The capital structure is heavily reliant on equity issuance, resulting in a total equity position of $190.8 million against minimal debt of $168.3K as of 2026Q1.
| Total Current Assets | 107.66M | 30.35M | 9.93M | 25.97M | 24.64M | 41.87M | 11.83M | 849.6K |
| Cash & Short-Term Investments | 106.91M | 29.69M | 9.41M | 25.55M | 23.91M | 41.4M | 11.44M | 141.77K |
| Cash Only | 106.91M | 29.69M | 9.41M | 25.55M | 23.91M | 41.4M | 11.44M | 141.77K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 94.81K | 0 | 707.83K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -708 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 757.01K | 667.33K | 523.89K | 422.73K | 360.65K | 376.69K | 384.9K | 708 |
| Total Non-Current Assets | 86.02M | 85.5M | 85.42M | 83.16M | 80.38M | 78.21M | 58.8M | 126.75K |
| Property, Plant & Equipment | 2.14M | 2.15M | 84.96M | 81.61M | 80M | 78.19M | 58.8M | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126.75K |
| Other Non-Current Assets | 83.88M | 83.35M | 460.38K | 625.15K | 379.93K | 20K | 0 | 0 |
| Total Assets | 193.68M | 115.86M | 95.35M | 109.13M | 105.02M | 120.08M | 70.63M | 849.6K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 111.4% | 21.5% | -12.62% | 3.91% | -12.54% | 70.01% | 8213.55% | - |
| Total Current Liabilities | 2.8M | 3M | 2.75M | 4.49M | 2.51M | 2.54M | 1.76M | 87.96K |
| Accounts Payable | 0 | 0 | 1.72M | 0 | 1.75M | 2.05M | 527.51K | 87.96K |
| Days Payables Outstanding | 1.76K | - | 2.46K | - | - | 5.59K | 11.13K | - |
| Short-Term Debt | 114.58K | 124.78K | 0 | 135.1K | 0 | 0 | 906.77K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.68M | 2.87M | 0 | 4.35M | 127.6K | -1.57M | -205.4K | -87.96K |
| Current Ratio | 38.50x | 10.12x | 3.62x | 5.79x | 9.80x | 16.50x | 6.74x | 9.66x |
| Quick Ratio | 38.50x | 10.12x | 3.62x | 5.79x | 9.80x | 16.50x | 6.74x | 9.67x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 53.67K | 338.64K | 455.29K | 1.11M | 1.33M | 3.71M | 9.87M | 0 |
| Long-Term Debt | 53.67K | 80.88K | 0 | 94.52K | 0 | 0 | 473.32K | 0 |
| Capital Lease Obligations | 240.63K | 0 | 197.53K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 1.01M | 0 | 3.71M | 9.4M | 0 |
| Other Non-Current Liabilities | 0 | 257.76K | 257.76K | 0 | 1.33M | 0 | -473 | 0 |
| Total Liabilities | 2.85M | 3.34M | 3.2M | 5.59M | 3.85M | 6.25M | 11.63M | 87.96K |
| Total Debt | 168.25K | 205.67K | 326.95K | 229.61K | 0 | 0 | 1.38M | 0 |
| Net Debt | -106.74M | -29.48M | -9.08M | -25.32M | -23.91M | -41.4M | -10.06M | -141.77K |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | - | - | 0.02x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.99x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -245.52x | - | - | -1272.36x | - | - |
| Total Equity | 190.83M | 112.52M | 92.15M | 103.54M | 101.17M | 113.83M | 59M | 761.64K |
| Equity Growth % | 122.95% | 22.1% | -11% | 2.33% | -11.12% | 92.93% | 7646.98% | - |
| Book Value per Share | 1.54 | 1.03 | 1.01 | 1.32 | 1.40 | 1.61 | 0.83 | 0.03 |
| Total Shareholders' Equity | 190.83M | 112.52M | 92.15M | 103.54M | 101.17M | 113.83M | 37.82M | 761.64K |
| Common Stock | 133.52K | 114.07K | 95.57K | 86.74K | 73.34K | 70.85K | 35.14K | 14.78K |
| Retained Earnings | -114.55M | -106.09M | -76.55M | -42.66M | -6.22M | 13.07M | 25.68M | -331.45K |
| Treasury Stock | 0 | 0 | 0 | - | - | - | - | - |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 21.18M | 0 |
Capital depletion and dilution
According to recent SEC filings, Dakota Gold's cash position surged to $106.9 million in 2026Q1 from $29.7 million in 2025Q4, yet this liquidity remains highly sensitive to the company's ongoing exploration burn rate and the absence of any recurring revenue streams to support long-term operations.
The significant jump in cash suggests a recent equity financing event, which provides a temporary buffer but does not alter the underlying structural deficit. Investors should monitor how quickly this capital is deployed, as the current ratio of 38.50 is a byproduct of pre-revenue status rather than operational efficiency.
As reported in financial statements, Dakota Gold maintains a lean asset base with PPE net values fluctuating significantly, dropping from $84.8 million in 2025Q2 to $2.1 million in 2026Q1, reflecting the company's strategic shift in how it accounts for its mineral property interests.
The volatility in PPE suggests that the company is actively reclassifying or adjusting the carrying value of its exploration assets. This lack of stability in the asset base underscores the speculative nature of the firm's valuation, which remains tied to geological potential rather than tangible, income-generating infrastructure.
Based on Dakota Gold's reported figures, equity has expanded to $190.8 million in 2026Q1, a trend that appears driven by persistent share issuance to fund exploration activities rather than organic growth or the accumulation of retained earnings, which remain deeply negative at -$114.6 million.
The reliance on equity financing to cover operating losses suggests that existing shareholders face ongoing dilution risk. The persistent negative retained earnings highlight the long-term capital consumption required to reach a potential production inflection point, warranting caution regarding per-share value accretion.
As indicated by quarterly data, the company's minimal debt levels of $168.3K in 2026Q1 mask the significant off-balance-sheet commitments associated with property options, which may necessitate future capital outlays that are not currently reflected in the firm's headline leverage metrics.
While the balance sheet appears debt-light, the true risk lies in the contractual obligations required to maintain land tenure and exploration rights. Investors should consider these potential liabilities as a form of shadow leverage that could force further dilutive financing if exploration results do not meet expectations.
Quick answers to the most common questions about buying DC stock.
As of 2025, Dakota Gold Corp. (DC) had total assets of $115.9M including $30.4M in current assets.
Dakota Gold Corp. (DC) carries total debt of $0.2M, offset by $29.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dakota Gold Corp. (DC) has total shareholders' equity (book value) of $112.5M ($1.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dakota Gold Corp. (DC) reported a current ratio of 10.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.