Headwater Exploration Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	514.29	511.5	425.55	373.22	165
Revenue Growth (YoY)	0.55%	20.20%	14.02%	126.19%	1765.90%
Cost of Revenue	236.19	230.92	196.52	161.38	70.23
Gross Profit	278.1	280.58	229.03	211.84	94.77
Selling, General & Admin	38.41	23	14.92	10.56	6.71
Depreciation & Amortization Expenses	127.04	124.88	120.2	79.41	44.39
Exploration Expenses	8.26	-	-	-	-
Other Operating Expenses	-	-	-	-	-16.29
Total Operating Expenses	173.7	147.88	135.11	89.97	34.8
Operating Income	104.4	132.7	93.92	121.88	59.97
Interest Income	-7.2	1.18	18.93	2.22	-2.27
Interest Expense	-0.84	-3.31	-4.44	-2.42	0.15
Other Non-Operating Income (Expense)	-	-	-	-	-32.6
Total Non-Operating Income (Expense)	-8.03	-2.13	14.49	-0.2	-34.73
Pretax Income	96.37	130.57	108.4	121.68	25.24
Provision for Income Taxes	48.82	57.46	46.9	49.57	5.06
Net Income	153.21	188.03	156.07	162.11	45.83
Net Income to Common	153.21	188.03	156.07	162.11	45.83
Net Income Growth	-18.52%	20.47%	-3.72%	253.73%	583.29%
Shares Outstanding (Basic)	238	236	236	227	200
Shares Outstanding (Diluted)	240	236	238	231	216
Shares Change (YoY)	1.45%	-0.53%	3.01%	6.90%	48.48%
EPS (Basic)	0.64	0.80	0.66	0.71	0.23
EPS (Diluted)	0.64	0.80	0.66	0.70	0.21
EPS Growth	-20.00%	21.21%	-5.71%	233.33%	320.00%
Shares Outstanding	237.76	237.76	236.58	233.92	217.68
Free Cash Flow	68.85	93.87	63.25	35	-28.73
Free Cash Flow Growth	-26.66%	48.42%	80.69%	-	-
Free Cash Flow Per Share	0.29	0.40	0.27	0.15	-0.13
Dividends Per Share	0.440	0.400	0.400	0.100	-
Dividend Growth	10.00%	-	300.00%	-	-
Gross Margin	54.07%	54.85%	53.82%	56.76%	57.44%
Operating Margin	20.30%	25.94%	22.07%	32.66%	36.35%
Profit Margin	9.24%	14.29%	14.45%	19.32%	12.23%
FCF Margin	13.39%	18.35%	14.86%	9.38%	-17.41%
EBITDA	231.44	257.58	214.11	201.28	104.36
EBITDA Margin	45.00%	50.36%	50.31%	53.93%	63.25%
EBIT	104.4	132.7	93.92	121.88	59.97
EBIT Margin	20.30%	25.94%	22.07%	32.66%	36.35%
Effective Tax Rate	50.66%	44.01%	43.27%	40.73%	20.06%

Updated Mar 5, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.