The company remains pre-revenue with zero sales reported across all ten observed quarters, while maintaining a fixed quarterly SG&A overhead that fluctuated between $4.0 million and $8.0 million.
| 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 | 90.03K | 231.81K | 0 | 0 | 0 | 0 | 0 | 27.76K | 7.44M | 2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -90.03K | -231.81K | 0 | 0 | 0 | 0 | 0 | -27.76K | -7.44M | -2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | 99.63% | -261.82% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 23.81M | 21.95M | 21.63M | 17.44M | 22.81M | 18.76M | 16.53M | 10.26M | 19.81M | 15.73M | 9.68M | 9.41M | 14.09M | 11.83M | 15.83M | 19.84M | 5.97M | 5.05M | 5.59M | 6.69M | 4.75M | 2.1M | 1.94M | 1.09M | 1.43M | 154.53K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 23.81M | 21.95M | 21.18M | 17.44M | 16.09M | 13.38M | 16.53M | 10.26M | 12.37M | 13.67M | 9.68M | 9.41M | 14.09M | 11.83M | 15.83M | 19.84M | 5.97M | 5.05M | 5.59M | 6.69M | 4.75M | 2.1M | 1.94M | 1.09M | 1.43M | 154.09K |
| 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 | 0 | 0 | 450K | 0 | 6.72M | 5.38M | 0 | 0 | 6.31M | 5.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.94K | 1.73K | 432 |
| Operating Income | -23.9M | -22.19M | -21.63M | -17.44M | -22.81M | -18.76M | -16.53M | -10.29M | -12.37M | -15.73M | -9.68M | -9.41M | -14.09M | -11.83M | -15.83M | -19.84M | -5.78M | -5.05M | -5.59M | -6.69M | -4.75M | -2.1M | -1.94M | -1.44M | -1.44M | -155K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -2.57% | -24.02% | 23.54% | -21.63% | -13.47% | -60.68% | 16.84% | 21.36% | -62.51% | -2.86% | 33.22% | -19.1% | 25.27% | 20.2% | -243.25% | -14.46% | 9.74% | 16.36% | -40.88% | -125.99% | -8.08% | -35.38% | -0.07% | -825.81% | - |
| EBITDA | -23.77M | -21.95M | -21.5M | -17.31M | -22.73M | -18.67M | -16.42M | -10.26M | -4.93M | -13.67M | -9.66M | -6.4M | -14.07M | -11.81M | -15.82M | -19.81M | -5.74M | -4.84M | -5.55M | -6.52M | -4.62M | -2.09M | -1.94M | -1.43M | -1.43M | -154.57K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -14.85% | -2.14% | -24.18% | 23.84% | -21.73% | -13.71% | -60.05% | -108.06% | 63.94% | -41.54% | -50.89% | 54.5% | -19.14% | 25.34% | 20.14% | -244.86% | -18.71% | 12.89% | 14.79% | -41.03% | -120.76% | -7.95% | -35.35% | 0.01% | -827.28% | - |
| D&A (Non-Cash Add-back) | 128.03K | 231.81K | 136K | 132K | 84K | 85K | 110K | 27.76K | 7.44M | 2.06M | 19K | 3.01M | 20K | 21K | 13K | 31K | 35.99K | 211.45K | 40.75K | 170.43K | 125.82K | 7.21K | 4.34K | 2.94K | 1.73K | 432 |
| EBIT | -31.43M | -22.19M | -19.26M | -33.67M | 4.34M | 5.64M | -16.64M | -9.13M | -14.81M | -8.02M | -4.32M | -9.76M | -7.12M | -7.69M | -9.84M | -19.57M | 6.49M | -4.51M | 15.3M | -6.16M | -5.21M | -1.98M | -1.78M | -1.76M | 0 | -155K |
| Net Interest Income | 4.3M | 4.19M | 2.8M | -3.75M | -677K | 82K | -701K | 9.25K | 20K | 117K | 1.01M | 81K | 170K | 315K | 371K | 628K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.84M | 4.75M | 3.17M | 0 | 2.79M | 176K | 114K | 279K | 164K | 149K | 1.01M | 101K | 190K | 336K | 412K | 653K | 439.7K | 477.81K | 621.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 543.83K | 551.55K | 366K | 3.75M | 3.47M | 94K | 815K | 267K | 144K | 32K | 0 | 20K | 20K | 21K | 41K | 25K | 439.7K | 477.81K | 621.1K | 0 | 0 | 0 | 0 | 12.19K | 0 | 0 |
| Other Income/Expense | -64.23M | -42.84M | 1.76M | -20.52M | 23.69M | 24.28M | 788K | 794.29K | -2.6M | 7.61M | 5.36M | 3.04M | 6.97M | 4.14M | 5.95M | 240K | 12.27M | 542.01K | 20.89M | 526.72K | -459K | 122.71K | 161.23K | -339K | -159K | 315 |
| Pretax Income | -88.14M | -65.03M | -19.87M | -37.96M | 874K | 5.53M | -15.74M | -9.49M | -14.97M | -8.12M | -4.32M | -6.37M | -7.12M | -7.69M | -9.88M | -19.6M | 6.29M | -4.51M | 15.3M | -6.16M | -5.21M | -1.98M | -1.78M | -1.77M | -1.59M | -154K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -17.78M | -11.9M | 11.38M | -8.7M | 8.27M | 4.63M | -800K | -537.5K | 4.97M | 2.16M | 2.97M | 2.7M | 5.9M | 5.96M | 2.62M | 498K | 2.75M | 171K | 5.01M | -620K | -1.91M | -821K | -575K | 244.39K | 201.24K | -537 |
| Effective Tax Rate % | 20.18% | 18.3% | -57.24% | 22.91% | 946% | 83.8% | 5.08% | 5.66% | -33.17% | -26.64% | -68.92% | -42.41% | -82.8% | -77.51% | -26.55% | -2.54% | 43.73% | -3.79% | 32.73% | 10.06% | 36.62% | 41.51% | 32.25% | -13.77% | -12.63% | 0.35% |
| Net Income | -70.35M | -53.13M | -31.25M | -29.27M | -7.39M | 895K | -14.94M | -8.96M | -19.94M | -10.29M | -7.29M | -9.07M | -13.02M | -13.65M | -12.51M | -20.1M | 3.54M | -4.68M | 10.29M | -5.54M | -3.3M | -1.16M | -1.23M | -1.34M | -1.63M | -154K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -461.78% | -70.03% | -6.77% | -295.81% | -926.15% | 105.99% | -66.85% | 55.09% | -93.84% | -41.13% | 19.6% | 30.38% | 4.59% | -9.11% | 37.76% | -667.74% | 175.66% | -145.47% | 285.67% | -67.94% | -185.22% | 5.63% | 8.37% | 17.91% | -958.44% | - |
| Net Income (Continuing) | -70.35M | -53.13M | -31.25M | -29.27M | -7.39M | 895K | -14.94M | -8.96M | -19.94M | -10.29M | -7.29M | -9.07M | -13.02M | -13.65M | -12.51M | -20.1M | 3.32M | -4.68M | 10.29M | -5.54M | -3.3M | -1.16M | -1.21M | -1.34M | -1.63M | -154K |
| 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 | 0 | 0 | 0 | 0 | 188.64K | 188.64K | 0 |
| EPS (Diluted) | -0.66 | -0.52 | -0.35 | -0.35 | -0.09 | 0.01 | -0.23 | -0.19 | -0.34 | -0.18 | -0.14 | -0.18 | -0.27 | -0.30 | -0.29 | -0.48 | 0.09 | -0.12 | 0.27 | -0.15 | -0.10 | -0.04 | -0.04 | -0.05 | -0.10 | -0.01 |
| EPS Growth % | -394.43% | -48.57% | 0% | -278.79% | -903.48% | 105% | -21.05% | 44.12% | -88.89% | -28.57% | 22.22% | 33.33% | 10% | -3.45% | 39.58% | -644.22% | 173.5% | -144.44% | 280% | -52.13% | -161.54% | 11.29% | 16.83% | 48.9% | -719.67% | - |
| EPS (Basic) | - | -0.52 | -0.35 | -0.35 | -0.09 | 0.01 | -0.23 | -0.19 | -0.34 | -0.18 | -0.14 | -0.18 | -0.27 | -0.30 | -0.29 | -0.48 | 0.09 | -0.12 | 0.28 | -0.15 | -0.10 | -0.04 | -0.04 | -0.05 | -0.10 | -0.01 |
| Diluted Shares Outstanding | 107.12M | 100.89M | 88.77M | 83M | 80.06M | 77.6M | 66.37M | 62.36M | 59.1M | 56.43M | 53.33M | 49.83M | 47.66M | 45.65M | 43.62M | 41.95M | 40.13M | 37.49M | 37.87M | 35.99M | 33.46M | 30.68M | 28.88M | 26.19M | 16.3M | 12.6M |
| Basic Shares Outstanding | 107.12M | 100.89M | 88.77M | 83M | 80.06M | 76.41M | 66.37M | 62.36M | 59.1M | 56.43M | 53.33M | 49.83M | 47.66M | 45.65M | 43.62M | 41.95M | 40.13M | 37.49M | 37.33M | 35.99M | 33.46M | 30.68M | 28.88M | 26.19M | 16.3M | 12.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project development funding uncertainty
As a pre-production exploration entity, Seabridge Gold reports zero revenue across all ten observed quarters, confirming that the company remains entirely dependent on external capital markets rather than operational cash generation to sustain its ongoing development activities at the Kerr-Sulphurets-Mitchell project site.
The absence of top-line growth is a structural feature of the company's current business model rather than an operational failure. Investors should recognize that the trajectory of the firm is defined by resource expansion and permitting milestones rather than traditional revenue metrics.
Based on reported financial statements, the company maintains a consistent quarterly SG&A expenditure profile, with costs fluctuating between $4.0 million and $8.0 million, reflecting the fixed nature of maintaining land positions and corporate overhead without the offset of commercial production revenue.
The stability of these administrative costs suggests disciplined management of non-essential spending during the exploration phase. However, the lack of revenue means these costs directly erode the company's cash reserves, necessitating periodic equity financing to maintain the project's development timeline.
According to recent SEC filings, net income exhibits significant quarterly volatility, swinging from a $45.2 million gain in 2024Q2 to a $43.7 million loss in 2025Q4, which appears largely disconnected from core operational performance and likely reflects non-operating accounting adjustments or tax-related fluctuations.
The erratic nature of the bottom line highlights the difficulty in using net income as a proxy for the company's underlying health. Analysts should focus on cash burn rates and the progress of the KSM project rather than reported earnings, which are heavily influenced by non-cash items.
While the company maintains a clean balance sheet, the persistent quarterly net losses, such as the $6.7 million deficit reported in 2026Q1, suggest that the current cash runway is finite and may force further shareholder dilution if a major joint venture partner is not secured.
The reliance on equity markets to fund multi-billion dollar capital requirements creates a structural risk for existing shareholders. Investors should monitor the cash-to-burn ratio closely, as any delay in the KSM development timeline could necessitate additional financing at potentially unfavorable valuations.
Quick answers to the most common questions about buying SA stock.
For fiscal year 2025, Seabridge Gold Inc. (SA) reported total revenue of $0.0M.
Seabridge Gold Inc. (SA) reported a net loss of $53.1M for the fiscal year ending 2025.