The company remains in a pre-revenue phase, consistently reporting net losses that reached $4.9 million in 2026Q1 while relying on share-based compensation that peaked at $1.3 million in 2024Q3.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 916.59K | 1.12M | 0 | 0 | 0 | 0 | 0 | 13.3K | 5.69K | 2.07K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -916.59K | -1.12M | 0 | 0 | 0 | 0 | 0 | -13.3K | -5.69K | -2.07K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | -133.61% | -174.82% | - |
| Operating Expenses | 27.19M | 48.02M | 72.98M | 41.17M | 60.31M | 59.35M | 19.34M | 5.54M | 2.84M | 1.93M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 18.65M | 48.02M | 11.47M | 10.22M | 8.82M | 9.5M | 19.34M | 5.54M | 2.84M | 1.93M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 38K | 0 | 61.51M | 30.95M | 51.49M | 49.85M | 0 | 0 | 0 | 0 |
| Operating Income | -28.1M | -49.13M | -72.98M | -41.17M | -60.31M | -59.35M | -19.34M | -5.56M | -2.85M | -1.93M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 32.67% | -77.25% | 31.73% | -1.61% | -206.89% | -247.93% | -95.36% | -47.57% | - |
| EBITDA | -26.83M | -48.02M | -71.96M | -40.24M | -59.52M | -58.94M | -19.31M | -5.54M | -2.84M | -1.93M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -137.88% | 33.28% | -78.82% | 32.39% | -0.99% | -205.19% | -248.3% | -95.29% | -47.44% | - |
| D&A (Non-Cash Add-back) | 1.28M | 1.12M | 1.01M | 928K | 783K | 408K | 26K | 13.3K | 5.69K | 2.07K |
| EBIT | -25.43M | -49.13M | -72.01M | -40.94M | -60.31M | -59.35M | -19.34M | -2.83M | -3M | -1.92M |
| Net Interest Income | -3.59M | -4.69M | -3.91M | 444K | 366K | 398K | 87.38K | 0 | 0 | 0 |
| Interest Income | 1.06M | 1.15M | 918.67K | 590K | 366K | 398K | 92.65K | 0 | 0 | 0 |
| Interest Expense | 4.64M | 5.84M | 4.83M | 146K | 0 | 0 | 5.26K | 0 | 0 | 0 |
| Other Income/Expense | -1.8M | 6.68M | -4.11M | 88K | 1.59M | 2.49M | -6.65M | 2.72M | 782.11K | 7.25K |
| Pretax Income | -29.91M | -42.45M | -77.08M | -41.08M | -58.72M | -56.86M | -25.99M | -2.83M | -1.96M | -1.92M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 576.73K | 577.94K | 0 | 0 | 0 | 0 | 0 | 0 | -40.8K | 3 |
| Effective Tax Rate % | -1.93% | -1.36% | 0% | 0% | 0% | 0% | 0% | 0% | 2.08% | -0% |
| Net Income | -30.42M | -42.97M | -77.02M | -41.01M | -58.66M | -56.8M | -25.92M | -2.78M | -1.92M | -1.92M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 62.14% | 44.21% | -87.81% | 30.09% | -3.28% | -119.13% | -832.97% | -44.92% | 0.19% | - |
| Net Income (Continuing) | -30.48M | -43.03M | -77.08M | -41.08M | -58.72M | -56.86M | -25.99M | -2.83M | -1.96M | -1.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.85M | 7.84M | 7.91M | 7.91M | 7.91M | 7.91M | 7.91M | 7.82M | 7.88M | 7.92M |
| EPS (Diluted) | -0.18 | -0.26 | -0.47 | -0.29 | -0.50 | -0.52 | -0.35 | -0.06 | -0.03 | -0.03 |
| EPS Growth % | 63.23% | 44.68% | -62.07% | 42% | 3.85% | -48.57% | -475.66% | -136.58% | 0.39% | - |
| EPS (Basic) | - | -0.26 | -0.47 | -0.29 | -0.50 | -0.52 | -0.35 | -0.06 | -0.03 | -0.03 |
| Diluted Shares Outstanding | 166.94M | 165.13M | 157.32M | 142.12M | 113.6M | 107.59M | 77.4M | 45.72M | 74.5M | 74.5M |
| Basic Shares Outstanding | 166.94M | 165.13M | 157.32M | 142.12M | 113.6M | 107.59M | 77.4M | 45.72M | 74.5M | 74.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Ecuadorian geopolitical and regulatory instability
As indicated by the company's financial statements, Solaris Resources maintains a consistent cash burn pattern, with quarterly SG&A expenses fluctuating between $2.1 million and $23.3 million, reflecting the variable intensity of its ongoing exploration and evaluation activities at the Warintza project.
The absence of commercial revenue necessitates a reliance on external capital to fund administrative and operational overhead. Investors should monitor the volatility in SG&A, as significant spikes in these costs may indicate aggressive drilling campaigns or non-recurring administrative burdens that accelerate the depletion of cash reserves.
Based on reported figures, the company's net income is frequently impacted by non-operating items, as evidenced by the anomalous operating income spikes in 2024Q4 and 2023Q4, which mask the underlying reality of a pre-revenue entity consistently posting net losses.
These periodic swings in operating income appear to be driven by accounting adjustments rather than operational performance, complicating the assessment of true cash burn. Analysts should focus on the persistent negative net income trend, which suggests that the company remains entirely dependent on equity financing to sustain its development timeline.
According to the income statement history, the consistent reliance on share-based compensation, which reached $1.3 million in 2024Q3, highlights a structural dependency on equity-linked incentives that may lead to significant shareholder dilution as the company pursues its exploration objectives.
The persistent negative EPS, which reached a low of -$0.15 in 2024Q4, underscores the speculative nature of the business model. Without a clear path to commercial production, the ongoing issuance of equity to fund operations warrants further investigation into the long-term sustainability of the current capital structure.
As reported in financial filings, Solaris Resources remains in a pure-play exploration phase with zero commercial revenue, meaning the company's trajectory is defined by its ability to de-risk the Warintza asset rather than traditional top-line growth metrics.
The lack of revenue generation implies that the company's valuation is tied exclusively to geological success and the potential for a future M&A exit. Investors should interpret the absence of revenue as a permanent feature of the current business model, shifting the focus entirely to the efficiency of capital deployment in resource expansion.
Quick answers to the most common questions about buying SLSR stock.
For fiscal year 2025, Solaris Resources Inc. (SLSR) reported total revenue of $0.0M.
Solaris Resources Inc. (SLSR) reported a net loss of $43.0M for the fiscal year ending 2025.