The company remains pre-revenue with seasonal SG&A expenses peaking at $2.6 million in 2025Q2, reflecting the intensive logistical costs of its exploration-focused business model.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 36.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -36.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 37.1M | 25.96M | 30.8M | 21.92M | 9.3M | 7.65M | 5.81M | 9.31M | 6.91M | 4.86M | 3.07M | 5.43M | 2.25M | 4.84M | 144.73K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 37.1M | 6.2M | 4.54M | 3.86M | 2.57M | 1.75M | 1.02M | 1.3M | 1.46M | 3.22M | 401.68K | 1.19M | 2.24M | 4.83M | 144.73K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 19.76M | 26.26M | 18.06M | 6.73M | 5.9M | 4.79M | 8.01M | 5.45M | 1.64M | 2.67M | 4.25M | 2.8K | 15.53K | 0 |
| Operating Income | -37.14M | -25.96M | -30.8M | -21.92M | -9.3M | -7.65M | -5.81M | -9.31M | -6.91M | -4.86M | -3.07M | -5.43M | -2.25M | -4.84M | -145K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | -43.09% | 15.74% | -40.54% | -135.69% | -21.57% | -31.76% | 37.65% | -34.74% | -42.26% | -58.34% | 43.55% | -141.88% | 53.61% | -3240.69% | - |
| EBITDA | -37.1M | -25.91M | -30.75M | -21.86M | -9.26M | -7.63M | -5.79M | -9.29M | -6.9M | -4.84M | -3.03M | -5.38M | -2.24M | -4.83M | -145K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -43.22% | 15.75% | -40.69% | -135.96% | -21.36% | -31.92% | 37.75% | -34.78% | -42.51% | -59.69% | 43.64% | -139.58% | 53.52% | -3229.66% | - |
| D&A (Non-Cash Add-back) | 36.53K | 48.06K | 54.89K | 61.97K | 37.04K | 17.52K | 20.14K | 18K | 15.21K | 19.29K | 37.87K | 58.44K | 2.85K | 0 | 0 |
| EBIT | -37.14M | -25.95M | -31.21M | -21.93M | -9.3M | -7.66M | -5.81M | -9.32M | -6.92M | -4.64M | -3.06M | -5.37M | -2.25M | -4.83M | -145K |
| Net Interest Income | 1.18M | 1M | 904.62K | 257.06K | 73.64K | 82.22K | 51.31K | 68.7K | 36.48K | -311K | -497K | 22.24K | 30.91K | 17.04K | 0 |
| Interest Income | 1.18M | 1M | 904.62K | 257.06K | 73.64K | 82.22K | 51.31K | 68.7K | 36.48K | 13.51K | 8.42K | 22.24K | 30.91K | 17.04K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 324.56K | 505.38K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.73M | 5.31M | 4.15M | 2.65M | 1.1M | 371.54K | 830.66K | 930.61K | 640.59K | -110K | -497K | 64.24K | -35.12K | 35.04K | 0 |
| Pretax Income | -31.41M | -20.65M | -26.65M | -19.27M | -8.2M | -7.28M | -4.97M | -8.38M | -6.27M | -4.97M | -3.56M | -5.37M | -2.28M | -4.81M | -145K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 306.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.97% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -31.71M | -20.65M | -26.65M | -19.27M | -8.2M | -7.28M | -4.97M | -8.38M | -6.27M | -4.97M | -3.56M | -5.37M | -2.28M | -4.81M | -145K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -53.58% | 22.52% | -38.3% | -134.89% | -12.72% | -46.29% | 40.65% | -33.68% | -26.21% | -39.35% | 33.63% | -135.36% | 52.55% | -3216.55% | - |
| Net Income (Continuing) | -31.71M | -20.65M | -26.65M | -19.27M | -8.2M | -7.28M | -4.97M | -8.38M | -6.27M | -4.97M | -3.56M | -5.37M | -2.28M | -4.81M | -145K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.37 | -0.07 | -0.13 | -0.12 | -0.08 | -0.09 | -0.11 | -0.21 | -0.20 | -0.28 | -0.28 | -0.39 | -0.20 | -0.61 | -0.34 |
| EPS Growth % | -428.57% | 46.15% | -8.33% | -56.86% | 14.43% | 18.73% | 47.62% | -5% | 28.57% | 0% | 28.21% | -95% | 67.21% | -79.41% | - |
| EPS (Basic) | -0.37 | -0.07 | -0.13 | -0.12 | -0.08 | -0.09 | -0.11 | -0.21 | -0.20 | -0.28 | -0.28 | -0.39 | -0.20 | -0.61 | -0.31 |
| Diluted Shares Outstanding | 84.5M | 293.59M | 257.13M | 214.98M | 130.72M | 102.79M | 68.06M | 49.9M | 38.97M | 23.57M | 18.27M | 15.34M | 12.48M | 8.64M | 445.19K |
| Basic Shares Outstanding | 84.5M | 293.59M | 257.13M | 214.98M | 130.72M | 102.79M | 68.06M | 49.9M | 38.97M | 23.57M | 18.27M | 15.34M | 12.48M | 8.64M | 445.19K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Exploration funding and dilution
As indicated by the company's historical financial statements, DVS exhibits a highly seasonal cost structure, with quarterly SG&A expenses peaking at $2.6 million in 2025Q2, reflecting the intensive logistical requirements of summer drilling programs within the remote Kitsault Valley project area in British Columbia.
The absence of revenue necessitates that all operational expenditures be funded through equity capital, making the company's burn rate highly sensitive to the scale of annual drilling campaigns. Investors should monitor the efficiency of these expenditures, as the lack of fixed production costs means that management's ability to control discretionary exploration spending is the primary determinant of the company's financial runway.
Based on reported figures, Dolly Varden Silver consistently utilizes stock-based compensation, which reached $1.1 million in 2024Q2, effectively shifting a portion of the company's operational compensation burden from cash-based SG&A to equity dilution, thereby preserving the firm's $61 million cash position for critical exploration activities.
While this approach mitigates immediate cash outflows, it creates a persistent dilution risk for shareholders that must be weighed against the company's geological progress. Analysts should interpret these non-cash charges as a structural component of the company's cost of capital rather than a simple accounting adjustment, as they represent a recurring cost of retaining specialized technical talent.
According to recent corporate filings, the 2022 acquisition of the Homestake Ridge property represents the most significant operational inflection point, transforming the company from a fragmented explorer into a district-scale operator with a unified 163 sq. km. land package in the Golden Triangle region.
This consolidation appears to have fundamentally altered the company's risk profile by creating a contiguous asset that may offer significant synergies for future infrastructure development. The resulting increase in drilling intensity suggests that management is prioritizing the rapid expansion of the resource base to reach a critical mass that could eventually attract interest from larger industry participants.
As reported in financial statements, the company's reliance on equity markets to fund its multi-million dollar exploration programs creates a structural vulnerability, where the necessity of maintaining a $61 million cash buffer may lead to significant shareholder dilution if exploration results fail to meet market expectations.
Short-term volatility in the silver market, combined with the high cost of remote exploration, may force management to choose between scaling back drilling or issuing additional shares at unfavorable prices. Investors should remain cautious regarding the potential for future capital raises, as the current burn rate suggests that the existing treasury is a finite resource that requires constant replenishment.
Quick answers to the most common questions about buying DVS stock.
For fiscal year 2025, Dolly Varden Silver Corporation (DVS) reported total revenue of $0.0M.
Dolly Varden Silver Corporation (DVS) reported a net loss of $31.7M for the fiscal year ending 2025.