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Dakota Gold (DC) Financials

Dakota Gold logo
$5.46 -0.32 (-5.54%)
Closing price 11/12/2026 04:00 PM Eastern
Extended Trading
$5.46 +0.00 (+0.04%)
As of 11/12/2026 08:00 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Dakota Gold

Annual Income Statements for Dakota Gold

This table shows Dakota Gold's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 3/31/2021 3/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 26 -13 -36 -34 -30
Consolidated Net Income / (Loss)		 26 -26 -36 -34 -30
Net Income / (Loss) Continuing Operations		 26 -26 -36 -34 -30
Total Pre-Tax Income 		25 -31 -38 -34 -30
Total Operating Income		 -2.09 -31 -38 -34 -31
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 2.09 31 38 34 31
Selling, General & Admin Expense		 1.82 24 9.69 11 9.76
Exploration Expense		 0.27 7.33 28 24 21
Total Other Income / (Expense), net		 27 -0.09 0.37 0.44 1.15
Interest Expense		 0.00 0.12 0.00 0.14 0.00
Interest & Investment Income		 27 0.02 0.41 0.61 1.18
Other Income / (Expense), net		 0.08 0.01 -0.04 -0.03 -0.02
Income Tax Expense		 -0.41 -5.69 -1.22 -0.01 -0.06
Basic Earnings per Share		 - ($0.35) ($0.47) ($0.37) ($0.27)
Weighted Average Basic Shares Outstanding		 - 35.58M 78.25M 90.89M 108.90M
Diluted Earnings per Share		 $1.12 ($0.35) ($0.47) ($0.37) ($0.27)
Weighted Average Diluted Shares Outstanding		 23.17M 35.58M 78.25M 90.89M 108.90M
Weighted Average Basic & Diluted Shares Outstanding		 - 71.99M 87.70M 99.48M 133.52M

Quarterly Income Statements for Dakota Gold

This table shows Dakota Gold's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.59 -9.15 -10 -6.04 -3.75 -6.47 -10 -8.83 -8.46 -8.35 -8.41
Consolidated Net Income / (Loss)		 -8.59 -9.15 -10 -6.04 -3.75 -6.47 -10 -8.83 -8.46 -8.35 -8.41
Net Income / (Loss) Continuing Operations		 -8.59 -9.15 -10 -6.04 -3.75 -6.47 -10 -8.83 -8.46 -8.35 -8.41
Total Pre-Tax Income 		-8.61 -9.16 -10 -6.01 -3.74 -6.46 -10 -8.93 -8.46 -8.34 -8.36
Total Operating Income		 -8.79 -9.23 -10 -6.08 -3.81 -6.87 -11 -9.21 -8.99 -9.23 -9.06
Total Gross Profit		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Operating Expenses		 8.79 9.23 10 6.08 3.81 6.87 11 9.21 8.97 9.23 9.06
Selling, General & Admin Expense		 2.25 2.80 2.43 3.15 1.90 1.86 3.17 2.84 2.47 2.73 2.76
Exploration Expense		 6.55 6.43 7.80 2.93 1.91 5.02 7.69 6.37 6.52 6.51 6.30
Other Special Charges / (Income)		 - - - - 0.00 0.00 0.00 - -0.01 0.00 0.00
Total Other Income / (Expense), net		 0.18 0.06 0.12 0.08 0.07 0.41 0.39 0.28 0.51 0.90 0.69
Interest Expense		 0.04 0.05 0.06 -0.00 - 0.00 0.00 - - 0.01 0.03
Interest & Investment Income		 0.22 0.12 0.17 0.09 0.08 0.41 0.40 0.28 0.53 0.87 0.77
Other Income / (Expense), net		 -0.00 -0.01 0.00 -0.02 -0.01 -0.00 -0.01 -0.00 -0.02 0.04 -0.05
Income Tax Expense		 -0.02 -0.01 -0.02 0.04 0.01 0.01 0.02 -0.09 0.00 0.01 0.05
Basic Earnings per Share		 ($0.10) ($0.10) ($0.11) ($0.06) ($0.04) ($0.06) ($0.09) ($0.08) ($0.07) ($0.06) ($0.06)
Weighted Average Basic Shares Outstanding		 87.40M 87.89M 93.60M 90.89M 97.56M 112.04M 112.42M 108.90M 123.78M 133.85M 134.13M
Diluted Earnings per Share		 ($0.10) ($0.10) ($0.11) ($0.06) ($0.04) ($0.06) ($0.09) ($0.08) ($0.07) ($0.06) ($0.06)
Weighted Average Diluted Shares Outstanding		 87.40M 87.89M 93.60M 90.89M 97.56M 112.04M 112.42M 108.90M 123.78M 133.85M 134.13M
Weighted Average Basic & Diluted Shares Outstanding		 87.71M 93.66M 94.43M 99.48M 111.89M 112.34M 113.26M 133.52M 133.93M 134.17M 134.20M

Annual Cash Flow Statements for Dakota Gold

This table details how cash moves in and out of Dakota Gold's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 3/31/2021 3/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 11 30 1.64 -16 20
Net Cash From Operating Activities		 -2.17 -9.91 -31 -31 -25
Net Cash From Continuing Operating Activities		 -2.17 -9.91 -31 -31 -25
Net Income / (Loss) Continuing Operations		 26 -26 -36 -34 -30
Consolidated Net Income / (Loss)		 26 -26 -36 -34 -30
Depreciation Expense		 0.02 0.13 0.30 0.25 0.20
Non-Cash Adjustments To Reconcile Net Income		 -27 20 4.32 3.91 3.45
Changes in Operating Assets and Liabilities, net		 -0.82 -4.08 0.53 -1.76 0.44
Net Cash From Investing Activities		 -4.73 -9.16 -1.66 -0.57 -0.38
Net Cash From Continuing Investing Activities		 -4.73 -9.16 -1.66 -0.57 -0.38
Purchase of Property, Plant & Equipment		 -14 -9.16 -1.66 -0.14 -0.20
Other Investing Activities, net		 -0.74 - - -0.43 -0.19
Net Cash From Financing Activities		 18 49 35 16 46
Net Cash From Continuing Financing Activities		 18 49 35 16 46
Other Financing Activities, net		 - 0.00 -0.17 16 46
Cash Income Taxes Paid		 - - -0.03 -0.09 -0.06

Quarterly Cash Flow Statements for Dakota Gold

This table details how cash moves in and out of Dakota Gold's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 -10 0.97 -1.38 -5.29 37 -4.63 -8.95 -3.34 77 -7.61 -7.14
Net Cash From Operating Activities		 -10 -5.66 -8.02 -7.60 -3.94 -4.65 -9.78 -7.08 -8.15 -7.36 -6.81
Net Cash From Continuing Operating Activities		 -10 -5.66 -8.02 -7.60 -3.94 -4.65 -9.78 -7.08 -8.15 -7.36 -6.81
Net Income / (Loss) Continuing Operations		 -8.59 -9.15 -10 -6.04 -3.75 -6.47 -10 -8.83 -8.46 -8.35 -8.41
Consolidated Net Income / (Loss)		 -8.59 -9.15 -10 -6.04 -3.75 -6.47 -10 -8.83 -8.46 -8.35 -8.41
Depreciation Expense		 0.07 0.07 0.06 0.06 0.05 0.05 0.05 0.06 0.05 0.05 0.06
Non-Cash Adjustments To Reconcile Net Income		 0.84 1.02 1.13 0.92 0.74 0.63 1.01 1.08 0.56 0.97 0.95
Changes in Operating Assets and Liabilities, net		 -2.51 2.41 0.87 -2.53 -0.98 1.15 -0.34 0.61 -0.29 -0.03 0.59
Net Cash From Investing Activities		 -0.15 -0.24 -0.18 0.00 0.00 -0.02 -0.28 -0.09 -0.81 -0.64 -0.91
Net Cash From Continuing Investing Activities		 -0.15 -0.24 -0.18 0.00 0.00 -0.02 -0.28 -0.09 -0.81 -0.64 -0.91
Purchase of Property, Plant & Equipment		 -0.15 -0.24 -0.18 0.00 0.00 -0.02 -0.28 0.10 -0.07 -0.64 -0.91
Net Cash From Financing Activities		 -0.09 6.87 6.82 2.31 41 0.03 1.10 3.83 86 0.38 0.58
Net Cash From Continuing Financing Activities		 -0.09 6.87 6.82 2.31 41 0.03 1.10 3.83 86 0.38 0.58
Repayment of Debt		 - - - - - - - - - - -0.00
Other Financing Activities, net		 0.00 0.04 14 0.12 41 0.03 1.10 44 86 0.38 0.58

Annual Balance Sheets for Dakota Gold

This table presents Dakota Gold's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 3/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 71 105 108 95 116
Total Current Assets		 12 25 26 9.93 30
Cash & Equivalents		 11 24 26 9.41 30
Prepaid Expenses		 0.38 0.73 0.68 0.52 0.67
Plant, Property, & Equipment, net		 0.87 1.27 2.26 0.00 0.00
Total Noncurrent Assets		 58 79 80 85 86
Other Noncurrent Operating Assets		 58 79 80 85 86
Total Liabilities & Shareholders' Equity		 71 105 108 95 116
Total Liabilities		 12 3.85 4.67 3.20 3.34
Total Current Liabilities		 1.76 2.51 4.49 2.75 3.00
Accounts Payable		 0.85 2.51 4.35 2.62 2.87
Other Current Liabilities		 - 0.00 0.14 0.13 0.12
Total Noncurrent Liabilities		 9.87 1.33 0.18 0.46 0.34
Other Noncurrent Operating Liabilities		 - 0.00 0.09 0.46 0.34
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 59 101 104 92 113
Total Preferred & Common Equity		 38 101 104 92 113
Total Common Equity		 38 101 104 92 113
Common Stock		 12 107 146 169 219
Retained Earnings		 26 -6.22 -43 -77 -106

Quarterly Balance Sheets for Dakota Gold

This table presents Dakota Gold's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026 9/30/2026
Total Assets		 97 95 101 102 101 133 128 119 194 188 182
Total Current Assets		 16 13 16 17 15 47 43 34 108 100 93
Cash & Equivalents		 15 13 15 16 15 47 42 33 107 99 92
Prepaid Expenses		 0.70 0.54 0.97 0.70 0.78 0.64 0.59 0.94 0.76 0.98 0.47
Plant, Property, & Equipment, net		 1.62 2.00 2.28 2.20 2.12 2.17 2.10 2.17 2.14 3.07 0.00
Total Noncurrent Assets		 79 80 83 83 83 83 83 83 84 84 89
Other Noncurrent Operating Assets		 79 80 83 83 83 83 83 83 84 84 89
Total Liabilities & Shareholders' Equity		 97 95 101 102 101 133 128 119 194 188 182
Total Liabilities		 3.32 2.79 3.98 6.21 7.45 2.22 3.28 3.29 2.85 4.00 4.93
Total Current Liabilities		 2.58 2.20 3.86 6.12 7.12 1.80 2.88 2.93 2.80 2.99 3.78
Accounts Payable		 2.58 2.07 3.73 6.00 7.03 1.66 2.74 2.79 2.68 2.88 3.61
Other Current Liabilities		 - 0.13 0.13 0.11 0.09 0.13 0.14 0.13 0.11 0.11 0.17
Total Noncurrent Liabilities		 0.74 0.59 0.12 0.09 0.33 0.42 0.39 0.36 0.05 1.01 1.15
Other Noncurrent Operating Liabilities		 - 0.13 0.06 0.05 0.31 0.42 0.39 0.36 0.05 1.01 1.15
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 94 92 97 96 93 130 125 116 191 184 177
Total Preferred & Common Equity		 94 92 97 96 93 130 125 116 191 184 177
Total Common Equity		 94 92 97 96 93 130 125 116 191 184 177
Common Stock		 119 126 148 156 164 211 211 213 305 307 308
Retained Earnings		 -25 -34 -51 -60 -71 -80 -87 -97 -115 -123 -131

Annual Metrics And Ratios for Dakota Gold

This table displays calculated financial ratios and metrics derived from Dakota Gold's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 3/31/2021 3/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 86,740,272.00 - 113,262,094.00
DEI Adjusted Shares Outstanding		 0.00 0.00 86,740,272.00 - 113,262,094.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -0.42 - -0.26
Growth Metrics		 - - - - -
Profitability Metrics		 - - - - -
Net Operating Profit after Tax (NOPAT)		 -2.13 -22 -27 -24 -22
Return On Investment Capital (ROIC_SIMPLE)		 - -21.64% -25.72% -26.08% -19.13%
Earnings before Interest and Taxes (EBIT)		 -2.01 -31 -38 -34 -31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.91 -31 -38 -34 -31
Valuation Ratios		 - - - - -
Leverage & Solvency		 - - - - -
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -50 -27 -29 -22
Efficiency Ratios		 - - - - -
Capital & Investment Metrics		 - - - - -
Invested Capital		 49 77 78 83 83
Increase / (Decrease) in Invested Capital		 0.00 28 0.72 4.76 0.09
Book Value per Share		 $1.63 $2.84 $1.19 $0.98 $0.99
Tangible Book Value per Share		 $1.63 $2.84 $1.19 $0.98 $0.99
Total Capital		 60 101 104 92 113
Total Debt		 1.38 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.47 0.00 0.00 0.00 0.00
Net Debt		 -10 -24 -26 -9.41 -30
Capital Expenditures (CapEx)		 14 9.16 1.66 0.57 0.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.46 -1.79 -3.81 -2.22 -2.33
Debt-free Net Working Capital (DFNWC)		 11 22 22 7.19 27
Net Working Capital (NWC)		 10 22 22 7.19 27
Net Nonoperating Expense (NNE)		 -28 3.79 9.82 9.85 8.01
Net Nonoperating Obligations (NNO)		 -10 -24 -26 -9.41 -30
Total Depreciation and Amortization (D&A)		 0.10 0.13 0.30 0.25 0.20
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.35) ($0.47) ($0.37) ($0.27)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 35.58M 78.25M 90.89M 108.90M
Adjusted Diluted Earnings per Share		 $0.00 ($0.35) ($0.47) ($0.37) ($0.27)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 35.58M 78.25M 90.89M 108.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 71.99M 87.70M 99.48M 133.52M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.46 -22 -27 -24 -22
Debt Service Ratios		 - - - - -
Payout Ratios		 - - - - -

Quarterly Metrics And Ratios for Dakota Gold

This table displays calculated financial ratios and metrics derived from Dakota Gold's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
DEI Shares Outstanding		 87,703,942.00 87,708,275.00 93,662,467.00 - 99,476,843.00 111,889,412.00 112,343,862.00 113,262,094.00 133,517,177.00 133,928,097.00 134,172,991.00
DEI Adjusted Shares Outstanding		 87,703,942.00 87,708,275.00 93,662,467.00 - 99,476,843.00 111,889,412.00 112,343,862.00 113,262,094.00 133,517,177.00 133,928,097.00 134,172,991.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.10 -0.10 -0.11 - -0.04 -0.06 -0.09 -0.08 -0.06 -0.06 -0.06
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
EBITDA Growth		 8.43% 9.32% -16.12% 35.56% 56.77% 25.57% -6.49% - -137.24% -33.94% 16.37%
EBIT Growth		 8.31% 9.23% -15.32% 35.38% 56.55% 25.60% -6.30% - -135.47% -33.81% 16.22%
NOPAT Growth		 8.16% 9.37% -15.45% 35.43% 56.63% 25.49% -6.17% - -135.59% -34.34% 16.62%
Net Income Growth		 7.25% 6.82% -18.15% 31.46% 56.42% 29.35% -3.96% - -125.93% -29.13% 19.80%
EPS Growth		 23.08% 23.08% 0.00% 40.00% 60.00% 40.00% 18.18% - -75.00% 0.00% 33.33%
Operating Cash Flow Growth		 -20.47% 33.98% 2.90% -26.74% 61.36% 17.91% -21.83% - -106.89% -58.34% 30.30%
Free Cash Flow Firm Growth		 87.78% 90.93% 92.58% -23.15% 56.73% -0.55% -87.68% - -44.69% -8.16% 31.61%
Invested Capital Growth		 5.36% 1.65% -1.02% 6.10% 2.19% 3.74% 5.50% - 0.21% 2.38% 2.19%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 6.87% -5.08% -10.82% 40.58% 37.51% -80.89% -58.56% - 2.16% -2.12% 1.00%
EBIT Q/Q Growth		 6.80% -5.03% -10.69% 40.36% 37.33% -79.83% -58.15% - 2.26% -2.19% 0.98%
NOPAT Q/Q Growth		 6.68% -4.91% -10.88% 40.51% 37.32% -80.22% -57.99% - 2.40% -2.77% 1.94%
Net Income Q/Q Growth		 2.53% -6.50% -10.27% 40.12% 38.03% -72.63% -62.28% - 4.21% 1.33% -0.78%
EPS Q/Q Growth		 0.00% 0.00% -10.00% 45.45% 33.33% -50.00% -50.00% - 12.50% 14.29% 0.00%
Operating Cash Flow Q/Q Growth		 -70.03% 44.47% -41.76% 5.30% 48.17% -17.97% -110.39% - -15.04% 9.71% 7.39%
Free Cash Flow Firm Q/Q Growth		 -41.04% 24.96% 17.99% -41.89% 50.45% -74.38% -53.07% - 1.09% -30.35% 3.21%
Invested Capital Q/Q Growth		 5.08% -2.87% -1.24% 5.25% 1.22% -1.40% 0.44% - 1.32% 0.73% 0.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Tax Burden Percent		 99.81% 99.87% 99.84% 100.60% 100.16% 100.10% 100.18% - 100.01% 100.13% 100.61%
Interest Burden Percent		 97.88% 99.19% 98.84% 98.49% 97.83% 93.97% 96.34% - 94.01% 90.65% 91.83%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -36.67% -37.07% -39.53% -34.63% -25.54% -23.93% -25.56% - -21.33% -23.44% -23.26%
Cash Return on Invested Capital (CROIC)		 -37.87% -33.82% -32.35% -35.82% -26.97% -26.98% -29.30% - -30.20% -34.42% -32.62%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -36.67% -37.07% -39.53% -34.63% -25.54% -23.93% -25.56% - -21.33% -23.44% -23.26%
Return on Equity Simple (ROE_SIMPLE)		 -36.86% 0.00% 0.00% 0.00% -22.27% 0.00% 0.00% - 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -6.16 -6.46 -7.16 -4.26 -2.67 -4.81 -7.60 -6.44 -6.29 -6.46 -6.34
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -13.79% -17.10% -21.37% -10.21% -3.49% -5.70% -12.12% - -2.83% -2.67% -3.32%
Return On Investment Capital (ROIC_SIMPLE)		 -6.34% -6.75% -7.67% -4.62% -2.05% -3.86% -6.56% -5.73% -3.30% -3.52% -3.58%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -8.80 -9.24 -10 -6.10 -3.82 -6.87 -11 -9.21 -9.00 -9.20 -9.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.73 -9.17 -10 -6.04 -3.77 -6.83 -11 -9.15 -8.95 -9.14 -9.05
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.79 1.95 1.85 1.75 1.49 2.17 2.87 - 1.94 1.70 2.52
Price to Tangible Book Value (P/TBV)		 1.79 1.95 1.85 1.75 1.49 2.17 2.87 - 1.94 1.70 2.52
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.93 2.14 2.01 1.83 1.76 2.76 3.62 - 3.13 2.51 4.17
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Financial Leverage		 -0.18 -0.17 -0.15 -0.18 -0.27 -0.26 -0.23 - -0.48 -0.46 -0.43
Leverage Ratio		 1.04 1.05 1.06 1.04 1.03 1.04 1.05 - 1.02 1.02 1.03
Compound Leverage Factor		 1.02 1.04 1.04 1.02 1.00 0.98 1.01 - 0.95 0.93 0.94
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Altman Z-Score		 25.27 17.03 12.69 28.93 51.93 48.70 59.61 - 77.47 46.28 53.65
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.17 2.74 2.17 3.62 26.31 14.77 11.61 - 38.50 33.50 24.48
Quick Ratio		 3.92 2.63 2.06 3.43 25.95 14.56 11.28 - 38.23 33.17 24.35
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -10 -7.75 -6.35 -9.01 -4.47 -7.79 -12 -6.54 -6.46 -8.43 -8.16
Operating Cash Flow to CapEx		 -6,635.57% -2,343.35% -4,488.89% 0.00% 0.00% -23,233.39% -3,539.00% - -13,404.28% -1,158.40% -747.09%
Free Cash Flow to Firm to Interest Expense		 -275.75 -169.64 -114.14 0.00 0.00 0.00 0.00 - 0.00 -867.62 -286.22
Operating Cash Flow to Interest Expense		 -272.28 -123.95 -144.16 0.00 0.00 0.00 0.00 - 0.00 -757.64 -239.14
Operating Cash Flow Less CapEx to Interest Expense		 -276.39 -129.24 -147.37 0.00 0.00 0.00 0.00 - 0.00 -823.05 -271.15
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 82 80 79 83 84 83 83 83 84 85 85
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 4.17 1.29 -0.81 4.76 1.80 2.98 4.32 0.09 0.17 1.96 1.82
Enterprise Value (EV)		 158 171 158 152 147 228 300 - 263 212 354
Market Capitalization		 173 187 173 161 194 270 333 - 370 312 446
Book Value per Share		 $1.11 $1.09 $1.00 $0.98 $1.31 $1.11 $1.03 $0.99 $1.43 $1.37 $1.32
Tangible Book Value per Share		 $1.11 $1.09 $1.00 $0.98 $1.31 $1.11 $1.03 $0.99 $1.43 $1.37 $1.32
Total Capital		 97 96 93 92 130 125 116 113 191 184 177
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -15 -16 -15 -9.41 -47 -42 -33 -30 -107 -99 -92
Capital Expenditures (CapEx)		 0.15 0.24 0.18 -0.00 0.00 0.02 0.28 -0.10 0.06 0.64 0.91
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.89 -5.42 -6.34 -2.22 -1.15 -2.29 -1.98 -2.33 -2.04 -2.01 -3.32
Debt-free Net Working Capital (DFNWC)		 12 11 8.35 7.19 45 40 31 27 105 97 89
Net Working Capital (NWC)		 12 11 8.35 7.19 45 40 31 27 105 97 89
Net Nonoperating Expense (NNE)		 2.44 2.70 2.93 1.78 1.08 1.65 2.89 2.39 2.17 1.89 2.08
Net Nonoperating Obligations (NNO)		 -15 -16 -15 -9.41 -47 -42 -33 -30 -107 -99 -92
Total Depreciation and Amortization (D&A)		 0.07 0.07 0.06 0.06 0.05 0.05 0.05 0.06 0.05 0.05 0.06
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.10) ($0.10) ($0.11) ($0.06) ($0.04) ($0.06) ($0.09) ($0.08) ($0.07) ($0.06) ($0.06)
Adjusted Weighted Average Basic Shares Outstanding		 87.40M 87.89M 93.60M 90.89M 97.56M 112.04M 112.42M 108.90M 123.78M 133.85M 134.13M
Adjusted Diluted Earnings per Share		 ($0.10) ($0.10) ($0.11) ($0.06) ($0.04) ($0.06) ($0.09) ($0.08) ($0.07) ($0.06) ($0.06)
Adjusted Weighted Average Diluted Shares Outstanding		 87.40M 87.89M 93.60M 90.89M 97.56M 112.04M 112.42M 108.90M 123.78M 133.85M 134.13M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 87.71M 93.66M 94.43M 99.48M 111.89M 112.34M 113.26M 133.52M 133.93M 134.17M 134.20M
Normalized Net Operating Profit after Tax (NOPAT)		 -6.16 -6.46 -7.16 -4.26 -2.67 -4.81 -7.60 -6.44 -6.30 -6.46 -6.34
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -234.98 -202.32 -183.74 0.00 0.00 0.00 0.00 - 0.00 -947.23 -319.68
NOPAT to Interest Expense		 -164.41 -141.40 -128.63 0.00 0.00 0.00 0.00 - 0.00 -665.63 -222.46
EBIT Less CapEx to Interest Expense		 -239.08 -207.61 -186.95 0.00 0.00 0.00 0.00 - 0.00 -1,012.63 -351.69
NOPAT Less CapEx to Interest Expense		 -168.51 -146.69 -131.85 0.00 0.00 0.00 0.00 - 0.00 -731.04 -254.47
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Dakota Gold remains a pre-revenue exploration company, with financial results driven primarily by exploration spending, equity financing and investment income. The latest statements show a strong liquidity position, but continued operating losses and cash burn.

  • Cash reserves remain substantial. Cash and equivalents were $99.3 million at June 30, 2026, providing funding for exploration and corporate activities despite a $7.6 million quarterly decline.
  • Balance-sheet leverage is low. Total liabilities were approximately $4.0 million versus $183.8 million of equity. The company had roughly $100.3 million of current assets against $3.0 million of current liabilities, indicating significant short-term liquidity.
  • Financing has supported the exploration program. Dakota Gold generated $86.2 million of financing cash flow in the first quarter of 2026, helping increase cash to $106.9 million before the second-quarter operating burn.
  • Investment income is becoming a meaningful offset. Interest and investment income increased to $869,539 in Q2 2026 from $527,544 in Q1 2026 and $414,797 in Q2 2025, reflecting the benefit of its cash holdings.
  • Exploration spending remains elevated but relatively consistent. Exploration expense was $6.5 million in Q2 2026, compared with $6.5 million in Q1 2026, $6.4 million in Q4 2025 and $5.0 million in Q2 2025. These costs could support future resource growth, but they have not yet produced operating revenue.
  • Assets have expanded considerably over the period. Total assets increased from $97.1 million in Q2 2023 to $187.8 million in Q2 2026, largely reflecting financing proceeds, cash reserves and other noncurrent operating assets. The future value of these assets depends on exploration success and eventual project development.
  • The company has no reported revenue. Revenue and gross profit were zero in each presented income statement, leaving Dakota Gold dependent on financing and investment income rather than mining operations or product sales.
  • Operating cash flow remains deeply negative. Dakota Gold used $7.4 million in operating activities during Q2 2026, following outflows of $8.1 million in Q1 2026, $7.1 million in Q4 2025 and $9.8 million in Q3 2025. Capital expenditures added another $635,139 of investing cash outflow in the latest quarter.
  • Net losses continue. Q2 2026 net loss was $8.3 million, or $0.06 per diluted share. Although the loss improved from $10.5 million in Q3 2025 and $8.8 million in Q4 2025, it was wider than the $6.5 million loss reported in Q2 2025.
  • Shareholder dilution is a significant risk. Weighted average basic shares increased from 75.9 million in Q2 2023 to 133.8 million in Q2 2026. Additional financing may be required if the current cash balance is insufficient to fund exploration through development, potentially increasing the share count further.

Overall, Dakota Gold’s balance sheet is considerably stronger than its income statement: the company has meaningful cash and minimal debt, but it has yet to generate revenue or positive operating cash flow. Investors should focus on exploration results, the pace of cash depletion and the company’s ability to finance future work without excessive dilution.

11/13/26 03:32 AM ETAI Generated. May Contain Errors.

Dakota Gold Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Dakota Gold's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Dakota Gold's net income appears to be on a downward trend, with a most recent value of -$29.54 million in 2025, compared with $25.52 million in 2021. The previous period was -$33.88 million in 2024. Find out what analysts predict for Dakota Gold in the coming months.

Dakota Gold's total operating income in 2025 was -$30.75 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $30.75 million

Over the last 4 years, Dakota Gold's total revenue changed from $0.00 in 2021 to $0.00 in 2025, a change of 0.0%.

In the past 13 quarters, Dakota Gold's cash and equivalents has ranged from $12.76 million in Q3 2023 to $106.91 million in Q1 2026, and is currently $92.15 million as of their latest financial filing in Q3 2026.

Dakota Gold had total debt of $0.00 at the end of 2025, compared with none in 2024, and a 100.0% decrease since 2021.

Over the last 4 years, Dakota Gold's book value per share changed from 1.63 in 2021 to 0.99 in 2025, a change of -39.1%.


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Financial statements for NYSE:DC last updated on 11/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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