The company remains a pre-revenue entity, consistently reporting zero top-line growth while incurring quarterly SG&A expenses that have reached as high as $8.8 million.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 337.66K | 345.6K | 330.33K | 236.51K | 230.16K | 189.52K | 289.34K | 233.27K | 284.21K | 295.84K | 241.72K | 110.68K | 62.05K | 3.22M | 2.26M | 1.28M | 339.14K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -337.66K | -345.6K | -330.33K | -236.51K | -230.16K | -189.52K | -289.34K | -233.27K | -284.21K | -295.84K | -241.72K | -110.68K | -62.05K | -3.22M | -2.26M | -1.28M | -339.14K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -4.62% | -39.67% | -2.76% | -21.44% | 34.5% | -24.03% | 17.92% | 3.93% | -22.39% | -118.4% | -78.38% | 98.08% | -42.39% | -77.51% | -276.05% | - |
| Operating Expenses | 27.45M | 25.51M | 25.85M | 25.75M | 14.85M | 11.85M | 10.63M | 6.04M | 6.54M | 7.55M | 7.25M | 3.85M | 4.81M | 2.24M | 2.37M | 1.91M | 324.16K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 27.45M | 25.51M | 25.85M | 25.75M | 14.85M | 11.85M | 10.63M | 6.09M | 6.54M | 7.55M | 7.25M | 3.85M | 4.81M | 2.24M | 2.37M | 1.91M | 324.16K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -27.79M | -25.86M | -26.18M | -25.99M | -15.08M | -12.04M | -10.92M | -6.27M | -6.83M | -7.85M | -7.49M | -3.96M | -4.88M | -5.46M | -4.64M | -3.18M | -663.31K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 1.24% | -0.75% | -72.36% | -25.2% | -10.29% | -74.08% | 8.12% | 12.98% | -4.73% | -89.19% | 18.79% | 10.73% | -17.73% | -45.73% | -379.89% | - |
| EBITDA | -27.45M | -25.51M | -25.85M | -25.75M | -14.85M | -11.85M | -10.63M | -6.04M | -6.54M | -7.55M | -7.25M | -3.85M | -4.81M | -5.42M | -4.62M | -3.18M | -663.31K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -5.18% | 1.31% | -0.39% | -73.44% | -25.26% | -11.51% | -76.02% | 7.7% | 13.34% | -4.14% | -88.35% | 20.04% | 11.2% | -17.41% | -45.32% | -378.95% | - |
| D&A (Non-Cash Add-back) | 337.66K | 345.6K | 330.33K | 236.51K | 230.16K | 189.52K | 289.34K | 233.27K | 284.21K | 295.84K | 241.72K | 110.68K | 62.05K | 41.02K | 22.23K | 6.22K | 0 |
| EBIT | -13.92M | -25.39M | -23.62M | -24.08M | -12.67M | -11.39M | -11.12M | -6.2M | -6.56M | -7.65M | -7.42M | -4.09M | -4.89M | -5.5M | -4.54M | -3.15M | -663.31K |
| Net Interest Income | 379.81K | 313.63K | 661K | -609K | -1.7M | -138K | 70.84K | 0 | 0 | 0 | 0 | 0 | 0 | 25.53K | 0 | 0 | 0 |
| Interest Income | 450.81K | 313.63K | 710K | 657K | 53K | 7.56K | 73.65K | 155.3K | 188.83K | 201.06K | 52.22K | 24.08K | 27.97K | 31.53K | 100.62K | 30.85K | 0 |
| Interest Expense | 71K | 0 | 49K | 1.27M | 1.75M | 145.69K | 2.81K | 0 | 188.83K | 201.06K | 52.22K | 24.08K | 27.97K | 6K | 100.62K | 30.85K | 0 |
| Other Income/Expense | 14.33M | 471.45K | 985K | 489.99K | 595K | 121.33M | -206.91K | 56.09K | 241.54K | 166.02K | 12.54K | -256.15K | -136K | -43.3K | 100.64K | 30.91K | 0 |
| Pretax Income | -13.46M | -25.39M | -25.2M | -25.5M | -14.48M | 109.29M | -11.13M | -6.22M | -6.59M | -7.68M | -7.48M | -4.22M | -5.01M | -5.5M | -4.54M | -3.15M | -663.31K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 4.22M | -10.07M | 2.1M | 4.89M | -1.22M | 9.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -31.34% | 39.67% | -8.32% | -19.18% | 8.39% | 8.25% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -15.56M | -13.46M | -25.24M | -28.7M | -13.27M | 100.44M | -11.13M | -6.22M | -6.59M | -7.68M | -7.48M | -4.22M | -5.01M | -5.5M | -4.54M | -3.15M | -663.31K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 42.82% | 46.66% | 12.07% | -116.34% | -113.21% | 1002.81% | -78.98% | 5.61% | 14.25% | -2.69% | -77.4% | 15.88% | 8.96% | -21.29% | -43.97% | -375.23% | - |
| Net Income (Continuing) | -17.67M | -15.31M | -27.29M | -30.39M | -13.27M | 100.27M | -11.13M | -6.22M | -6.59M | -7.68M | -7.48M | -4.22M | -5.01M | -5.5M | -4.54M | -3.15M | -663.31K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.51M | 2.8M | 1.4M | 3.17M | 0 | 0 | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.07 | -0.07 | -0.13 | -0.17 | -0.09 | 0.66 | -0.08 | -0.05 | -0.05 | -0.06 | -0.08 | -0.05 | -0.07 | -0.13 | -0.11 | -0.08 | -0.02 |
| EPS Growth % | 47.52% | 49.68% | 19.54% | -93.83% | -113.08% | 964.72% | -68.87% | 7.42% | 18.3% | 24.88% | -58.75% | 28.03% | 46.58% | -18.21% | -44.32% | -375.78% | - |
| EPS (Basic) | - | -0.07 | -0.13 | -0.17 | -0.09 | 0.67 | -0.08 | -0.05 | -0.05 | -0.06 | -0.08 | -0.05 | -0.07 | -0.13 | -0.11 | -0.08 | -0.02 |
| Diluted Shares Outstanding | 211.81M | 199.06M | 187.83M | 171.9M | 154.05M | 152.51M | 146.05M | 137.87M | 135.07M | 124.1M | 98.2M | 80.93M | 71.47M | 41.97M | 39.7M | 41.33M | 41.33M |
| Basic Shares Outstanding | 211.81M | 199.06M | 187.83M | 171.9M | 154.05M | 149.41M | 146.05M | 137.87M | 135.07M | 124.1M | 98.2M | 80.93M | 71.47M | 41.97M | 39.7M | 41.33M | 41.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operational Cash Burn
As indicated by the company's financial statements, GoldMining Inc. remains a pre-revenue entity, with zero top-line generation recorded over the last ten quarters, confirming its status as a resource-holding vehicle rather than an active mining operation focused on immediate production-based revenue growth.
The absence of revenue highlights that the company's value proposition is entirely tied to the appreciation of its mineral assets and equity stakes in subsidiaries. Investors should monitor whether the company shifts toward a royalty-based model or continues to rely on equity-linked value creation, as the current trajectory lacks traditional operational growth metrics.
According to the provided income statement data, the company consistently incurs quarterly SG&A expenses ranging between $4.7 million and $8.8 million, which, in the absence of any revenue, necessitates ongoing capital raises to sustain its exploration and administrative activities.
The cost structure is heavily weighted toward administrative overhead and project maintenance, which are essential for maintaining NI 43-101 compliance. This persistent cash burn suggests that the company's survival is tethered to its ability to manage these fixed costs while awaiting favorable market conditions for asset monetization.
Based on the reported figures, net income remains highly volatile and largely disconnected from operational performance, as evidenced by the $371.7K profit in 2025Q3 compared to consistent multi-million dollar losses in other periods, likely reflecting non-operating gains from equity holdings.
The occasional positive net income appears to be an artifact of accounting for equity stakes in subsidiaries rather than core business profitability. Analysts should look past these fluctuations to focus on the underlying cash burn rate, as these non-operating items do not represent sustainable cash-generating capacity.
As reported in recent financial filings, the company's reliance on equity markets to fund its ongoing operating losses creates a structural risk of shareholder dilution, which may offset the potential upside from rising gold prices or successful asset spin-outs.
Short-term investors should be wary of the disconnect between the company's massive resource base and its limited cash reserves. The lack of operational revenue means that any delay in project de-risking or subsidiary liquidity events may force management to issue additional shares, further diluting existing equity holders.
Quick answers to the most common questions about buying GLDG stock.
For fiscal year 2025, GoldMining Inc. (GLDG) reported total revenue of $0.0M.
GoldMining Inc. (GLDG) reported a net loss of $13.5M for the fiscal year ending 2025.