Structural margin instability remains evident, with gross margins exhibiting extreme variance from a negative 5.8% in 2023Q1 to a peak of 85.7% in 2023Q3.
| Metric | TTM | 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 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 |
|---|
| Sales/Revenue | 26.63M | 23.8M | 20.29M | 9.29M | 9.52M | 1.16M | 1.1M | 1.56M | 2.27M | 1.66M | 1.16M | 1.94M | 2.91M | 1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -4.28% | 17.34% | 118.41% | -2.4% | 721.13% | 5.17% | -29.58% | -31.15% | 37.18% | 42.84% | -40.08% | -33.56% | 65.57% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 16.07M | 6.65M | 16.05M | 19.4M | 10.16M | 961.45K | 646.11K | 1.34M | 1.93M | 1.78M | 1.38M | 1.37M | 1.83M | 1.31M | 0 | 4.89M | 2.6M | 2.17M | 4.14M | 3.71M | 2.64M | 0 | 0 |
| COGS % of Revenue | - | 27.92% | 79.12% | 208.87% | 106.8% | 82.95% | 58.63% | 85.56% | 85.09% | 107.24% | 118.88% | 70.56% | 62.87% | 74.2% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 10.56M | 17.16M | 4.24M | -10.07M | -3.7M | 197.62K | 455.5K | 225.89K | 339.09K | -120K | -219K | 570.29K | 1.08M | 453.74K | 0 | -4.89M | -2.6M | -2.17M | -4.14M | -3.71M | -2.64M | 0 | 0 |
| Gross Margin % | 39.64% | 72.08% | 20.88% | -108.45% | -38.91% | 17.05% | 41.33% | 14.43% | 14.92% | -7.24% | -18.88% | 29.46% | 37.13% | 25.78% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 305.12% | 142.04% | -172.03% | -1973.78% | -56.61% | 101.65% | -33.39% | 382.58% | 45.21% | -138.4% | -47.29% | 138.46% | - | 100% | -88.38% | -19.65% | 47.57% | -11.52% | -40.61% | - | - | - |
| Operating Expenses | 5.8M | 16.19M | 1.29M | -3.58M | 6.34M | 7.74M | 8.55M | 6.55M | 6.53M | 6.03M | 5.61M | 8.05M | 8.31M | 17.73M | 9.3M | 6.12M | 4.92M | 2.99M | 5.96M | 4.4M | 2.94M | 2.13M | 1.27M |
| OpEx % of Revenue | - | 68.03% | 6.35% | -38.55% | 66.59% | 668.16% | 776.13% | 418.53% | 287.15% | 363.97% | 483.53% | 415.75% | 285.35% | 1007.33% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 9.04M | 8.62M | 7.62M | 11.29M | 9.36M | 5.62M | 4.88M | 6.88M | 2.97M | 2.31M | 2.46M | 3.72M | 4.71M | 9.36M | 9.3M | 6.12M | 2.36M | 1.25M | 1.92M | 1.19M | 677.47K | 835.54K | 552.64K |
| SG&A % of Revenue | - | 36.19% | 37.57% | 121.51% | 98.35% | 484.9% | 442.65% | 439.3% | 130.71% | 139.47% | 212.41% | 192.26% | 161.6% | 531.59% | - | - | - | - | - | - | - | - | - |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2.99M | 7.58M | -6.33M | -14.87M | -3.02M | 2.12M | 3.67M | -325K | 3.56M | 3.72M | 3.15M | 4.33M | 3.61M | 8.37M | 0 | 1K | 2.56M | 1.74M | 4.05M | 3.21M | 2.26M | 1.29M | 719.36K |
| Operating Income | 4.75M | 964K | 2.95M | -6.53M | -10.04M | -7.55M | -8.1M | -8.61M | -7.78M | -8.27M | -8.09M | -8.68M | -7.68M | -17.28M | -9.3M | -11.01M | -4.99M | -3.73M | -5.96M | -4.45M | -2.94M | -2.13M | -1.27M |
| Operating Margin % | 17.85% | 4.05% | 14.53% | -70.32% | -105.5% | -651.16% | -734.85% | -550.42% | -342.33% | -498.95% | -697.24% | -448.43% | -263.58% | -981.59% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -67.29% | 145.12% | 34.95% | -33.03% | 6.8% | 5.99% | -10.7% | 5.88% | -2.22% | 6.84% | -13.03% | 55.54% | -85.76% | 15.52% | -120.41% | -33.79% | 37.41% | -33.92% | -51.5% | -38.01% | -67.48% | - |
| EBITDA | 10.85M | 7.49M | 8.17M | 1.24M | -6.88M | -6.36M | -7.28M | -7.33M | -5.47M | -6.56M | -6.74M | 920.27K | -5.85M | -15.94M | -9.57M | -10.86M | -4.91M | -3.63M | -5.83M | -4.37M | -2.88M | -2.09M | -1.26M |
| EBITDA Margin % | 40.73% | 31.47% | 40.26% | 13.35% | -72.29% | -548.84% | -660.16% | -468.63% | -240.66% | -395.69% | -581.21% | 47.53% | -200.92% | -905.74% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -9.81% | -8.27% | 558.53% | 118.03% | -8.16% | 12.56% | 0.8% | -34.07% | 16.57% | 2.75% | -832.61% | 115.72% | 63.27% | -66.5% | 11.87% | -121.2% | -35.25% | 37.75% | -33.58% | -51.85% | -37.84% | -66.08% | - |
| D&A (Non-Cash Add-back) | 6.09M | 6.53M | 5.22M | 7.77M | 3.16M | 1.19M | 823K | 1.28M | 2.31M | 1.71M | 1.35M | 9.6M | 1.83M | 1.33M | 0 | 145.69K | 83.57K | 101.95K | 131.73K | 87.11K | 64.25K | 43.95K | 15.76K |
| EBIT | 12.34M | 4.26M | 1.7M | 18.2M | -12.7M | -8.35M | -11.01M | -15.87M | -7.22M | -6.15M | -7.3M | -16.37M | -13.8M | -17.28M | -9.57M | -10.49M | -4.98M | -2.96M | -6.44M | 7.43M | -3.41M | -2.16M | -1.48M |
| Net Interest Income | -1.26M | -1.89M | -3.54M | -4.67M | -1.33M | 734.81K | 1.28M | 356.09K | 225.87K | 102.1K | -124K | 72.21K | 163.32K | 362.67K | 336.99K | 6.64K | -1.58K | -65.53K | -282K | 251.66K | 26.83K | 37.25K | 16.57K |
| Interest Income | 1.6M | 1.92M | 1.55M | 2.38M | 1M | 734.81K | 1.28M | 603.51K | 225.87K | 102.1K | 0 | 72.21K | 163.32K | 362.67K | 336.99K | 236.37K | 81.22K | 249.43K | 362.21K | 0 | 66.3K | 46.71K | 22.38K |
| Interest Expense | 2.87M | 3.81M | 5.09M | 7.05M | 2.33M | 0 | 0 | 247.42K | 0 | 0 | 124.07K | 0 | 0 | 0 | 0 | 229.73K | 82.79K | 314.95K | 644.4K | -10.63M | 39.47K | 9.46K | 5.81K |
| Other Income/Expense | 4.72M | -522K | -6.34M | 17.68M | -16.53M | 4.89M | -2.8M | 49.23M | -2.1M | 0 | -2.22M | -12.12M | -8.17M | -3.75M | -274.02K | 529.96K | 31.43K | 774.23K | -644K | 10.63M | 20.31K | -42.28K | -214K |
| Pretax Income | 9.47M | 442K | -3.39M | 11.15M | -26.57M | -2.66M | -10.9M | 42.9M | -9.88M | -4.12M | -10.31M | -20.8M | -15.38M | -21.02M | -9.57M | -10.48M | -4.96M | -2.96M | -6.61M | 6.17M | -3.41M | -2.17M | -1.49M |
| Pretax Margin % | 35.58% | 1.86% | -16.73% | 119.99% | -279.16% | -229.25% | -988.84% | 2741.34% | -434.81% | -248.81% | -888.54% | -1074.61% | -527.76% | -1194.6% | - | - | - | - | - | - | - | - | - |
| Income Tax | 4.61M | 3.73M | 1.24M | 6.65M | -2.84M | 2.05M | -318K | -2.7M | -2.53M | -1.45M | 3.43M | -2.89M | -2.25M | -14.75K | 0 | -662K | -269.48K | -1.31M | 929.55K | -21.54M | 22.07K | 44.31K | 410.49K |
| Effective Tax Rate % | 48.68% | 843.89% | -36.55% | 59.63% | 10.67% | -77.31% | 2.92% | -6.3% | 25.56% | 35.17% | -33.29% | 13.9% | 14.61% | 0.07% | 0% | 6.32% | 5.43% | 44.17% | -14.06% | -348.87% | -0.65% | -2.04% | -27.62% |
| Net Income | 4.86M | -3.29M | -4.72M | 4.5M | -30.01M | -4.71M | -10.58M | 45.61M | -5.88M | -2M | -4.96M | -15.03M | -13.13M | -21.01M | -9.57M | -9.82M | -4.62M | -2.37M | -6.26M | 6.44M | -2.92M | -2.14M | -1.47M |
| Net Margin % | 18.26% | -13.81% | -23.26% | 48.44% | -315.32% | -406.47% | -960.07% | 2914.19% | -258.65% | -120.46% | -427.16% | -776.34% | -450.65% | -1193.81% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 299.79% | 30.31% | -204.85% | 115% | -537% | 55.47% | -123.2% | 875.76% | -194.54% | 59.72% | 67.03% | -14.45% | 37.5% | -119.46% | 2.47% | -112.47% | -94.71% | 62.07% | -197.13% | 320.39% | -36.47% | -45.31% | - |
| Net Income (Continuing) | 4.86M | -3.29M | -4.63M | 4.5M | -23.73M | -4.71M | -10.58M | 62.12M | -7.5M | -2M | -4.95M | -16.36M | -13.13M | -21.01M | -9.57M | -9.82M | -4.71M | 0 | -6.44M | 7.43M | -3.41M | -2.14M | -1.47M |
| 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 |
| 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 |
| EPS (Diluted) | 0.04 | -0.03 | -0.04 | 0.04 | -0.34 | -0.06 | -0.13 | 0.57 | -0.08 | -0.03 | -0.06 | -0.21 | -0.18 | -0.35 | -0.19 | -0.25 | -0.16 | -0.11 | -0.26 | 0.32 | -0.16 | -0.12 | -0.15 |
| EPS Growth % | 306.16% | 30.77% | -202.46% | 111.94% | -503.91% | 56.69% | -122.81% | 855.97% | -179.26% | 58.4% | 69.1% | -16.67% | 48.57% | -84.21% | 24% | -56.25% | -45.45% | 57.69% | -181.25% | 300% | -33.33% | 20% | - |
| EPS (Basic) | - | -0.03 | -0.04 | 0.04 | -0.27 | -0.06 | -0.13 | 0.57 | -0.08 | -0.03 | -0.06 | -0.21 | -0.18 | -0.35 | -0.19 | -0.25 | -0.16 | -0.11 | -0.26 | 0.32 | -0.16 | -0.12 | -0.15 |
| Diluted Shares Outstanding | 109.27M | 112.56M | 111.15M | 109.86M | 89.14M | 83.68M | 81.8M | 80.65M | 78M | 73.87M | 73.48M | 73.15M | 72.51M | 59.99M | 51.55M | 40.06M | 29.33M | 28.24M | 24.99M | 23.56M | 20.65M | 18.05M | 9.86M |
| Basic Shares Outstanding | 108.71M | 112.56M | 111.15M | 111.64M | 87.89M | 83.68M | 81.8M | 79.98M | 78M | 73.87M | 73.48M | 73.15M | 72.51M | 59.99M | 51.55M | 40.06M | 29.33M | 28.24M | 24.99M | 23M | 20.65M | 18.05M | 9.86M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Jurisdictional and commodity volatility
As reported in financial statements, EMX's quarterly revenue has fluctuated significantly, ranging from $1.7M to $11.1M over the last ten quarters, reflecting a business model heavily reliant on the timing of lumpy option payments rather than consistent, predictable royalty cash flows from its mineral asset portfolio.
The revenue trajectory appears highly sensitive to the cadence of exploration project milestones rather than steady-state production. Investors should monitor whether the company can transition toward more stable royalty streams, as current growth remains erratic and lacks the compounding characteristics of larger, more mature royalty peers.
Based on EMX's reported figures, gross margins have exhibited extreme variance, swinging from a negative 5.8% in 2023Q1 to a peak of 85.7% in 2023Q3, highlighting the inherent difficulty in maintaining consistent profitability within a prospect generation model that lacks diversified, high-volume production assets.
The wide swings in gross margin suggest that the company's cost of sales is not purely variable, but rather influenced by periodic accounting adjustments or project-specific costs. This lack of margin predictability complicates valuation and suggests that the company's profitability is currently more reflective of project timing than operational efficiency.
According to recent SEC filings, EMX's operating income frequently dips into negative territory, with a 2024Q2 operating margin of -16.5%, indicating that the company's fixed G&A expenses often outpace the gross profit generated by its current royalty and option payment portfolio during slower periods.
The inability to consistently scale operating income faster than gross profit suggests that the company's technical and administrative overhead is disproportionately high relative to its current revenue base. This structure may necessitate further portfolio growth or asset maturation before the company can demonstrate meaningful operating leverage.
As indicated by the provided data, net income has been highly inconsistent, with significant quarterly losses such as the -$4.0M reported in 2024Q2, largely driven by non-operating items and the impact of stock-based compensation which remains a recurring expense across the observed ten-quarter period.
The quality of earnings appears compromised by the reliance on non-recurring option payments and the volatility of equity investments held in partner companies. Investors should be cautious of interpreting net income as a proxy for cash-generating ability, as these figures are frequently distorted by accounting noise and non-cash charges.
Based on the observed financial data, short-term observers might argue that EMX's reliance on exploration-stage revenue is unsustainable, as evidenced by the company's struggle to maintain positive net margins, which averaged significantly lower than the established royalty majors like Franco-Nevada or Wheaton Precious Metals.
The core challenge to the EMX narrative is whether the prospect generation model can ever achieve the scale required to cover its fixed cost base without constant dilution or debt. If the conversion ratio of exploration properties to producing royalties does not accelerate, the company may remain perpetually trapped in a cycle of high overhead and inconsistent cash flow.
Quick answers to the most common questions about buying EMX stock.
For fiscal year 2024, EMX Royalty Corporation (EMX) reported total revenue of $23.8M.
EMX Royalty Corporation (EMX) reported a net loss of $3.3M for the fiscal year ending 2024.
EMX Royalty Corporation (EMX) reported an operating income of $1.0M, resulting in an operating profit margin of 4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
EMX Royalty Corporation (EMX) generated $17.2M in gross profit for the year, representing a gross profit margin of 72.1%. This demonstrates the company's core pricing power and production efficiency.