Revenue rebounded to $41.1M in 2026Q1, though historical performance remains erratic with gross margins swinging from a -71.7% low in 2024Q3 to a 35.9% recovery.
Goldgroup Mining Inc. (GORO) annual income statement — 22-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 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 138.12M | 93.26M | 64.76M | 97.76M | 139.09M | 124.19M | 90.69M | 118.59M | 119.52M | 108.79M | 82.75M | 92.24M | 116.53M | 125.22M | 131.57M | 105.16M | 14.75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 176.89% | 44.01% | -33.76% | -29.72% | 11.99% | 36.94% | -23.52% | -0.78% | 9.86% | 31.46% | -10.28% | -20.84% | -6.94% | -4.83% | 25.12% | 612.78% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 85.73M | 75.63M | 88.55M | 108.76M | 122.03M | 93.49M | 60.64M | 96.69M | 86.32M | 72.39M | 65.11M | 69.53M | 71.74M | 77.23M | 52.2M | 23.27M | 9.8M | 7.98M | 8.3M | 5.76M | 546.89K | 746.82K | 257.38K |
| COGS % of Revenue | - | 81.1% | 136.75% | 111.26% | 87.73% | 75.27% | 66.87% | 81.53% | 72.22% | 66.54% | 78.68% | 75.38% | 61.56% | 61.68% | 39.68% | 22.12% | 66.46% | - | - | - | - | - | - |
| Gross Profit | 52.39M | 17.63M | -23.8M | -11.01M | 17.06M | 30.71M | 30.05M | 21.9M | 33.2M | 36.4M | 17.65M | 22.71M | 44.79M | 47.99M | 79.37M | 81.9M | 4.95M | -7.98M | -8.3M | -5.76M | -546.89K | -746.82K | -257.38K |
| Gross Margin % | 37.93% | 18.9% | -36.75% | -11.26% | 12.27% | 24.73% | 33.13% | 18.47% | 27.78% | 33.46% | 21.32% | 24.62% | 38.44% | 38.32% | 60.32% | 77.88% | 33.54% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 174.07% | -116.25% | -164.5% | -44.44% | 2.2% | 37.22% | -34.03% | -8.81% | 106.29% | -22.3% | -49.29% | -6.68% | -39.54% | -3.08% | 1554.8% | 162.03% | 3.82% | -44.05% | -952.99% | 26.77% | -190.16% | - |
| Operating Expenses | 9.54M | 5.41M | 4.96M | 7.26M | 10M | 8.57M | 13.12M | 8.53M | 10.8M | 8.12M | 9.53M | 10.25M | 12.08M | 38.22M | 29.89M | 36.22M | 27.79M | 26.21M | 18.05M | 2.56M | 2.2M | 477.27K | 596.32K |
| OpEx % of Revenue | - | 5.8% | 7.66% | 7.43% | 7.19% | 6.9% | 14.46% | 7.2% | 9.04% | 7.47% | 11.52% | 11.12% | 10.37% | 30.53% | 22.71% | 34.44% | 188.34% | - | - | - | - | - | - |
| Selling, General & Admin | 6.22M | 4.26M | 4.96M | 7.26M | 10M | 8.57M | 13.12M | 7.65M | 10.69M | 8.12M | 9.53M | 10.25M | 12.08M | 16.03M | 13.33M | 15.24M | 9.14M | 26.21M | 18.05M | 2.54M | 2.1M | 373.72K | 527.73K |
| SG&A % of Revenue | - | 4.57% | 7.66% | 7.43% | 7.19% | 6.9% | 14.46% | 6.45% | 8.94% | 7.47% | 11.52% | 11.12% | 10.37% | 12.8% | 10.13% | 14.49% | 61.98% | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.99M | 18.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 19.96% | 124.95% | - | - | - | - | - | - |
| Other Operating Expenses | 2.44M | 1.15M | 0 | 0 | 0 | 0 | 0 | -885K | -114K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -209K | 0 | 0 | -20.58K | -100K | -103.55K | -68.59K |
| Operating Income | 42.85M | 12.22M | -28.76M | -18.27M | 7.06M | 22.14M | 16.93M | 13.36M | 22.4M | 28.28M | 8.11M | 12.46M | 32.71M | 9.77M | 49.48M | 45.67M | -22.84M | -34.18M | -26.35M | -8.32M | -2.74M | -1.22M | -853.71K |
| Operating Margin % | 31.02% | 13.11% | -44.41% | -18.69% | 5.08% | 17.82% | 18.67% | 11.27% | 18.74% | 25.99% | 9.8% | 13.5% | 28.07% | 7.8% | 37.61% | 43.43% | -154.8% | - | - | - | - | - | - |
| Operating Income Growth % | - | 142.5% | -57.41% | -358.8% | -68.11% | 30.75% | 26.69% | -40.33% | -20.8% | 248.58% | -34.87% | -61.92% | 234.89% | -80.26% | 8.34% | 299.98% | 33.19% | -29.74% | -216.74% | -203.18% | -124.16% | -43.38% | - |
| EBITDA | 54.35M | 24.92M | -8.09M | 8.54M | 35.09M | 38.5M | 34.53M | 33.34M | 37.9M | 43.33M | 20.87M | 21.59M | 37.26M | 12.51M | 51.11M | 46.61M | -22.45M | -34.02M | -26.22M | -8.27M | -2.73M | -1.22M | -853.59K |
| EBITDA Margin % | 39.35% | 26.72% | -12.5% | 8.74% | 25.23% | 31% | 38.08% | 28.12% | 31.71% | 39.83% | 25.21% | 23.41% | 31.98% | 9.99% | 38.84% | 44.32% | -152.14% | - | - | - | - | - | - |
| EBITDA Growth % | 521.92% | 407.9% | -194.77% | -75.66% | -8.87% | 11.5% | 3.56% | -12.01% | -12.54% | 107.65% | -3.38% | -42.04% | 197.96% | -75.53% | 9.64% | 307.65% | 34.01% | -29.71% | -217.06% | -203.45% | -124.01% | -42.55% | - |
| D&A (Non-Cash Add-back) | 11.5M | 12.7M | 20.66M | 26.81M | 28.03M | 16.37M | 17.6M | 19.98M | 15.5M | 15.05M | 12.75M | 9.14M | 4.55M | 2.74M | 1.62M | 938K | 392K | 166.99K | 123.95K | 47.48K | 18.04K | 7.25K | 0 |
| EBIT | 30.45M | 13.63M | -47.24M | -30.03M | 2.24M | 17.64M | 649K | 15.5M | 16.55M | 28.48M | 9.15M | 10.45M | 31.27M | 8.97M | 46.97M | 48.09M | -23.07M | -34.13M | -26.02M | -8.08M | -2.69M | -1.22M | -853.59K |
| Net Interest Income | 3M | -16.68M | -13.24M | -9.97M | -906K | 0 | 0 | 0 | 0 | 0 | 0 | -71K | 161K | 166K | 122K | 102K | 99K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 161K | 166K | 122K | 102K | 99K | 54.5K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -3M | 16.68M | 13.24M | 9.97M | 906K | 0 | 0 | 0 | 0 | 0 | 0 | 87K | 0 | 0 | 0 | 0 | 0 | 54.5K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -21.51M | -15.27M | -18.48M | -11.76M | -4.82M | -4.49M | -17.69M | 2.13M | -5.85M | 198K | 1.03M | -2M | -1.44M | -792K | -2.52M | 2.41M | -235K | 54.5K | 333.61K | 242.51K | 57.09K | 6.17K | 113 |
| Pretax Income | 21.34M | -3.05M | -47.24M | -30.03M | 2.24M | 17.64M | -758K | 15.5M | 16.55M | 28.48M | 9.15M | 10.45M | 31.27M | 8.97M | 46.97M | 48.09M | -23.07M | -34.13M | -26.02M | -8.08M | -2.69M | -1.22M | -853.59K |
| Pretax Margin % | 15.45% | -3.27% | -72.95% | -30.72% | 1.61% | 14.21% | -0.84% | 13.07% | 13.85% | 26.18% | 11.05% | 11.33% | 26.83% | 7.17% | 35.7% | 45.73% | -156.39% | - | - | - | - | - | - |
| Income Tax | 9.33M | 3.41M | 9.26M | -5.88M | 8.56M | 9.62M | 5.57M | 9.97M | 7.26M | 24.33M | 4.76M | 7.39M | 15.02M | 8.89M | 13.3M | -12.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 43.74% | -111.77% | -19.6% | 19.59% | 382.44% | 54.5% | -735.22% | 64.31% | 43.88% | 85.43% | 52.03% | 70.71% | 48.04% | 99.05% | 28.31% | -25.03% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 12.01M | -6.46M | -56.5M | -24.14M | -6.32M | 8.03M | -6.33M | 5.53M | 9.29M | 4.15M | 4.39M | 3.06M | 16.25M | 85K | 33.67M | 60.13M | -23.07M | -34.13M | -26.02M | -8.08M | -2.69M | -1.22M | -853.59K |
| Net Margin % | 8.69% | -6.93% | -87.25% | -24.7% | -4.54% | 6.46% | -6.98% | 4.66% | 7.77% | 3.81% | 5.3% | 3.32% | 13.94% | 0.07% | 25.59% | 57.17% | -156.39% | - | - | - | - | - | - |
| Net Income Growth % | 125.69% | 88.57% | -134.02% | -281.96% | -178.74% | 226.8% | -214.44% | -40.44% | 123.81% | -5.4% | 43.27% | -81.15% | 19011.76% | -99.75% | -44% | 360.57% | 32.39% | -31.19% | -222.12% | -200.6% | -120.6% | -42.68% | - |
| Net Income (Continuing) | 12.01M | -6.46M | -56.5M | -24.14M | -6.32M | 8.03M | -6.33M | 5.53M | 9.29M | 4.15M | 4.39M | 3.06M | 16.25M | 85K | 33.67M | 60.13M | -23.07M | -34.13M | -26.02M | -8.08M | -2.69M | -1.22M | -853.59K |
| 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) | 0.16 | -0.05 | -0.61 | -0.27 | -0.07 | 0.11 | -0.09 | 0.09 | 0.16 | 0.07 | 0.08 | 0.06 | 0.28 | 0.00 | 0.60 | 1.03 | -0.46 | -0.78 | -0.76 | -0.28 | -0.13 | -0.08 | -0.08 |
| EPS Growth % | 112.78% | 92.3% | -125.93% | -285.71% | -163.64% | 222.22% | -200% | -43.75% | 128.57% | -12.5% | 33.33% | -78.57% | - | -99.75% | -41.75% | 323.91% | 41.03% | -2.63% | -171.43% | -115.38% | -72.64% | 4.44% | - |
| EPS (Basic) | - | -0.05 | -0.61 | -0.27 | -0.07 | 0.11 | -0.09 | 0.09 | 0.16 | 0.07 | 0.08 | 0.06 | 0.28 | 0.00 | 0.64 | 1.10 | -0.46 | -0.78 | -0.76 | -0.28 | -0.13 | -0.08 | -0.08 |
| Diluted Shares Outstanding | 74.62M | 137.32M | 91.95M | 88.51M | 88.37M | 75.61M | 70.69M | 64.03M | 58.37M | 57.59M | 55.73M | 54.26M | 54.62M | 55.3M | 56.32M | 56.41M | 50.04M | 43.76M | 34.39M | 28.65M | 20.22M | 16.16M | 10.83M |
| Basic Shares Outstanding | 74.62M | 137.32M | 91.95M | 88.51M | 88.37M | 75.3M | 69.9M | 63.68M | 57.53M | 56.85M | 55.14M | 54.19M | 54.12M | 53.26M | 52.85M | 52.98M | 50.04M | 43.76M | 34.39M | 28.65M | 20.22M | 16.16M | 10.83M |
| Dividend Payout Ratio | - | - | - | - | - | 41.93% | - | 26.95% | 12.37% | 27.4% | 38.07% | 212.34% | 39.98% | 30016.47% | 106.74% | 44.05% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GORO stock.
For fiscal year 2025, Goldgroup Mining Inc. (GORO) reported total revenue of $93.3M.
Goldgroup Mining Inc. (GORO) reported a net loss of $6.5M for the fiscal year ending 2025.
Goldgroup Mining Inc. (GORO) reported an operating income of $12.2M, resulting in an operating profit margin of 13.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Goldgroup Mining Inc. (GORO) generated $17.6M in gross profit for the year, representing a gross profit margin of 18.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Single-asset operational dependency
Metrics are mathematically derived from official filings.
Volatile Revenue Amid Operational Shifts
As indicated by the quarterly financial data, GORO experienced significant revenue fluctuations, bottoming out in 2025Q2 before rebounding to $41.1M in 2026Q1, reflecting the inherent sensitivity of the Don David Gold Mine to ore grade variability and the timing of concentrate shipments to third-party smelters.
The recent revenue recovery suggests that operational throughput at the Oaxaca site has stabilized, yet the lack of consistent growth durability remains a concern for investors. The reliance on a single producing asset means that any disruption in mining sequences or processing efficiency creates immediate, material impacts on the top line.
Structural Margin Sensitivity to Costs
Based on reported income statements, GORO's gross margin swung from a deep negative of -71.7% in 2024Q3 to a positive 35.9% by 2026Q1, highlighting the extreme sensitivity of the company's cost structure to commodity price cycles and the high fixed-cost nature of underground mining operations.
The rapid margin expansion appears driven by a combination of improved metal recovery rates and favorable pricing for base metal credits. However, the historical inability to maintain positive margins suggests that the company lacks the pricing power of larger, diversified peers, leaving it vulnerable to inflationary pressures on energy and labor.
Operating Leverage Remains Highly Cyclical
According to the provided financial records, GORO demonstrated significant operating leverage during the 2025Q4 period, where operating income surged to $24.8M, illustrating how the company's fixed cost base can amplify profitability when metal prices and production volumes align favorably within the Don David Gold Mine.
While the recent scaling of operating income is encouraging, the historical trend shows that SG&A expenses remain relatively sticky even when production volumes contract. This suggests that the company may struggle to protect its operating margin during periods of commodity price weakness, necessitating a more disciplined approach to overhead management.
Earnings Quality Obscured by Volatility
Financial statements reveal that GORO's net income is subject to extreme swings, ranging from a $27.0M loss in 2024Q2 to a $18.0M profit in 2025Q4, which suggests that reported EPS is heavily influenced by non-operating items and the provisional pricing mechanisms inherent in concentrate sales.
Investors should monitor the impact of stock-based compensation and potential non-cash impairments, which appear to distort the underlying cash-generating capacity of the business. The transition from consistent losses to recent profitability warrants further investigation into whether these gains are sustainable or merely a result of temporary favorable market conditions.
Sustainability of Current Production Levels
As reported in recent filings, the company's reliance on a single Mexican asset to fund its US-based Back Forty development project creates a binary risk profile, where any decline in Oaxaca's production could jeopardize the company's ability to finance its long-term growth strategy without dilutive equity issuance.
Short-sellers may focus on the potential for reserve depletion at the Don David Gold Mine, which could force the company to accelerate capital expenditure before the Michigan project is fully permitted. The current lack of a clear, self-funding path for the Back Forty project remains a significant overhang on the company's valuation.