The company's revenue remains nascent at $731.6K for 2025Q4, while structural inefficiencies are evidenced by a negative 57.4% gross margin during the same period.
Lifezone Metals Limited (LZM) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 2.82M | 1.06M | 140.52K | 1.48M | 2.93M | 2.09M | 1.06M |
| Revenue Growth % | -15.71% | 652.23% | -90.49% | -49.52% | 39.9% | 96.94% | - |
| Cost of Goods Sold | 3.73M | 2.02M | 86.87K | 753.97K | 1.46M | 442.82K | 0 |
| COGS % of Revenue | - | 191.47% | 61.82% | 51.02% | 50.03% | 21.16% | - |
| Gross Profit | -915.29K | -966.84K | 53.65K | 723.85K | 1.46M | 1.65M | 1.06M |
| Gross Margin % | -32.51% | -91.47% | 38.18% | 48.98% | 49.97% | 78.84% | 100% |
| Gross Profit Growth % | - | -1902.12% | -92.59% | -50.52% | -11.33% | 55.27% | - |
| Operating Expenses | 65.78M | 17.27M | 48.33M | 365.9M | 27.15M | 19.68M | 1.06M |
| OpEx % of Revenue | - | 1633.47% | 34391.96% | 24759.24% | 927.44% | 940.41% | 100.05% |
| Selling, General & Admin | 50.9M | 17.04M | 32.3M | 283.56M | 24.87M | 19.38M | 961.46K |
| SG&A % of Revenue | - | 1611.95% | 22982.87% | 19187.7% | 849.61% | 926.19% | 90.49% |
| Research & Development | 255.18K | 127.14K | 157.61K | 90.98K | 0 | 0 | 0 |
| R&D % of Revenue | - | 12.03% | 112.16% | 6.16% | - | - | - |
| Other Operating Expenses | 2.06M | 100.38K | 15.87M | 82.25M | 2.28M | 297.53K | 101.56K |
| Operating Income | -66.94M | -18.23M | -48.27M | -365.17M | -25.69M | -18.03M | -495 |
| Operating Margin % | -2377.37% | -1724.94% | -34353.78% | -24710.26% | -877.48% | -861.57% | -0.05% |
| Operating Income Growth % | - | 62.23% | 86.78% | -1321.59% | -42.48% | -3642126.87% | - |
| EBITDA | -64.34M | -16.74M | -47.13M | -364.57M | -25.49M | -17.94M | 51.37K |
| EBITDA Margin % | -2285.15% | -1583.95% | -33541.76% | -24669.41% | -870.62% | -857.36% | 4.83% |
| EBITDA Growth % | 84.05% | 64.48% | 87.07% | -1330.42% | -42.06% | -35027.48% | - |
| D&A (Non-Cash Add-back) | 2.6M | 1.49M | 1.14M | 603.7K | 200.69K | 88.17K | 51.86K |
| EBIT | -58.59M | -18.23M | -39.03M | -288.5M | -25.36M | -17.96M | 5.96K |
| Net Interest Income | -18.15M | -9.86M | -4.09M | 355.21K | -41.97K | 4.16K | 5.49K |
| Interest Income | 791.83K | 536.16K | 2.34M | 567.19K | 224.39K | 4.16K | 9.4K |
| Interest Expense | 18.95M | 10.4M | 6.43M | 211.98K | 266.35K | 160.84K | 3.91K |
| Other Income/Expense | 9.88M | 3.86M | 1.68M | 511.26K | 193.54K | -149.86K | 9.4K |
| Pretax Income | -57.06M | -14.37M | -46.6M | -364.66M | -25.49M | -18.18M | 8.91K |
| Pretax Margin % | -2026.5% | -1359.48% | -33159.37% | -24675.66% | -870.86% | -868.73% | 0.84% |
| Income Tax | 530K | -263.49K | 540.13K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.93% | 1.83% | -1.16% | 0% | 0% | 0% | 0% |
| Net Income | -56.1M | -13.63M | -46.31M | -363.87M | -23.58M | -18M | 8.91K |
| Net Margin % | -1992.28% | -1289.25% | -32952.31% | -24622.29% | -805.59% | -860.31% | 0.84% |
| Net Income Growth % | 85.76% | 70.57% | 87.27% | -1442.93% | -31% | -202240.65% | - |
| Net Income (Continuing) | -57.59M | -14.11M | -47.14M | -364.66M | -25.49M | -18.18M | 8.91K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.06M | -998.96K | 9.79M | 83.66M | 84.45M | -176.24K | 0 |
| EPS (Diluted) | -0.65 | -0.17 | -0.59 | -5.52 | -0.66 | -0.32 | 0.00 |
| EPS Growth % | 85.32% | 71.19% | 89.31% | -736.36% | -106.25% | - | - |
| EPS (Basic) | - | -0.17 | -0.59 | -5.52 | -0.66 | -0.32 | 0.00 |
| Diluted Shares Outstanding | 86.18M | 79.86M | 78.28M | 65.89M | 35.84M | 35.84M | 35.84M |
| Basic Shares Outstanding | 86.18M | 79.86M | 78.28M | 65.89M | 35.84M | 35.84M | 35.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LZM stock.
For fiscal year 2025, Lifezone Metals Limited (LZM) reported total revenue of $1.1M. This represents a 0.5% decline compared to $1.1M in 2020.
Lifezone Metals Limited (LZM) reported a net loss of $13.6M for the fiscal year ending 2025.
Lifezone Metals Limited (LZM) reported an operating income of $-18.2M, resulting in an operating profit margin of -1724.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Lifezone Metals Limited (LZM) generated $-1.0M in gross profit for the year, representing a gross profit margin of -91.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Pre-commercial development funding risk
Nascent Revenue Lacks Commercial Scale
As reported in financial statements, LZM's revenue remains highly volatile and negligible, with the most recent quarterly figure of $731.6K highlighting a pre-commercial phase where top-line growth is driven by transactional pilot activities rather than the steady-state production required to validate the company's long-term economic model.
The erratic revenue trajectory reflects the company's current status as a development-stage entity rather than an operational miner. Investors should monitor whether the transition from pilot-scale licensing to full-scale extraction can occur without significant delays, as current figures provide no evidence of sustainable market demand.
Structural Margin Deficit Remains Persistent
Based on LZM's reported figures, the company's gross margin has fluctuated wildly, reaching a negative 57.4% in 2025Q4, which underscores the absence of economies of scale and the high cost of maintaining proprietary hydrometallurgical processing technology before achieving any meaningful commercial output or operational efficiency.
The extreme volatility in gross margins suggests that the company is currently absorbing significant overhead costs that cannot be offset by its minimal revenue base. This margin profile is typical for pre-revenue mining technology firms, yet it highlights the substantial risk that the cost of production may exceed market prices once commercial operations finally commence.
Administrative Overhead Outpaces Operational Progress
According to recent SEC filings, LZM's SG&A expenses have frequently dwarfed revenue, with a notable $10.2M in administrative costs during 2025Q4, indicating that the company's current cost structure is heavily weighted toward corporate development and feasibility studies rather than direct, revenue-generating operational activities or production-related expenditures.
The high ratio of SG&A to revenue suggests that management is prioritizing project de-risking and administrative infrastructure over immediate cost discipline. This expense profile warrants further investigation into how long the company can sustain such high burn rates before requiring additional capital injections to reach the Kabanga project's production phase.
Capital Intensity Threatens Equity Value
As indicated by the historical income statement data, LZM's reliance on massive non-operating charges and significant stock-based compensation, such as the $265.6M recorded in 2023Q4, suggests that the company's path to profitability is fraught with potential dilution risks that could severely impact long-term shareholder value.
Short-sellers may focus on the disconnect between the company's 'green' technology narrative and the reality of its persistent net losses and cash burn. The reliance on external funding to cover these deficits implies that any delay in project milestones could force management to seek dilutive financing, further pressuring the stock price.