The company remains in a pre-revenue state, reporting a $5.3 million operating loss in 2026Q1 driven by discretionary exploration and administrative spending.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | -40.51K | 0 | 125.59K | 8.29K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 37.12K | 0 | -125.59K | -8.29K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -1415.73% | - | - | - | - |
| Operating Expenses | 14.67M | 10.62M | 8.77M | 273.55K | 1.74M | 697.31K | 595.01K |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 11.12M | 10.62M | 2.95M | 204.48K | 1.17M | 679.7K | 486.41K |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.23M | 0 | 5.82M | 69.07K | 562.58K | 17.62K | 108.6K |
| Operating Income | -5.13M | 0 | -8.89M | -281.84K | -1.74M | -697.31K | -595.01K |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 100% | -3055.37% | 83.76% | -148.87% | -17.19% | - |
| EBITDA | -4.74M | 585K | -8.75M | -273.55K | -1.72M | -679.7K | -486.41K |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | 42.73% | 106.69% | -3098.38% | 84.06% | -152.49% | -39.74% | - |
| D&A (Non-Cash Add-back) | 375.76K | 346K | 143.8K | 8.29K | 19.25K | 17.62K | 108.6K |
| EBIT | -3.91M | 239K | -8.48M | -233K | -1.74M | -697.31K | -595.01K |
| Net Interest Income | 632.96K | 314K | 401.59K | 426.92K | 0 | 0 | 0 |
| Interest Income | 445.46K | 314K | 401.59K | 426.92K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -113.69K | 0 | 410.96K | 48.84K | -3.27K | 0 | 0 |
| Pretax Income | -3.97M | 239K | -8.48M | -233K | -1.74M | -697.31K | -595.01K |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 50.36K | 239K | 4.97K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -1.27% | 100% | -0.06% | 0% | 0% | 0% | 0% |
| Net Income | -4.65M | 0 | -8.49M | -233K | -1.74M | -697.31K | -595.01K |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | 43.56% | 100% | -3542.57% | 86.6% | -149.34% | -17.19% | - |
| Net Income (Continuing) | -4.02M | 0 | -8.49M | -233K | -1.74M | -697.31K | -595.01K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.02 | -0.07 | -0.68 | -0.02 | -0.14 | -0.06 | -0.05 |
| EPS Growth % | 88.96% | 89.71% | -3300% | 85.71% | -143.48% | -17.35% | - |
| EPS (Basic) | - | -0.07 | -0.68 | -0.02 | -0.14 | -0.06 | -0.05 |
| Diluted Shares Outstanding | 211.81M | 199.06M | 12.41M | 12.4M | 12.13M | 12.13M | 12.13M |
| Basic Shares Outstanding | 211.81M | 199.06M | 12.41M | 12.4M | 12.13M | 12.13M | 12.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Exploration funding dependency
As indicated by recent financial disclosures, USGO's cost structure is dominated by fluctuating SG&A expenses, which reached $2.8 million in 2026Q1, reflecting the company's discretionary approach to funding its geological exploration programs while maintaining a lean administrative footprint in the absence of any operational revenue.
The company's cost profile is inherently volatile, as management scales drilling and assaying activities based on available liquidity rather than operational output. Investors should monitor the efficiency of these expenditures, as the lack of revenue means every dollar spent directly erodes the cash runway without providing a clear, immediate path to self-sustaining profitability.
Based on reported income statements, USGO recorded $1.9 million in stock-based compensation during 2026Q1, a significant non-cash expense that complicates the assessment of true operational burn rates and highlights the reliance on equity-linked incentives to preserve cash for core exploration activities.
The presence of substantial stock-based compensation relative to total operating expenses suggests that management is attempting to align incentives with long-term project development while conserving liquid assets. However, this practice effectively masks the true economic cost of operations, and analysts should adjust for these non-cash charges to understand the actual cash-burn trajectory of the Whistler project.
According to the latest quarterly filings, the company's persistent net losses, including a $5.3 million operating loss in 2026Q1, underscore the inherent risk that the current $24.9 million cash position may be insufficient to reach a definitive feasibility study without further dilutive capital raises.
Short-sellers would likely focus on the lack of a clear revenue-generating event and the potential for the company to become a 'lifestyle' entity that consumes capital without achieving a resource upgrade. The reliance on equity markets to fund ongoing exploration creates a structural vulnerability, particularly if the broader junior mining sector remains out of favor with institutional investors.
As reported in financial statements, USGO remains a pre-revenue exploration entity, meaning its income statement trajectory is defined entirely by the timing of exploration campaigns rather than commercial success, leaving the company's valuation tethered to speculative resource growth rather than operational cash flow generation.
The absence of revenue is a structural feature of the current business model, which prioritizes the definition of mineral resources over immediate commercialization. Consequently, the income statement provides little insight into operational performance, and investors should instead focus on the 'discovery cost per ounce' as the primary metric for evaluating the company's progress toward a potential asset sale or joint venture.
Quick answers to the most common questions about buying USGO stock.
For fiscal year 2025, U.S. GoldMining Inc. (USGO) reported total revenue of $0.0M.
U.S. GoldMining Inc. (USGO) reported a net loss of $0.0M for the fiscal year ending 2025.