The company remains in a pre-revenue development stage, with operating losses peaking at -$11.1M in 2025Q2 and stock-based compensation reaching $5.0M in 2025Q1, indicating significant non-cash cost pressures.
Vizsla Silver Corp. (VZLA) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 174.93K | 172.44K | 249.62K | 326.3K | 270.59K | 62.14K | 11.11K | 5.09K | 945 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -174.93K | -172.44K | -249.62K | -326.3K | -270.59K | -62.14K | -11.11K | -5.09K | -945 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 30.92% | 23.5% | -20.59% | -335.43% | -459.59% | -118.04% | -438.94% | - | - |
| Operating Expenses | 45.94M | 44.53M | 24.06M | 15.94M | 13.84M | 20.65M | 10.48M | 3.93M | 503.03K | 26.83K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 45.36M | 44.53M | 24.06M | 15.94M | 13.84M | 20.65M | 10.48M | 3.93M | 503.03K | 26.83K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 578.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -46.11M | -44.71M | -24.31M | -16.27M | -14.11M | -20.72M | -10.49M | -3.94M | -503.97K | -26.83K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -83.91% | -49.42% | -15.28% | 31.87% | -97.42% | -166.32% | -681.8% | -1778.25% | - |
| EBITDA | -45.94M | -44.53M | -24.06M | -15.98M | -13.84M | -20.65M | -10.48M | -3.94M | -67.65K | 19.5K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -89.18% | -85.1% | -50.59% | -15.41% | 32.97% | -97.04% | -166.38% | -5716.83% | -446.86% | - |
| D&A (Non-Cash Add-back) | 174.93K | 172.44K | 249.33K | 291.97K | 269.19K | 62.29K | 11.1K | 5.06K | 436.32K | 46.34K |
| EBIT | -46.11M | -44.71M | -8.35M | -15.82M | -13.66M | -15.23M | -11.1M | -4.24M | -938.97K | -26.83K |
| Net Interest Income | -139.87M | 543.53K | 3.15M | 1.63M | 959.74K | 139.86K | 38.79K | 0 | 0 | 0 |
| Interest Income | 14.67M | 15.64M | 3.15M | 1.63M | 959.74K | 139.86K | 38.79K | 0 | 0 | 0 |
| Interest Expense | 154.54M | 15.1M | 0 | 0 | 0 | 0 | 0 | 0 | 870.76K | 0 |
| Other Income/Expense | -133.02M | -8.06M | 16.45M | 450.49K | 450.29K | 5.48M | -608.55K | -302.73K | -434.99K | -253 |
| Pretax Income | -179.13M | -52.77M | -7.86M | -15.82M | -13.66M | -15.23M | -11.1M | -4.24M | -938.97K | -27.09K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 7.85M | 597.33K | 0 | 0 | 0 | 0 | 0 | -4.9K | -50.02K | 17.47K |
| Effective Tax Rate % | -4.38% | -1.13% | 0% | 0% | 0% | 0% | 0% | 0.12% | 5.33% | -64.49% |
| Net Income | -186.97M | -53.37M | -7.86M | -15.82M | -13.66M | -15.23M | -11.1M | -4.24M | -888.95K | -44.56K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -2276.77% | -578.95% | 50.31% | -15.78% | 10.31% | -37.22% | -161.96% | -376.73% | -1895.13% | - |
| Net Income (Continuing) | -186.97M | -53.37M | -7.86M | -15.82M | -13.66M | -15.23M | -11.1M | -4.24M | -888.95K | -44.56K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.53 | -0.16 | -0.03 | -0.08 | -0.08 | -0.11 | -0.13 | -0.11 | -0.08 | -0.00 |
| EPS Growth % | -1801.07% | -444.22% | 60.9% | 4.69% | 28.27% | 15.38% | -18.18% | -43.04% | - | - |
| EPS (Basic) | - | -0.16 | -0.03 | -0.08 | -0.08 | -0.11 | -0.13 | -0.11 | -0.08 | -0.00 |
| Diluted Shares Outstanding | 353.13M | 338.89M | 267.33M | 212.05M | 172.2M | 138.12M | 84.87M | 39.12M | 11.57M | 10.83M |
| Basic Shares Outstanding | 353.13M | 338.89M | 267.33M | 212.05M | 172.2M | 138.12M | 84.87M | 39.12M | 11.57M | 10.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VZLA stock.
For fiscal year 2025, Vizsla Silver Corp. (VZLA) reported total revenue of $0.0M.
Vizsla Silver Corp. (VZLA) reported a net loss of $53.4M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Regulatory and Permitting Delays
Escalating Administrative and Exploration Overhead
As reported in recent financial statements, VZLA's quarterly SG&A expenses have fluctuated significantly, reaching a peak of $11.0M in 2025Q2, which highlights the intensive capital requirements inherent in the company's current pre-production phase as it aggressively pursues resource expansion across the Panuco-Copala district.
The absence of revenue means that all SG&A and exploration-related costs directly erode the company's cash position without any offsetting operational income. Investors should monitor whether the recent volatility in administrative spending reflects a permanent step-up in fixed costs or temporary surges related to specific technical drilling campaigns.
Stock-Based Compensation Distorts Net Results
Based on the provided income statement data, VZLA consistently records significant stock-based compensation, with figures reaching $5.0M in 2025Q1, which complicates the assessment of true operational cash burn and suggests that equity-linked incentives remain a primary mechanism for managing the company's human capital expenses.
The reliance on equity-based compensation effectively shifts the burden of operational costs onto shareholders through dilution rather than direct cash outlays. This practice warrants further investigation to determine if the scale of these grants aligns with the company's progress in de-risking the Panuco project or if it represents an excessive overhead burden.
Operating Leverage Remains Entirely Theoretical
According to the company's historical income statements, VZLA maintains a persistent operating loss, with quarterly operating income reaching a low of -$11.1M in 2025Q2, confirming that the firm has yet to achieve the scale necessary to leverage its fixed administrative and exploration cost base.
Because the company is currently pre-revenue, traditional operating leverage metrics are not applicable, and the focus must remain on the efficiency of capital deployment. The widening operating losses suggest that the company is prioritizing aggressive resource definition over cost containment, which may be necessary but increases the pressure for future financing.
Sustainability of Current Cash Burn
As indicated by the financial data, the company's cash-burning trajectory, characterized by recurring quarterly operating losses and high stock-based compensation, suggests that the current $132.6M cash position may be depleted faster than anticipated if exploration intensity does not yield a clear path to production.
Short-term observers may focus on the risk that the company's high-grade exploration success is insufficient to offset the mounting costs of maintaining a large, consolidated land package. Investors should remain cautious regarding the potential for further equity dilution, as the current burn rate may necessitate additional capital raises well before the project reaches a commercial production milestone.