The company remains a pre-revenue entity with zero top-line growth, while SG&A expenses peaked at $6.5 million in 2025Q3 due to ongoing legal and administrative costs.
| Metric | TTM | 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 99.95K | 108K | 105K | 123.74K | 104K | 260.11K | 534.2K | 647K | 234K | 176K | 205K | 34.89M | 34.14M | 0 | 0 | 0 | 1.8M | 0 | -140.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -99.95K | -108K | -105K | -123.74K | -104K | -260.11K | -534.2K | -647K | -234K | -176K | -205K | -34.89M | -34.14M | 0 | 0 | 0 | -1.8M | 0 | 140.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -2.86% | 15.14% | -18.98% | 60.02% | 51.31% | 17.43% | -176.5% | -32.95% | 14.15% | 99.41% | -2.21% | - | - | - | 100% | - | -100% | - | - | - | - | - | - | - | - |
| Operating Expenses | 22.35M | 23.12M | 18.23M | 16.74M | 24.5M | 24.43M | 62.15M | 68.77M | 66.21M | 64.19M | 27.1M | 8.27M | 17.38M | 8.88M | 16.47M | 21.13M | 12.83M | 13.07M | 151.21M | 106.68M | 62.23M | 51.18M | 41.45M | 8.43M | 5.1M | 1.56M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 19.99M | 15.73M | 12.9M | 16.74M | 15.23M | 24.43M | 62.15M | 15.75M | 15.8M | 41.6M | 19.17M | 34.89M | 21.26M | 6.89M | 12.01M | 20.32M | 12.69M | 12.62M | 19.59M | 20.11M | 11.49M | 8.02M | 5.7M | 2.5M | 771.16K | 295.68K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 7.39M | 5.34M | 0 | 9.27M | 0 | 0 | 53.01M | 638K | 22.59M | 11K | 214K | 12.88M | 1.99M | 4.46M | 819K | 138K | 451K | 131.62M | 106.68M | 62.23M | 51.18M | 41.45M | 8.43M | 5.1M | 1.27M |
| Operating Income | -22.45M | -23.22M | -18.34M | -16.86M | -24.61M | -24.69M | -62.69M | -68.77M | -66.21M | -64.19M | -27.1M | -34.89M | -34.14M | -8.88M | -16.47M | -21.13M | -14.63M | -13.1M | -149.94M | -106.68M | -62.23M | -51.18M | -41.45M | -8.43M | -5.1M | -1.56M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -26.64% | -8.76% | 31.48% | 0.33% | 60.62% | 8.84% | -3.85% | -3.15% | -136.87% | 22.33% | -2.21% | -284.57% | 46.09% | 22.09% | -44.47% | -11.67% | 91.26% | -40.55% | -71.45% | -21.57% | -23.47% | -391.74% | -65.23% | -226.21% | - |
| EBITDA | -22.2M | -23.05M | -18.34M | -16.74M | -24.35M | -24.43M | -62.15M | -68.12M | -65.98M | -64.02M | -26.9M | -34.62M | -33.86M | -14.28M | -16.38M | -21.13M | -13.54M | -12.4M | -149.76M | -106.54M | -62.1M | -51.09M | -41.41M | -8.43M | -5.1M | -1.56M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -26.35% | -25.73% | -9.55% | 31.26% | 0.33% | 60.7% | 8.76% | -3.24% | -3.06% | -138.02% | 22.3% | -2.24% | -137.1% | 12.84% | 22.48% | -56.07% | -9.17% | 91.72% | -40.57% | -71.55% | -21.55% | -23.38% | -391.42% | -65.18% | -226.23% | - |
| D&A (Non-Cash Add-back) | 244.96K | 172K | 3K | 123.74K | 259K | 260.11K | 533K | 647K | 234K | 176K | 205K | 279K | 282K | -5.4M | 83K | 0 | 1.09M | 696K | 182K | 145.99K | 123.91K | 93.18K | 45.99K | 3.83K | 721 | 287 |
| EBIT | -66.11M | -103.1M | -18.65M | -15.86M | -24.61M | -24.88M | -63.9M | -68.77M | -66.21M | -64.19M | -27.12M | -34.89M | -34.14M | -8.88M | 0 | 0 | -13.54M | -12.79M | 0 | 0 | 0 | -51.18M | 0 | -8.43M | -5.1M | -1.56M |
| Net Interest Income | -277.17K | -310K | 36K | 189K | 212K | 109K | 22.76K | 103K | 0 | 0 | 0 | -45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 611.38K | 592K | 36K | 270K | 279K | 176K | 114.6K | 237K | 684K | 462K | 33K | 99K | 281K | 1.14M | 887K | 944K | 0 | 0 | 1.27M | 0 | 2.24M | 584.56K | 0 | 64.71K | 0 | 0 |
| Interest Expense | 888.55K | 902K | 0 | 81K | 67K | 67K | 91.84K | 134K | 0 | 0 | 0 | 144K | 0 | 0 | 0 | 0 | 544K | 335K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -16.89M | -80.78M | -17.75M | 936.33K | 271K | -250.62K | -1.33M | -428K | 50.26M | -671K | 119K | -449K | 502K | 6.54M | 804 | 944K | 544K | 335K | 0 | 214.5M | 121.25M | 281.64K | -602K | 65.61K | -37.66K | 7.88K |
| Pretax Income | -39.34M | -104M | -36.08M | -15.92M | -24.34M | -24.94M | -64.02M | -69.19M | -15.96M | -64.86M | -26.98M | -35.34M | -33.64M | -2.34M | -15.66M | -20.19M | -14.09M | -12.77M | -149.94M | 107.82M | 59.02M | -50.9M | -42.06M | -8.36M | -5.14M | -1.56M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 296.82K | 367K | 65K | -83K | 107K | 0 | 0 | 0 | 0 | 0 | 11K | -1.51M | -2.29M | 184K | -887K | -51K | 30K | -25K | -33K | -3.81M | -637K | -866K | -244.3K | -130K | -10.68K | -109K |
| Effective Tax Rate % | -0.75% | -0.35% | -0.18% | 0.52% | -0.44% | 0% | 0% | 0% | 0% | 0% | -0.04% | 4.28% | 6.81% | -7.87% | 5.66% | 0.25% | -0.21% | 0.2% | 0.02% | -3.54% | -1.08% | 1.7% | 0.58% | 1.55% | 0.21% | 7.01% |
| Net Income | -39.64M | -104.37M | -36.15M | -15.84M | -24.44M | -24.94M | -64.02M | -69.19M | -15.96M | -64.86M | -26.98M | -33.83M | -31.35M | -2.52M | -15.66M | -20.14M | -14.12M | -12.74M | -149.91M | -104.01M | -58.38M | -50.32M | -41.7M | -8.3M | -5.11M | -1.46M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 43.54% | -188.71% | -128.19% | 35.19% | 1.99% | 61.05% | 7.48% | -333.62% | 75.4% | -140.4% | 20.24% | -7.92% | -1142.45% | 83.89% | 22.23% | -42.68% | -10.79% | 91.5% | -44.13% | -78.15% | -16.03% | -20.67% | -402.46% | -62.34% | -251.34% | - |
| Net Income (Continuing) | -39.64M | -104.37M | -36.15M | -15.84M | -24.44M | -24.94M | -64.02M | -69.19M | -15.96M | -64.86M | -26.98M | -33.83M | -31.35M | -2.52M | -15.66M | -20.14M | -14.12M | -12.74M | -149.91M | -104.01M | -58.38M | -50.32M | -41.7M | -8.3M | -5.11M | -1.46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 35.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.07 | -0.19 | -0.07 | -0.04 | -0.05 | -0.06 | -0.13 | -0.19 | -0.05 | -0.22 | -0.11 | -0.23 | -0.33 | -0.03 | -0.16 | -0.21 | -0.15 | -0.14 | -1.62 | -1.13 | -0.75 | -0.90 | -1.04 | -0.35 | -0.38 | -0.20 |
| EPS Growth % | 35.5% | -182.74% | -69.7% | 14.1% | 23.93% | 53.38% | 31.58% | -271.82% | 76.77% | -100% | 52.17% | 30.3% | -1140.6% | 83.38% | 23.81% | -40% | -7.14% | 91.36% | -43.36% | -50.67% | 16.67% | 13.46% | -197.14% | 7.89% | -90% | - |
| EPS (Basic) | - | -0.19 | -0.07 | -0.04 | -0.05 | -0.06 | -0.13 | -0.19 | -0.05 | -0.22 | -0.11 | -0.23 | -0.33 | -0.03 | -0.16 | -0.21 | -0.15 | -0.14 | -1.62 | -1.13 | -0.75 | -0.90 | -1.04 | -0.35 | -0.41 | -0.20 |
| Diluted Shares Outstanding | 604.19M | 550.02M | 537.85M | 530.27M | 529.78M | 521.46M | 473.67M | 358.34M | 312.26M | 300.51M | 246.16M | 146.31M | 95.01M | 95.01M | 95M | 94.85M | 93.78M | 92.83M | 92.54M | 91.98M | 77.71M | 55.85M | 39.93M | 23.39M | 13.61M | 7.45M |
| Basic Shares Outstanding | 559.85M | 550.02M | 537.85M | 530.28M | 529.78M | 521.46M | 473.67M | 358.34M | 312.26M | 300.51M | 246.16M | 146.31M | 95.01M | 95.01M | 95M | 94.85M | 93.78M | 92.83M | 92.54M | 91.98M | 77.71M | 55.85M | 39.93M | 23.39M | 12.56M | 7.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and Permitting Blockade
As indicated by the company's financial statements, Northern Dynasty Minerals remains a pre-revenue entity, with zero top-line growth reported across all ten observed quarters, reflecting its status as a single-asset exploration firm entirely dependent on future project development rather than current commercial operations or sales.
The lack of revenue is a structural feature of the company's current business model, which is focused exclusively on the Pebble project. Investors should note that the absence of sales growth is not a performance failure but a reflection of the firm's current stage in the mining lifecycle.
Based on reported figures, the company's cost structure is dominated by SG&A expenses, which reached a peak of $6.5 million in 2025Q3, highlighting the significant financial burden of ongoing legal and administrative efforts required to challenge regulatory decisions regarding the Pebble deposit's development path.
The consistent quarterly SG&A spend suggests a high fixed-cost base that is largely decoupled from operational mining activities. This expense profile appears to be a direct consequence of the protracted legal battles with federal agencies, which necessitates sustained capital outflows regardless of the project's progress.
According to recent SEC filings, the company's net income exhibits extreme volatility, such as the $21.2 million profit in 2026Q1, which appears to be driven by non-operating items rather than core business performance, given the persistent negative operating income and lack of revenue generation.
The disconnect between net income and operating performance warrants caution, as these fluctuations do not reflect underlying operational health. Investors should monitor these non-operating gains closely, as they may obscure the ongoing cash burn associated with the company's legal and permitting strategy.
As reported in financial statements, the company's reliance on equity-based funding to cover operating losses creates a persistent risk of shareholder dilution, particularly as the cash balance of $54.7 million is continuously eroded by the high costs of maintaining the Pebble project's legal standing.
The current financial trajectory suggests that the company may face significant pressure to raise additional capital if legal challenges remain unresolved. This creates a potential cycle of dilution that could negatively impact long-term shareholder value, especially if the regulatory environment does not improve in the near term.
Quick answers to the most common questions about buying NAK stock.
For fiscal year 2025, Northern Dynasty Minerals Ltd. (NAK) reported total revenue of $0.0M.
Northern Dynasty Minerals Ltd. (NAK) reported a net loss of $104.4M for the fiscal year ending 2025.