Revenue growth accelerated significantly to 176.9% in 2025Q3, supporting an expansion in operating margins to 52.8% by 2026Q1.
Orla Mining Ltd. (ORLA) annual income statement — 19-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 |
|---|
| Sales/Revenue | 1.3B | 1.08B | 343.92M | 233.64M | 193.23M | 4.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 210.64% | 212.73% | 47.2% | 20.91% | 4585.5% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 603.6M | 551.59M | 126.28M | 92.12M | 65.37M | 1.39M | 111.6K | 79.43K | 152.51K | 6.79K | 1.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 51.29% | 36.72% | 39.43% | 33.83% | 33.73% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 692.74M | 523.93M | 217.64M | 141.53M | 127.86M | 2.73M | -111.6K | -79.43K | -152.51K | -6.79K | -1.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 53.44% | 48.71% | 63.28% | 60.57% | 66.17% | 66.27% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 140.73% | 53.78% | 10.69% | 4578.41% | 2548.95% | -40.5% | 47.92% | -2146.49% | -439.67% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 76.48M | 56.49M | 57.22M | 52.29M | 33.08M | 25.02M | 24.38M | 21.23M | 29.69M | 7.08M | 1.68M | 247.18K | 95.28K | 221.57K | 174.8K | 236.91K | 286.29K | 217.31K | 81.84K | 107.54K |
| OpEx % of Revenue | - | 5.25% | 16.64% | 22.38% | 17.12% | 606.72% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 52.09M | 55.56M | 21.71M | 16.63M | 13.36M | 9.54M | 24.38M | 21.23M | 29.69M | 7.08M | 1.86M | 247.06K | 65.83K | 182.93K | 174.8K | 236.91K | 282.79K | 216.16K | 81.78K | 107.54K |
| SG&A % of Revenue | - | 5.17% | 6.31% | 7.12% | 6.91% | 231.23% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 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 | 2.25M | 926.62K | 35.51M | 35.66M | 19.72M | 15.48M | 0 | 0 | 0 | 0 | -186.54K | 125 | 29.45K | 38.64K | 0 | 0 | 3.49K | 1.14K | 61 | 0 |
| Operating Income | 616.26M | 467.44M | 160.42M | 89.24M | 94.78M | -22.29M | -24.49M | -21.31M | -29.69M | -17.75M | -1.82M | 0 | -68.95K | -125.61K | 0 | 0 | 0 | 0 | 0 | -108K |
| Operating Margin % | 47.54% | 43.46% | 46.64% | 38.19% | 49.05% | -540.45% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 191.38% | 79.76% | -5.84% | 525.24% | 8.99% | -14.91% | 28.23% | -67.32% | -873.16% | - | 100% | 45.11% | - | - | - | - | - | 100% | - |
| EBITDA | 795.52M | 619.23M | 201.51M | 118.39M | 110.01M | -22.13M | -24.38M | -21.23M | -29.58M | -17.3M | -1.82M | -247.19K | -4.2K | -227.74K | -174.8K | -236.92K | -282.76K | -217.31K | -81.84K | -108K |
| EBITDA Margin % | 61.37% | 57.57% | 58.59% | 50.67% | 56.93% | -536.71% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 259.47% | 207.29% | 70.21% | 7.62% | 597% | 9.21% | -14.81% | 28.22% | -71.02% | -849.14% | -637.26% | -5792.37% | 98.16% | -30.29% | 26.22% | 16.21% | -30.12% | -165.52% | 24.22% | - |
| D&A (Non-Cash Add-back) | 179.26M | 151.79M | 41.09M | 29.15M | 15.23M | 154K | 111.6K | 79.43K | 112.33K | 450K | 1.25K | 0 | 0 | 0 | 0 | 0 | 3.5K | 0 | 0 | 0 |
| EBIT | 494.63M | 293.33M | 182.65M | 18.89M | 86.78M | -24.86M | -26.14M | -22.5M | -30.03M | -18.2M | -2.88M | -247.19K | -4.2K | -227.74K | -174.8K | -236.92K | -286.29K | -217.31K | -81.84K | 0 |
| Net Interest Income | -35.63M | -19.47M | 4.46M | -5.91M | -6.21M | -1.07M | -3.9M | -1.19M | 0 | 137.49K | 48.88K | 0 | -1.24K | 0 | 4 | 17 | 1.12K | 2.51K | 0 | 0 |
| Interest Income | 10.31M | 8.46M | 10.85M | 5.39M | 2.17M | 341K | 267K | 108.71K | 324.51K | 148.87K | 49.51K | 0 | 1.37K | 0 | 4 | 17 | 1.12K | 5.85K | 0 | 0 |
| Interest Expense | 45.95M | 27.93M | 6.39M | 11.3M | 8.38M | 1.41M | 4.16M | 1.29M | 324.51K | 11.38K | 639 | 0 | 0 | 0 | 0 | 0 | 0 | 2.62K | 0 | 0 |
| Other Income/Expense | -167.57M | -202.04M | 15.84M | -81.64M | -16.38M | -3.99M | -4.67M | -1.36M | -219K | -953K | -1.07M | -278.33K | -15.81K | -706.78K | -150.07K | -233.97K | 0 | 0 | 0 | 107.53K |
| Pretax Income | 448.69M | 265.4M | 176.26M | 7.59M | 78.4M | -26.28M | -29.16M | -22.67M | -29.91M | -18.7M | -2.89M | -278.33K | -84.77K | -832.39K | -150.07K | -233.97K | 0 | 0 | 0 | 0 |
| Pretax Margin % | 34.61% | 24.68% | 51.25% | 3.25% | 40.57% | -637.2% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 196.45M | 156.72M | 87.28M | 34.6M | 32.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -594 | -117K | 0 | 0 | 0 | 107.4K |
| Effective Tax Rate % | 43.78% | 59.05% | 49.52% | 455.68% | 41.62% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.4% | 50.01% | - | - | - | - |
| Net Income | 252.24M | 108.68M | 88.98M | -27.01M | 45.77M | -26.28M | -29.16M | -22.67M | -21.96M | -7.89M | -2.89M | -278.33K | -84.77K | -832.39K | -150.69K | -116.96K | -285.14K | -214.14K | -65.39K | -107K |
| Net Margin % | 19.46% | 10.1% | 25.87% | -11.56% | 23.69% | -637.2% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 15058.65% | 22.14% | 429.44% | -159.01% | 274.18% | 9.87% | -28.62% | -3.22% | -178.25% | -173.25% | -937.83% | -228.35% | 89.82% | -452.4% | -28.83% | 58.98% | -33.16% | -227.47% | 38.89% | - |
| Net Income (Continuing) | 252.24M | 108.68M | 88.98M | -27.01M | 45.77M | -26.28M | -29.16M | -22.67M | -29.91M | -18.7M | -2.89M | -278.33K | -84.77K | -832.39K | -150.69K | -116.96K | -285.14K | -214.14K | -65.39K | -107K |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.63 | 0.31 | 0.27 | -0.09 | 0.16 | -0.11 | -0.15 | -0.13 | -0.12 | -0.06 | -0.08 | -0.01 | -0.02 | -0.18 | -0.04 | -0.05 | -0.15 | -0.16 | -0.05 | -0.17 |
| EPS Growth % | 5730.25% | 14.81% | 400% | -156.25% | 245.45% | 26.67% | -15.38% | -8.33% | -92% | 17.11% | -528.33% | 29.41% | 90.56% | -323.53% | 16.67% | 66% | 6.25% | -218.09% | 70.41% | - |
| EPS (Basic) | - | 0.33 | 0.28 | -0.09 | 0.17 | -0.11 | -0.15 | -0.13 | -0.12 | -0.06 | -0.08 | -0.01 | -0.02 | -0.19 | -0.04 | -0.05 | -0.15 | -0.16 | -0.05 | -0.17 |
| Diluted Shares Outstanding | 399.5M | 351.9M | 333.9M | 311.48M | 292.8M | 241.38M | 217.1M | 182.6M | 176.7M | 126.3M | 56.73M | 17.44M | 6.48M | 4.45M | 4.39M | 2.98M | 1.95M | 1.24M | 1.24M | 648.37K |
| Basic Shares Outstanding | 344.2M | 328.9M | 318.7M | 311.5M | 286.06M | 241.4M | 217.1M | 182.6M | 176.7M | 126.3M | 56.73M | 17.33M | 6.48M | 4.45M | 4.39M | 2.98M | 1.95M | 1.24M | 1.24M | 648.37K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ORLA stock.
For fiscal year 2025, Orla Mining Ltd. (ORLA) reported total revenue of $1.08B.
Orla Mining Ltd. (ORLA) is profitable, generating $108.7M in net income for the fiscal year ending 2025 with a net profit margin of 10.1%.
Orla Mining Ltd. (ORLA) reported an operating income of $467.4M, resulting in an operating profit margin of 43.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Orla Mining Ltd. (ORLA) generated $523.9M in gross profit for the year, representing a gross profit margin of 48.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Jurisdictional and Regulatory Exposure
Rapid Revenue Scaling Post-Development
According to the provided quarterly income statements, Orla Mining achieved a significant revenue acceleration, with growth peaking at 176.9% in 2025Q3, reflecting a successful transition from a development-stage entity to a high-volume producer as the Camino Rojo mine reached steady-state operational capacity.
The sharp revenue trajectory suggests that the company has successfully navigated the initial production ramp-up phase. Investors should monitor whether this growth rate is sustainable or if it reflects a temporary surge in throughput that may normalize as the mine matures.
Structural Margin Expansion Through Efficiency
As reported in financial statements, Orla's operating margins have demonstrated significant resilience, climbing to 52.8% in 2026Q1, which indicates that the company is effectively leveraging its low-cost oxide heap leach processing to maintain profitability despite broader inflationary pressures on mining consumables.
The ability to maintain gross margins consistently above 50% in recent quarters suggests a strong competitive advantage in processing simplicity. However, any future transition to more complex sulfide ores could compress these margins, warranting caution regarding long-term cost stability.
Operating Leverage Scaling With Production
Based on Orla's reported figures, operating income has scaled aggressively alongside revenue, reaching $197.4M in 2026Q1, which demonstrates that the company is successfully containing its fixed overhead costs while expanding its top-line production volume at the Camino Rojo asset.
The divergence between revenue growth and SG&A expenses suggests that management has maintained disciplined cost control during this period of rapid expansion. This operating leverage is a positive indicator of the company's ability to convert incremental production into meaningful bottom-line results.
Regulatory Risks Clouding Future Outlook
While current income statement performance appears robust, recent regulatory developments in Panama, specifically the denial of environmental permit extensions, present a material risk that could lead to significant impairment charges and threaten the company's long-term growth narrative beyond the Camino Rojo mine.
The market may be underestimating the potential for these jurisdictional challenges to impact future cash flows and capital allocation strategies. Investors should remain wary of the company's reliance on a single primary asset, as regulatory shifts in Mexico or Panama could rapidly alter the current profitability profile.