Vox Royalty (VOXR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with all-time highs in net income, operating cash flow, and royalty receipts.

• Increased 2026 guidance for royalty and net precious metal receipts to $32M–$37M, up from $28M–$32M.

• Declared a quarterly dividend of $0.015 per share, payable July 14, 2026.

Financial highlights

• Net income reached $24.5M ($0.36/share) in Q1 2026, compared to a net loss of $0.4M ($0.01/share) in Q1 2025.

• Record royalty and net precious metal receipts of $16.0M (Q1 2025: $2.7M); $13.8M from net precious metal income and $2.2M from royalty revenue.

• Gross profit was $11.6M (Q1 2025: $1.9M); income from operations was $7.1M (Q1 2025: $0.1M).

• Operating cash flows reached $15.2M (Q1 2025: $1.0M).

• Adjusted EBITDA was $12.7M ($0.18/share), up from $1.0M ($0.02/share) in Q1 2025.

Outlook and guidance

• 2026 receipts guidance raised to $32M–$37M, with a higher proportion expected in H1 2026 due to front-loaded gold deliveries.

• Anticipates total gold deliveries of 230,000 ounces in 2026, with 77,293 ounces delivered in Q1.

• Key growth assets include the Global Gold Portfolio, Kanmantoo copper royalty, Binduli North gold mine expansion, and potential first revenues from several new royalties.