Revenue contracted 9.6% YoY in 2026Q2, yet gross margin expanded to 57.6% from 45.6%, reflecting cost efficiencies and higher-margin gold production.
Fortuna Mining Corp. (FSM) annual income statement — 25-year revenue, gross profit & net income history
| 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 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 |
|---|
| Sales/Revenue | 1.18B | 960.06M | 1.06B | 842.43M | 681.49M | 599.85M | 278.97M | 257.19M | 263.3M | 268.11M | 210.25M | 154.73M | 174.01M | 137.39M | 161.02M | 110.1M | 74.06M | 51.43M | 21.64M | 31.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 7.89% | -9.6% | 26.07% | 23.62% | 13.61% | 115.03% | 8.47% | -2.32% | -1.8% | 27.52% | 35.89% | -11.08% | 26.65% | -14.67% | 46.24% | 48.68% | 44% | 137.62% | -32.32% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 507.79M | 492.08M | 718.43M | 652.4M | 534.7M | 394.38M | 168.75M | 172.61M | 166.72M | 158.55M | 129.65M | 111.08M | 113.75M | 95.62M | 90.36M | 49.13M | 29.13M | 23.7M | 18.25M | 18.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 51.26% | 67.65% | 77.44% | 78.46% | 65.75% | 60.49% | 67.11% | 63.32% | 59.14% | 61.66% | 71.79% | 65.37% | 69.59% | 56.12% | 44.62% | 39.33% | 46.08% | 84.32% | 58.25% | - | - | - | - | - | - |
| Gross Profit | 676.49M | 467.98M | 343.61M | 190.03M | 146.8M | 205.48M | 110.22M | 84.58M | 96.57M | 109.56M | 80.61M | 43.65M | 60.25M | 41.77M | 70.66M | 60.97M | 44.93M | 27.73M | 3.39M | 13.35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 57.12% | 48.74% | 32.35% | 22.56% | 21.54% | 34.25% | 39.51% | 32.89% | 36.68% | 40.86% | 38.34% | 28.21% | 34.63% | 30.41% | 43.88% | 55.38% | 60.67% | 53.92% | 15.68% | 41.75% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 36.2% | 80.82% | 29.45% | -28.56% | 86.42% | 30.31% | -12.42% | -11.86% | 35.92% | 84.67% | -27.56% | 44.23% | -40.88% | 15.89% | 35.72% | 62.02% | 717.1% | -74.58% | - | - | - | - | - | - | - |
| Operating Expenses | 55.17M | 98.18M | 115.56M | 190.43M | 260.35M | 68.6M | 52.98M | 50.39M | 27.62M | 26.17M | 31.96M | 18.1M | 25.23M | 20.2M | 21.66M | 21.07M | 14.37M | 12.27M | 7.98M | 13.24M | 682.1K | 94.62K | 67.4K | 31.58K | 46.04K | 46.53K |
| OpEx % of Revenue | - | 10.23% | 10.88% | 22.61% | 38.2% | 11.44% | 18.99% | 19.59% | 10.49% | 9.76% | 15.2% | 11.7% | 14.5% | 14.7% | 13.45% | 19.14% | 19.41% | 23.85% | 36.85% | 41.41% | - | - | - | - | - | - |
| Selling, General & Admin | 99.47M | 98.18M | 77.78M | 64.07M | 61.46M | 45.36M | 35.09M | 29.8M | 26.19M | 24.91M | 31.12M | 17.43M | 24.43M | 18.8M | 20.54M | 19.84M | 14.37M | 12.2M | 7.98M | 13.23M | 679.48K | 94.62K | 67.4K | 0 | 0 | 0 |
| SG&A % of Revenue | - | 10.23% | 7.32% | 7.61% | 9.02% | 7.56% | 12.58% | 11.59% | 9.95% | 9.29% | 14.8% | 11.27% | 14.04% | 13.68% | 12.76% | 18.02% | 19.41% | 23.72% | 36.85% | 41.37% | - | - | - | - | - | - |
| 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 | 1000K | 0 | 37.78M | 126.36M | 198.89M | 23.24M | 17.9M | 20.58M | 1.43M | 1.26M | 839K | 668K | 797K | 1.4M | 2.01M | 1.23M | 0 | 64K | 0 | 12.12K | 2.62K | 0 | 0 | 31.58K | 46.04K | 46.53K |
| Operating Income | 621.32M | 369.8M | 228.05M | -407K | -113.55M | 136.88M | 57.24M | 34.19M | 61.59M | 110.33M | 48.54M | -1.84M | 33.75M | -9.63M | 45.17M | 38.06M | 30.11M | 14.38M | -4.87M | 108.05K | -682.1K | -94.62K | -67.4K | -31.58K | -46.04K | -46.53K |
| Operating Margin % | 52.46% | 38.52% | 21.47% | -0.05% | -16.66% | 22.82% | 20.52% | 13.3% | 23.39% | 41.15% | 23.09% | -1.19% | 19.4% | -7.01% | 28.05% | 34.57% | 40.66% | 27.97% | -22.5% | 0.34% | - | - | - | - | - | - |
| Operating Income Growth % | - | 62.16% | 56130.96% | 99.64% | -182.96% | 139.14% | 67.39% | -44.48% | -44.18% | 127.29% | 2738.1% | -105.45% | 450.5% | -121.32% | 18.66% | 26.42% | 109.35% | 395.43% | -4605.89% | 115.84% | -620.86% | -40.39% | -113.39% | 31.4% | 1.05% | - |
| EBITDA | 810.43M | 566.4M | 466.04M | 219.28M | 59.26M | 259.15M | 102.65M | 80.55M | 104.86M | 155.09M | 81.82M | 23.9M | 57.27M | 10.68M | 66.54M | 47.49M | 37.01M | 20.24M | -212K | 5.8M | -679.48K | -96.59K | -76.75K | -31.58K | -46.04K | -46.53K |
| EBITDA Margin % | 68.43% | 59% | 43.88% | 26.03% | 8.7% | 43.2% | 36.8% | 31.32% | 39.83% | 57.84% | 38.92% | 15.45% | 32.91% | 7.77% | 41.32% | 43.13% | 49.97% | 39.36% | -0.98% | 18.15% | - | - | - | - | - | - |
| EBITDA Growth % | 48.53% | 21.53% | 112.53% | 270.05% | -77.13% | 152.47% | 27.44% | -23.19% | -32.38% | 89.54% | 242.38% | -58.27% | 436.46% | -83.96% | 40.13% | 28.32% | 82.83% | 9647.77% | -103.65% | 954.08% | -603.49% | -25.85% | -142.99% | 31.4% | 1.05% | - |
| D&A (Non-Cash Add-back) | 189.11M | 196.6M | 238M | 219.69M | 172.81M | 122.27M | 45.41M | 46.35M | 43.28M | 44.76M | 33.28M | 25.74M | 23.52M | 20.3M | 21.37M | 9.42M | 6.9M | 5.86M | 4.66M | 5.7M | 2.62K | -1.96K | -9.35K | 0 | 0 | 0 |
| EBIT | 623.14M | 432.24M | 236.26M | 11.1M | -113.76M | 119.77M | 61.22M | 45.42M | 69.26M | 107.28M | 48.66M | -1.46M | 33.63M | -9.41M | 45.49M | 38.59M | 28.22M | 6.47M | 785K | 108.05K | -521.82K | -94.44K | -144.14K | 0 | 0 | 0 |
| Net Interest Income | -6.18M | -10.26M | -20M | -18.8M | -9.31M | -8.39M | -696.97K | 579.16K | 1.04M | 285.93K | -1.82M | -1.38M | -122.06K | 191.05K | 58K | 270K | -215K | -160K | 1.26M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 17.61M | 14.8M | 4.32M | 3.35M | 1.78M | 1.83M | 1.28M | 1.88M | 3.43M | 2.02M | 328K | 381K | 267.95K | 573.14K | 620K | 830K | 493K | 0 | 1.18M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.79M | 25.06M | 24.32M | 22.15M | 11.09M | 10.22M | 1.98M | 1.3M | 1.92M | 1.73M | 2.15M | 1.76M | 390K | 382.09K | 562K | 560K | 544K | 160K | 84.63K | 0 | -520.91K | -94.62K | -67.4K | -31.58K | -46.04K | -46.53K |
| Other Income/Expense | -21.97M | 37.38M | -15.84M | -10.64M | -11.56M | -29.7M | 1.72M | 9.78M | 5.75M | -5.38M | -1.43M | -1.38M | -871K | -341K | 108K | 270K | -174.15K | -8.07M | 6.28M | 1.29M | 161.19K | -1.96K | -9.35K | 0 | 0 | 0 |
| Pretax Income | 599.35M | 407.18M | 212.21M | -11.05M | -125.11M | 107.18M | 58.95M | 43.97M | 67.34M | 104.95M | 47.11M | -3.22M | 32.88M | -9.97M | 45.23M | 38.34M | 26.98M | 6.31M | 597.37K | 1.39M | -520.91K | -96.59K | -76.75K | -31.58K | -46.04K | -46.53K |
| Pretax Margin % | 50.61% | 42.41% | 19.98% | -1.31% | -18.36% | 17.87% | 21.13% | 17.1% | 25.58% | 39.14% | 22.41% | -2.08% | 18.9% | -7.26% | 28.09% | 34.82% | 36.43% | 12.27% | 2.76% | 4.36% | - | - | - | - | - | - |
| Income Tax | 192.34M | 113.35M | 70.3M | 32.58M | 10.8M | 47.78M | 37.4M | 20.18M | 33.35M | 38.65M | 29.25M | 7.39M | 17.28M | 9.13M | 13.76M | 18.8M | 14.02M | 5.87M | 1.48M | 4.3M | 520.91K | 96.59K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 32.09% | 27.84% | 33.13% | -294.81% | -8.63% | 44.58% | 63.44% | 45.88% | 49.52% | 36.82% | 62.09% | -229.75% | 52.55% | -91.57% | 30.43% | 49.05% | 51.97% | 92.98% | 247.46% | 308.77% | -100% | -100% | 0% | 0% | 0% | 0% |
| Net Income | 379.21M | 302.13M | 128.74M | -50.84M | -128.13M | 57.88M | 21.55M | 23.8M | 33.99M | 66.31M | 17.86M | -10.61M | 15.6M | -19.1M | 31.46M | 19.53M | 12.96M | 623K | -792.11K | -2.82M | -520.91K | -96.59K | -76.75K | -31.58K | -46.04K | -46.53K |
| Net Margin % | 32.02% | 31.47% | 12.12% | -6.03% | -18.8% | 9.65% | 7.73% | 9.25% | 12.91% | 24.73% | 8.49% | -6.86% | 8.97% | -13.9% | 19.54% | 17.74% | 17.49% | 1.21% | -3.66% | -8.81% | - | - | - | - | - | - |
| Net Income Growth % | 140.51% | 134.69% | 353.24% | 60.33% | -321.39% | 168.53% | -9.43% | -29.99% | -48.74% | 271.29% | 268.34% | -167.99% | 181.69% | -160.71% | 61.08% | 50.78% | 1979.45% | 178.65% | 71.87% | -440.66% | -439.32% | -25.85% | -142.99% | 31.4% | 1.05% | - |
| Net Income (Continuing) | 407.02M | 293.83M | 141.91M | -43.63M | -135.91M | 59.4M | 21.55M | 23.8M | 33.99M | 66.31M | 17.86M | -10.61M | 15.6M | -19.1M | 31.46M | 19.53M | 16M | 481.93K | -819.76K | -2.92M | -521.83K | -96.25K | -76.75K | -31.58K | -46.04K | -46.53K |
| Discontinued Operations | 0 | 32.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -48.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 51.95M | 58.18M | 62.21M | 49.75M | 43.94M | 54.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.05M | 6.66M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.15 | 0.90 | 0.41 | -0.17 | -0.47 | 0.23 | 0.12 | 0.15 | 0.21 | 0.42 | 0.13 | -0.08 | 0.12 | -0.15 | 0.25 | 0.16 | 0.14 | 0.01 | -0.01 | -0.04 | -0.07 | -0.05 | -0.04 | -0.02 | -0.03 | -0.03 |
| EPS Growth % | 133.06% | 119.51% | 341.18% | 63.83% | -304.35% | 91.67% | -20% | -28.57% | -50% | 223.08% | 258.15% | -168.5% | 180% | -160% | 56.25% | 14.29% | 1300% | - | 76.08% | 45.79% | -56.59% | -10.5% | -114.87% | 31.58% | 0.35% | - |
| EPS (Basic) | - | 0.98 | 0.42 | -0.17 | -0.47 | 0.24 | 0.13 | 0.15 | 0.21 | 0.42 | 0.13 | -0.08 | 0.12 | -0.15 | 0.25 | 0.16 | 0.15 | 0.01 | -0.01 | -0.04 | -0.07 | -0.05 | -0.04 | -0.02 | -0.03 | -0.03 |
| Diluted Shares Outstanding | 328.64M | 334.9M | 310.75M | 295.07M | 291.28M | 249.44M | 186.07M | 164.53M | 161.64M | 158.31M | 138.05M | 129M | 128.14M | 126.55M | 125.23M | 124.71M | 110.56M | 91.8M | 84.4M | 71.6M | 7.19M | 2.08M | 1.83M | 1.62M | 1.61M | 1.63M |
| Basic Shares Outstanding | 301.01M | 306.86M | 308.88M | 295.07M | 291.28M | 238M | 174.99M | 160.19M | 159.78M | 158.04M | 136.89M | 129M | 126.79M | 125.55M | 123.58M | 123.3M | 108.12M | 91.8M | 84.4M | 71.6M | 7.19M | 2.08M | 1.83M | 1.62M | 1.61M | 1.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying FSM stock.
For fiscal year 2025, Fortuna Mining Corp. (FSM) reported total revenue of $960.1M.
Fortuna Mining Corp. (FSM) is profitable, generating $302.1M in net income for the fiscal year ending 2025 with a net profit margin of 31.5%.
Fortuna Mining Corp. (FSM) reported an operating income of $369.8M, resulting in an operating profit margin of 38.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Fortuna Mining Corp. (FSM) generated $468.0M in gross profit for the year, representing a gross profit margin of 48.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue volatility and geopolitical exposure
Revenue Growth Decelerates Despite Gold Ramp
FSM's revenue contracted 9.6% YoY in 2026Q2, despite strong gold contributions from Séguéla, suggesting volume or price headwinds. According to recent financial statements, this marks a sharp reversal from the 47.4% growth in 2025Q2.
The 9.6% YoY decline in 2026Q2 revenue, following a 47.4% surge in 2025Q2, indicates that the initial boost from Séguéla's ramp-up is fading. The sequential drop from $342.5M in 2026Q1 to $318.4M in 2026Q2 suggests either lower realized gold prices or temporary operational disruptions. Investors should monitor whether this reflects a sustainable slowdown or a one-off dip, especially given the company's historical growth volatility.
Gross Margin Expansion Defies Revenue Dip
Gross margin improved to 57.6% in 2026Q2, up from 45.6% a year earlier, as per reported figures. This suggests that despite revenue contraction, FSM's cost structure is benefiting from higher-margin gold production.
The gross margin expansion from 45.6% in 2025Q2 to 57.6% in 2026Q2 indicates that the mix shift toward gold is structurally improving profitability. However, the 2026Q1 margin of 61.9% was even higher, implying some quarter-over-quarter normalization. The sustainability of these margins depends on gold prices and the cost profile of West African operations, which may face inflationary pressures.
Operating Leverage Amplifies Earnings Swings
Operating income jumped to $163.2M in 2026Q2, a 95% increase YoY, despite a 9.6% revenue decline, as per financial statements. This highlights significant operating leverage, but also exposes FSM to margin compression if volumes fall further.
The 95% YoY increase in operating income, from $83.7M to $163.2M, far outpaced the revenue decline, demonstrating that fixed costs are well-covered at current production levels. However, the 2025Q3 operating margin of 61.5% was unusually high, likely due to one-off gains, and the 2026Q2 margin of 51.3% is more normalized. This leverage cuts both ways: a further revenue drop could disproportionately impact operating income.
Net Income Volatility Raises Quality Questions
Net income swung from $123.6M in 2025Q3 to $37.3M in 2025Q2, with EPS ranging from $0.12 to $0.36, as reported. This volatility suggests non-operating items or tax effects may be distorting underlying earnings.
The wide fluctuation in net income, despite relatively stable revenue, indicates that earnings quality may be affected by non-cash items such as deferred tax adjustments or impairment reversals. For instance, 2025Q3's net margin of 49.2% is unusually high for a miner, warranting scrutiny. Investors should adjust for these items to assess the true cash-generating ability of the business.
COGS Efficiency Drives Margin Gains
COGS as a percentage of revenue fell to 42.4% in 2026Q2 from 54.4% in 2025Q2, according to income statement data. This cost efficiency is central to FSM's margin expansion, but may be challenged by input cost inflation.
The reduction in COGS ratio from 54.4% to 42.4% over the past year indicates that FSM is successfully controlling production costs, likely due to the lower-cost Séguéla mine. However, this efficiency may not be sustainable if fuel prices rise or local currencies appreciate. SG&A expenses have remained relatively stable, suggesting disciplined overhead management, but the recent spike in 2026Q1 to $27.8M warrants monitoring.
Séguéla Ramp-Up Marks Key Inflection
The 2025Q2 revenue surge of 47.4% YoY, following the Séguéla ramp-up, marked a pivotal shift in FSM's earnings profile, as per financial statements. This transition to gold-led growth has structurally improved margins.
The inflection point is evident in the gross margin jump from 33.7% in 2024Q2 to 45.6% in 2025Q2, coinciding with Séguéla's contribution. This shift reduced reliance on silver and base metals, which had lower margins. The lasting impact is a higher-quality earnings stream, but it also introduces new operational risks in West Africa, including security and regulatory challenges.
What Could Invalidate the Base Case
Despite strong margins, FSM's revenue decline of 9.6% YoY in 2026Q2 and volatile net income suggest that the market may be overestimating the durability of its earnings growth, as per reported figures.
Short-sellers could argue that the margin expansion is unsustainable if gold prices retreat or if West African operational costs rise due to inflation or security disruptions. The 2025Q3 net margin of 49.2% appears anomalous and may not recur, while the 2026Q2 revenue drop indicates that volume growth is not guaranteed. Additionally, the company's reliance on jurisdictions like Burkina Faso and Mexico introduces geopolitical risks that could impair production and lead to impairments, challenging the current valuation.