The company remains in a pre-revenue stage, with SG&A expenses of $2.5 million in 2026Q1 driving consistent net losses.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 93.27K | 0 | 254.98K | 302.08K | 0 | 134K | 17.31K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -93.27K | 0 | -254.98K | -302.08K | 0 | -134K | -17.31K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | 15.59% | - | 100% | -674.32% | - | - |
| Operating Expenses | 35.83M | 30.75M | 34.08M | 37.73M | 29.02K | 31.28M | 2.09M | 156.04K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 10.33M | 9.76M | 10.63M | 37.73M | 28.91K | 23.94M | 1.82M | 108.37K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 20.99M | 23.45M | 0 | 0 | 7.33M | 271.85K | 47.67K |
| Operating Income | -35.93M | -30.75M | -34.33M | -38.04M | -28.91K | -31.28M | -2.09M | -169.67K |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 10.42% | 9.74% | -131488.48% | 99.91% | -1395% | -1133.03% | - |
| EBITDA | -35.73M | -30.56M | -34.08M | -37.73M | -28.69K | -31.03M | -29.24M | -115.44K |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -22.71% | 10.33% | 9.69% | -131410.51% | 99.91% | -6.12% | -25231.55% | - |
| D&A (Non-Cash Add-back) | 197.23K | 198.76K | 254.98K | 302.08K | 213 | 247.28K | -27.15M | 54.24K |
| EBIT | -34.85M | -29.6M | -33.75M | -38.04M | -28.91K | -31.28M | -2.09M | -169.67K |
| Net Interest Income | 1.18M | 1.18M | 472.32K | 414.17K | 213 | 0 | 32.44K | 3.36K |
| Interest Income | 1.18M | 1.18M | 609.8K | 414.17K | 213 | 24.58K | 32.44K | 3.36K |
| Interest Expense | 0 | 0 | 137.48K | 0 | 0 | 24.58K | 0 | 0 |
| Other Income/Expense | 1.6M | 1.15M | 439.87K | 369.86K | 97 | -88.7K | 27.2M | -23.61K |
| Pretax Income | -34.32M | -29.6M | -33.89M | -37.67M | -28.81K | -31.37M | 25.11M | -193.28K |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | -68.54K | -63K | 7.83K | -1.22M | 3.1K | -5.69M | -413.42K | -17K |
| Effective Tax Rate % | 0.2% | 0.21% | -0.02% | 3.23% | -10.76% | 18.13% | -1.65% | 8.79% |
| Net Income | -34.22M | -29.54M | -33.89M | -36.45M | -25.71K | -25.68M | 26.01M | -176.29K |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -17.85% | 12.85% | 7.01% | -141678.07% | 99.9% | -198.73% | 14854.87% | - |
| Net Income (Continuing) | -34.26M | -29.54M | -33.88M | -36.45M | - | -25.68M | - | -176.29K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 21.18M | 0 |
| EPS (Diluted) | -0.28 | -0.27 | -0.37 | -0.47 | -0.00 | -0.36 | 0.37 | -0.01 |
| EPS Growth % | 4.96% | 27.03% | 21.28% | - | 99.89% | -197.3% | - | - |
| EPS (Basic) | - | -0.27 | -0.37 | -0.47 | -0.00 | -0.36 | 0.37 | -0.01 |
| Diluted Shares Outstanding | 123.78M | 108.9M | 90.89M | 78.25M | 72.09M | 70.85M | 70.85M | 24.17M |
| Basic Shares Outstanding | 123.78M | 108.9M | 90.89M | 78.25M | 72.09M | 70.85M | 70.85M | 24.17M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Capital depletion and dilution
As indicated by the company's quarterly financial statements, Dakota Gold remains in a pre-revenue phase where SG&A expenses, which reached $2.5 million in 2026Q1, represent the primary driver of the firm's ongoing net losses and continued depletion of its $29.7 million cash reserve.
The company's cost structure is dominated by administrative overhead and exploration-related expenditures, which are currently unbuffered by any operational revenue. Investors should note that the lack of capitalization for these exploration costs accelerates the net loss profile, placing significant pressure on the company to achieve a discovery milestone before liquidity constraints necessitate further dilutive equity financing.
Based on reported filings, Dakota Gold consistently utilizes stock-based compensation, with figures reaching $1.1 million in 2025Q4, which serves to mask the true cash cost of operations while simultaneously increasing the share count and diluting existing shareholders during this critical pre-discovery development phase.
The reliance on equity-based incentives suggests management is attempting to preserve cash, yet this practice complicates the assessment of true operational burn rates. Analysts should monitor the relationship between share issuance and the progress of drilling programs, as persistent dilution may erode per-share value even if geological targets are successfully delineated.
According to recent SEC filings, the company's reliance on equity markets to fund its $9.0 million quarterly operating loss in 2026Q1 highlights a precarious financial position where the absence of revenue leaves the firm entirely exposed to gold price volatility and capital market sentiment.
The market's valuation of Dakota Gold appears to hinge on the potential of its Homestake District assets, yet the income statement reveals no margin of safety for operational delays. If drilling results fail to provide a clear path to a feasibility study, the company may face significant challenges in securing non-dilutive capital, potentially forcing a restructuring of its project options.
Quick answers to the most common questions about buying DC stock.
For fiscal year 2025, Dakota Gold Corp. (DC) reported total revenue of $0.0M.
Dakota Gold Corp. (DC) reported a net loss of $29.5M for the fiscal year ending 2025.