | -108.26K | -34.09K | -43.2K | -56.52K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 284.54M | 0 | 0 | 0 | 42.52M | 0 | 0 | 0 | 0 | 0 | 528K | 868K | 1M | 753K | 368K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.41 | 0.14 | 0.08 | -0.04 | 1.59 | -0.08 | -1.61 | -0.04 | 0.61 | 0.23 | -8.24 | -2.26 | -162.14 | -35.51 | -45.00 | -67.50 | - | -44.67 | -4.98 | -20.29 | -19.81 | -32.48 | -10.47 | -13.27 | -17.37 |
| EPS Growth % | 192.86% | 68.07% | 292.82% | -102.72% | 2087.5% | 95.03% | -3770.19% | -106.82% | 165.22% | 102.79% | -264.6% | 98.61% | -356.6% | 21.09% | 33.33% | - | - | -796.99% | 75.46% | -2.42% | 39.01% | -210.22% | 21.1% | 23.6% | - |
| EPS (Basic) | 0.42 | 0.14 | 0.08 | -0.04 | 2.25 | -0.08 | -2.65 | -0.10 | 1.81 | 0.30 | -8.24 | -2.26 | -162.14 | -35.51 | -45.00 | -67.50 | - | -30.72 | -3.43 | -13.97 | -19.81 | -32.48 | -10.47 | -13.27 | -17.37 |
| Diluted Shares Outstanding | 191.29M | 158.69M | 137.06M | 108.16M | 94.89M | 60.7M | 81.31M | 81.31M | 94.49M | 96.04M | 1.58M | 1.46M | 1.02M | 1.02M | 834.25K | 244.29K | - | 9.93K | 9.93K | 9.93K | 6.83K | 3.33K | 3.25K | 3.25K | 3.25K |
| Basic Shares Outstanding | 188.58M | 157.73M | 142.74M | 121.45M | 94.89M | 58.16M | 49.48M | 34.67M | 20.34M | 15.82M | 1.58M | 1.46M | 1.02M | 1.02M | 834.25K | 244.29K | - | 9.93K | 9.93K | 9.93K | 6.83K | 3.33K | 3.25K | 3.25K | 3.25K |
| Dividend Payout Ratio | - | - | - | - | 6.11% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Colombian jurisdictional regulatory exposure
According to recent financial filings, Aris Mining achieved a significant revenue acceleration, reaching $308.6M in 2025Q4, which represents a 104.2% year-over-year growth rate, suggesting that the company's strategy of integrating artisanal mining volumes is successfully driving top-line expansion across its primary Colombian asset base.
The rapid revenue climb appears to be driven by both increased processing throughput and favorable gold price realizations. Investors should monitor whether this growth trajectory remains sustainable as the company transitions toward larger-scale mechanized mining at the Marmato Lower Mine.
As reported in quarterly statements, the company's gross margin expanded to 54.2% in 2025Q4 from 26.7% in 2024Q1, indicating that the high-grade nature of the Segovia deposits is providing substantial pricing power and operational efficiency that significantly outperforms many mid-tier gold producer peers.
This margin improvement suggests that the company is successfully managing its variable cost structure despite the inherent complexities of the artisanal partnership model. The ability to maintain such high gross margins implies that the Maria Dama processing facility is operating at an optimal efficiency level.
Based on the provided income statement data, operating income surged to $123.5M in 2025Q4, demonstrating that Aris Mining is effectively scaling its operating leverage as revenue growth outpaces the incremental costs associated with its expanded mining and processing activities in the Segovia district.
The consistent improvement in operating margins from 17.2% in 2024Q1 to 40.0% in 2025Q4 suggests that management has successfully controlled overhead costs while ramping up production. This trend warrants further investigation into whether future expansion projects will maintain this level of operating efficiency.
Financial disclosures indicate that while net income reached $50.9M in 2025Q4, the company has experienced significant quarterly earnings volatility, including a net loss of $16.9M in 2025Q2, which suggests that non-operating items and tax burdens continue to create noise in the bottom-line performance.
The discrepancy between strong operating income and fluctuating net income suggests that investors should focus on underlying cash flow generation rather than headline EPS. The recent $20.7M in stock-based compensation in 2025Q4 also warrants monitoring as it may dilute shareholder value if not aligned with long-term performance.
While current margins appear robust, the company's reliance on artisanal mining partnerships, as noted in historical data, introduces potential risks to cost predictability, as any shift in the participation rate or regulatory environment could lead to sudden margin compression and operational instability.
Short-sellers may focus on the potential for rising All-In Sustaining Costs (AISC) as the company moves toward more capital-intensive underground mining. The sensitivity to Colombian regulatory shifts remains a critical risk factor that could abruptly alter the company's current profitability profile.
Quick answers to the most common questions about buying ARMN stock.
For fiscal year 2025, Aris Mining Corporation (ARMN) reported total revenue of $927.7M.
Aris Mining Corporation (ARMN) is profitable, generating $78.3M in net income for the fiscal year ending 2025 with a net profit margin of 8.4%.
Aris Mining Corporation (ARMN) reported an operating income of $357.3M, resulting in an operating profit margin of 38.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Aris Mining Corporation (ARMN) generated $460.2M in gross profit for the year, representing a gross profit margin of 49.6%. This demonstrates the company's core pricing power and production efficiency.