Revenue growth accelerated to 106.7% in 2026Q1, though structural margin pressures persist with a gross margin of 64.3% that remains below senior industry peers.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 |
|---|
| Sales/Revenue | 55.91M | 44.41M | 15.54M | 11.96M | 9.26M | 6.55M | 5.39M | 1.66M | 1.78M | 2.32M | 1.82M | 934.95K | 0 | 0 | 0 | 0 | 44.19K | 65.26K | 117.63K | 0 | 0 |
| Revenue Growth % | 128.47% | 185.77% | 29.93% | 29.19% | 41.27% | 21.54% | 224.11% | -6.49% | -23.32% | 27.34% | 94.86% | - | - | - | - | -100% | -32.29% | -44.52% | - | - | - |
| Cost of Goods Sold | 19.49M | 16.65M | 6.87M | 7.09M | 5.33M | 2.86M | 1.78M | 1.85M | 1.44M | 1.88M | 1.03M | 877.15K | 507.6K | 707.85K | 869.78K | 1.23M | 228.85K | 165.33K | 2.76K | 0 | 0 |
| COGS % of Revenue | - | 37.48% | 44.22% | 59.29% | 57.55% | 43.62% | 32.99% | 111.34% | 81.12% | 81.18% | 56.31% | 93.82% | - | - | - | - | 517.95% | 253.34% | 2.35% | - | - |
| Gross Profit | 36.43M | 27.76M | 8.67M | 4.87M | 3.93M | 3.69M | 3.61M | -188.6K | 335.94K | 436.64K | 795.99K | 57.8K | -507.6K | -707.85K | -869.78K | -1.23M | -184.67K | -100.07K | 114.87K | 0 | 0 |
| Gross Margin % | 65.15% | 62.52% | 55.78% | 40.71% | 42.45% | 56.38% | 67.01% | -11.34% | 18.88% | 18.82% | 43.69% | 6.18% | - | - | - | - | -417.94% | -153.34% | 97.65% | - | - |
| Gross Profit Growth % | - | 220.28% | 78.03% | 23.89% | 6.38% | 2.25% | 2015.76% | -156.14% | -23.06% | -45.14% | 1277.19% | 111.39% | 28.29% | 18.62% | 29.43% | -567.41% | -84.54% | -187.12% | - | - | - |
| Operating Expenses | 26.42M | 20.28M | 7.98M | 8.12M | 7.17M | 4.01M | 1.78M | 915.74K | 2.12M | 2.7M | 2.65M | 3.17M | 2.06M | 1.51M | 848.68K | 725.29K | 504.63K | 278.01K | 769.32K | 506.63K | 214.34K |
| OpEx % of Revenue | - | 45.68% | 51.36% | 67.87% | 77.47% | 61.17% | 33.05% | 55.05% | 118.97% | 116.23% | 145.24% | 339.29% | - | - | - | - | 1142.1% | 426% | 654.01% | - | - |
| Selling, General & Admin | 25.41M | 20.28M | 7.98M | 8.12M | 7.17M | 4.01M | 1.78M | 915.74K | 2.12M | 2.7M | 2.65M | 3.17M | 2.04M | 1.5M | 839.01K | 725.29K | 277.5K | 106.06K | 769.32K | 506.63K | 214.34K |
| SG&A % of Revenue | - | 45.68% | 51.36% | 67.87% | 77.47% | 61.17% | 33.05% | 55.05% | 118.97% | 116.23% | 145.24% | 339.29% | - | - | - | - | 628.03% | 162.52% | 654.01% | - | - |
| Research & Development | 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 | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.26K | 8.64K | 9.66K | 0 | 227.14K | 171.95K | 0 | 0 | 0 |
| Operating Income | 10M | 7.48M | 686.38K | -3.25M | -3.24M | -314.21K | 1.83M | -1.1M | -1.78M | -2.26M | -1.85M | -3.11M | -2.57M | -2.22M | -1.72M | -1.96M | -689.3K | -378.08K | -654.46K | -506.63K | -214.34K |
| Operating Margin % | 17.89% | 16.84% | 4.42% | -27.16% | -35.01% | -4.79% | 33.96% | -66.39% | -100.08% | -97.41% | -101.55% | -333.11% | - | - | - | - | -1560.04% | -579.35% | -556.36% | - | - |
| Operating Income Growth % | - | 989.28% | 121.13% | -0.22% | -931.56% | -117.16% | 265.8% | 37.97% | 21.22% | -22.15% | 40.59% | -21.41% | -15.77% | -28.93% | 12.22% | -184.02% | -82.32% | 42.23% | -29.18% | -136.36% | - |
| EBITDA | 29.52M | 24.12M | 7.56M | 3.84M | 1.99M | 2.54M | 3.61M | -1.02M | -1.69M | -2.15M | -1.78M | -3.02M | -2.51M | -2.16M | -1.69M | -1.65M | -651.18K | -327.49K | -651.69K | -808.73K | -483K |
| EBITDA Margin % | 52.79% | 54.32% | 48.64% | 32.13% | 21.48% | 38.83% | 66.95% | -61.51% | -95.05% | -92.69% | -97.76% | -323.16% | - | - | - | - | -1473.77% | -501.82% | -554.01% | - | - |
| EBITDA Growth % | 87.97% | 219.17% | 96.71% | 93.27% | -21.87% | -29.51% | 452.78% | 39.49% | 21.36% | -20.73% | 41.05% | -20.29% | -16.03% | -28.38% | -2.4% | -152.87% | -98.84% | 49.75% | 19.42% | -67.44% | - |
| D&A (Non-Cash Add-back) | 19.51M | 16.65M | 6.87M | 7.09M | 5.23M | 2.86M | 1.78M | 81.2K | 89.49K | 109.59K | 69.08K | 93.05K | 53.31K | 50.96K | 32.23K | 311.14K | 38.12K | 50.6K | 2.76K | 0 | 0 |
| EBIT | 8.04M | 7.48M | 952.93K | -1.28M | -13.55M | -335.02K | 144.93K | -2.2M | -2.01M | -2.85M | -2.83M | -4.54M | -2.64M | -2.24M | -3.03M | -1.93M | -690.07K | -1.34M | -707.89K | -808.73K | -483K |
| Net Interest Income | 387.02K | 257.43K | -1.74M | -2.59M | -4.1M | -2.98M | -1.51M | -198.77K | -329.49K | -406.91K | -267.54K | -150.33K | -93.51K | -80.09K | -43.43K | -30.96K | -27.68K | 1.75K | 35.07K | 32.9K | -791 |
| Interest Income | 909.4K | 743.8K | 188.49K | 107.94K | 22.09K | 14.87K | 16.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 708 | 1.75K | 40.3K | 34.49K | 0 |
| Interest Expense | 522.38K | 486.37K | 1.93M | 2.7M | 4.13M | 3M | 1.53M | 198.77K | 329.49K | 406.91K | 267.54K | 150.33K | 93.51K | 80.09K | 43.43K | 30.96K | 28.38K | 0 | 5.23K | 1.59K | 791 |
| Other Income/Expense | -4.26M | -1.09M | 274.17K | 1.47M | -14.36M | -3.02M | -3.22M | -1.3M | -558.2K | -997.08K | -1.25M | -1.58M | -165.89K | -103.78K | -1.35M | 41.33K | -29.15K | -959.33K | -58.66K | -303.7K | -269.45K |
| Pretax Income | 5.74M | 6.39M | 960.55K | -1.78M | -17.61M | -3.33M | -1.39M | -2.4M | -2.34M | -3.26M | -3.1M | -4.69M | -2.73M | -2.32M | -3.07M | -1.92M | -718.45K | -1.34M | -713.12K | -810.32K | -483.79K |
| Pretax Margin % | 10.27% | 14.39% | 6.18% | -14.89% | -190.19% | -50.87% | -25.71% | -144.37% | -131.46% | -140.39% | -170.05% | -501.81% | - | - | - | - | -1626.01% | -2049.36% | -606.23% | - | - |
| Income Tax | 6.37M | 4.59M | 1.26M | 1.32M | -116.2K | 1.35M | 1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 110.85% | 71.78% | 130.92% | -73.87% | 0.66% | -40.53% | -99.78% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -623.22K | 1.8M | -346.52K | -3.97M | -17.49M | -4.68M | -2.77M | -2.4M | -2.34M | -3.26M | -3.1M | -4.69M | -2.66M | -2.21M | -3.07M | -1.92M | -718.45K | -1.34M | -713.12K | -810.32K | -483.79K |
| Net Margin % | -1.11% | 4.06% | -2.23% | -33.22% | -188.93% | -71.49% | -51.37% | -144.37% | -131.46% | -140.39% | -170.05% | -501.81% | - | - | - | - | -1626.01% | -2049.36% | -606.23% | - | - |
| Net Income Growth % | -115.24% | 620.32% | 91.28% | 77.29% | -273.35% | -69.14% | -15.33% | -2.69% | 28.2% | -5.13% | 33.96% | -76.48% | -20.5% | 28.15% | -60.22% | -166.75% | 46.28% | -87.54% | 12% | -67.5% | - |
| Net Income (Continuing) | -623.22K | 1.8M | -297.02K | -3.1M | -17.49M | -4.68M | -2.77M | -2.4M | -2.34M | -3.26M | -3.1M | -4.69M | -2.73M | -2.32M | -3.07M | -1.92M | -718.45K | -1.34M | -713.12K | -810.32K | -483.79K |
| Discontinued Operations | 0 | 0 | -49.5K | -875.77K | 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 | -101.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.01 | 0.06 | -0.02 | -0.21 | -1.67 | -0.71 | -0.88 | -100.29 | -129.69 | -256.00 | -318.05 | -779.44 | -561.05 | -609.98 | -1062.05 | -802.26 | -407.47 | -973.63 | -589.73 | -420.65 | -374.67 |
| EPS Growth % | -96.11% | 435.88% | 91.9% | 87.43% | -135.21% | 19.32% | 99.12% | 22.67% | 49.34% | 19.51% | 59.2% | -38.93% | 8.02% | 42.57% | -32.38% | -96.89% | 58.15% | -65.1% | -40.19% | -12.27% | - |
| EPS (Basic) | - | 0.06 | -0.02 | -0.21 | -1.67 | -0.71 | -0.88 | -100.29 | -129.69 | -256.00 | -318.05 | -779.44 | -561.05 | -609.98 | -1062.05 | -802.26 | -407.47 | -973.63 | -589.73 | -420.65 | -374.67 |
| Diluted Shares Outstanding | 66.36M | 31.6M | 20.43M | 18.68M | 10.49M | 6.64M | 3.16M | 23.95K | 18.03K | 12.72K | 8.89K | 6.24K | 4.68K | 3.67K | 2.94K | 2.24K | 1.56K | 1.36K | 1.36K | 2.16K | 1.07K |
| Basic Shares Outstanding | 64.07M | 29.98M | 20.43M | 18.68M | 10.49M | 6.64M | 3.16M | 23.95K | 18.03K | 12.72K | 8.89K | 6.24K | 4.68K | 3.67K | 2.94K | 2.24K | 1.56K | 1.36K | 1.36K | 2.16K | 1.07K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical Asset Concentration Risk
As reported in recent financial statements, ELE achieved a significant 106.7% year-over-year revenue growth in 2026Q1, signaling that the integration of the Altus Strategies portfolio and new royalty streams is successfully driving top-line expansion despite the inherent volatility associated with junior precious metals royalty assets.
The sharp acceleration in revenue suggests that the company's hybrid project generation model is beginning to yield tangible production-linked cash flows. Investors should monitor whether this growth trajectory remains sustainable or if it is heavily dependent on lumpy, non-recurring payments from early-stage project divestitures.
Based on the provided income statement data, ELE's gross margin of 64.3% in 2026Q1 remains structurally lower than established industry peers, suggesting that the company's current royalty mix may be burdened by higher depletion charges or less favorable streaming agreements compared to senior royalty aggregators.
The inability to consistently maintain gross margins above the 70% threshold typical of larger peers implies that ELE's portfolio may be skewed toward assets with higher underlying operational costs. This warrants further investigation into the specific depletion schedules of the recently acquired Chilean copper assets versus the legacy African gold portfolio.
According to the quarterly income statement data, ELE's operating margin of 27.4% in 2026Q1 demonstrates a volatile path toward profitability, as the company struggles to decouple its fixed corporate overhead from the rapid expansion of its underlying royalty revenue base during this high-growth phase.
While the company has moved into positive operating income territory, the fluctuation between 11.1% and 33.6% margins over the last two years suggests that SG&A expenses remain sensitive to acquisition-related activity. Achieving consistent operating leverage will likely require the company to scale its royalty revenue without a commensurate increase in technical and administrative headcount.
As indicated by the 2026Q1 net income of $1.1M, ELE's bottom-line results appear highly sensitive to non-operating items and non-cash charges, which frequently obscure the true cash-generative capacity of the business when compared to the more stable earnings profiles of larger, more mature royalty streaming companies.
The wide variance in net margins, ranging from negative 30.5% to positive 55.0% in recent periods, suggests that investors should prioritize adjusted EBITDA metrics over GAAP net income. The presence of significant non-cash depletion charges likely creates a disconnect between reported earnings and the actual cash flow available for future royalty acquisitions.
Based on the company's geographic footprint, a significant portion of ELE's revenue is derived from jurisdictions in West Africa, which may introduce heightened operational and regulatory risks that could lead to sudden royalty payment interruptions, potentially undermining the company's current growth narrative and long-term margin stability.
Short-term investors should monitor the potential for regulatory shifts in Burkina Faso and Mali, which could force a re-rating of the company's risk profile. The reliance on these regions for gold royalty revenue appears to be a primary vulnerability that could offset the benefits of the recent diversification into Chilean copper assets.
Quick answers to the most common questions about buying ELE stock.
For fiscal year 2025, Elemental Royalty Corporation Common Stock (ELE) reported total revenue of $44.4M.
Elemental Royalty Corporation Common Stock (ELE) is profitable, generating $1.8M in net income for the fiscal year ending 2025 with a net profit margin of 4.1%.
Elemental Royalty Corporation Common Stock (ELE) reported an operating income of $7.5M, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Elemental Royalty Corporation Common Stock (ELE) generated $27.8M in gross profit for the year, representing a gross profit margin of 62.5%. This demonstrates the company's core pricing power and production efficiency.