Kyle Floyd, CEO and Chairman of Vox Royalty (TSX: VOXR) (NASDAQ: VOXR), joins me to review their record 2023 operational results in revenues and cash flows from their portfolio of royalties, and a few partner project updates that are moving towards development.
Full Year 2023 Highlights
- Record annual revenue of $12,310,594, up ~45% from $8,508,105 in 2022.
- Record annual gross profit of $9,978,660, up ~50% from $6,664,087 in 2022.
- Record annual cash flows from operations of $5,271,090, up ~157% from $2,047,169 in 2022.
- Strong balance sheet position at year end includes: (i) cash and accounts receivable of $12,850,451; (ii) working capital of $10,378,752; and (iii) total assets of $52,706,609.
Fourth Quarter 2023 Highlights
- Q4 2023 revenue of $2,997,426, up ~42% from $2,104,758 in Q4 2022.
- Q4 2023 gross profit of $2,072,497, up ~30% from $1,591,909 in Q4 2022.
- Generated record cash flows from operations of $2,341,781, up ~38% from $1,695,717 in Q4 2022.
Kyle and I spend some time unpacking the delayed gratification and value accretion in many of these royalties due to the production optionality seen in a higher metals price environment, where operators can lower cut-off grades and bring more resources into reserves, as well as the exploration discovery optionality across the various projects they hold royalty holdings on.
If you have any follow up questions for Kyle and the team at Vox, then please email me at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Vox Royalty at the time of this recording.
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