Bellevue Gold (ASX:BGL) Half Year Loss Challenges Bullish Profitability Narratives

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Fresh from its H1 2026 report, Bellevue Gold (ASX:BGL) posted trailing twelve month revenue of A$441.4 million and a basic EPS loss of A$0.04, with net income excluding extra items at a loss of A$55.3...

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The company has seen revenue move from A$249.3 million in H2 2024 to A$222.3 million in H1 2025 and A$172.6 million in H2 2025, while basic EPS shifted from A$0.06 in H2 2024 to A$0.01 in H1 2025 before slipping to a loss of A$0.04 in H2 2025. For investors, that combination of a solid...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4112":"金融交易所和数据","BK4017":"黄金","BLSX":"Tradr 2X Long BLSH Daily ETF","BGL.AU":"BELLEVUE GOLD LTD","BLSG":"2倍做多BLSH ETF-Leverage Shares","BK7104":"黄金"},"translate_title":"贝尔维尤黄金(ASX：BGL)半年亏损挑战看涨的盈利能力叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLSX":0.6,"BGL.AU":1.98,"BLSG":0.6},"content_text":"Fresh from its H1 2026 report, Bellevue Gold (ASX:BGL) posted trailing twelve month revenue of A$441.4 million and a basic EPS loss of A$0.04, with net income excluding extra items at a loss of A$55.3 million. The company has seen revenue move from A$249.3 million in H2 2024 to A$222.3 million in H1 2025 and A$172.6 million in H2 2025, while basic EPS shifted from A$0.06 in H2 2024 to A$0.01 in H1 2025 before slipping to a loss of A$0.04 in H2 2025. For investors, that combination of a solid top line and ongoing losses puts the focus firmly on how quickly margins can tighten from here. See our full analysis for Bellevue Gold. With the latest numbers on the table, the next step is to see how this earnings profile lines up with the key talking points around Bellevue Gold and which parts of the story those narratives might be missing. Curious how numbers become stories that shape markets? Explore Community Narratives ASX:BGL Earnings & Revenue History as at Feb 2026 AdvertisementH2 2025 swings from A$12.1m profit to A$58.0m loss  In H1 2025 Bellevue Gold booked A$222.3 million in revenue and net income of A$12.1 million, then in H2 2025 revenue sat at A$172.6 million while net income moved to a loss of A$58.0 million, which is a sharp shift from profit back to loss within a single year. What really tests the bullish story of improving profitability is that trailing twelve month net income is a loss of A$55.3 million even though revenue over the same period is A$441.4 million. This means that:\n     Analysts expecting earnings to grow around 44.17% per year and move into profit within three years are looking at a company that is still loss making on recent reported numbers. The earlier H2 2024 net income of A$73.2 million and H1 2025 profit of A$12.1 million show Bellevue has posted profits before, but the most recent half year loss says execution and cost control remain central to that bullish view.    TTM revenue of A$441.4m against ongoing EPS loss  On a trailing twelve month basis Bellevue Gold generated A$441.4 million of revenue with basic EPS at a loss of A$0.04 and net income excluding extra items at a loss of A$55.3 million, so substantial sales have not yet translated into positive earnings per share over the last year. Analysts who see upside in the business model point to forecasts of 18.5% annual revenue growth versus 5.9% for the broader Australian market. Yet this optimism sits alongside:\n     TTM basic EPS moving from a profit of A$0.07 in H1 2025 to a loss of about A$0.04 by H1 2026, which suggests profit per share has not kept up with the revenue base in the recent period. Net income excluding extra items moving from A$85.3 million in the TTM period ending H1 2025 to a loss of A$55.3 million in the latest TTM window, which makes the pathway from revenue growth to sustainable profits a key issue for any bullish case.    P/S of 6x with market price below DCF fair value  Bellevue Gold trades on a P/S of 6x, compared with about 10.8x for peers and 156.1x for the wider Australian Metals & Mining industry. With a share price of A$1.79 versus a DCF fair value estimate of about A$2.72 and an analyst price target of roughly A$2.03, the market price currently sits below both reference points. Critics focusing on valuation risk often highlight the company’s unprofitable TTM profile and recent shareholder dilution, yet the current multiples and reference values create an interesting tension because:\n     The discount of roughly 34.2% to the DCF fair value of about A$2.72 and the gap to the A$2.03 analyst target suggest the market is pricing in execution or earnings risk on top of the current loss making status. The lower 6x P/S compared with peers at 10.8x indicates the market is not paying a premium for Bellevue’s faster forecast revenue growth of 18.5% per year versus 5.9% for the broader market, which is exactly where bullish and cautious views tend to diverge.    If you want to see how other investors are weighing these trade offs between growth, losses, and valuation, have a look at Curious how numbers become stories that shape markets? Explore Community Narratives Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Bellevue Gold's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. If the mixed signals here leave you unsure, that is the point. Now is a good time to weigh the upside and downside yourself with 2 key rewards and 1 important warning sign See What Else Is Out There Bellevue Gold is generating A$441.4 million in revenue yet still reporting TTM losses and swinging from profit to a A$58.0 million half year loss. If that mix of strong sales and ongoing losses feels uncomfortable, it may be a good time to balance your watchlist with 7 resilient stocks with low risk scores that focus on steadier fundamentals and fewer surprises.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Bellevue Gold might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}