The company exhibits a complete lack of operational scaling, reporting zero revenue and a net loss of $494,000 in 2026Q1 while maintaining high fixed administrative costs.
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 502K | 0 | 0 | 0 | 200K | 300K | 300K | 242K | 200K | 200K | 200K | 100K | 0 | 0 | 0 | 0 | 137.26K | 236.21K | 100.01K | 100.23K | 64.6K | 69.95K | 72.97K |
| Revenue Growth % | - | - | - | - | - | - | - | -100% | - | - | - | -100% | -33.33% | 0% | 23.97% | 21% | 0% | 0% | 100% | - | - | - | - | -100% | -41.89% | 136.18% | -0.21% | 55.14% | -7.65% | -4.13% | - |
| Cost of Goods Sold | 43K | 60K | 69K | 66K | 2.31M | 1.23M | 438K | 0 | 1.28M | 712K | 633K | 100K | 292K | 823K | 2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | 254.78% | - | - | - | 146% | 274.33% | 682.33% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -43K | -60K | -69K | -66K | -2.31M | -1.23M | -438K | 0 | -777K | -712K | -633K | -100K | -92K | -523K | -1.75M | 242K | 200K | 200K | 200K | 100K | 0 | 0 | 0 | 0 | 137.26K | 236.21K | 100.01K | 100.23K | 64.6K | 69.95K | 72.97K |
| Gross Margin % | - | - | - | - | - | - | - | - | -154.78% | - | - | - | -46% | -174.33% | -582.33% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 13.04% | -4.55% | 97.15% | -88.73% | -179.68% | - | 100% | -9.13% | -12.48% | -533% | -8.7% | 82.41% | 70.06% | -821.9% | 21% | 0% | 0% | 100% | - | - | - | - | -100% | -41.89% | 136.18% | -0.21% | 55.14% | -7.65% | -4.13% | - |
| Operating Expenses | 4.21M | 4.37M | 5.99M | 4.05M | 1.36M | 952K | 1.04M | 3.17M | 1.95M | 1.2M | 2.16M | 1.97M | 2.18M | 2.24M | 2.68M | 8.85M | 8.38M | 5.75M | 4.69M | 6.16M | 5.23M | 3.1M | 2.23M | 1.66M | 1.77M | 2.61M | 1.99M | 1.11M | 193.81K | 629.59K | 437.8K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | 389.24% | - | - | - | 1088% | 748% | 893.33% | 3656.61% | 4190% | 2874.5% | 2343.5% | 6163% | - | - | - | - | 1287.96% | 1106.65% | 1986.01% | 1106.9% | 300% | 899.99% | 600% |
| Selling, General & Admin | 1.45M | 1.57M | 5.99M | 4.05M | 1.36M | 952K | 1.04M | 3.17M | 1.95M | 1.2M | 2.16M | 1.97M | 2.18M | 2.24M | 2.68M | 2.86M | 4.28M | 2.08M | -936 | 2.97M | 2.24M | 999.23K | 1.02M | 755.32K | 821K | 1.1M | 786.11K | 407.82K | 193.81K | 629.59K | 364.83K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 389.24% | - | - | - | 1088% | 748% | 893.33% | 1180.58% | 2140% | 1039.5% | -0.47% | 2966% | - | - | - | - | 598.15% | 466.22% | 786% | 406.9% | 300% | 899.99% | 500% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 2.13M | 2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.99M | 4.1M | 3.67M | 4.69M | 3.2M | 2.99M | 2.1M | 1.21M | 0 | 946.81K | 1.51M | 1.2M | 701.6K | 0 | 0 | 72.97K |
| Operating Income | -4.26M | -4.43M | -6.05M | -4.12M | -3.67M | -2.18M | -1.48M | -3.17M | -2.73M | -1.91M | -2.8M | -2.06M | -2.27M | -2.77M | -4.43M | -8.61M | -8.18M | -5.55M | -4.49M | -6.06M | -5.23M | -3.13M | -2.29M | -1.69M | -1.63M | -2.38M | 3.92M | -1.07M | -516.83K | -5.46M | -875.59K |
| Operating Margin % | - | - | - | - | - | - | - | - | -544.02% | - | - | - | -1134% | -922.33% | -1475.67% | -3556.61% | -4090% | -2774.5% | -2243.5% | -6063% | - | - | - | - | -1187.96% | -1006.65% | 3924.01% | -1069.66% | -800% | -7799.95% | -1200% |
| Operating Income Growth % | - | 26.78% | -47.12% | -12.06% | -68.67% | -46.9% | 53.32% | -16.26% | -42.69% | 31.55% | -35.4% | 8.95% | 18.03% | 37.5% | 48.57% | -5.22% | -47.41% | -23.67% | 25.99% | -15.86% | -67.18% | -36.67% | -35.77% | -3.45% | 31.43% | -160.59% | 466.06% | -107.44% | 90.53% | -523.17% | - |
| EBITDA | -4.21M | -4.37M | -5.99M | -4.05M | -3.6M | -2.11M | -1.42M | -3.15M | -2.71M | -1.9M | -2.79M | -2.05M | -2.25M | -2.74M | -4.37M | -8.56M | -8.11M | -5.46M | -4.39M | -5.98M | -5.18M | -3.1M | -2.17M | -1.2M | -1.59M | -2.33M | 3.94M | -1.04M | 258.42K | 4.34M | -802.63K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | -539.04% | - | - | - | -1127.5% | -913.67% | -1455.33% | -3537.6% | -4056.5% | -2729% | -2194.5% | -5978% | - | - | - | - | -1158.8% | -985.9% | 3942.01% | -1034.48% | 400% | 6199.96% | -1100% |
| EBITDA Growth % | 28.57% | 26.93% | -47.81% | -12.38% | -70.76% | -48.7% | 54.95% | -16.41% | -42.35% | 31.89% | -35.88% | 8.91% | 17.73% | 37.22% | 49% | -5.52% | -48.64% | -24.36% | 26.58% | -15.32% | -67.18% | -42.83% | -81.13% | 24.64% | 31.7% | -159.07% | 480.24% | -501.23% | -94.04% | 640.37% | - |
| D&A (Non-Cash Add-back) | 53K | 60K | 69K | 66K | 69K | 67K | 63K | 25K | 25K | 13K | 5K | 11K | 13K | 26K | 61K | 46K | 67K | 91K | 98K | 85K | 49K | 29.24K | 119.18K | 488.28K | 40.03K | 49K | 18K | 35.25K | 775.24K | 9.79M | 72.97K |
| EBIT | -3.97M | -4.43M | -5.37M | -3.75M | -3.93M | -2.37M | -939K | -3.2M | -2.73M | -1.91M | -2.06M | -2.06M | -2.27M | -2.77M | -4.43M | -8.61M | -6.48M | -5.55M | -3.55M | -6.06M | -3.13M | -1.82M | -3.86M | 0 | -2.28M | -2.38M | -1.89M | -1.01M | -129.21K | -559.64K | -364.83K |
| Net Interest Income | 275K | 256K | 372K | 191K | -532K | 123K | 127K | 252K | 192K | 0 | 44K | 12K | 1K | 57K | -318K | -163K | 63K | 106K | 157K | 76K | 0 | 0 | 0 | 0 | 137.26K | 236.21K | 360.05K | 0 | 193.81K | 0 | 0 |
| Interest Income | 275K | 256K | 372K | 191K | 131K | 123K | 127K | 252K | 192K | 0 | 44K | 12K | 1K | 57K | 0 | 0 | 82K | 106K | 157K | 76K | 26K | 52.45K | 193.35K | 271.7K | 137.26K | 236.21K | 360.05K | 0 | 193.81K | 0 | 72.97K |
| Interest Expense | 0 | 0 | 0 | 0 | 663K | 0 | 0 | 0 | 0 | 123K | 0 | 0 | 0 | 0 | 318K | 163K | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72.97K |
| Other Income/Expense | 442K | 600K | 686K | 361K | -256K | -190K | 543K | -114K | -867K | 972K | -353K | -826K | 425K | 586K | 181K | 1M | 1.68M | 4.34M | 5.77M | 2.46M | 2.1M | 1.31M | -1.57M | 5.71M | -448.62K | -1.28M | -3.92M | 1.07M | -387.62K | 209.86K | 875.59K |
| Pretax Income | -3.82M | -3.83M | -5.37M | -3.75M | -3.93M | -2.37M | -939K | -3.29M | -3.6M | -942K | -2.06M | -2.88M | -1.84M | -2.18M | -4.25M | -7.6M | -6.5M | -1.21M | 1.28M | -3.63M | -3.13M | -1.82M | -3.86M | 4.02M | -1.67M | -3.66M | 9.74M | -1.12M | -904.45K | -5.25M | -1.39M |
| Pretax Margin % | - | - | - | - | - | - | - | - | -716.73% | - | - | - | -921.5% | -727% | -1415.33% | -3141.74% | -3249.5% | -604.5% | 642% | -3625% | - | - | - | - | -1216.2% | -1548.14% | 9734.03% | -1113.79% | -1399.99% | -7499.95% | -1900% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -353K | 560K | -10K | -176K | -648K | -635K | -1.16M | 996K | 2.13M | 303K | 54K | 257.12K | -935.08K | 669.15K | 39.4K | 0 | -6.17M | 4.99M | -516.83K | -69.95K | -510.76K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 17.11% | -19.44% | 0.54% | 8.07% | 15.26% | 8.35% | 17.83% | -82.38% | 165.73% | -8.36% | -1.73% | -14.1% | 24.22% | 16.63% | -2.36% | 0% | -63.39% | -447.31% | 57.14% | 1.33% | 36.84% |
| Net Income | -3.82M | -3.83M | -5.37M | -3.75M | -3.93M | -2.37M | -939K | -3.29M | -3.6M | -942K | -1.71M | 8.87M | -1.83M | -2.05M | -3.3M | -3.38M | -4.07M | -1.79M | -617K | -3.91M | -3.18M | -2.08M | -2.93M | 3.35M | -1.67M | -3.66M | 4.29M | -6M | -387.62K | -5.18M | -875.59K |
| Net Margin % | - | - | - | - | - | - | - | - | -716.73% | - | - | - | -916.5% | -684% | -1099% | -1395.45% | -2033% | -893% | -308.5% | -3911% | - | - | - | - | -1216.67% | -1548.14% | 4284.68% | -5988.97% | -600% | -7399.95% | -1200% |
| Net Income Growth % | 25.89% | 28.6% | -42.99% | 4.43% | -65.95% | -152.08% | 71.45% | 8.59% | -281.95% | 44.91% | -119.27% | 584.02% | 10.67% | 37.76% | 2.37% | 16.95% | -127.66% | -189.47% | 84.22% | -22.87% | -53.08% | 28.92% | -187.21% | 300.86% | 54.33% | -185.34% | 171.39% | -1448.58% | 92.51% | -491.21% | - |
| Net Income (Continuing) | -3.82M | -3.83M | -5.37M | -3.75M | -3.93M | -2.37M | -939K | -3.29M | -3.6M | -942K | -1.71M | -3.44M | -1.84M | -2M | -3.6M | -6.97M | -5.34M | -2.21M | -844K | -3.91M | -3.18M | -2.08M | -2.92M | 3.35M | -2.08M | -3.66M | 4.29M | -908.97K | -387.62K | -5.18M | -875.59K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.31M | 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 | -441K | -105K | 529K | -1.98M | 1.89M | 414K | 833K | 388K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.04 | -0.04 | -0.07 | -0.05 | -0.06 | -0.04 | -0.02 | -0.07 | -0.06 | -0.02 | -0.04 | 0.23 | -0.05 | -0.06 | -0.10 | -0.10 | -0.14 | -0.06 | -0.02 | -0.13 | -0.11 | -0.08 | -0.11 | 0.14 | -0.07 | -0.17 | 0.23 | -0.36 | -0.02 | -0.33 | -0.07 |
| EPS Growth % | 32.12% | 33.33% | -21.43% | 10.64% | -51.61% | -148.77% | 75.12% | -5.51% | -214.8% | 55.45% | -119.13% | 589.36% | 18.12% | 40.21% | 4% | 28.57% | -133.33% | -188.46% | 84% | -18.18% | -44.55% | 30.82% | -178.57% | 296.35% | 58.06% | -173.91% | 163.89% | -1755.67% | 94.12% | -352.05% | - |
| EPS (Basic) | - | -0.04 | -0.07 | -0.05 | -0.06 | -0.04 | -0.02 | -0.07 | -0.06 | -0.02 | -0.04 | 0.23 | -0.05 | -0.06 | -0.10 | -0.10 | -0.14 | -0.06 | -0.02 | -0.13 | -0.11 | -0.08 | -0.12 | 0.14 | -0.07 | -0.17 | 0.24 | -0.36 | -0.02 | -0.33 | -0.07 |
| Diluted Shares Outstanding | 91.66M | 86.77M | 81M | 68.74M | 64.26M | 58.71M | 58.12M | 58.14M | 58.36M | 47.99M | 38.91M | 39.29M | 38.97M | 35.74M | 34.35M | 32.81M | 29.75M | 29.75M | 29.69M | 29.47M | 28.42M | 27.31M | 25.65M | 23.64M | 23.41M | 21.27M | 18.9M | 16.7M | 20M | 15.74M | 12M |
| Basic Shares Outstanding | 91.66M | 86.77M | 81M | 68.74M | 64.26M | 58.71M | 58.12M | 58.14M | 58.36M | 47.99M | 38.91M | 39.29M | 38.97M | 35.74M | 34.35M | 32.81M | 29.75M | 29.75M | 29.69M | 29.47M | 28.42M | 27.31M | 25.19M | 23.64M | 23.41M | 21.27M | 17.85M | 16.7M | 20M | 15.74M | 12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent Liquidity Depletion
As indicated by the most recent quarterly filings, Solitario Zinc Corp. continues to incur significant SG&A expenses, reaching $376,000 in 2026Q1, despite generating zero revenue and maintaining a precarious cash position of only $82,000, which suggests an urgent requirement for external capital to sustain operations.
The company's cost structure is dominated by administrative overhead rather than direct project advancement, reflecting the high fixed costs of maintaining public listing status and property claims. Investors should monitor whether the current burn rate necessitates immediate dilutive financing, as the lack of revenue leaves no buffer for these recurring expenses.
Based on the provided financial data, the company consistently reports net losses, with 2026Q1 net income at -$494,000, while stock-based compensation remains a recurring line item, further complicating the quality of earnings for shareholders who face persistent equity dilution to fund ongoing exploration and administrative activities.
The reliance on stock-based compensation to manage cash outflows suggests that management is attempting to preserve liquidity, yet this practice effectively shifts the cost of operations onto existing shareholders. The absence of operational revenue means that net income figures are essentially a measure of the company's quarterly cash burn, warranting caution regarding long-term value creation.
According to historical income statements, Solitario Zinc Corp. exhibits no operating leverage, as the company has failed to generate any revenue over the last ten quarters, leaving its operating income entirely dependent on the containment of G&A expenses rather than the scaling of core business activities.
Without a revenue-generating asset, the company cannot demonstrate operating leverage, rendering traditional margin analysis inapplicable. The firm's financial health is currently tied to the success of its joint venture partners, whose capital allocation decisions remain the primary determinant of whether these assets will ever reach a production phase.
As reported in financial statements, the company's reliance on external capital markets to fund its $376,000 quarterly SG&A spend, combined with a critically low cash balance, suggests that the current business model may be unsustainable without a major asset divestiture or a significant, highly dilutive equity raise.
Short-sellers would likely focus on the widening gap between the company's administrative costs and its lack of tangible progress toward production. The reliance on 'carried' interest structures, while capital-efficient, leaves the company with little control over the development timeline, potentially trapping shareholders in a cycle of perpetual dilution.
Quick answers to the most common questions about buying XPL stock.
For fiscal year 2025, Solitario Zinc Corp. (XPL) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 1996.
Solitario Zinc Corp. (XPL) reported a net loss of $3.8M for the fiscal year ending 2025.