Vox Royalty – Record 2023 Revenues And Cash Flows From Operations Across Their Royalties Portfolio
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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Click here to visit the Vox Royalty website and read over the recent news releases.
Hi Dan. I don’t have a clear favorite royalty company at present, but hold positions in Sandstorm, EMX, Elemental Altus, Vox, Metalla, and Orogen at present. I do think Vox is the most undervalued, like Kyle highlighted, but really feel all of these Junior Royalty companies are all undervalued now compared to their future production and cashflows from their pipeline of projects, and also compared to the larger companies like Franco-Nevada, Royal Gold, Wheaton and Triple Flag. (Franco is in an odd spot right now where their valuation has found more gravity and come down to Earth, after getting clobbered due to the Cobre Panama situation with First Quantum).
Once the large move higher in Precious Metals has played out over the next 2-3 years, my master plan is to exit most of my individual mining positions, and just roll most of that into the royalty companies for the remaining portion of the tail end of the bull, for the value accretion from their pipeline of projects moving from development into production over time.
I was planning on writing a Substack article about that soon, and may just do that in the next day or two.
Interesting thought Ex about the rollover into royalty companies at the end of the bull. It’s always good to be thinking and planning ahead. DT
Hey Ex, is this your favourite royalty or do you like others like Sandstorm? I just sold my SSL but will be in and out a lot. I did not catch the whole move.
https://schrts.co/ChIrZCFK