The company remains entirely pre-revenue, reporting consistent net losses including a $2.0 million loss in 2026Q2 while administrative costs like the $625,000 in stock-based compensation continue to erode shareholder value.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'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 | 23.03K | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | - | - |
| Cost of Goods Sold | 16.96K | 68K | 72.57K | 82.7K | 88.11K | 122.53K | 182.82K | 234.41K | 340.01K | 702.42K | 612.74K | 605.42K | 436.97K | 365.91K | 392.16K | 268.96K | 98.11K | 106.73K | 124.71K | 118.21K | 84.62K | 63.77K | 24.11K | 21.58K | 30.41K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 132.06% | - |
| Gross Profit | -16.96K | -68K | -72.57K | -82.7K | -88.11K | -122.53K | -182.82K | -234.41K | -340.01K | -702.42K | -612.74K | -605.42K | -436.97K | -365.91K | -392.16K | -268.96K | -98.11K | -106.73K | -124.71K | -118.21K | -84.62K | -63.77K | -24.11K | -21.58K | -7.38K | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -32.06% | - |
| Gross Profit Growth % | - | 6.3% | 12.25% | 6.14% | 28.09% | 32.98% | 22.01% | 31.06% | 51.59% | -14.64% | -1.21% | -38.55% | -19.42% | 6.69% | -45.81% | -174.13% | 8.08% | 14.41% | -5.5% | -39.69% | -32.7% | -164.48% | -11.72% | -192.35% | - | - |
| Operating Expenses | 6.26M | 4.78M | 4.75M | 5.77M | 6.21M | 8.22M | 5.29M | 4.37M | 19.84M | 6.56M | 5.02M | 6.71M | 8.92M | 7.32M | 7.09M | 13.74M | 6.48M | 6.95M | 5.5M | 5.54M | 2.55M | 3.09M | 1.35M | 790.25K | 525.29K | 313.79K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2281.1% | - |
| Selling, General & Admin | 6.22M | 4.78M | 4.75M | 5.77M | 6.21M | 8.22M | 5.29M | 4.37M | 19.84M | 6.56M | 5.02M | 6.71M | 8.92M | 7.32M | 7.09M | 13.74M | 3.56M | 4.46M | 5.5M | 5.54M | 2.54M | 3.09M | 1.35M | 749.1K | 499.16K | 309.23K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2167.63% | - |
| 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 | 45.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.92M | -2.49M | 0 | 0 | -2.7K | 0 | -4.93K | 41.16K | 26.13K | 4.56K |
| Operating Income | -6.28M | -4.85M | -4.82M | -5.85M | -6.3M | -8.34M | -5.47M | -4.6M | -20.18M | -7.26M | -5.63M | -7.31M | -9.36M | -7.68M | -7.48M | -14.01M | -6.58M | -7.06M | -5.63M | -5.66M | -2.63M | -3.16M | -1.37M | -1.4M | 0 | -319K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -0.56% | 17.63% | 7.06% | 24.49% | -52.52% | -18.91% | 77.21% | -178.04% | -28.87% | 22.96% | 21.89% | -21.86% | -2.73% | 46.63% | -112.84% | 6.73% | -25.45% | 0.66% | -115.3% | 16.65% | -129.53% | 1.86% | - | 100% | - |
| EBITDA | -6.21M | -4.78M | -4.75M | -5.77M | -6.21M | -8.22M | -5.29M | -4.37M | -19.84M | -6.56M | -5.02M | -6.71M | -8.92M | -7.32M | -7.09M | -13.74M | -6.48M | -6.95M | -5.5M | -5.54M | -2.55M | -3.09M | -1.35M | -1.39M | 164.59K | -314.44K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 714.72% | - |
| EBITDA Growth % | -30.43% | -0.67% | 17.7% | 7.07% | 24.44% | -55.47% | -21.1% | 78% | -202.65% | -30.6% | 25.14% | 24.85% | -21.99% | -3.25% | 48.44% | -111.92% | 6.71% | -26.36% | 0.79% | -117.81% | 17.67% | -128.91% | 2.81% | -944.45% | 152.34% | - |
| D&A (Non-Cash Add-back) | 66.96K | 68K | 72.57K | 82.7K | 88.11K | 122.53K | 182.82K | 234.41K | 340.01K | 702.42K | 612.74K | 605.42K | 436.97K | 365.91K | 392.16K | 268.96K | 98.11K | 106.73K | 124.71K | 118.21K | 84.62K | 63.77K | 24.11K | 11.17K | 6.58K | 4.56K |
| EBIT | -6.05M | -4.52M | -4.38M | -5.03M | -6.15M | -7.63M | -1.23M | -7.7M | -22.15M | -619.59M | -44.64M | -2.62M | -9.83M | -11.28M | -7.98M | -10.15M | 38.68M | -6.63M | -5.2M | -6.39M | -3.47M | -3.86M | -1.91M | 0 | 0 | -667K |
| Net Interest Income | 195.5K | 0 | 439.45K | 581.89K | -1.47M | -4.97M | -5.33M | -7.99M | -17.68M | 695K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 195.5K | 0 | 439.45K | 581.89K | 176K | 97K | 163.19K | 364K | 724.12K | 1.06M | 1.13M | 0 | 3.57M | 4.75M | 0 | 3.87M | 416.96K | 127.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 1.65M | 5.07M | 5.49M | 8.36M | 18.41M | 367K | 1.13M | 3.45M | 3.57M | 4.75M | 3.97M | 3.87M | 416.96K | 127.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -311K |
| Other Income/Expense | 177.05K | 330K | 209.65K | 253.08K | -1.69M | -4.72M | -1.82M | -12.03M | -20.01M | -612.72M | -39M | 4.69M | -473.84K | -3.59M | -506.66K | 3.86M | 45.26M | 427.66K | 424.49K | -725.7K | -841.98K | -706.4K | -538.17K | -15.79K | -722K | 7.04K |
| Pretax Income | -6.1M | -4.52M | -4.61M | -5.6M | -7.99M | -13.06M | -7.29M | -16.63M | -40.2M | -619.98M | -44.64M | -2.62M | -9.83M | -11.28M | -7.98M | -10.15M | 38.68M | -6.63M | -5.2M | -6.39M | -3.47M | -3.86M | -1.91M | -1.42M | -1.25M | -311K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -5449.89% | - |
| Income Tax | 18K | 18K | 31.25K | 41.85K | -6.78K | 55.24K | 74.37K | 105.73K | 0 | 1.74M | -7.58M | 988.12K | -192.67K | 163.05K | 2.35M | -1.62M | 13.68M | -289.56K | -401.89K | 0 | 0 | -667.45K | -210.99K | -153K | -291K | 0 |
| Effective Tax Rate % | -0.29% | -0.4% | -0.68% | -0.75% | 0.08% | -0.42% | -1.02% | -0.64% | 0% | -0.28% | 16.98% | -37.68% | 1.96% | -1.45% | -29.46% | 15.93% | 35.36% | 4.37% | 7.73% | 0% | 0% | 17.28% | 11.03% | 10.8% | 23.19% | 0% |
| Net Income | -6.12M | -4.54M | -4.64M | -5.64M | -7.98M | -13.12M | -7.36M | -16.73M | -37.9M | -571.22M | -20.9M | -2.85M | -9.62M | -11.73M | -10.73M | -9.09M | 25M | -6.34M | -4.8M | -6.39M | -3.47M | -3.19M | -1.7M | -1.26M | -964K | -311K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -4186.21% | - |
| Net Income Growth % | -36.34% | 2.29% | 17.71% | 29.3% | 39.17% | -78.2% | 56% | 55.85% | 93.36% | -2632.45% | -632.62% | 70.35% | 17.93% | -9.29% | -17.99% | -136.37% | 494.32% | -32.11% | 24.88% | -83.99% | -8.69% | -87.7% | -34.76% | -31.02% | -209.97% | - |
| Net Income (Continuing) | -6.12M | -4.54M | -4.64M | -5.64M | -7.98M | -13.12M | -7.36M | -16.73M | -40.2M | -621.72M | -37.06M | -3.61M | -9.64M | -11.44M | -10.34M | -8.54M | 25M | -6.34M | -4.8M | -6.39M | -3.47M | -3.19M | -1.7M | -1.26M | -964K | -311K |
| 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 | 24.32M | 23.87M | 23M | 21.64M | 19.05M | 17.59M | 16.13M | 15.45M | 11.15M | -11.91M | 38.68M | 53.76M | 73.35M | 51.61M | 39.96M | 11.95M | 10.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.05 | -0.04 | -0.05 | -0.06 | -0.09 | -0.18 | -0.12 | -0.52 | -2.03 | -43.04 | -2.57 | -0.41 | -1.91 | -3.61 | -6.00 | -7.60 | 26.34 | -8.77 | -7.73 | -11.02 | -7.38 | -7.42 | -5.32 | -0.62 | -5.37 | -5.81 |
| EPS Growth % | -12.16% | 5.08% | 20.11% | 38.37% | 48.89% | -50% | 76.92% | 74.38% | 95.28% | -1574.71% | -526.83% | 78.53% | 47.09% | 39.83% | 21.05% | -128.85% | 400.34% | -13.45% | 29.85% | -49.32% | 0.54% | -39.47% | -758.06% | 88.45% | 7.57% | - |
| EPS (Basic) | - | -0.04 | -0.05 | -0.06 | -0.09 | -0.18 | -0.12 | -0.52 | -2.03 | -43.04 | -2.57 | -0.41 | -1.91 | -3.61 | -6.00 | -7.60 | 26.89 | -8.77 | -7.73 | -11.02 | -7.38 | -8.15 | -5.40 | -4.86 | -6.50 | -5.81 |
| Diluted Shares Outstanding | 123.67M | 105.44M | 102.34M | 99.94M | 89.59M | 71.91M | 61.54M | 32.53M | 19.05M | 12.6M | 8.04M | 6.96M | 5.02M | 3.25M | 1.78M | 1.64M | 954.47K | 724.66K | 619.79K | 580.42K | 472.3K | 430.94K | 321.21K | 2.05M | 179.53K | 53.63K |
| Basic Shares Outstanding | 123.67M | 105.44M | 102.34M | 99.94M | 89.59M | 71.91M | 61.54M | 32.53M | 19.05M | 12.6M | 8.04M | 6.96M | 5.02M | 3.25M | 1.78M | 1.64M | 934.98K | 724.66K | 619.79K | 580.42K | 472.3K | 391.95K | 316.41K | 259.82K | 148.22K | 53.63K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the company's recent financial disclosures, SG&A expenses have fluctuated significantly, reaching $1.7 million in 2026Q2, which highlights the persistent cash burn inherent in a development-stage mining entity that currently lacks any operational revenue to offset its ongoing corporate and administrative cost structure.
The absence of revenue means that every dollar spent on SG&A directly depletes the company's limited cash reserves. Investors should note that the volatility in quarterly administrative spending suggests a lack of rigid cost control, which may exacerbate the pressure on the balance sheet as the company approaches a critical funding juncture.
Based on the provided income statement data, stock-based compensation remains a recurring expense, with $625,000 recorded in 2026Q2, effectively diluting existing shareholders while the firm continues to report consistent net losses without any underlying revenue generation to support its current valuation or long-term operational viability.
The reliance on equity-based incentives during a pre-revenue phase suggests that management is prioritizing talent retention over cash preservation. This practice warrants further investigation, as it obscures the true economic cost of operations and places additional downward pressure on per-share value for long-term investors.
According to the most recent financial filings, the company's cash and equivalents have dwindled to approximately $417,000, a figure that appears dangerously insufficient to sustain the Waterberg Project's development requirements without immediate and potentially dilutive capital raises or a strategic shift in the firm's current financing approach.
The current cash position suggests that the company is nearing a point of financial exhaustion, which may force management into unfavorable financing terms. Market participants should monitor the potential for significant equity dilution, as the current burn rate leaves little room for operational delays or unforeseen capital expenditure requirements.
As reported in financial statements, the company remains entirely pre-revenue, with no PGM concentrate sales recorded over the last ten quarters, confirming that the firm's financial trajectory is currently defined solely by exploration and administrative expenditures rather than any tangible progress toward commercial production or market-based revenue generation.
The lack of revenue generation underscores the speculative nature of the investment, as the company remains entirely dependent on external capital to fund its development activities. Until the Waterberg Project reaches a Final Investment Decision, the income statement will likely continue to reflect only losses, providing no insight into the project's ultimate commercial success.
Quick answers to the most common questions about buying PLG stock.
For fiscal year 2025, Platinum Group Metals Ltd. (PLG) reported total revenue of $0.0M.
Platinum Group Metals Ltd. (PLG) reported a net loss of $4.5M for the fiscal year ending 2025.