Revenue growth has accelerated to $16.0M in 2026Q1, though structural volatility persists with gross margins fluctuating between 55.3% and 98.0% over the last six quarters.
Vox Royalty Corp. (VOXR) annual income statement — 8-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 |
|---|
| Sales/Revenue | 33.37M | 16.62M | 11.05M | 12.31M | 8.51M | 3.65M | 126.23K | 0 | 0 |
| Revenue Growth % | 209.77% | 50.46% | -10.26% | 44.69% | 132.99% | 2792.98% | - | - | - |
| Cost of Goods Sold | 9.67M | 6.54M | 163.19K | 2.33M | 2.03M | 1.16M | 20.84K | 0 | 0 |
| COGS % of Revenue | - | 39.34% | 1.48% | 18.94% | 23.83% | 31.66% | 16.51% | - | - |
| Gross Profit | 23.7M | 10.08M | 10.88M | 9.98M | 8.2M | 2.5M | 105.39K | 0 | 0 |
| Gross Margin % | 71.03% | 60.66% | 98.52% | 81.06% | 96.37% | 68.34% | 83.49% | - | - |
| Gross Profit Growth % | - | -7.36% | 9.08% | 21.7% | 228.55% | 2267.93% | - | - | - |
| Operating Expenses | 6.56M | 7.74M | 9.79M | 8.25M | 7.75M | 5.81M | 7.5M | 1.19M | 104.18K |
| OpEx % of Revenue | - | 46.55% | 88.62% | 67.01% | 91.09% | 159.02% | 5938.49% | - | - |
| Selling, General & Admin | 10.29M | 6.68M | 6.66M | 6.45M | 5.72M | 5.81M | 6.41M | 1.19M | 104.18K |
| SG&A % of Revenue | - | 40.2% | 60.26% | 52.37% | 67.26% | 159.02% | 5081.5% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 573.62K | 1.05M | 3.13M | 1.8M | 2.03M | 0 | 1.08M | 0 | 0 |
| Operating Income | 17.14M | 2.35M | 1.09M | 1.73M | 449.34K | -3.31M | -7.39M | -1.19M | -109.78K |
| Operating Margin % | 51.38% | 14.11% | 9.9% | 14.04% | 5.28% | -90.68% | -5855% | - | - |
| Operating Income Growth % | - | 114.41% | -36.72% | 284.78% | 113.57% | 55.2% | -521.02% | -984.05% | - |
| EBITDA | 28.59M | 9.07M | 4.41M | 4.29M | 2.48M | -2.17M | -7.26M | 0 | 956.32K |
| EBITDA Margin % | 85.69% | 54.57% | 39.92% | 34.85% | 29.11% | -59.3% | -5747.62% | - | - |
| EBITDA Growth % | 593.95% | 105.64% | 2.8% | 73.22% | 214.39% | 70.15% | - | -100% | - |
| D&A (Non-Cash Add-back) | 11.45M | 6.72M | 3.32M | 2.56M | 2.03M | 1.15M | 135.55K | 1.19M | 1.07M |
| EBIT | 43.44M | 7.61M | 1.09M | 3.07M | 449.34K | -3.31M | -6.42M | -1.09M | -109.78K |
| Net Interest Income | -435.69K | -158K | 167.55K | 398.95K | 82.97K | 12.58K | -43.05K | 46.75K | -210.27K |
| Interest Income | 197.06K | 361K | 482.85K | 398.95K | 82.97K | 12.58K | 39.11K | 151.18K | 210.27K |
| Interest Expense | 632.75K | 519K | 315.3K | 0 | 0 | 0 | 82.16K | 104.43K | 0 |
| Other Income/Expense | 33.03M | 4.74M | -118.12K | 684K | 1.35M | 1.36M | -2.84M | -51.21K | -15.42K |
| Pretax Income | 50.17M | 7.09M | 976.03K | 2.41M | 1.8M | -1.95M | -10.23M | -1.24M | -125.2K |
| Pretax Margin % | 150.36% | 42.63% | 8.83% | 19.6% | 21.11% | -53.4% | -8105.56% | - | - |
| Income Tax | 2.01M | 1.2M | 2.63M | 2.51M | 1.47M | 2.18M | 0 | 0 | 0 |
| Effective Tax Rate % | 4.01% | 16.93% | 268.96% | 104.19% | 81.73% | -111.89% | 0% | 0% | 0% |
| Net Income | 48.16M | 5.89M | -1.65M | -101.11K | 328.18K | -4.13M | -10.23M | -1.24M | -125.2K |
| Net Margin % | 144.32% | 35.41% | -14.93% | -0.82% | 3.86% | -113.15% | -8105.56% | - | - |
| Net Income Growth % | 2744.24% | 456.93% | -1530.95% | -130.81% | 107.94% | 59.61% | -724.26% | -891.44% | - |
| Net Income (Continuing) | 48.16M | 5.89M | -1.65M | -101.11K | 328.18K | -4.13M | -10.23M | -1.24M | -125.2K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.68 | 0.10 | -0.03 | -0.00 | 0.01 | -0.11 | -0.35 | -0.71 | -0.75 |
| EPS Growth % | 2019.94% | 404.88% | - | - | 107% | 68.57% | 50.7% | 5.33% | - |
| EPS (Basic) | - | 0.10 | -0.03 | -0.00 | 0.01 | -0.11 | -0.35 | -0.71 | -0.75 |
| Diluted Shares Outstanding | 71.33M | 57.32M | 50.32M | 47.13M | 42.6M | 37.87M | 29.36M | 1.79M | 158.21K |
| Basic Shares Outstanding | 71M | 55.39M | 50.32M | 47.13M | 42.56M | 37.87M | 29.36M | 1.79M | 158.21K |
| Dividend Payout Ratio | - | 45.99% | - | - | 135.88% | - | - | - | - |
Quick answers to the most common questions about buying VOXR stock.
For fiscal year 2025, Vox Royalty Corp. (VOXR) reported total revenue of $16.6M.
Vox Royalty Corp. (VOXR) is profitable, generating $5.9M in net income for the fiscal year ending 2025 with a net profit margin of 35.4%.
Vox Royalty Corp. (VOXR) reported an operating income of $2.3M, resulting in an operating profit margin of 14.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Vox Royalty Corp. (VOXR) generated $10.1M in gross profit for the year, representing a gross profit margin of 60.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration and liquidity
Revenue Scaling Through Asset Conversion
As evidenced by the recent quarterly data, Vox Royalty's revenue trajectory has shifted dramatically, culminating in a $16.0M top-line figure for 2026Q1, which represents a significant acceleration compared to the stagnant growth patterns observed throughout the 2024 fiscal year and early 2025 reporting periods.
The sharp revenue jump suggests that the company's development-stage assets are successfully transitioning into production, providing a non-linear boost to the top line. Investors should monitor whether this growth is sustainable or if it reflects a temporary cluster of mine start-ups that may not repeat in subsequent quarters.
Structural Margin Volatility Remains Prevalent
According to the provided income statement data, Vox Royalty's gross margins have exhibited notable volatility, fluctuating from a high of 98.0% in 2024Q4 down to 55.3% in 2025Q4, indicating that the company's cost structure is highly sensitive to the specific mix of royalty assets currently producing.
This margin instability suggests that the company lacks the consistent pricing power or cost predictability of larger, more diversified royalty peers. The reliance on third-party production schedules means that margin expansion is likely tied to the specific grade and cost profiles of the underlying mines rather than internal operational efficiencies.
Operating Leverage Awaiting Further Scale
Based on the reported financial figures, Vox Royalty's operating margin reached 44.4% in 2026Q1, yet historical data shows frequent periods of negative operating income, suggesting that the company has not yet achieved the consistent scale required to fully leverage its fixed corporate administrative and personnel overhead.
While the most recent quarter shows improved operating efficiency, the historical trend indicates that SG&A costs remain a significant burden relative to gross profit. Future profitability appears contingent on the company's ability to grow revenue without a commensurate increase in the headcount required to manage its 56-asset portfolio.
Net Income Distorted by Non-Operating Items
As reported in the financial statements, Vox Royalty's net income of $24.5M in 2026Q1 appears significantly decoupled from its operating performance, indicating that non-operating items or tax adjustments are likely driving the bottom-line results rather than core royalty income generated from the company's mining interests.
Analysts should exercise caution when interpreting these net income figures, as they may be heavily influenced by non-cash accounting adjustments or one-time gains. Prioritizing operating income and cash flow metrics is essential to understanding the true underlying earnings power of the business model.
Liquidity Constraints Limit Strategic Flexibility
With a cash balance of only $8.08M as noted in recent disclosures, Vox Royalty faces potential constraints on its ability to execute future acquisitions, which may force the company to rely on dilutive equity financing to maintain its current growth momentum in a competitive royalty market.
The lack of significant cash reserves suggests that the company's growth strategy is vulnerable to capital market conditions. If the company cannot secure non-dilutive funding, the pace of asset acquisition may slow, potentially undermining the market's current growth expectations for the royalty portfolio.