Metalla Royalty & Streaming Ltd. reported third‑quarter 2025 financials that marked a historic turnaround: revenue rose to $4.0 million, net income turned positive at $629 thousand, and adjusted EBITDA climbed to $2.902 million. The quarter was the company’s first to post a profit and the highest revenue, cash‑flow, and EBITDA figures in its history, underscoring a significant shift in its operating performance.
Revenue growth was driven by a combination of higher royalty collections and ongoing production at several key assets. The Tocantinzinho, Wharf, Aranzazu, Endeavor, La Guitarra, La Encantada, and Côté‑Gosselin properties all contributed to the top‑line increase, with La Guitarra’s expansion plans and La Encantada’s rehabilitation projects adding new cash‑flow streams. These operational gains offset any headwinds from broader market volatility and demonstrate the company’s ability to generate incremental revenue from its portfolio.
The company’s earnings per share of $0.01 matched the consensus estimate of $0.01, meaning the quarter met expectations rather than beating them. The alignment was largely due to disciplined cost management and the higher mix of royalty income, which helped offset the modest increase in operating expenses. The positive net income, a first for the company, reflects the cumulative effect of revenue growth and efficient expense control.
On October 31, 2025, Metalla completed the purchase of an additional 0.15 % interest in the Côté‑Gosselin NSR royalty for $3.4 million, raising its total royalty stake on the asset to 1.5 %. The acquisition strengthens the company’s position in one of Canada’s largest gold‑producing complexes and is expected to enhance long‑term cash‑flow generation from the mine’s proven reserves.
CEO Brett Heath described the quarter as a “step‑change and record quarter,” highlighting the first positive net income and the strategic expansion of its royalty portfolio. He emphasized that the company’s liquidity, bolstered by a recent credit facility, will support further acquisitions and monetization of its growing asset base, reinforcing its long‑term growth narrative.
While the company did not provide forward‑looking guidance for the next quarter or fiscal year, its record earnings, strategic royalty expansion, and strengthened liquidity position suggest a positive trajectory for future performance.
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