The company continues to function as a pre-revenue entity, with operating losses reaching $12.9M in 2026Q1 and operating margins plummeting to -182.0%.
| Sales/Revenue | 12.92M | 5.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 20.76M | 5.69M | 0 | 940.21K | 880.4K | 582.93K | 0 | 0 | 4.31K |
| COGS % of Revenue | - | 97.96% | - | - | - | - | - | - | - |
| Gross Profit | -7.84M | 118.25K | 0 | -940.21K | -880.4K | -582.93K | 0 | 0 | -4.31K |
| Gross Margin % | -60.7% | 2.04% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | -6.79% | -51.03% | - | - | 100% | - |
| Operating Expenses | 54.83M | 59.32M | 60.32M | 102.53M | 87.84M | 56.08M | 38.35M | 3.93M | 2.66M |
| OpEx % of Revenue | - | 1021.56% | - | - | - | - | - | - | - |
| Selling, General & Admin | 20.23M | 17.94M | 59.06M | 5.56M | 13.01M | 12.5M | 38.13M | 3.91M | 2.66M |
| SG&A % of Revenue | - | 308.97% | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 1.27M | 1.15M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 41.38M | 1.26M | 95.69M | 73.67M | 43.58M | 221.44K | 12.88K | 0 |
| Operating Income | -62.67M | -59.2M | -60.32M | -103.47M | -88.72M | -56.66M | -38.35M | -3.93M | -2.66M |
| Operating Margin % | -485.21% | -1019.53% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 1.85% | 41.7% | -16.63% | -56.57% | -47.76% | -876.9% | -47.57% | - |
| EBITDA | -61.8M | -58.38M | -59.64M | -102.53M | -87.84M | -56.08M | -38.08M | -3.82M | -2.66M |
| EBITDA Margin % | -478.51% | -1005.27% | - | - | - | - | - | - | - |
| EBITDA Growth % | -17.91% | 2.12% | 41.83% | -16.73% | -56.63% | -47.26% | -896.5% | -43.9% | - |
| D&A (Non-Cash Add-back) | 865.68K | 827.88K | 676.23K | 940.21K | 880.4K | 582.93K | 265.12K | 103.83K | 4.31K |
| EBIT | -51.86M | -47.85M | -59.87M | -79.86M | -89.97M | -50.63M | -38.42M | -4.02M | -2.73M |
| Net Interest Income | 1.21M | 1.31M | 2.84M | 2.76M | 1.2M | 115.22K | 58.34K | 0 | 0 |
| Interest Income | 1.39M | 1.42M | 2.84M | 2.79M | 1.22M | 122.71K | 61.88K | 0 | 16.45K |
| Interest Expense | 181.01K | 112.57K | 0 | 27.12K | 15.99K | 7.49K | 3.54K | 0 | 0 |
| Other Income/Expense | 10.24M | 11.24M | 10.98M | 23.58M | -1.27M | 6.02M | 5.81M | -94.62K | 1.32M |
| Pretax Income | -52.43M | -47.97M | -49.34M | -79.89M | -89.99M | -50.64M | -32.53M | -4.02M | -1.34M |
| Pretax Margin % | -405.96% | -826.03% | - | - | - | - | - | - | - |
| Income Tax | -59.4K | -394.57K | 928.77K | 0 | 0 | 0 | 0 | 0 | 2 |
| Effective Tax Rate % | 0.11% | 0.82% | -1.88% | 0% | 0% | 0% | 0% | 0% | -0% |
| Net Income | -52.37M | -47.57M | -50.27M | -79.89M | -89.99M | -50.64M | -32.53M | -4.02M | -1.34M |
| Net Margin % | -405.5% | -819.23% | - | - | - | - | - | - | - |
| Net Income Growth % | -13.8% | 5.36% | 37.08% | 11.22% | -77.7% | -55.65% | -709.31% | -199.75% | - |
| Net Income (Continuing) | -52.37M | -47.57M | -50.27M | -79.89M | -89.99M | -50.64M | -32.53M | -4.02M | -1.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.22 | -0.21 | -0.26 | -0.45 | -0.66 | -0.37 | -0.30 | -0.09 | -0.03 |
| EPS Growth % | -1.15% | 19.23% | 42.22% | 31.82% | -78.38% | -23.33% | -232.96% | -199.34% | - |
| EPS (Basic) | - | -0.21 | -0.26 | -0.45 | -0.66 | -0.37 | -0.30 | -0.09 | -0.03 |
| Diluted Shares Outstanding | 236.69M | 234.64M | 194.03M | 178.36M | 166.86M | 154.95M | 112.66M | 44.6M | 44.6M |
| Basic Shares Outstanding | 236.69M | 234.64M | 193.34M | 178.36M | 166.86M | 154.95M | 112.66M | 44.6M | 44.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Capital Intensive Exploration Burn
As reported in financial statements, NFGC's revenue remains sporadic and non-operational, with the $7.1M recorded in 2026Q1 appearing to be an outlier rather than a trend, as the company continues to function as a pre-revenue exploration entity focused entirely on its Queensway project development.
The absence of consistent top-line growth is expected for a junior explorer, yet the recent revenue spike warrants caution as it likely reflects asset divestitures or interest income rather than core mining operations. Investors should monitor whether future periods show a return to zero-revenue status, which would confirm the transactional nature of the current income stream.
Based on reported figures, the company's cost structure is dominated by high administrative and exploration-related expenses, resulting in a consistent pattern of operating losses that reached $12.9M in 2026Q1, reflecting the heavy financial burden of maintaining an extensive diamond drilling program across the Queensway project.
The high SG&A relative to the lack of production indicates that the company is prioritizing rapid resource definition over near-term cost discipline. This strategy suggests that management is willing to accept significant quarterly cash outflows to accelerate the project timeline, though this approach leaves the company highly dependent on external equity financing.
According to recent SEC filings, the company's operating leverage is currently non-existent, as operating income consistently trails gross profit due to the absence of a scalable production model, with operating margins fluctuating significantly and reaching -182.0% in the most recent quarter as exploration costs continue to mount.
The lack of positive operating leverage is a structural reality of the current development phase, where every dollar spent on drilling increases the deficit without a corresponding increase in revenue. Analysts should interpret these negative margins as a necessary investment in asset value rather than operational inefficiency, provided the drilling continues to yield high-grade results.
As noted in historical data, the company's market valuation appears to be decoupled from its current income statement performance, with the lack of a maiden NI 43-101 resource estimate creating a significant risk that the market is overestimating the economic viability of the identified high-grade gold zones.
Short-sellers may focus on the potential for 'nugget effect' bias in drill results, which could lead to a downward revision of the project's actual mineable tonnage. Furthermore, the reliance on equity markets to fund ongoing operations suggests that any cooling in gold sector sentiment could force dilutive financing, potentially impairing shareholder value in the near term.
Quick answers to the most common questions about buying NFGC stock.
For fiscal year 2025, New Found Gold Corp. (NFGC) reported total revenue of $5.8M.
New Found Gold Corp. (NFGC) reported a net loss of $47.6M for the fiscal year ending 2025.
New Found Gold Corp. (NFGC) reported an operating income of $-59.2M, resulting in an operating profit margin of -1019.5%. This margin reflects the operational efficiency of the business before interest and taxes.
New Found Gold Corp. (NFGC) generated $0.1M in gross profit for the year, representing a gross profit margin of 2.0%. This demonstrates the company's core pricing power and production efficiency.