Total assets grew to $2.2B in Q2 2026, but the current ratio fell to 0.60 and cash dropped from $479.8M in Q4 2025 to $192.2M, while total debt rose to $195.4M with a D/E of 0.31, indicating liquidity pressure from expansion.
Allied Gold Corporation (AAUC) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Total Current Assets | 556.71M | 763.71M | 449.29M | 290.79M | 160.84M |
| Cash & Short-Term Investments | 192.21M | 479.78M | 224.99M | 157.83M | 45.14M |
| Cash Only | 192.21M | 479.78M | 224.99M | 157.83M | 45.14M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 102.26M | 74.28M | 35.66M | 24.13M | 38.04M |
| Days Sales Outstanding | 17.63 | 20.36 | 17.82 | 13.43 | 20.74 |
| Inventory | 198.62M | 140.14M | 164.86M | 88.16M | 63.32M |
| Days Inventory Outstanding | 66.46 | 61.98 | 117.95 | 58.62 | 47.47 |
| Other Current Assets | 3.1M | 26.7M | 0 | 0 | 0 |
| Total Non-Current Assets | 1.64B | 1.36B | 870.57M | 660.6M | 497.86M |
| Property, Plant & Equipment | 1.49B | 1.24B | 795.64M | 597.49M | 445.71M |
| Fixed Asset Turnover | 1.15x | 1.07x | 0.92x | 1.10x | 1.50x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 63.27M | 17.08M | 6.49M | 6.85M | 14.1M |
| Other Non-Current Assets | 153.11M | 98.89M | 46.78M | 20.31M | 29.89M |
| Total Assets | 2.2B | 2.12B | 1.32B | 951.39M | 658.7M |
| Asset Turnover | 0.72x | 0.63x | 0.55x | 0.69x | 1.02x |
| Asset Growth % | 230.52% | 60.9% | 38.73% | 44.44% | - |
| Total Current Liabilities | 928.26M | 988.56M | 485M | 248.35M | 238.24M |
| Accounts Payable | 164.08M | 118.38M | 132.27M | 109.55M | 70.48M |
| Days Payables Outstanding | 58.26 | 52.36 | 94.63 | 72.85 | 52.84 |
| Short-Term Debt | 165.05M | 154.31M | 96.36M | 0 | 21.41M |
| Deferred Revenue (Current) | 257.6M | 67.43M | 40.88M | 0 | 0 |
| Other Current Liabilities | 95.99M | 213.51M | 22.53M | 110.67M | 113.44M |
| Current Ratio | 0.60x | 0.77x | 0.93x | 1.17x | 0.68x |
| Quick Ratio | 0.39x | 0.63x | 0.59x | 0.82x | 0.41x |
| Cash Conversion Cycle | 25.82 | 29.98 | 41.14 | -0.79 | 15.37 |
| Total Non-Current Liabilities | 646.48M | 630.44M | 418.55M | 323.96M | 309.15M |
| Long-Term Debt | 0 | 0 | 0 | 102.93M | 32.1M |
| Capital Lease Obligations | 73.09M | 12.46M | 28.34M | 0 | 0 |
| Deferred Tax Liabilities | 306.89M | 56.07M | 15.3M | 3.11M | 12.12M |
| Other Non-Current Liabilities | 235.58M | 232.53M | 210.37M | 199.35M | 246.78M |
| Total Liabilities | 1.57B | 1.62B | 903.56M | 572.31M | 547.38M |
| Total Debt | 195.44M | 169.77M | 127.58M | 102.93M | 53.51M |
| Net Debt | 3.23M | -310M | -97.42M | -54.9M | 8.37M |
| Debt / Equity | 0.31x | 0.34x | 0.31x | 0.27x | 0.48x |
| Debt / EBITDA | 0.36x | 0.39x | 0.70x | 1.17x | 0.28x |
| Net Debt / EBITDA | 0.01x | -0.71x | -0.53x | -0.62x | 0.04x |
| Interest Coverage | 31.25x | 22.34x | -0.77x | -5.75x | 3.41x |
| Total Equity | 626.6M | 504.68M | 416.3M | 379.08M | 111.31M |
| Equity Growth % | 112.71% | 21.23% | 9.82% | 240.55% | - |
| Book Value per Share | 4.59 | 4.38 | 4.64 | 4.54 | 1.33 |
| Total Shareholders' Equity | 503.04M | 407.61M | 345.76M | 298.37M | 45.29M |
| Common Stock | 833M | 813.36M | 587.12M | 416.51M | 93M |
| Retained Earnings | -357.04M | -280.29M | -236.79M | -120.26M | -31.09M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -124.71M | -4.56M | 2.12M | -46.11M |
| Minority Interest | 123.56M | 97.07M | 70.53M | 80.71M | 66.02M |
Quick answers to the most common questions about buying AAUC stock.
As of 2025, Allied Gold Corporation (AAUC) had total assets of $2.12B including $763.7M in current assets.
Allied Gold Corporation (AAUC) carries total debt of $169.8M, offset by $479.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Allied Gold Corporation (AAUC) has total shareholders' equity (book value) of $407.6M ($4.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Allied Gold Corporation (AAUC) reported a current ratio of 0.77x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Mali regulatory and tax risk
Rapid Expansion Strains Liquidity
Allied Gold's total assets grew from $929.9M in Q1 2024 to $2.2B in Q2 2026, per financial statements, but current ratio fell to 0.60, indicating liquidity pressure from aggressive expansion.
The balance sheet has expanded rapidly, driven by heavy investment in PPE, which grew from $612.1M to $1.5B over the period. However, the current ratio has deteriorated from 0.79 to 0.60, suggesting that short-term obligations are outpacing current assets. This trend implies that the company is prioritizing long-term growth over near-term liquidity, which may be a deliberate strategy but warrants monitoring given the negative working capital position.
Leverage Creeps Higher Amid Expansion
Total debt rose from $103.5M in Q1 2024 to $195.4M in Q2 2026, with D/E climbing to 0.31, as reported in SEC filings, indicating increased reliance on debt to fund growth.
While the D/E ratio remains modest at 0.31, the absolute debt level has nearly doubled, reflecting the capital-intensive nature of mine development. The increase in leverage appears strategic, given the low cost of debt and the need to fund the Kurmuk project, but investors should monitor the trajectory as interest expenses could pressure margins if gold prices weaken.
Asset Base Dominated by PPE
PPE net of $1.5B constitutes 68% of total assets as of Q2 2026, per balance sheet data, underscoring the asset-heavy nature of the business and the importance of asset utilization.
The concentration in PPE reflects the company's investment in mining infrastructure, which is typical for the sector. However, the absence of goodwill suggests that acquisitions were made at fair value, reducing the risk of future impairment. The aging of the Bonikro pits may lead to higher depreciation, but the expansion into Ethiopia could provide a more favorable cost profile.
Retained Deficit Widens Despite Growth
Retained earnings deteriorated from -$126.7M in Q1 2024 to -$357.0M in Q2 2026, as per financial statements, indicating cumulative losses despite revenue growth.
The widening retained deficit is a red flag, as it suggests that the company has not yet achieved sustained profitability. The negative ROE of -11.3% in the latest quarter, per the income statement, reinforces this concern. While the company is investing heavily in growth, the lack of retained earnings limits its ability to self-fund future dividends or buybacks, and may necessitate further equity or debt financing.
Cash Buffer Shrinks as Working Capital Tightens
Cash dropped from $479.8M in Q4 2025 to $192.2M in Q2 2026, per balance sheet data, while current ratio fell to 0.60, signaling a reduced buffer against operational shocks.
The significant cash drawdown, combined with a current ratio below 1, suggests that Allied Gold is consuming cash to fund its expansion. The company's ability to weather a downturn in gold prices or a disruption in operations may be constrained, especially given the negative operating cash flow in Q2 2026. However, the low debt levels provide some flexibility to access additional financing if needed.
Deferred Revenue Masks Cash Flow Reality
Deferred revenue surged from $17.9M in Q1 2024 to $383.9M in Q2 2026, per balance sheet data, which may overstate the company's cash-generating ability if not backed by actual deliveries.
The rapid growth in deferred revenue is unusual for a gold producer and may indicate advanced payments from off-take agreements or other arrangements. While this provides upfront cash, it also represents an obligation to deliver gold in the future, which could strain operations if production falls short. Investors should scrutinize the terms of these contracts and the company's ability to fulfill them without impacting margins.