Galiano Gold Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Galiano Gold Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	185	256	162					0	231	448
Cost of revenue	142	194	129					0	153	262
Gross profit	43.5	62.6	32.9					0	54.9	66
Selling, general and administrative	12.5	12.6	11.7	11.8	14.8	13.5	11.1	15.3	20	25.3
General and administrative					0.91	1.19	1.32	1.32	1.43	1.58
Operating income	13.2	48	19.7	-133	49.3	-60.6	39.4	20.1	20.5	36.5
Interest expense	13.8	17.8	10.7	35.7	0.05	0.93	5.65	0.02	15.2	17.8
Interest income	0.63	0.61	5.56	0.87	8.33	0.26	1.04	6.26	5.85	6.06
Pre-tax income	-1.78	30.4	-129	-168	57.4	-68.9	40.8	26.1	8.54	30.5
Income tax	11.4	24.1	12.5	0	0	0	0	0	0	61.3
Net income to minority interests	0	0.54	0.16					0	2.42	-1.51
Net income	-13.2	5.78	-141	-168	57.4	-68.9	40.8	26.1	6.12	-29.3
EBITDA	66.1	112	61.7
EPS, basic	-0.07	0.03	-0.64	-0.74	0.26	-0.31	0.18	0.12	0.02	-0.11
EPS, diluted	-0.07	0.03	-0.64	-0.74	0.26	-0.31	0.18	0.12	0.02	-0.11

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	59.7	49.3	10.4	31.1	62.2	53.5	56.1	55.3	106	108
Receivables	1.47	2.13	0.24	0.16	0.19	0.06	0.05	0.03
Inventory	32.4	33.9						0	42.8	70.8
Total current assets	120	93.9	13.1	35.8	65.5	61.7	58.6	57.1	166	202
Property, plant and equipment	528	598	0.11	0.09	0.11	0.09	0.06	0.23	329	389
Lease right-of-use assets			0	0.59	0.49	0.38	0.28	0.17
Total assets	663	709	313	145	204	136	180	213	500	599
Accounts payable	46.9	47.9	3.47	2.23	3.52	2.54	4.33	11.9	55.1	87.1
Total current liabilities	47.4	84.4	3.47	2.32	3.62	2.64	5.8	12	111	221
Lease liabilities				0.51	0.42	0.31	0.2	0.08	22.9	20.3
Total liabilities	246	276	3.77	3.25	4.71	3.43	6.2	12.4	253	377
Total debt	155	156	0
Retained earnings	-184	-178	-319	-487	-430	-499	-458	-432	-426	-455
Shareholders' equity	416	432	309	141	199	133	174	201	243	219
Minority interests	0.2	0.74					0	0	4.31	2.8
Total equity	419	433	309	141	199	133	174	201	248	222
Total liabilities and equity	663	709	313	145	204	136	180	213	500	599

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-13.2	6.31	-141	-168	57.4	-68.9	40.8	26.1	8.54	-30.8
Depreciation and amortization	53	64.2	41.9
Cash from operations	55	123	33.4	-8.75	-6.4	-12.9	1.78	-3.63	55.7	158
Capital expenditures	-132	-124	-53.9	-0.04	-0.08	-0.03	-0	-0.04	-66.9	-115
Cash from investing	-106	-123	82.3	30.2	37.9	3.91	1.03	2.86	5.79	-137
Stock issued	5.24	3.57	17.4
Share buybacks				-0.96	-2.3	0
Cash from financing	-3.9	-10.1	-155	-0.67	-0.52	0.44	-0.13	-0.11	-10.6	-20.7
Exchange rate effect	-0.25	-0.18	-0.07	-0.01	0.04	-0.04	-0.1	0.04	-0.43	2.22
Net change in cash	-55.1	-10.3	-39	20.8	31	-8.63	2.59	-0.84	50.5	2.55
Free cash flow	-77.4	-0.58	-20.5	-8.79	-6.48	-13	1.78	-3.67	-11.2	43.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	14.7%	Gross profit / revenue.
Operating margin	8.2%	Operating income / revenue.
Pre-tax margin	6.8%	Pre-tax income / revenue.
Net margin	-6.5%	Net income / revenue.
FCF margin	9.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.3%	Cash from operations / revenue.
Effective tax rate	201.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-12.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.3%	Net income / average total assets.
Return on invested capital (ROIC)	23.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.6%	Selling, general and administrative expense / revenue.
Capex / revenue	25.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	93.6%	Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y	20.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	78.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-578.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-650.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	183.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	345.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	189.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-10.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	19.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	49.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	24.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.92x	Current assets / current liabilities.
Quick ratio	0.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.49x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	63.0%	Total liabilities / total assets.
Interest coverage	2.05x	Operating income / interest expense.
Working capital	-$18.4M	Current assets - current liabilities.
Tangible book value	$218.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Fixed asset turnover	1.25x	Revenue / average property, plant and equipment.
Inventory turnover	4.62x	Cost of revenue / average inventory.
Days inventory	79 days	365 x average inventory / cost of revenue.
Days payables	99 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	72.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.11	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$538.9M	Share price x shares outstanding.
Enterprise value	$430.6M	Market cap + total debt - cash - short-term investments.
P/S	1.20x	Market cap / revenue.
P/B	2.46x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.46x	Market cap / tangible book value, when positive.
P/FCF	12.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.41x	Market cap / cash from operations, when positive.
EV/Sales	0.96x	Enterprise value / revenue.
EV/EBIT	11.8x	Enterprise value / operating income, when both are positive.
EV/FCF	10.00x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.0%	Free cash flow / market cap.
Earnings yield	-5.4%	Net income / market cap (the inverse of P/E).

What was Galiano Gold Inc.'s revenue in fiscal 2025?

Galiano Gold Inc. reported revenue of $447.8M for fiscal 2025, 93.6% higher than the year before.

Was Galiano Gold Inc. profitable in fiscal 2025?

No. It reported a net loss of $29.3M.

How much free cash flow did Galiano Gold Inc. generate in fiscal 2025?

Cash from operations of $158.0M minus capital expenditures of $114.9M left free cash flow of $43.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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