The company remains pre-revenue with quarterly SG&A expenses peaking at $21.5 million in 2024Q4, highlighting the high fixed-cost burden of its development-stage mining model.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 4.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -4.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 45.7M | 76.7M | 46.63M | 13.35M | 32.72M | 4.35M | 15.64M | 25.79M | 14.13M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 45.51M | 76.7M | 46.07M | 12.97M | 29.96M | 4.35M | 15.64M | 25.79M | 14.13M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 188.42K | 0 | 555.05K | 379.98K | 2.77M | 0 | 0 | 0 | 0 |
| Operating Income | -45.7M | -76.7M | -46.63M | -13.35M | -32.72M | -4.35M | -15.64M | -25.79M | -14.13M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -64.5% | -249.28% | 59.21% | -652.68% | 72.2% | 39.34% | -82.47% | - |
| EBITDA | -45.48M | -76.7M | -46.65M | -13.36M | -32.66M | -4.43M | -15.71M | -25.41M | -14.02M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 28.8% | -64.41% | -249.18% | 59.1% | -637.8% | 71.83% | 38.17% | -81.3% | - |
| D&A (Non-Cash Add-back) | 4.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -45.48M | -76.7M | -46.65M | -13.36M | -32.66M | -4.43M | -15.71M | -25.41M | -14.02M |
| Net Interest Income | -1.01M | -612.28K | 17.81K | 302.72K | 259.02K | -400.19K | -298.19K | -168.24K | 86.72K |
| Interest Income | 765.39K | 797.08K | 17.81K | 302.72K | 259.02K | 5.06K | 2.87K | 33.33K | 86.72K |
| Interest Expense | 1.77M | 1.41M | 0 | 0 | 0 | 405.25K | 301.06K | 201.57K | 0 |
| Other Income/Expense | -13.43M | 4.31M | 404.71K | 302.72K | 259.02K | -587.29K | -372.23K | 173.86K | 115.7K |
| Pretax Income | -59.14M | -72.39M | -46.22M | -13.05M | -32.46M | -4.93M | -16.01M | -25.61M | -14.02M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 456.44K | 491.08K | 187.74K | 160.84K | 155.36K | 116.94K | 323.96K | 225.33K | 353.89K |
| Effective Tax Rate % | -0.77% | -0.68% | -0.41% | -1.23% | -0.48% | -2.37% | -2.02% | -0.88% | -2.52% |
| Net Income | -59.59M | -72.88M | -46.41M | -13.21M | -32.62M | -5.05M | -16.34M | -25.84M | -14.37M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 5.94% | -57.04% | -251.39% | 59.51% | -545.7% | 69.08% | 36.77% | -79.81% | - |
| Net Income (Continuing) | -59.59M | -72.88M | -46.41M | -13.21M | -32.62M | -5.05M | -16.34M | -25.84M | -14.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.10 | -1.72 | -1.28 | -0.34 | -0.85 | -0.11 | -0.46 | -0.72 | -0.40 |
| EPS Growth % | 31.2% | -34.38% | -276.47% | 60% | -672.73% | 76.09% | 36.11% | -80% | - |
| EPS (Basic) | - | -1.72 | -1.28 | -0.34 | -0.85 | -0.11 | -0.46 | -0.72 | -0.40 |
| Diluted Shares Outstanding | 54.05M | 42.49M | 36.12M | 38.34M | 38.34M | 35.81M | 35.81M | 35.81M | 35.81M |
| Basic Shares Outstanding | 54.05M | 42.49M | 36.12M | 38.34M | 38.34M | 35.81M | 35.81M | 35.81M | 35.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory and Permitting Delays
As indicated by the company's financial records, Brazil Potash Corp. currently reports zero revenue across all observed periods, reflecting its status as a development-stage entity focused exclusively on the Autazes Project rather than active commercial production or market-based sales of potash products.
The absence of top-line growth is a structural feature of the current business model, which remains entirely dependent on the successful completion of the permitting process. Investors should note that until the Autazes Project reaches commercial operation, the income statement will continue to reflect only the costs of development rather than the realization of any market-driven revenue.
Based on reported financial statements, the company's quarterly SG&A expenses have fluctuated significantly, peaking at $21.5 million in 2024Q4, which underscores the high fixed-cost burden inherent in maintaining a project-based mining operation without any offsetting revenue streams to mitigate ongoing corporate expenditures.
The volatility in SG&A suggests that management is managing a complex, event-driven cost structure tied to regulatory milestones and legal consultations. This high level of non-operational spending warrants close monitoring, as it directly accelerates the depletion of available liquidity while the project remains in its pre-revenue phase.
According to recent filings, the company has utilized stock-based compensation as a significant component of its expense structure, with figures reaching as high as $15.0 million in specific quarters, which complicates the assessment of true cash-based operating losses versus non-cash accounting charges.
The reliance on equity-based incentives suggests an attempt to preserve cash, yet it introduces potential dilution risks for existing shareholders. Analysts should distinguish between these non-cash charges and the actual cash burn rate to better understand the company's runway before additional capital raises become necessary.
While the company's logistical advantage in the Brazilian market is theoretically compelling, the persistent net losses, such as the $23.1 million reported in 2026Q1, highlight the extreme execution risk that could render the project's long-term value proposition unattainable if regulatory hurdles remain unresolved.
Short-term observers may focus on the potential for a 'Brazil Potash Premium,' but the income statement reveals a company struggling with the high cost of maintaining its legal and environmental standing. The lack of a clear path to profitability suggests that the market may be underestimating the duration of the pre-revenue phase and the associated capital requirements.
Quick answers to the most common questions about buying GRO stock.
For fiscal year 2025, Brazil Potash Corp. (GRO) reported total revenue of $0.0M.
Brazil Potash Corp. (GRO) reported a net loss of $72.9M for the fiscal year ending 2025.