NovaGold exhibits zero revenue generation over the last ten quarters, with operating losses reaching $25.8 million in 2026Q2 alongside $2.3 million in stock-based compensation expenses.
| 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 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 | Nov'96 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 583.2K | 1.13M | 1.75M | 1.07M | 1.48M | 1.86M | 2.07M | 1.23M | 1.48M | 1.79M | 1.82M | 2.1M | 65.1K | 70.27K | 74.21K |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | -48.55% | -35.08% | 63.87% | -28.09% | -20.29% | -10.23% | 68.89% | -17.33% | -17.38% | -1.16% | -13.73% | 3133.29% | -7.36% | -5.31% | - |
| Cost of Goods Sold | 20.33K | 25.38K | 21.4K | 9.96K | 6.75K | 6.86K | 7.26K | 15.01K | 21.37K | 34.38K | 32.59K | 33.13K | 34.63K | 35.8K | 471.23K | 22.37M | 19.25M | 22.33M | 44.48M | 72.11M | 394.92K | 366.26K | 2.09M | 256.07K | 151.98K | 186.27K | 1.26M | 1.22M | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3301% | 1970.29% | 2547.81% | 6768.26% | 26.65% | 19.71% | 100.93% | 20.89% | 10.25% | 10.38% | 69.66% | 58.05% | - | - | - |
| Gross Profit | -20.33K | -25.38K | -21.4K | -9.96K | -6.75K | -6.86K | -7.26K | -15.01K | -21.37K | -34.38K | -32.59K | -33.13K | -34.63K | -35.8K | -471.23K | -22.37M | -18.67M | -21.2M | -42.74M | -71.05M | 1.09M | 1.49M | -19.34K | 970.27K | 1.33M | 1.66M | 551.47K | 882.83K | 65.1K | 70.27K | 74.21K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -3201% | -1870.29% | -2447.81% | -6668.26% | 73.35% | 80.29% | -0.93% | 79.14% | 89.75% | 92.31% | 30.37% | 41.94% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -18.59% | -114.91% | -47.45% | 1.62% | 5.48% | 51.61% | 29.76% | 37.84% | -5.46% | 1.63% | 4.33% | 3.27% | 92.4% | 97.89% | -19.85% | 11.94% | 50.39% | 39.85% | -6637.78% | -27.19% | 7815.7% | -101.99% | -27.1% | -19.67% | 200.47% | -37.53% | 1256.03% | -7.36% | -5.31% | - |
| Operating Expenses | 60.43M | 47.29M | 24.23M | 21.68M | 19.4M | 19.81M | 19.43M | 16.32M | 17.94M | 21M | 19.9M | 19.17M | 21.21M | 26.12M | 39.5M | 58.15M | 45.07M | 56.15M | 19.65M | 15.45M | 14.64M | 9.69M | 8.14M | 4.25M | 3.76M | 1.71M | 1.07M | 1.63M | 1.43M | 983.84K | 667.9K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7728.55% | 4953.98% | 1125.66% | 1449.86% | 987.88% | 521.41% | 392.89% | 346.33% | 253.61% | 95.26% | 58.7% | 77.43% | 2199.56% | 1400% | 900.01% |
| Selling, General & Admin | 32.3M | 14.7M | 24.23M | 21.68M | 19.4M | 19.81M | 19.43M | 16.32M | 17.94M | 21M | 19.9M | 19.17M | 21.21M | 26.12M | 39.5M | 31.26M | 37.73M | 56.15M | 19.65M | 15.45M | 14.13M | 9.58M | 1.9M | 4.15M | 3.18M | 1.35M | 963.55K | 1.36M | 1.11M | 632.47K | 519.48K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6470.29% | 4953.98% | 1125.66% | 1449.86% | 953.49% | 515.33% | 91.92% | 338.83% | 214.3% | 75.26% | 53.06% | 64.51% | 1700.36% | 900% | 700% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 878.84K | 484.21K | 1.25M | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 214.17% | 123.25% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 32.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.9M | -7.34M | 0 | 0 | 0 | -509.63K | -112.96K | -6.23M | 1.31M | 0 | 359.2K | 102.53K | 271.64K | 325.52K | 351.37K | 148.42K |
| Operating Income | -77.32M | -47.32M | -24.26M | -21.69M | -19.4M | -19.82M | -19.44M | -16.33M | -17.96M | -21.03M | -19.93M | -19.21M | -21.24M | -26.15M | -39.97M | -80.53M | -63.74M | -77.35M | -62.39M | -86.49M | -13.55M | -8.2M | -8.15M | -4.5M | -2.43M | -101K | 2.35M | -1.29M | -5.4M | -2.32M | -594K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -10929.56% | -6824.27% | -3573.47% | -8118.12% | -914.54% | -441.11% | -393.83% | -366.88% | -163.86% | -5.63% | 129.24% | -61.28% | -8300.57% | -3299.94% | -800.42% |
| Operating Income Growth % | - | -95.07% | -11.83% | -11.79% | 2.1% | -1.96% | -19.02% | 9.09% | 14.59% | -5.52% | -3.77% | 9.58% | 18.78% | 34.57% | 50.36% | -26.33% | 17.6% | -23.99% | 27.87% | -538.33% | -65.26% | -0.55% | -81.29% | -85.1% | -2305.94% | -104.3% | 281.94% | 76.13% | -133.03% | -290.4% | - |
| EBITDA | -71.37M | -46.43M | -24.23M | -21.68M | -19.4M | -19.81M | -19.43M | -16.32M | -17.94M | -21M | -19.9M | -19.17M | -21.21M | -26.12M | -39.87M | -80.14M | -63.23M | -77.11M | -62.16M | -86.21M | -13.34M | -8.01M | -7.98M | -4.38M | -2.25M | 46.91K | 2.45M | -1.02M | -1.43M | -914K | -594K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -10841.58% | -6802.68% | -3560.36% | -8091.27% | -900.3% | -431.17% | -385.3% | -356.93% | -151.99% | 2.61% | 134.89% | -48.38% | -2199.56% | -1300.62% | -800.42% |
| EBITDA Growth % | -228.69% | -91.6% | -11.78% | -11.78% | 2.1% | -1.96% | -19.09% | 9.06% | 14.56% | -5.52% | -3.78% | 9.59% | 18.8% | 34.48% | 50.25% | -26.75% | 18% | -24.05% | 27.89% | -546.28% | -66.44% | -0.46% | -82.31% | -94.14% | -4905.1% | -98.08% | 340.54% | 28.89% | -56.67% | -53.87% | - |
| D&A (Non-Cash Add-back) | 889.99K | 884K | 21.4K | 9.96K | 6.75K | 6.86K | 7.26K | 15.01K | 21.37K | 34.38K | 32.59K | 33.13K | 34.63K | 35.8K | 104.94K | 386.52K | 513.1K | 244.72K | 228.81K | 286.11K | 211.03K | 184.84K | 176.61K | 122.03K | 175.98K | 147.91K | 102.53K | 271.64K | 0 | 0 | 0 |
| EBIT | 60.66K | -79.89M | -29.3M | -33.56M | -16.64M | -17.51M | -14.35M | -8.71M | -23.78M | -31.73M | -28.66M | -25.19M | -32.12M | -44.76M | 40.67M | 7.44M | -192.32M | -69.57M | -145.65M | -172.87M | -27.76M | -6.88M | -7.14M | -4.5M | -1.85M | 258.11K | -515K | -747K | -1.43M | -914K | -594K |
| Net Interest Income | -6.97M | -9.66M | -9.14M | -7.24M | -6.37M | -5.46M | -4.27M | -3.1M | -4.46M | -4.06M | -3.6M | -4.45M | -5.98M | -11.66M | -14.15M | -14.16M | -14.33M | -17.07M | -2.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8.2M | 5.11M | 5.23M | 5.77M | 1.59M | 458K | 1.74M | 4.19M | 1.94M | 1.17M | 935.39K | 740K | 821.58K | 942K | 1.52M | 395.12K | 565.95K | 391.42K | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.36M | 14.77M | 14.37M | 13.01M | 7.96M | 5.92M | 6.01M | 7.29M | 6.46M | 5.23M | 4.55M | 5.19M | 6.84M | 12.61M | 15.68M | 14.55M | 14.9M | 17.46M | 4.69M | 0 | 647.25K | 0 | 72.03K | 2.19M | 321.96K | 172.25K | 0 | 475.37K | 4.04M | 1.41M | 0 |
| Other Income/Expense | 6.24M | -47.37M | -19.42M | -24.87M | -32.1M | -19.8M | -16.19M | -10.17M | -12.09M | -15.98M | -13.23M | -10.9M | -17.45M | -30.81M | 24.5M | 14.39M | -143.37M | -9.74M | -88.46M | -87.03M | -14.53M | 1M | 1.01M | -858K | 260.97K | 101.08K | -2.35M | 67.91K | -4.04M | -1.41M | 0 |
| Pretax Income | -71.06M | -94.66M | -43.67M | -46.56M | -51.5M | -39.62M | -35.63M | -26.5M | -30.05M | -37.01M | -33.16M | -30.11M | -38.69M | -56.96M | -15.47M | -66.14M | -207.11M | -87.09M | -150.85M | -173.52M | -28.08M | -7.2M | -7.14M | -5.36M | -2.17M | -20.89K | 2.39M | -1.22M | -9.44M | -3.73M | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -35513.05% | -7683.43% | -8640.42% | -16286.39% | -1895.04% | -387.15% | -344.92% | -436.95% | -146.26% | -1.16% | 131.66% | -58.05% | -14499.88% | -5300.68% | - |
| Income Tax | 0 | 0 | 704.24K | 38.83K | -31.84K | 134.34K | -810.26K | 1.28M | 510.91K | 310.4K | 273.61K | 144.85K | 253.01K | 3.77M | -7.82M | -9.63M | -1.13M | -5.75M | 3.25M | -17.86M | -1.41M | -2.23M | 0 | 2.08M | 361.95K | 465.67K | -2.28M | 814.92K | 130.21K | -211K | 222.63K |
| Effective Tax Rate % | 0% | 0% | -1.61% | -0.08% | 0.06% | -0.34% | 2.27% | -4.83% | -1.7% | -0.84% | -0.83% | -0.48% | -0.65% | -6.62% | 50.53% | 14.56% | 0.55% | 6.6% | -2.15% | 10.29% | 5.03% | 30.93% | 0% | -38.85% | -16.69% | -2229.03% | -95.23% | -66.69% | -1.38% | 5.66% | - |
| Net Income | -71.06M | -94.66M | -44.38M | -46.6M | -51.47M | -39.75M | -34.82M | -27.78M | -31.73M | -39.45M | -33.43M | -30.25M | -38.95M | -60.73M | -11.94M | -56.51M | -198.18M | -69.59M | -157.08M | -109.09M | -26.66M | -4.97M | -7.04M | -5.36M | -2.21M | -314K | 1.76M | -1.63M | -5.53M | -2.11M | -816K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -33981.49% | -6139.25% | -8997.32% | -10238.78% | -1799.7% | -267.4% | -340.21% | -436.95% | -148.95% | -17.49% | 97.08% | -77.43% | -8500.25% | -2999.69% | -1099.57% |
| Net Income Growth % | 17.46% | -113.31% | 4.78% | 9.45% | -29.48% | -14.15% | -25.36% | 12.46% | 19.56% | -18% | -10.52% | 22.33% | 35.87% | -408.81% | 78.88% | 71.49% | -184.78% | 55.7% | -44% | -309.11% | -436.48% | 29.44% | -31.5% | -142.51% | -603.5% | -117.81% | 208.16% | 70.55% | -162.52% | -158.33% | - |
| Net Income (Continuing) | -71.06M | -94.66M | -44.38M | -46.6M | -51.47M | -39.75M | -34.82M | -27.78M | -30.56M | -37.32M | -33.43M | -30.25M | -38.95M | -60.73M | -7.65M | -56.51M | -205.98M | -81.34M | -154.1M | -155.66M | -26.66M | -4.97M | -7.14M | -5.36M | -2.21M | -314K | 1.76M | -1.63M | -5.53M | -2.11M | -816K |
| 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 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 278.36M | 291.6M | 277.25M | 234M | 217.65M | 0 | 0 | 0 | 7.03M | 0 | 0 | 0 | 0 | 0 | 632.47K | 742.12K |
| EPS (Diluted) | -0.16 | -0.26 | -0.13 | -0.14 | -0.16 | -0.12 | -0.10 | -0.09 | -0.35 | -0.12 | -0.11 | -0.10 | -0.13 | -0.20 | 0.25 | -0.53 | -0.93 | -0.40 | -1.48 | -0.45 | -0.29 | -0.07 | -0.12 | -0.11 | -0.06 | -0.01 | 0.05 | -0.10 | -0.49 | -0.21 | -0.15 |
| EPS Growth % | 29.83% | -100% | 7.14% | 12.5% | -33.33% | -20% | -17.37% | 75.66% | -191.67% | -9.09% | -10% | 23.08% | 35% | -180% | 147.17% | 43.01% | -132.5% | 72.97% | -228.89% | -55.17% | -290.31% | 38.08% | -9.09% | -78.86% | -384.25% | -124.38% | 154.78% | 80.59% | -133.33% | -40% | - |
| EPS (Basic) | - | -0.26 | -0.13 | -0.14 | -0.16 | -0.12 | -0.10 | -0.09 | -0.35 | -0.12 | -0.11 | -0.10 | -0.13 | -0.20 | 0.25 | -0.63 | -0.93 | -0.40 | -1.48 | -0.45 | -0.29 | -0.07 | -0.12 | -0.11 | -0.06 | -0.01 | 0.08 | -0.10 | -0.49 | -0.21 | -0.15 |
| Diluted Shares Outstanding | 438.78M | 374.7M | 334.46M | 334.06M | 333.24M | 331.55M | 329.27M | 325.79M | 322.49M | 321.66M | 319.77M | 317.85M | 317.2M | 313.37M | 272.24M | 277.58M | 213.6M | 172.65M | 105.73M | 99.56M | 91.52M | 66.95M | 59.16M | 48.68M | 35.93M | 24.7M | 22.5M | 17.14M | 11.18M | 10M | 5.5M |
| Basic Shares Outstanding | 438.78M | 374.7M | 334.46M | 334.06M | 333.24M | 331.55M | 329.27M | 325.79M | 322.49M | 321.66M | 319.77M | 317.85M | 311.42M | 313.37M | 272.24M | 236.12M | 213.6M | 172.65M | 105.73M | 99.56M | 91.52M | 66.95M | 59.16M | 48.68M | 35.93M | 24.7M | 20.82M | 17.14M | 11.18M | 10M | 5.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project development capital intensity
As indicated by the company's recent financial disclosures, NovaGold's SG&A expenses have trended upward, reaching $8.9 million in 2026Q2, which highlights the persistent financial burden of maintaining the Donlin Gold project without any offsetting revenue streams to mitigate the ongoing corporate and administrative cost structure.
The consistent rise in SG&A expenses suggests that the company is facing increasing pressure from the costs associated with permitting and technical optimization. Investors should monitor whether these expenditures are yielding tangible progress toward a final investment decision or if they represent a growing, non-productive burn rate.
Based on the provided income statement data, NovaGold consistently utilizes stock-based compensation, with $2.3 million recorded in 2026Q2, which serves to further dilute existing shareholders while the company remains in a pre-revenue development phase with no clear timeline for achieving operational profitability or positive cash flow.
The reliance on equity-based incentives in the absence of revenue suggests a misalignment between management compensation and the lack of project-level milestones. This practice warrants further investigation into the long-term impact on shareholder value, particularly as the company continues to report significant net losses.
According to the reported financial figures, NovaGold exhibits no operational leverage, as the company has generated zero revenue over the last ten quarters while simultaneously reporting operating losses that peaked at $25.8 million in 2026Q2, underscoring the speculative nature of its current business model.
The absence of revenue means that every dollar spent on G&A and project development flows directly to the bottom line as a loss. This structure implies that the company is entirely dependent on external capital markets to sustain its operations until the Donlin project reaches production.
As highlighted by the company's historical financial statements, the lack of revenue combined with rising quarterly losses suggests that NovaGold may face significant future financing requirements, which could lead to substantial shareholder dilution if the Donlin Gold project continues to face delays in its development timeline.
Short-sellers may focus on the widening gap between administrative spending and the lack of a clear path to production. The reliance on a 50/50 partnership with Barrick Gold may not be sufficient to shield shareholders from the inflationary pressures currently impacting large-scale mining infrastructure projects.
Quick answers to the most common questions about buying NG stock.
For fiscal year 2025, NovaGold Resources Inc. (NG) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 1996.
NovaGold Resources Inc. (NG) reported a net loss of $94.7M for the fiscal year ending 2025.