The company lacks meaningful revenue streams, reporting no revenue for 2026Q3 while incurring $3.8M in SG&A expenses, which underscores its status as a pre-revenue development firm.
U.S. Gold Corp. (USAU) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.02M | 0 | 17.4M | 25.18M | 28.26M | 30.4M | 27.62M | 36.08M | 46.85M | 44.02M | 25.9M | 30.89M | 38.4M | 41.8M | 65.68M | 61.98M | 53.53M | 81.19M | 130.58M | 109.15M | 75.9M | 77.3M | 69M |
| Revenue Growth % | - | - | - | - | - | - | - | -100% | - | -100% | -30.9% | -10.89% | -7.04% | 10.08% | -23.46% | -22.99% | 6.42% | 69.98% | -16.17% | -19.56% | -8.11% | -36.37% | 5.97% | 15.8% | -34.07% | -37.82% | 19.63% | 43.81% | -1.81% | 12.03% | -35.87% |
| Cost of Goods Sold | 12.36K | 0 | 120.64K | 1.42M | 1.8M | 0 | 40.36K | 21.2K | 13.82K | 0 | 14.47M | 20.46M | 24.07M | 24.35M | 22.04M | 27.51M | 35.78M | 33.41M | 18.66M | 19.02M | 29.41M | 29.46M | 49.82M | 46.31M | 39.53M | 56.74M | 95.8M | 80.57M | 53.7M | 57.8M | 53.8M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | 0.68% | - | 83.14% | 81.26% | 85.17% | 80.11% | 79.82% | 76.25% | 76.37% | 75.89% | 72.06% | 61.55% | 76.58% | 70.48% | 75.84% | 74.71% | 73.85% | 69.88% | 73.37% | 73.81% | 70.75% | 74.77% | 77.97% |
| Gross Profit | -12.36K | 0 | -120.64K | -1.42M | -1.8M | 0 | -40.36K | -21.2K | 2.01M | 0 | 2.93M | 4.72M | 4.19M | 6.05M | 5.57M | 8.57M | 11.07M | 10.62M | 7.24M | 11.88M | 8.99M | 12.34M | 15.87M | 15.67M | 14M | 24.45M | 34.77M | 28.58M | 22.2M | 19.5M | 15.2M |
| Gross Margin % | - | - | - | - | - | - | - | - | 99.32% | - | 16.86% | 18.74% | 14.83% | 19.89% | 20.18% | 23.75% | 23.63% | 24.11% | 27.94% | 38.45% | 23.42% | 29.52% | 24.16% | 25.29% | 26.15% | 30.12% | 26.63% | 26.19% | 29.25% | 25.23% | 22.03% |
| Gross Profit Growth % | - | 100% | 91.48% | 21.58% | - | 100% | -90.36% | -101.06% | - | -100% | -37.81% | 12.6% | -30.7% | 8.47% | -34.96% | -22.58% | 4.29% | 46.72% | -39.08% | 32.05% | -27.1% | -22.25% | 1.24% | 11.95% | -42.75% | -29.68% | 21.66% | 28.75% | 13.85% | 28.29% | 33.33% |
| Operating Expenses | 20.11M | 19M | 12.88M | 5.84M | 7.6M | 14.95M | 12.39M | 5.69M | 7.61M | 8.26M | 4.7M | 5.96M | 6.94M | 8.37M | 9.41M | 13.06M | 15.3M | 17.63M | 12.6M | 10.1M | 10.85M | 10.33M | 11.95M | 13.27M | 30.28M | 29.23M | 19.57M | 16.4M | 13.6M | 13.7M | 9.3M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | 376.61% | - | 27.01% | 23.66% | 24.56% | 27.52% | 34.09% | 36.21% | 32.66% | 40.05% | 48.63% | 32.71% | 28.25% | 24.72% | 18.2% | 21.41% | 56.56% | 36% | 14.99% | 15.02% | 17.92% | 17.72% | 13.48% |
| Selling, General & Admin | 14.11M | 11.99M | 6.72M | 4.37M | 7.6M | 7.72M | 8.37M | 4.41M | 5.03M | 5.79M | 4.7M | 5.77M | 6.94M | 8.37M | 8.54M | 12.21M | 13.4M | 13.37M | 11.06M | 8.84M | 9.61M | 9.19M | 10.65M | 11.98M | 17.2M | 21.53M | 17.6M | 13.7M | 11.1M | 11.8M | 7.7M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | 248.73% | - | 27.01% | 22.9% | 24.56% | 27.52% | 30.91% | 33.84% | 28.61% | 30.36% | 42.72% | 28.61% | 25.01% | 22% | 16.22% | 19.34% | 32.14% | 26.52% | 13.48% | 12.55% | 14.62% | 15.27% | 11.16% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191K | 0 | 0 | 715K | 691K | 1.89M | 4.26M | 1.53M | 1.27M | 1.24M | 1.14M | 1.3M | 1.28M | 1.54M | 1.84M | 1.67M | 1.39M | 1.4M | 1.1M | 1M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 0.76% | - | - | 2.59% | 1.92% | 4.04% | 9.69% | 5.91% | 4.1% | 3.24% | 2.72% | 1.98% | 2.07% | 2.88% | 2.27% | 1.28% | 1.27% | 1.84% | 1.42% | 1.45% |
| Other Operating Expenses | 3.39M | 7.01M | 6.16M | 1.47M | 0 | 7.23M | 4.02M | 1.28M | 2.58M | 2.48M | 0 | 0 | 0 | 0 | -341K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.54M | 5.86M | 300K | 1.31M | 1.1M | 800K | 600K |
| Operating Income | -20.12M | -19M | -13.01M | -7.26M | -9.4M | -14.95M | -12.39M | -5.69M | -7.61M | -8.26M | -1.77M | -1.24M | -2.75M | -2.32M | -4.28M | -6.88M | -4.23M | -7.01M | -5.36M | 1.77M | -1.85M | 2.01M | 3.92M | 2.4M | -20.08M | -5.97M | 13.42M | 12.18M | 8.6M | 5.8M | 5.9M |
| Operating Margin % | - | - | - | - | - | - | - | - | -376.61% | - | -10.15% | -4.92% | -9.73% | -7.64% | -15.49% | -19.07% | -9.03% | -15.94% | -20.7% | 5.74% | -4.83% | 4.8% | 5.96% | 3.88% | -37.52% | -7.36% | 10.27% | 11.16% | 11.33% | 7.5% | 8.55% |
| Operating Income Growth % | - | -46.09% | -79.2% | 22.8% | 37.13% | -20.71% | -117.8% | 25.27% | 7.88% | -367.6% | -42.5% | 54.89% | -18.44% | 45.76% | 37.81% | -62.75% | 39.73% | -30.88% | -402.31% | 195.63% | -192.38% | -48.74% | 62.85% | 111.97% | -236.17% | -144.53% | 10.12% | 41.66% | 48.28% | -1.69% | 136% |
| EBITDA | -19.95M | -18.88M | -12.94M | -7.2M | -9.29M | -14.86M | -12.35M | -5.67M | -7.6M | 0 | -1.68M | -1.11M | -2.62M | -2.02M | -4.12M | -6.72M | -3.19M | -5.82M | -4.9M | 2.08M | -1.47M | 2.79M | 5.03M | 4.25M | -16.16M | 4.48M | 15.2M | 13.49M | 9.7M | 6.6M | 6.5M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | -375.92% | - | -9.65% | -4.4% | -9.28% | -6.65% | -14.9% | -18.62% | -6.81% | -13.23% | -18.94% | 6.75% | -3.83% | 6.69% | 7.65% | 6.86% | -30.19% | 5.51% | 11.64% | 12.36% | 12.78% | 8.54% | 9.42% |
| EBITDA Growth % | -43.08% | -45.85% | -79.84% | 22.5% | 37.49% | -20.32% | -117.9% | 25.42% | - | 100% | -51.49% | 57.7% | -29.74% | 50.89% | 38.74% | -110.63% | 45.23% | -18.72% | -335.2% | 241.74% | -152.65% | -44.43% | 18.28% | 126.31% | -460.99% | -70.55% | 12.68% | 39.07% | 46.97% | 1.54% | 103.13% |
| D&A (Non-Cash Add-back) | 169.81K | 123.62K | 63.15K | 60.79K | 114.53K | 96.89K | 40.36K | 21.2K | 13.82K | 8.26M | 87K | 131K | 127K | 300K | 164K | 164K | 1.04M | 1.19M | 456K | 312K | 383K | 787K | 1.11M | 1.85M | 3.92M | 10.45M | 1.78M | 1.31M | 1.1M | 800K | 600K |
| EBIT | -19.89M | -17.21M | -13.01M | -7.25M | -9.4M | -14.95M | -12.39M | -5.69M | -7.61M | -8.26M | -4.14M | -1.21M | -2.83M | -2.3M | -4.31M | -2.87M | -4.34M | -7.08M | -5.13M | 1.77M | -1.85M | 2.01M | 4.14M | 2.4M | -16.28M | -4.77M | 15.2M | 12.18M | 8.6M | 5.79M | 5.9M |
| Net Interest Income | 367.48K | 280.86K | 160.59K | 0 | 4.91K | 0 | 0 | 0 | 0 | 0 | 0 | -199K | -1M | -306K | -289K | -386K | -286K | -42K | 294K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 367.48K | 280.86K | 160.59K | 0 | 4.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 0 | 0 | 12K | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116 | 136K | 199K | 1M | 306K | 311K | 386K | 286K | 54K | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 389.48K | 1.79M | -7.55M | 359.85K | 1.79M | 1.02M | -56.33K | 0 | 0 | -116 | -3.19K | -168K | -1.08M | -288K | -779K | 1.24M | -401K | -117K | 223K | 868K | 3.07M | 2.43M | 202K | 119K | -84K | -916K | 855K | 491K | 400K | 200K | 200K |
| Pretax Income | -19.73M | -17.21M | -20.56M | -6.9M | -7.61M | -13.93M | -12.39M | -5.69M | -7.61M | -8.26M | -1.92M | -1.41M | -3.83M | -2.61M | -4.62M | -3.25M | -4.63M | -7.13M | -5.14M | 2.64M | 1.22M | 4.44M | 4.12M | 2.52M | -20.17M | -6.89M | 14.27M | 12.67M | 9M | 6M | 6.1M |
| Pretax Margin % | - | - | - | - | - | - | - | - | -376.61% | - | -11% | -5.59% | -13.54% | -8.58% | -16.73% | -9.02% | -9.88% | -16.2% | -19.84% | 8.55% | 3.18% | 10.62% | 6.27% | 4.07% | -37.67% | -8.49% | 10.93% | 11.61% | 11.86% | 7.76% | 8.84% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -438.14K | 435.35K | -435.35K | 136K | -187K | 3K | 306K | 5K | 5K | 5K | 3.61M | -2M | 1.03M | 450K | 1.67M | -2.6M | 252K | -4.56M | 1.21M | 5.68M | 4.83M | 3.4M | 2.3M | 2.3M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 7.7% | -5.72% | 5.27% | -7.1% | 13.28% | -0.08% | -11.73% | -0.11% | -0.15% | -0.11% | -50.63% | 38.97% | 39.11% | 36.89% | 37.54% | -63.1% | 9.99% | 22.63% | -17.58% | 39.77% | 38.09% | 37.78% | 38.33% | 37.7% |
| Net Income | -19.73M | -17.21M | -20.56M | -6.9M | -7.61M | -13.93M | -12.39M | -5.25M | -8.05M | -13.66M | -1.92M | -1.22M | -3.83M | -2.61M | -4.63M | -3.26M | -4.63M | -10.74M | -3.13M | 1.61M | 770K | 2.77M | 6.71M | 2.27M | -15.6M | -8.1M | 8.6M | 7.85M | 5.6M | 3.7M | 3.8M |
| Net Margin % | - | - | - | - | - | - | - | - | -398.15% | - | -11% | -4.85% | -13.55% | -8.58% | -16.75% | -9.03% | -9.89% | -24.4% | -12.11% | 5.21% | 2% | 6.63% | 10.22% | 3.66% | -29.15% | -9.98% | 6.58% | 7.19% | 7.38% | 4.79% | 5.51% |
| Net Income Growth % | -7.76% | 16.3% | -198.07% | 9.41% | 45.34% | -12.46% | -135.97% | 34.76% | 41.09% | -613.24% | -56.84% | 68.11% | -46.76% | 43.59% | -41.91% | 29.67% | 56.86% | -242.68% | -294.96% | 108.83% | -72.22% | -58.72% | 195.68% | 114.55% | -92.62% | -194.25% | 9.55% | 40.11% | 51.35% | -2.63% | 153.33% |
| Net Income (Continuing) | -19.73M | -17.21M | -20.56M | -6.9M | -7.61M | -13.93M | -12.39M | -5.25M | -8.05M | -7.83M | -4.15M | -1.22M | -3.83M | -2.61M | -4.63M | -3.26M | -4.63M | -10.74M | -3.13M | 1.61M | 770K | 2.77M | 6.71M | 2.27M | -15.6M | -8.1M | 8.6M | 7.85M | 5.6M | 3.7M | 3.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.83M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.19 | -1.15 | -1.80 | -0.74 | -0.90 | -1.61 | -2.63 | -2.27 | -4.36 | -10.21 | -1.96 | -38.90 | -181.01 | -156.56 | -312.37 | -220.84 | -373.92 | -870.02 | -254.51 | 129.60 | 64.80 | 223.20 | 532.80 | 180.00 | -1324.84 | -683.98 | 633.60 | 583.20 | 288.00 | 144.00 | 261.60 |
| EPS Growth % | 14.67% | 36.11% | -143.24% | 17.78% | 44.1% | 38.78% | -15.86% | 47.94% | 57.3% | -420.92% | 94.96% | 78.51% | -15.62% | 49.88% | -41.45% | 40.94% | 57.02% | -241.84% | -296.38% | 100% | -70.97% | -58.11% | 196% | 113.59% | -93.7% | -207.95% | 8.64% | 102.5% | 100% | -44.95% | 186.84% |
| EPS (Basic) | - | -1.15 | -1.80 | -0.74 | -0.90 | -1.61 | -2.63 | -2.27 | -4.36 | -10.21 | -1.96 | -38.90 | -181.01 | -156.56 | -312.37 | -220.84 | -373.92 | -870.02 | -254.51 | 129.60 | 64.80 | 237.60 | 561.60 | 194.40 | -1324.84 | -683.98 | 727.20 | 712.80 | 331.20 | 151.20 | 264.00 |
| Diluted Shares Outstanding | 16.53M | 14.98M | 11.43M | 9.36M | 8.41M | 7.25M | 4.71M | 2.32M | 1.85M | 1.34M | 977.85K | 31.39K | 21.15K | 16.66K | 14.81K | 14.76K | 12.39K | 12.35K | 12.32K | 12.41K | 11.88K | 12.42K | 12.6K | 12.62K | 11.78K | 11.84K | 13.56K | 13.45K | 10.91K | 11.59K | 14.53K |
| Basic Shares Outstanding | 16.53M | 14.98M | 11.43M | 9.36M | 8.41M | 7.25M | 4.71M | 2.32M | 1.85M | 1.34M | 977.85K | 31.39K | 21.15K | 16.66K | 14.81K | 14.76K | 12.39K | 12.35K | 12.32K | 12.41K | 11.88K | 11.67K | 11.96K | 11.68K | 11.78K | 11.84K | 11.82K | 11.01K | 10.91K | 11.59K | 14.39K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 131.47% | 266.88% | 63.96% | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying USAU stock.
For fiscal year 2026, U.S. Gold Corp. (USAU) reported total revenue of $0.0M. This represents a 100.0% decline compared to $69.0M in 1997.
U.S. Gold Corp. (USAU) reported a net loss of $17.2M for the fiscal year ending 2026.
Key Metrics
Top Statement Risk
Pre-revenue capital exhaustion
Metrics are mathematically derived from official filings.
Absence of Recurring Revenue Streams
As indicated by the company's recent financial statements, U.S. Gold Corp. has generated no meaningful revenue over the last ten quarters, with the exception of a minor $174.3K contribution in 2024Q4, confirming its status as a pre-production development entity rather than an operating mining business.
The lack of consistent top-line growth reflects the company's current focus on exploration and permitting rather than commercial extraction. Investors should interpret this trajectory as purely speculative, as the company remains entirely dependent on future project milestones to transition toward any form of revenue generation.
Escalating Administrative and Development Overhead
Based on reported figures, SG&A expenses have trended upward, reaching $3.8M in 2026Q3, which highlights the significant fixed-cost burden required to advance the CK Gold project through the necessary regulatory and engineering phases without the offset of any operational cash inflows.
The rising SG&A costs suggest that the company is intensifying its development efforts, which necessitates higher spending on professional services and permitting. This expense structure appears to be the primary driver of the company's ongoing net losses, warranting close monitoring of management's ability to control these outflows.
Dilutive Impact of Stock Compensation
According to quarterly filings, the company consistently utilizes stock-based compensation, including a notable $1.9M charge in 2025Q3, to manage its liquidity constraints while simultaneously reporting persistent net losses that reached $5.3M in the most recent quarter, further complicating the assessment of true economic performance.
The reliance on equity-based incentives suggests that management is attempting to preserve cash reserves, yet this practice creates a persistent dilutive effect for existing shareholders. The quality of earnings remains poor, as the net losses are not merely accounting artifacts but reflect the actual cash-burn reality of the business.
Sustainability of Current Cash Runway
As reported in financial statements, the company's operating losses have accelerated to $5.3M in 2026Q3, which, when compared against the $8.17M cash balance, suggests a precarious runway that may necessitate further dilutive financing to sustain operations through the next phase of project development.
Short-term observers may focus on the lack of debt, but the underlying cash-burn rate indicates that the company is approaching a critical funding inflection point. The absence of revenue means that any delay in the CK Gold project timeline could force management into unfavorable capital raises, potentially impairing shareholder value.