Revenue accelerated 58.6% sequentially to $15.7M in 2026Q2 with gross margins expanding to 100%, indicating a structural shift, but EPS remains negative at -0.03, highlighting ongoing profitability challenges.
New Found Gold Corp. (NFGC) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 31.42M | 5.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 13.69M | 5.69M | 565.41K | 940.21K | 880.4K | 582.93K | 0 | 0 | 4.31K |
| COGS % of Revenue | - | 97.96% | - | - | - | - | - | - | - |
| Gross Profit | 17.73M | 118.25K | -565.41K | -940.21K | -880.4K | -582.93K | 0 | 0 | -4.31K |
| Gross Margin % | 56.43% | 2.04% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 120.91% | 39.86% | -6.79% | -51.03% | - | - | 100% | - |
| Operating Expenses | 74.32M | 59.32M | 41.35M | 102.53M | 87.84M | 56.08M | 38.35M | 3.93M | 2.66M |
| OpEx % of Revenue | - | 1021.56% | - | - | - | - | - | - | - |
| Selling, General & Admin | 20.93M | 17.94M | 41.35M | 5.56M | 13.01M | 12.5M | 38.13M | 3.91M | 2.66M |
| SG&A % of Revenue | - | 308.97% | - | - | - | - | - | - | - |
| Research & Development | 12.55M | 0 | 0 | 1.27M | 1.15M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 41.38M | 0 | 95.69M | 73.67M | 43.58M | 221.44K | 12.88K | 0 |
| Operating Income | -56.59M | -59.2M | -41.91M | -103.47M | -88.72M | -56.66M | -38.35M | -3.93M | -2.66M |
| Operating Margin % | -180.12% | -1019.53% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -41.25% | 59.49% | -16.63% | -56.57% | -47.76% | -876.9% | -47.57% | - |
| EBITDA | -56.36M | -58.38M | -41.35M | -102.53M | -87.84M | -56.08M | -38.08M | -3.82M | -2.66M |
| EBITDA Margin % | -179.38% | -1005.27% | - | - | - | - | - | - | - |
| EBITDA Growth % | -8.3% | -41.18% | 59.67% | -16.73% | -56.63% | -47.26% | -896.5% | -43.9% | - |
| D&A (Non-Cash Add-back) | 781.51K | 827.88K | 565.41K | 940.21K | 880.4K | 582.93K | 265.12K | 103.83K | 4.31K |
| EBIT | -56.61M | -47.85M | -34.27M | -79.86M | -89.97M | -50.63M | -38.42M | -4.02M | -2.73M |
| Net Interest Income | 834.69K | 1.31M | 1.98M | 2.76M | 1.2M | 115.22K | 58.34K | 0 | 0 |
| Interest Income | 2.14M | 1.42M | 1.99M | 2.79M | 1.22M | 122.71K | 61.88K | 0 | 16.45K |
| Interest Expense | 1.31M | 112.57K | 17.45K | 27.12K | 15.99K | 7.49K | 3.54K | 0 | 0 |
| Other Income/Expense | -1.32M | 11.24M | 7.63M | 23.58M | -1.27M | 6.02M | 5.81M | -94.62K | 1.32M |
| Pretax Income | -57.91M | -47.97M | -34.29M | -79.89M | -89.99M | -50.64M | -32.53M | -4.02M | -1.34M |
| Pretax Margin % | -184.33% | -826.03% | - | - | - | - | - | - | - |
| Income Tax | -203.32K | -394.57K | 645.4K | 0 | 0 | 0 | 0 | 0 | 2 |
| Effective Tax Rate % | 0.35% | 0.82% | -1.88% | 0% | 0% | 0% | 0% | 0% | -0% |
| Net Income | -57.71M | -47.57M | -34.93M | -79.89M | -89.99M | -50.64M | -32.53M | -4.02M | -1.34M |
| Net Margin % | -183.69% | -819.23% | - | - | - | - | - | - | - |
| Net Income Growth % | -29.71% | -36.19% | 56.28% | 11.22% | -77.7% | -55.65% | -709.31% | -199.75% | - |
| Net Income (Continuing) | -57.71M | -47.57M | -34.93M | -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) | -0.18 | -0.21 | -0.18 | -0.45 | -0.66 | -0.37 | -0.30 | -0.09 | -0.03 |
| EPS Growth % | 1.31% | -16.67% | 60% | 31.82% | -78.38% | -23.33% | -232.96% | -199.34% | - |
| EPS (Basic) | - | -0.21 | -0.18 | -0.45 | -0.66 | -0.37 | -0.30 | -0.09 | -0.03 |
| Diluted Shares Outstanding | 320.99M | 234.64M | 194.03M | 178.36M | 166.86M | 154.95M | 112.66M | 44.6M | 44.6M |
| Basic Shares Outstanding | 320.99M | 234.64M | 193.34M | 178.36M | 166.86M | 154.95M | 112.66M | 44.6M | 44.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Unproven Revenue Scalability
Revenue Emergence from Exploration Phase
NFGC's revenue grew 58.6% sequentially to $15.7M in 2026Q2, marking a transition from pre-production to initial cash flows, though from a minimal base.
The company's revenue trajectory shows a sharp inflection from zero or minimal receipts to $5.8M in 2025Q4, accelerating to $15.7M by 2026Q2. This pattern suggests the commencement of sales from initial production or royalties. However, the durability of this growth remains uncertain given the company's history as an explorer, and the 100% gross margin in the latest quarter warrants scrutiny to understand the revenue composition.
Structural Margin Shift with Revenue Onset
Gross margins turned positive at 12.1% in 2025Q4 and expanded to 100% in 2026Q2, according to company filings, indicating a potential low-cost revenue stream or accounting anomaly in COGS recognition.
The dramatic improvement in gross margins, from negative levels to triple digits, suggests that the initial revenue may be derived from high-margin activities such as royalties or net profit interests, rather than direct production. This structural shift significantly alters the company's profitability profile, but the sustainability depends on the nature of these revenues and whether direct cost of sales will materialize in future periods.
Operational Inflection Point in 2025Q4
The third quarter of 2025 marked a pivotal shift as NFGC recorded its first material revenue of $5.8M, ending years of exploration-driven losses.
The inflection in 2025Q4 appears to be driven by the onset of commercial activities, which has since accelerated. This transition has reduced the magnitude of operating and net losses, but the company remains unprofitable. The lasting impact depends on whether this initial revenue scales and becomes a sustainable base to cover the substantial overhead and exploration costs.
Persistent Negative Earnings with SBC Dilution
Net losses have narrowed sequentially, but EPS remains negative at -0.03 in 2026Q2, while stock-based compensation of $1.7M in the latest quarter continues to dilute shareholders.
The quality of earnings is hampered by persistent net losses, although the trend is improving. A significant portion of expenses is non-cash, as evidenced by the $1.7M stock-based compensation in 2026Q2, which represents a material share of the net loss. The tax rate is not provided, but the net loss suggests limited tax benefits. Investors should monitor the cash burn relative to the reported losses.
Unsustainable Burn and Unproven Scalability
Despite revenue growth, NFGC's operating expenses of $15.4M in 2026Q2 continue to outstrip gross profit, resulting in negative operating income and a reliance on financing.
The primary challenge to the positive narrative is the company's inability to generate operating profits, even with revenue. The high SG&A and the occasional R&D expenditure suggest that the cost base is not yet aligned with the new revenue stream. Furthermore, the 100% gross margin in the latest quarter may not be repeatable, and any increase in cost of goods sold could severely impact margins. The company's continued dependence on external funding to cover losses poses a dilution risk.