Revenue surged 114.4% year-over-year in 2026Q1, though gross margins remain fragile, having swung from a negative 36.2% in 2025Q4 to 55.7% in the most recent quarter.
| 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 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Sales/Revenue | 416.07M | 328.44M | 231.34M | 0 | 0 | 0 | 62.28M | -129.2M | 161.92M | 256.2M | 185.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.08K | 7.46K | 7.06K | 0 | 0 | 0 |
| Revenue Growth % | 50.62% | 41.97% | - | - | - | -100% | 148.21% | -179.79% | -36.8% | 38.36% | - | - | - | - | - | - | - | - | - | - | -100% | -58.78% | 5.59% | - | - | - | - |
| Cost of Goods Sold | 253.91M | 199.67M | 153.46M | 143K | 0 | 0 | 171.61K | 100.28K | 129.05M | 193.59M | 150.9M | 441.16K | 0 | 408.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 60.79% | 66.34% | - | - | - | 0.28% | -0.08% | 79.7% | 75.56% | 81.5% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 162.16M | 128.77M | 77.88M | -143K | 0 | 0 | -172K | -129.3M | 32.87M | 62.61M | 34.26M | -441K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.08K | 0 | 7.06K | 0 | 0 | 0 |
| Gross Margin % | 38.98% | 39.21% | 33.66% | - | - | - | -0.28% | 100.08% | 20.3% | 24.44% | 18.5% | - | - | - | - | - | - | - | - | - | - | 100% | - | 100% | - | - | - |
| Gross Profit Growth % | - | 65.36% | 54558.74% | - | - | 100% | 99.87% | -493.37% | -47.5% | 82.74% | 7869.39% | - | - | - | - | - | - | - | - | - | -100% | - | -100% | - | - | - | - |
| Operating Expenses | 49.72M | 92.23M | 28.28M | -20.27M | -39.42M | 60.58M | 15.36M | 12M | 14.42M | 15.28M | 21.09M | 11.04M | 15.94M | 12.7M | 36.23M | 13.12M | 6.79M | 2.85M | 4.03M | 3.14M | 1.54M | 496.37K | 46.15K | 7.46K | 17.54K | 6.07K | 8 |
| OpEx % of Revenue | - | 28.08% | 12.22% | - | - | - | 24.67% | -9.29% | 8.91% | 5.96% | 11.39% | - | - | - | - | - | - | - | - | - | - | 16142.21% | 618.72% | 105.59% | - | - | - |
| Selling, General & Admin | 25.68M | 29.47M | 18.58M | 15.14M | 11.1M | 13.48M | 14.76M | 12M | 13.99M | 14.64M | 12.38M | 7.46M | 15.94M | 10.9M | 14.36M | 13.01M | 6.25M | 2.81M | 4M | 3.13M | 1.53M | 491.65K | 492.15K | 46.14K | 17.54K | 0 | 0 |
| SG&A % of Revenue | - | 8.97% | 8.03% | - | - | - | 23.69% | -9.29% | 8.64% | 5.71% | 6.68% | - | - | - | - | - | - | - | - | - | - | 15988.72% | 6597.64% | 653.1% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 566.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.4M | 62.76M | 9.7M | -35.41M | -50.52M | 47.1M | 607.95K | 0 | 1.49M | 2.05M | 10.13M | 3.99M | 1.19M | 1.8M | 18.66M | 104.92K | 542.31K | 31.95K | 22.32K | 8.24K | 8.87K | 4.72K | -488.58K | -38.69K | 0 | 6.07K | 8 |
| Operating Income | 112.45M | 36.54M | 49.6M | 20.12M | 39.42M | -60.58M | 49.32M | -141.3M | 19.72M | 47.97M | 13.18M | -11.04M | -15.94M | -11.65M | -38.1M | -13.25M | -6.82M | -3.29M | -4.19M | -3.8M | -2.56M | -520K | -46.15K | -28.48K | -21.42K | 74 | 8 |
| Operating Margin % | 27.03% | 11.13% | 21.44% | - | - | - | 79.18% | 109.37% | 12.18% | 18.72% | 7.12% | - | - | - | - | - | - | - | - | - | - | -16910.57% | -618.72% | -403.22% | - | - | - |
| Operating Income Growth % | - | -26.32% | 146.5% | -48.95% | 165.07% | -222.82% | 134.9% | -816.58% | -58.89% | 264.06% | 219.41% | 30.77% | -36.78% | 69.41% | -187.6% | -94.19% | -107.51% | 21.61% | -10.4% | -48.13% | -393.08% | -1026.68% | -62.03% | -32.98% | -29202.72% | 871.94% | - |
| EBITDA | 185.83M | 99.42M | 73.34M | 20.27M | 39.56M | -60.43M | 49.49M | -141.2M | 59.98M | 112.18M | 65.91M | -10.98M | -15.79M | -11.25M | -37.67M | -13.14M | -6.72M | -3.22M | -4.16M | -3.79M | -2.56M | -511.14K | -41.43K | -21.5K | -17.72K | -6.07K | 8 |
| EBITDA Margin % | 44.66% | 30.27% | 31.7% | - | - | - | 79.46% | 109.29% | 37.04% | 43.79% | 35.59% | - | - | - | - | - | - | - | - | - | - | -16622.47% | -555.44% | -304.4% | - | - | - |
| EBITDA Growth % | 94.93% | 35.57% | 261.89% | -48.78% | 165.47% | -222.1% | 135.05% | -335.43% | -46.54% | 70.2% | 700.49% | 30.47% | -40.38% | 70.15% | -186.69% | -95.66% | -108.36% | 22.53% | -9.79% | -48.28% | -400.01% | -1133.66% | -92.68% | -21.34% | -192.18% | -80192.47% | - |
| D&A (Non-Cash Add-back) | 73.38M | 62.88M | 23.74M | 143K | 146K | 148K | 171.61K | 100.28K | 40.26M | 64.21M | 52.73M | 59K | 153.93K | 408.48K | 421.7K | 104.92K | 104.81K | 63.71K | 32.07K | 8.24K | 8.24K | 8.86K | 4.72K | 6.98K | 3.7K | -6.14K | 0 |
| EBIT | 65.79M | 36.54M | 13.62M | 26.1M | 40.83M | -68.85M | -1.83M | -171.82M | -111.36M | 47.55M | 11.67M | -10.3M | -23.75M | -1.61M | -17.97M | -13.84M | -36.43M | -6.87M | -3.32M | -4.21M | -3.8M | -2.56M | -496.37K | -46.15K | -21.42K | -6.07K | 0 |
| Net Interest Income | -18.54M | -3.27M | -1.3M | 2.88M | 1.01M | 225K | 516K | 859K | -9.07M | -16.55M | -12.82M | 911K | 1.16M | 993.54K | 1.5M | 467.76K | 94.11K | 156.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.81M | 3.56M | 4M | 2.9M | 1.04M | 257K | 551K | 871K | 716.5K | 630.9K | 634K | 1.01M | 1.25M | 1.02M | 1.56M | 505.04K | 112.81K | 176.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.35M | 6.83M | 5.29M | 17K | 25K | 32K | 35K | 12K | 9.78M | 17.16M | 13.45M | 104K | 89.58K | 26.76K | 56.65K | 37.28K | 18.69K | 20.03K | -4.19M | -3.8M | -2.56M | -520K | 0 | 0 | 0 | 74 | 8 |
| Other Income/Expense | 6.42M | -6.06M | -41.06M | 5.96M | 1.39M | -8.31M | 8.06M | -30.53M | -148.42M | -17.58M | -14.96M | -255K | -9.05M | 10.01M | -161K | -37.28K | 4.02M | -20.03K | 0 | 0 | 0 | 0 | 496.37K | 6.98K | 7.58K | -6.21K | -15 |
| Pretax Income | 118.86M | 30.48M | 8.54M | 26.09M | 40.81M | -68.88M | 57.38M | -171.83M | -128.7M | 30.39M | -1.78M | -11.29M | -24.99M | -1.69M | -38.15M | -13.28M | -36.43M | -3.31M | -4.19M | -3.8M | -2.56M | -2.56M | -520.21K | -21.5K | -13.85K | -6.14K | -8 |
| Pretax Margin % | 28.57% | 9.28% | 3.69% | - | - | - | 92.12% | 133% | -79.49% | 11.86% | -0.96% | - | - | - | - | - | - | - | - | - | - | -83317.07% | -6973.77% | -304.4% | - | - | - |
| Income Tax | 83.92M | 61.28M | 0 | 0 | 0 | 0 | 0 | 0 | 12.51M | 24.07M | 11.44M | -2.98M | -2.35M | 26.76K | 38.15M | 0 | 6.84M | 3.31M | 4.19M | 3.8M | 2.56M | 520.27K | 42.6K | 21.5K | 13.85K | 0 | 0 |
| Effective Tax Rate % | 70.6% | 201.05% | 0% | 0% | 0% | 0% | 0% | 0% | -9.72% | 79.23% | -643.31% | 26.43% | 9.41% | -1.58% | -100% | 0% | -18.78% | -100% | -100% | -100% | -100% | -20.31% | -8.19% | -100% | -100% | 0% | 0% |
| Net Income | 29.75M | -29.29M | 6.12M | 26.09M | 40.81M | -68.88M | 57.38M | -171.83M | -141.37M | 5.78M | -13.22M | -8.31M | -22.64M | -1.69M | -38.15M | -13.28M | -6.84M | -3.31M | -4.19M | -3.8M | -2.56M | -520K | -520.27K | -42.6K | -21.5K | -6.14K | -8 |
| Net Margin % | 7.15% | -8.92% | 2.64% | - | - | - | 92.12% | 133% | -87.31% | 2.25% | -7.14% | - | - | - | - | - | - | - | - | - | - | -16910.57% | -6974.64% | -603.01% | - | - | - |
| Net Income Growth % | 270.22% | -578.75% | -76.55% | -36.08% | 159.24% | -220.06% | 133.39% | -21.55% | -2547.58% | 143.7% | -59.11% | 63.32% | -1238.18% | 95.57% | -187.23% | -94.2% | -106.77% | 21.11% | -10.4% | -48.13% | -393.08% | 0.05% | -1121.32% | -98.1% | -250.29% | -80964.4% | - |
| Net Income (Continuing) | 34.94M | -30.8M | 8.54M | 26.09M | 40.81M | -68.88M | 57.38M | -171.83M | -141.21M | 6.31M | -13.22M | -8.31M | -22.64M | -1.69M | -18.13M | -13.28M | -36.43M | -6.87M | -3.32M | -4.21M | -3.8M | -2.56M | -520.21K | -42.6K | -21.5K | -6.14K | -8 |
| 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 | 0 |
| Minority Interest | 6.99M | 2.8M | 4.31M | 0 | 0 | 0 | 0 | 0 | 0 | 570K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.11 | -0.11 | 0.02 | 0.12 | 0.17 | -0.30 | 0.26 | -0.21 | -0.64 | 0.03 | -0.07 | -0.04 | -0.14 | -0.02 | -0.51 | -0.27 | -0.18 | -0.12 | -0.17 | -0.24 | -0.27 | -0.08 | -0.07 | -0.01 | -0.00 | -0.00 | 0.00 |
| EPS Growth % | 279.76% | -560.25% | -80.08% | -29.41% | 156.67% | -215.38% | 223.81% | 67.19% | -2233.33% | 145.18% | -55.5% | 69.5% | -603.52% | 96.1% | -88.89% | -50% | -50% | 29.41% | 29.17% | 11.11% | -249.74% | -3.76% | - | - | - | - | - |
| EPS (Basic) | - | -0.11 | 0.02 | 0.12 | 0.17 | -0.30 | 0.26 | -0.21 | -0.64 | 0.03 | -0.07 | -0.04 | -0.14 | -0.02 | -0.51 | -0.27 | -0.18 | -0.12 | -0.17 | -0.24 | -0.27 | -0.08 | -0.07 | -0.01 | -0.00 | -0.00 | 0.00 |
| Diluted Shares Outstanding | 269.73M | 258.38M | 255.77M | 225.18M | 224.95M | 224.73M | 224.92M | 225.87M | 220.11M | 204.39M | 198.97M | 194.36M | 164.42M | 85.04M | 75.35M | 49.18M | 49.18M | 38.02M | 24.61M | 15.6M | 15.6M | 6.74M | 4.59M | 4.75M | 3.91M | 4.63M | 4.63M |
| Basic Shares Outstanding | 260.28M | 258.38M | 250.65M | 224.95M | 224.94M | 224.73M | 223.66M | 225.87M | 220.11M | 203.33M | 198.97M | 194.36M | 164.42M | 85.04M | 75.35M | 49.18M | 49.18M | 38.02M | 24.61M | 15.6M | 15.6M | 6.74M | 4.59M | 4.75M | 3.91M | 4.63M | 4.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single-asset operational concentration
According to the latest quarterly data, Galiano Gold achieved a 114.4% year-over-year revenue growth in 2026Q1, signaling a sharp acceleration in top-line output that contrasts with the erratic, negative growth periods observed throughout 2025, suggesting that production throughput remains highly sensitive to mine-site operational variables.
The dramatic revenue expansion in the most recent quarter appears to be a departure from the inconsistent performance seen in previous periods, where quarterly revenue fluctuated significantly. Investors should monitor whether this growth is sustainable or merely a result of processing higher-grade stockpiles, as the lack of long-term contracts makes the top line entirely dependent on spot price realization and mill throughput.
As reported in the company's financial statements, the gross margin reached 55.7% in 2026Q1, a substantial improvement from the negative 36.2% recorded in 2025Q4, indicating that the firm's cost-per-ounce extraction efficiency is highly susceptible to the specific ore grades being processed at the Asanko Gold Mine.
The wide variance in gross margins suggests that the company lacks the cost-structure stability of larger, multi-asset peers. While the recent margin expansion is encouraging, the historical volatility implies that any deviation in metallurgical recovery or energy input costs could rapidly compress these gains, warranting caution regarding the durability of current profitability levels.
Based on the provided income statement data, operating income scaled to $86.1M in 2026Q1, demonstrating that the company is finally capturing significant operating leverage as revenue growth outpaces the relatively fixed nature of its SG&A expenses, which remained contained at $5.0M for the same period.
The ability to maintain low SG&A while scaling production suggests that the current management team is exercising disciplined overhead control. However, the historical tendency for operating income to swing into negative territory suggests that this leverage is double-edged, where minor production disruptions can quickly erode the operating margin.
Analysis of the reported figures reveals that despite a 19.6% net margin in 2026Q1, the company has historically struggled with bottom-line consistency, as evidenced by the $38.6M net loss in 2025Q3, suggesting that non-operating items and accounting adjustments continue to distort the true underlying earnings power.
The disconnect between strong operating income and volatile net income warrants further investigation into non-cash charges and potential impairment testing of the Asanko asset. Investors should be wary of relying on headline EPS, as the company's history of significant swings in net income suggests that the bottom line is frequently impacted by factors outside of core mining operations.
Short-term observers may point to the 2025Q4 negative gross margin of 36.2% as evidence that Galiano's cost structure is fundamentally flawed, suggesting that the recent 2026Q1 recovery may be an outlier rather than a permanent shift in the company's ability to generate consistent, profitable gold production.
The primary challenge to the current bullish narrative is the reliance on a single-asset hub that lacks operational redundancy. If the geological reconciliation between the model and the mill feed continues to underperform, the company may find itself unable to maintain the current cost profile, potentially leading to renewed margin compression and liquidity pressure.
Quick answers to the most common questions about buying GAU stock.
For fiscal year 2025, Galiano Gold Inc. (GAU) reported total revenue of $328.4M.
Galiano Gold Inc. (GAU) reported a net loss of $29.3M for the fiscal year ending 2025.
Galiano Gold Inc. (GAU) reported an operating income of $36.5M, resulting in an operating profit margin of 11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Galiano Gold Inc. (GAU) generated $128.8M in gross profit for the year, representing a gross profit margin of 39.2%. This demonstrates the company's core pricing power and production efficiency.