Business
Vox Announces Record 2023 Financial Results
INCREASES QUARTERLY DIVIDEND AND PROVIDES 2024 OUTLOOK TORONTO, ON / ACCESSWIRE / March 7, 20...
About this update from Vox Royalty Corp
[{"type":"text","content":"Vox Announces Record 2023 Financial ResultsINCREASES QUARTERLY DIVIDEND AND PROVIDES 2024 OUTLOOKTORONTO, ON / ACCESSWIRE / March 7, 2024 / Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR)(\"Vox\" or the \"Company\"), a returns focused mining royalty company, is pleased to announce its operating and financial results for the fourth quarter and year ended December 31, 2023. All amounts in U.S. dollars unless otherwise indicated.Full Year 2023 HighlightsRecord 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 HighlightsQ4 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.Subsequent to the end of the QuarterOn January 16, 2024, the Company entered into a definitive credit agreement with the Bank of Montreal providing for a $15 million secured revolving credit facility (the \"Facility\"). The Facility includes an accordion feature which provides for an additional $10 million of availability subject to certain conditions.Kyle Floyd, Chief Executive Officer, stated \"We are pleased to announce our fourth quarter and annual results, realizing record annual revenue, gross profit, and cash flow from operations. We recognised approximately 45% annual revenue growth, which exceeded the midpoint of 2023 revenue guidance, and achieved approximately 157% growth in annual cash flows from operations. These strong financial results were in addition to delivering major strategic milestones during the year, such as graduation to the TSX, accretive royalty acquisitions in Australia, and an innovative IP licensing agreement. The Company is also pleased to announce that it has increased its quarterly dividend for shareholders by 9.1%, primarily due to strong growth in cash flows from operations. As we look ahead to 2024 and beyond, we remain highly focused on accelerating our business and continuing to deliver excepti...