Revenue growth reached 78.0% year-over-year in 2026Q1, supported by a structural improvement in gross margins to 88.1% from 35.8% in 2022Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'22 | Dec'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 |
|---|
| Sales/Revenue | 13.08M | 11.74M | 8.46M | 2.41M | 2.97M | 2.6M | 5.8M | 5.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 114.15% | 38.82% | 250.39% | -18.73% | 14.07% | -55.14% | 1.57% | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 2.11M | 2.24M | 2.51M | 1.81M | 2.35M | 1.65M | 4M | 5.14M | 0 | 506 | 481 | 111.5K | 112.64K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 19.08% | 29.67% | 74.9% | 79.05% | 63.48% | 68.96% | 89.88% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 10.97M | 9.5M | 3.37M | 605.84K | 622.22K | 950.82K | 1.8M | 578.32K | 0 | -506 | -481 | -111.5K | -112.64K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 83.89% | 80.92% | 39.89% | 25.1% | 20.95% | 36.52% | 31.04% | 10.12% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 181.62% | 456.75% | -2.63% | -34.56% | -47.23% | 211.55% | - | 100% | -5.17% | 99.57% | 1.01% | - | - | - | - | - | - |
| Operating Expenses | 10.45M | 9.56M | 7.85M | 6.77M | 9.57M | 4.55M | 2.87M | 2.01M | 2.27M | 161.91K | 222.25K | 711.02K | 895.99K | 717.54K | 453.28K | 378.1K | 188.37K | 395.02K |
| OpEx % of Revenue | - | 81.46% | 92.82% | 280.36% | 322.17% | 174.8% | 49.5% | 35.12% | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 10.45M | 9.56M | 11.28M | 6.77M | 9.57M | 4.55M | 2.87M | 2.01M | 2.27M | 161.91K | 222.25K | 645.99K | 895.99K | 654.55K | 453.28K | 378.1K | 187.72K | 394.38K |
| SG&A % of Revenue | - | 81.46% | 133.44% | 280.36% | 322.17% | 174.8% | 49.5% | 35.12% | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 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 | 0 | 0 | -3.44M | 52.23K | -14.53K | -8.76K | 0 | 0 | -2.31K | 0 | 0 | 65.03K | 0 | 62.99K | 0 | 0 | 654 | 638 |
| Operating Income | 530K | -64K | -4.26M | -6.16M | -8.95M | -3.6M | -1.07M | -1.3M | -2.27M | -157.05K | -99.21K | 872.47K | -1.02M | -1.53M | -453.28K | -378.1K | -191.49K | -395.02K |
| Operating Margin % | 4.05% | -0.55% | -50.39% | -255.25% | -301.21% | -138.28% | -18.46% | -22.71% | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 98.5% | 30.83% | 31.13% | -148.48% | -236.09% | 17.46% | 42.91% | -1347.27% | -58.3% | -111.37% | 185.35% | 33.17% | -237.43% | -19.89% | -97.45% | 51.52% | - |
| EBITDA | 2.64M | 2.18M | -653.93K | -5.03M | -6.64M | -2.93M | 714.48K | 1.56M | -2.18M | -156.54K | -98.73K | 983.97K | -909.54K | -1.47M | -453.28K | -372.43K | -190.84K | -394.38K |
| EBITDA Margin % | 20.16% | 18.54% | -7.73% | -208.31% | -223.55% | -112.42% | 12.31% | 27.37% | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 182.08% | 432.76% | 86.99% | 24.27% | -126.83% | -509.65% | -54.31% | 171.69% | -1293.54% | -58.56% | -110.03% | 208.18% | 37.98% | -223.53% | -21.71% | -95.15% | 51.61% | - |
| D&A (Non-Cash Add-back) | 2.11M | 2.24M | 3.61M | 1.13M | 2.31M | 673.17K | 1.79M | 2.86M | 91.44K | 506 | 481 | 111.5K | 112.64K | 62.99K | 0 | 5.67K | 654 | 638 |
| EBIT | -1.05M | -1.96M | -6.44M | -6.16M | -8.95M | 0 | 0 | -1.3M | -2.27M | -157.05K | -99.21K | 872.47K | -1.02M | 0 | 0 | -378.1K | 0 | -395.02K |
| Net Interest Income | -1.51M | -1.61M | -2.2M | -1.29M | -818.37K | -659.13K | -361.76K | -276.7K | -129.7K | -12.2K | -5.38K | 0 | 0 | -1.62M | -6.02K | 0 | -1.2M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.23K | 0 | 0 | 57.45K | 14.78K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.51M | 1.61M | 2.2M | 1.29M | 818.37K | 659.13K | 361.76K | 276.7K | 203.93K | 12.2K | 5.38K | 57.45K | 14.78K | 1.62M | 6.02K | 0 | 1.2M | 0 |
| Other Income/Expense | -3.1M | -3.51M | -902.48K | -4.73M | -1.55M | 152.21K | -109.64K | -128.35K | -1.43K | 15.71K | -123.52K | -1.69M | 13.55K | -811.95K | -6.02K | 77.77K | -602.02K | 0 |
| Pretax Income | -2.57M | -3.57M | -5.16M | -10.89M | -10.49M | -4.42M | -1.54M | -1.83M | -2.4M | -158.91K | -350.59K | -2.46M | -980.3K | -1.53M | -459.31K | -300.33K | -790.39K | -395.02K |
| Pretax Margin % | -19.64% | -30.43% | -61.06% | -451.08% | -353.28% | -169.83% | -26.58% | -32.09% | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 830K | 669K | 49.5K | 41.85K | -65.11K | 278.55K | 263.44K | 153.02K | -72.8K | -10.34K | 4.08M | 3.28M | -56.66K | 1.62M | -325.15K | -102.24K | 1.2M | 0 |
| Effective Tax Rate % | -32.31% | -18.73% | -0.96% | -0.38% | 0.62% | -6.3% | -17.08% | -8.35% | 3.03% | 6.51% | -1164.99% | -133.13% | 5.78% | -106.17% | 70.79% | 34.04% | -152.34% | 0% |
| Net Income | -3.4M | -4.24M | -5.21M | -10.93M | -10.43M | -4.7M | -1.81M | -1.99M | -2.4M | -158.91K | -4.18M | -2.46M | -980.3K | -1.53M | -134.16K | -198.09K | -790.39K | -395.02K |
| Net Margin % | -25.98% | -36.13% | -61.65% | -452.81% | -351.08% | -180.53% | -31.12% | -34.77% | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 22.72% | 18.65% | 52.3% | -4.81% | -121.84% | -160.24% | 9.1% | 17.36% | -1412.85% | 96.2% | -69.88% | -150.95% | 35.91% | -1040.05% | 32.27% | 74.94% | -100.09% | - |
| Net Income (Continuing) | -3.4M | -4.24M | -5.21M | -10.93M | -10.43M | -4.7M | - | -1.99M | - | - | - | - | - | - | - | -198.09K | - | - |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.04 | -0.05 | -0.06 | -0.24 | -0.24 | -0.14 | -0.07 | -0.11 | -0.24 | -0.02 | -0.60 | -0.37 | -0.16 | -0.29 | -0.06 | -0.16 | -1.13 | -0.08 |
| EPS Growth % | 45.22% | 18.07% | 76.25% | 0% | -71.43% | -99.15% | 36.09% | 54.17% | -952.63% | 96.2% | -62.16% | -131.25% | 44.83% | -427.27% | 65.63% | 85.84% | -1248.45% | - |
| EPS (Basic) | - | -0.05 | -0.06 | -0.24 | -0.24 | -0.14 | -0.07 | -0.11 | -0.24 | -0.02 | -0.60 | -0.37 | -0.16 | -0.29 | -0.06 | -0.16 | -1.13 | -0.08 |
| Diluted Shares Outstanding | 95.67M | 92.51M | 91.5M | 44.8M | 42.57M | 33.89M | 25.7M | 17.82M | 9.84M | 6.97M | 6.91M | 6.59M | 6M | 5.35M | 2.44M | 1.21M | 701.18K | 4.71M |
| Basic Shares Outstanding | 93.21M | 92.51M | 91.5M | 44.8M | 42.57M | 33.89M | 25.7M | 17.82M | 9.84M | 6.97M | 6.91M | 6.59M | 6M | 5.35M | 2.44M | 1.21M | 701.18K | 4.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational scale and dilution
According to quarterly financial data, Metalla Royalty & Streaming has demonstrated significant top-line momentum, evidenced by a 78.0% year-over-year revenue increase in 2026Q1, suggesting that the company's strategy of aggregating smaller, third-party royalty interests is successfully driving production-based revenue growth across its diversified precious metals portfolio.
The recent revenue acceleration appears to be a direct result of the company's inorganic growth strategy, specifically the integration of new royalty interests. While this growth is encouraging, investors should monitor whether this trajectory can be sustained without further dilutive equity issuances, as the current revenue base remains relatively small at $3.1 million for the most recent quarter.
As reported in recent income statements, Metalla has achieved a notable improvement in gross margins, which climbed to 88.1% in 2026Q1 from a low of 35.8% in 2022Q4, reflecting the inherent operating leverage of the royalty model as the company scales its revenue-generating asset base.
The expansion in gross margins suggests that the company is successfully shifting its portfolio toward higher-quality, lower-cost royalty interests. However, the disparity between these robust gross margins and the company's persistent net losses warrants further investigation into the efficiency of corporate overhead and the impact of non-cash depletion charges.
Based on the provided income statement figures, Metalla has struggled to translate its high gross profit into consistent operating income, with SG&A expenses frequently offsetting gains, as evidenced by the volatile operating margin that swung from -52.9% in 2024Q4 to 12.2% in 2026Q1.
The inability to maintain positive operating margins suggests that the company's current corporate overhead is disproportionately high relative to its revenue scale. Investors should monitor whether management can achieve a permanent inflection point where revenue growth consistently outpaces the growth in administrative and acquisition-related expenses.
Analysis of the company's recent filings reveals that stock-based compensation remains a significant component of the cost structure, with quarterly charges reaching as high as $897,000, which complicates the assessment of true economic profitability and suggests that reported net income may be understated by non-cash equity incentives.
The reliance on equity-based compensation to manage cash outflows appears to be a strategic choice to preserve liquidity for acquisitions. However, this practice may lead to shareholder dilution, and analysts should focus on cash flow from operations rather than headline net income to gauge the company's underlying financial health.
While the company's growth narrative is compelling, the concentration of value in a limited number of assets poses a significant risk, as any technical or operational setback at a key mine operator could disproportionately impact Metalla's cash flow, potentially leading to asset impairments and margin compression.
Short-term volatility in the company's financial performance appears tied to the operational success of third-party mine operators, over which Metalla has no direct control. This dependency suggests that the company's risk profile is more binary than a diversified index, and investors should be wary of the potential for sudden, negative revisions to revenue expectations.
Quick answers to the most common questions about buying MTA stock.
For fiscal year 2025, Metalla Royalty & Streaming Ltd. (MTA) reported total revenue of $11.7M.
Metalla Royalty & Streaming Ltd. (MTA) reported a net loss of $4.2M for the fiscal year ending 2025.
Metalla Royalty & Streaming Ltd. (MTA) reported an operating income of $-0.1M, resulting in an operating profit margin of -0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Metalla Royalty & Streaming Ltd. (MTA) generated $9.5M in gross profit for the year, representing a gross profit margin of 80.9%. This demonstrates the company's core pricing power and production efficiency.