The company remains pre-revenue with net losses widening to $12.2M in 2026Q1, while SG&A expenses surged to $12.5M, marking a significant departure from historical quarterly run rates.
| Metric | TTM | 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.64B | 1.23B | 1.19B | 1.16B | 1.21B | 1.27B | 1.1B | 993.7M | 1.12B | 1.15B | 853.76M | 1.08B | 1.03B | 1B | 7.88M | 745.82M | 707.29M | 595.49M | 656M |
| Revenue Growth % | - | - | - | - | - | - | -100% | 33.19% | 3.87% | 2.25% | -4.15% | -4.73% | 15.75% | 10.37% | -11.06% | -2.73% | 34.54% | -20.96% | 4.81% | 2.99% | 12600.53% | -98.94% | 5.45% | 18.77% | -9.22% | - |
| Cost of Goods Sold | 480.17K | 97.5K | 323.54K | 22.43K | 8.81K | 6.61K | 85 | 466.83M | 382.56M | 339.35M | 250.14M | 373.12M | 322.7M | 329.87M | 280.55M | 860.79M | 363.55M | 261.46M | 235.71M | 273.95M | 265.45M | 197.91M | 153.75M | 163.87M | 401.3M | 184.52M |
| COGS % of Revenue | - | - | - | - | - | - | - | 28.47% | 31.08% | 28.63% | 21.58% | 30.85% | 25.42% | 30.08% | 28.23% | 77.04% | 31.65% | 30.62% | 21.82% | 26.58% | 26.53% | 2511.93% | 20.61% | 23.17% | 67.39% | 28.13% |
| Gross Profit | -480.17K | -97.5K | -323.54K | -22.43K | -8.81K | -6.61K | -85 | 1.17B | 848.49M | 845.85M | 909.03M | 836.28M | 946.79M | 766.84M | 713.14M | 256.52M | 785.12M | 592.3M | 844.49M | 756.66M | 735.23M | -190.04M | 592.07M | 543.42M | 194.19M | 471.49M |
| Gross Margin % | - | - | - | - | - | - | - | 71.53% | 68.92% | 71.37% | 78.42% | 69.15% | 74.58% | 69.92% | 71.77% | 22.96% | 68.35% | 69.38% | 78.18% | 73.42% | 73.47% | -2411.93% | 79.38% | 76.83% | 32.61% | 71.87% |
| Gross Profit Growth % | - | 69.87% | -1342.44% | -154.63% | -33.35% | -7671.76% | -100% | 38.22% | 0.31% | -6.95% | 8.7% | -11.67% | 23.47% | 7.53% | 178% | -67.33% | 32.55% | -29.86% | 11.61% | 2.92% | 486.89% | -132.1% | 8.95% | 179.84% | -58.81% | - |
| Operating Expenses | 47.65M | 41.91M | 22.37M | 19.4M | 16.4M | 10.2M | 1.47M | 1.32B | 962.62M | 907.56M | 1.03B | 922.06M | 983.45M | 499.67M | 459.28M | 518.1M | 588.47M | 746.95M | 965.32M | 933.07M | 885.7M | 808.42M | 644.68M | 592.67M | 477.86M | 545.87M |
| OpEx % of Revenue | - | - | - | - | - | - | - | 80.79% | 78.2% | 76.57% | 88.87% | 76.24% | 77.47% | 45.56% | 46.22% | 46.37% | 51.23% | 87.49% | 89.37% | 90.54% | 88.51% | 10260.44% | 86.44% | 83.8% | 80.25% | 83.21% |
| Selling, General & Admin | 20.02M | 9.42M | 22.37M | 19.53M | 5.12M | 3.05M | 332.76K | 3.26M | 1.27M | 5.04M | 0 | 1.89M | 1.53M | 2.5M | 1.15M | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.21M |
| SG&A % of Revenue | - | - | - | - | - | - | - | 0.2% | 0.1% | 0.43% | - | 0.16% | 0.12% | 0.23% | 0.12% | 0.11% | - | - | - | - | - | - | - | - | - | 4.76% |
| 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 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 32.49M | 0 | -127.95K | 11.28M | 7.15M | 1.14M | 1.32B | 961.36M | 902.52M | 1.03B | 920.17M | 981.92M | 497.17M | 458.13M | 516.92M | 588.47M | 746.95M | 965.32M | 933.07M | 885.7M | 808.42M | 644.68M | 592.67M | 477.86M | 514.66M |
| Operating Income | -48.13M | -42.01M | -22.69M | -19.42M | -16.41M | -10.21M | -1.47M | -14.85K | -92.9K | 277.63M | 129M | 287.34M | 286.03M | 308.33M | 281.65M | 301.04M | 295.34M | 106.81M | 114.88M | 97.54M | 114.98M | 111.73M | 101.14M | 114.61M | 117.63M | 110.13M |
| Operating Margin % | - | - | - | - | - | - | - | -0% | -0.01% | 23.43% | 11.13% | 23.76% | 22.53% | 28.11% | 28.34% | 26.94% | 25.71% | 12.51% | 10.63% | 9.46% | 11.49% | 1418.12% | 13.56% | 16.2% | 19.75% | 16.79% |
| Operating Income Growth % | - | -85.14% | -16.83% | -18.33% | -60.81% | -592.69% | -9824.03% | 84.02% | -100.03% | 115.22% | -55.11% | 0.46% | -7.23% | 9.47% | -6.44% | 1.93% | 176.51% | -7.02% | 17.77% | -15.16% | 2.9% | 10.48% | -11.76% | -2.56% | 6.81% | - |
| EBITDA | -47.13M | -41.2M | -22.37M | -19.17M | -16.2M | -10.09M | -1.47M | 245.67M | 168.16M | 442.83M | 281.98M | 443.55M | 442.62M | 469.38M | 444.08M | 461.8M | 465.74M | 9.81B | 14.93B | 15.52B | 191.27M | 174.19M | 164.58M | 195.82M | 171.04M | 90.43M |
| EBITDA Margin % | - | - | - | - | - | - | - | 14.98% | 13.66% | 37.36% | 24.33% | 36.68% | 34.87% | 42.8% | 44.69% | 41.33% | 40.55% | 1148.76% | 1382.47% | 1506.36% | 19.11% | 2210.86% | 22.07% | 27.69% | 28.72% | 13.78% |
| EBITDA Growth % | -87.85% | -84.2% | -16.67% | -18.33% | -60.53% | -586.43% | -100.6% | 46.1% | -62.03% | 57.05% | -36.43% | 0.21% | -5.7% | 5.7% | -3.84% | -0.85% | -95.25% | -34.32% | -3.81% | 8016.51% | 9.81% | 5.84% | -15.95% | 14.49% | 89.14% | - |
| D&A (Non-Cash Add-back) | 1.01M | 808.51K | 323.54K | 250.64K | 212.28K | 114.05K | 3.19K | 245.68M | 168.25M | 165.2M | 152.98M | 156.21M | 156.59M | 161.05M | 162.43M | 160.76M | 170.4M | 9.7B | 14.82B | 15.43B | 76.3M | 62.46M | 63.45M | 81.2M | 53.41M | -19.7M |
| EBIT | -45.18M | -49.16M | -25.47M | -19.4M | -17.24M | -11.62M | -13.78K | -14.85K | -92.9K | 287.43M | 133.94M | 289.36M | 295.46M | 324.51M | 315.42M | 301.04M | 355.38M | 38.66M | 48.56M | 171.45M | 69.6M | 257.49M | 48.53M | 0 | 125.43M | 110.13M |
| Net Interest Income | 2.73M | 2.28M | 864.39K | 646.35K | 204.59K | -23.06K | -18.96K | -141.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.6M | 2.98M | 1.05M | 668.14K | 232.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 873.2K | 702.61K | 180.72K | 21.79K | 27.63K | 23.06K | 18.96K | 141.31M | 71.3M | 69.36M | 76.45M | 77.99M | 73.61M | 84.25M | 86.45M | 0 | 100.34M | -77.23M | -72.04M | -51.11M | -47.12M | -41.44M | -53.45M | 0 | -29.09M | 0 |
| Other Income/Expense | 3.02M | -7.85M | -2.97M | 287.14K | -855.82K | -7.1M | -227.05K | 6.2K | 0 | -59.56M | 0 | -75.97M | -64.18M | -68.07M | -52.68M | -2.29M | -40.3M | 9.08M | 5.72M | 125.02M | 1.74M | 187.19M | 845K | -27.76M | 36.89M | -19.7M |
| Pretax Income | -45.11M | -49.86M | -25.66M | -19.13M | -17.27M | -17.31M | -1.7M | -8.64K | -92.9K | 218.07M | 57.5M | 211.37M | 221.85M | 240.26M | 228.97M | 298.75M | 255.04M | 115.89M | 120.6M | 222.56M | 116.72M | 298.93M | 101.98M | 86.85M | 154.52M | 90.43M |
| Pretax Margin % | - | - | - | - | - | - | - | -0% | -0.01% | 18.4% | 4.96% | 17.48% | 17.48% | 21.91% | 23.04% | 26.74% | 22.2% | 13.57% | 11.16% | 21.59% | 11.66% | 3794% | 13.67% | 12.28% | 25.95% | 13.78% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.33M | 18.37M | 77.7M | 67.12M | 79.58M | 65.33M | 102.9M | 142.5M | 9.58M | 18.46M | 70.77M | 42.05M | 115.95M | 35.86M | 0 | 154.52M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 30.88% | 31.95% | 36.76% | 30.25% | 33.12% | 28.53% | 34.44% | 55.87% | 8.27% | 15.3% | 31.8% | 36.03% | 38.79% | 35.17% | 0% | 100% | 0% |
| Net Income | -45.11M | -49.86M | -25.66M | -19.13M | -17.27M | -17.31M | -1.7M | 152.66M | 162.26M | 150.74M | 39.13M | 133.67M | 154.74M | 160.69M | 163.65M | 195.71M | 255.34M | 106.31M | 102.14M | 151.79M | 74.59M | 182.64M | 66.19M | 86.85M | 0 | 90.43M |
| Net Margin % | - | - | - | - | - | - | - | 9.31% | 13.18% | 12.72% | 3.38% | 11.05% | 12.19% | 14.65% | 16.47% | 17.52% | 22.23% | 12.45% | 9.46% | 14.73% | 7.45% | 2318.11% | 8.87% | 12.28% | - | 13.78% |
| Net Income Growth % | -15.23% | -94.34% | -34.08% | -10.8% | 0.22% | -917.75% | -101.11% | -5.91% | 7.64% | 285.24% | -70.73% | -13.62% | -3.7% | -1.81% | -16.38% | -23.35% | 140.2% | 4.08% | -32.71% | 103.5% | -59.16% | 175.94% | -23.79% | - | -100% | - |
| Net Income (Continuing) | -45.11M | -49.86M | -25.66M | -19.13M | -17.27M | -17.31M | -11.8K | -8.64K | -92.9K | 150.74M | 39.13M | 133.67M | 154.74M | 160.69M | 163.65M | 195.71M | 255.34M | 106.31M | 102.14M | 151.79M | 74.59M | 182.64M | 66.19M | 86.85M | 0 | 90.43M |
| 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 | 0 |
| Minority Interest | 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 | 0 |
| EPS (Diluted) | -0.49 | -0.58 | -0.38 | -0.33 | -0.34 | -0.47 | -0.04 | -0.02 | -2.77 | 2.49 | 0.65 | 2.20 | 2.55 | 2.65 | 2.70 | 3.22 | 4.20 | 106.31 | 102.14 | 75.89 | 74.59 | 60.88 | 66.19 | 86.85 | 0.00 | 90.43 |
| EPS Growth % | -0.86% | -52.63% | -15.15% | 2.94% | 27.66% | -1016.39% | -143.35% | 99.38% | -211.25% | 283.08% | -70.45% | -13.73% | -3.77% | -1.85% | -16.15% | -23.33% | -96.05% | 4.08% | 34.59% | 1.74% | 22.52% | -8.02% | -23.79% | - | -100% | - |
| EPS (Basic) | - | -0.58 | -0.38 | -0.33 | -0.34 | -0.47 | -0.04 | -0.02 | 2.68 | 2.49 | 0.65 | 2.21 | 2.56 | 2.66 | 2.71 | 3.24 | 4.23 | 106.31 | 102.14 | 75.89 | 74.59 | 60.88 | 66.19 | 86.85 | 0.00 | 90.43 |
| Diluted Shares Outstanding | 92.56M | 85.32M | 68.4M | 58.19M | 48.47M | 36.48M | 40.44M | 60.48M | 60.48M | 60.48M | 60.48M | 60.69M | 60.6M | 60.72M | 60.63M | 60.83M | 60.75M | 1M | 1M | 2M | 1M | 3M | 1M | 1M | 1M | 1M |
| Basic Shares Outstanding | 92.56M | 85.32M | 68.4M | 58.19M | 48.47M | 36.48M | 40.44M | 60.48M | 60.48M | 60.48M | 60.48M | 60.48M | 60.41M | 60.43M | 60.37M | 60.49M | 60.43M | 1M | 1M | 2M | 1M | 3M | 1M | 1M | 1M | 1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Jurisdictional Exposure
As indicated by recent financial disclosures, Collective Mining's quarterly SG&A expenses surged to $12.5M in 2026Q1, representing a significant departure from the historical quarterly run rate of approximately $1M to $2M observed throughout the 2024 and 2025 fiscal periods as the company intensifies its drilling activity.
The sharp increase in SG&A suggests an aggressive scaling of operational overhead, likely to support expanded exploration programs at the Guayabales project. Investors should monitor whether this elevated cost base reflects permanent structural growth in administrative requirements or temporary project-related surges that may subside once specific drilling milestones are achieved.
According to the company's reported income statements, net losses have widened to $12.2M in 2026Q1, while share-based compensation remains a recurring non-cash expense that dilutes existing shareholders despite the absence of any revenue generation from the firm's exploration-stage assets in the Caldas department.
The persistent net losses are characteristic of an exploration-stage entity, yet the reliance on equity-based incentives warrants scrutiny regarding management's long-term alignment with capital preservation. Analysts should distinguish between cash-based operational burn and non-cash accounting charges to better assess the true runway available for ongoing geological de-risking.
Based on the provided financial data, Collective Mining continues to report negative operating income, with 2026Q1 losses reaching $12.9M, confirming that the company remains entirely dependent on external capital raises to fund its exploration efforts rather than generating internal cash flow from its mineral assets.
The lack of revenue means that traditional operating leverage metrics are currently inapplicable, as the company's cost structure is entirely variable and tied to exploration intensity. Future scalability will depend entirely on the successful transition from exploration to production, which remains subject to significant geological and regulatory uncertainty.
As noted in the latest quarterly filings, the company's burn rate has accelerated significantly, raising questions about the long-term sustainability of current spending levels if the Guayabales project does not yield a definitive, economically viable resource estimate in the near term to justify further capital market access.
Short-term investors should be wary of the potential for 'exploration drift,' where capital is deployed across multiple targets without achieving the necessary concentration of effort to prove a Tier-1 asset. The current trajectory of rising costs necessitates a high-conviction discovery to prevent future equity dilution from becoming overly punitive to existing shareholders.
Quick answers to the most common questions about buying CNL stock.
For fiscal year 2025, Collective Mining Ltd. (CNL) reported total revenue of $0.0M. This represents a 100.0% decline compared to $656.0M in 2001.
Collective Mining Ltd. (CNL) reported a net loss of $49.9M for the fiscal year ending 2025.