Operating cash flow remains structurally negative, with a 2026Q1 deficit of $2.2 million and a continued reliance on stock-based compensation, such as the $443,000 recorded in the same period, to preserve cash.
| 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 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -6.99M | -6.61M | -5.74M | -5.86M | -7.41M | -10.62M | -6.96M | -7.05M | -8.57M | -8.8M | -5.02M | 3.01M | -7.06M | -24.52M | -30.16M | -24.99M | -8.67M | -7.88M | -7.93M | -4.99M | -3.43M | -3.38M | -3.35M | -3.01M | -2.85M | -1.71M | -2.8M | -1.72M | 10.61M | 1.4M | -3.72M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | -2458.38% | - | - | - | - | - | -4399.65% | -1654.77% | -103.89% | -1540.19% | -328.09% | - | - | - | - | - | -186.78% | -74.42% | -8.83% | 28.6% | 3.49% | -10.22% |
| Operating CF Growth % | -37.19% | -15.33% | 2.15% | 20.94% | 30.2% | -52.7% | 1.39% | 17.67% | 2.66% | -75.18% | -266.97% | 142.63% | 71.22% | 18.68% | -20.67% | -188.2% | -10% | 0.62% | -59.05% | -45.35% | -1.54% | -0.84% | -11.4% | -5.66% | -66.59% | 38.88% | -62.32% | -116.23% | 659.33% | 137.56% | - |
| Net Income | -7.94M | -7.5M | 10.71M | -6.58M | -4.93M | -15.24M | 420K | -9.39M | -8.71M | -12.04M | -3.13M | 1.01M | -18.93M | -59.49M | -70.66M | 51.55M | -9.61M | -1.94M | -9.68M | -7.88M | -4.17M | -4.58M | -4.92M | -2.75M | -2.77M | -3.27M | -13.21M | -27.63M | -1.63M | -53.95M | -11.82M |
| Depreciation & Amortization | 102K | 88K | 52.36K | 40K | 45K | 49K | 48K | 52K | 983K | 655K | 618K | 694K | 863K | 1.02M | 589K | 420K | 288K | 262K | 170K | 114K | 360K | 340K | 326K | 212K | 74K | 301K | 867K | 4.41M | 7.75M | 7.41M | 10.87M |
| Stock-Based Compensation | 677K | 0 | 684K | 636K | 779K | 887K | 913K | 849K | 982K | 874K | 645K | 817K | 1.13M | 742K | 4.22M | 2.02M | 349K | 739K | 1.53M | 2.01M | 791K | 415K | 1.02M | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.94M | -15.37M | -20.15M | 35.52M | -32K | 711K | 320K | -1.09M | -913K | -415K | -1.02M | -29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 78K | 671K | -17.17M | -880 | -3.12M | 3.35M | -8.51M | 1.47M | -716K | 890K | -3.35M | 195K | -162K | 52.03M | 54.64M | -115.6M | 3.16M | -4.79M | 2.52M | 2.04M | 607K | 444K | 1.03M | 46K | 853K | -123K | 9.62M | 14.12M | 3.06M | 49.06M | 802.54K |
| Working Capital Changes | 85K | 126K | -11.42K | 48.88K | -183K | 327K | 177K | -33K | -1.1M | 815K | 192K | 292K | 97K | -3.45M | 1.19M | 1.1M | -2.82M | -2.86M | -2.79M | -178K | -105K | 421K | 212K | -521K | -999K | 1.39M | -70K | 7.37M | 1.43M | -1.12M | -3.57M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -70K | 71K | -590K | 306K | 297K | -457K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -177K | -27K | 112K | 17K | -133K | 50K | -41K | 4K | 117K | 3.38M | 5.47M | 1.61M | -6.71M |
| Change in Payables | 391K | 0 | 0 | 0 | -457K | 377K | 456K | 0 | -1.19M | 1.08M | -70K | -24K | -395K | -5.03M | 2.98M | 1.7M | 282K | 43K | -205K | -222K | 373K | 98K | 48K | -114K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -558K | -742K | 15.59M | 2.95M | 2.88M | 2.63M | 11.63M | 7.38M | 8.3M | 8.59M | -9.87M | -5.82M | 11.64M | 5.04M | 3.84M | -4.04M | -11.01M | 3.27M | -26.91M | -31.35M | -4.18M | -8.45M | -6.1M | -3M | -1.21M | 2.98M | 1.18M | -1.65M | -10.48M | -21.31M | -69.38M |
| Capital Expenditures | -558K | -742K | -2.1M | -51K | -5K | -139K | -68K | -40K | -63K | 0 | -37K | -134K | -7K | -2.2M | -2.07M | -1.68M | -11.28M | -5.69M | -26.93M | -6.8M | -3.88M | -8.3M | -2.79M | -61K | -1.46M | 0 | -7K | -1.93M | -15.04M | -14.67M | -69.97M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 294.89% | 2152.1% | 74.93% | 5228.35% | 447.43% | - | - | - | - | - | - | 0.19% | 9.89% | 40.54% | 36.6% | 192.22% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -150K | -3.49M | -138K | 0 | 0 | 0 | 11.03M | 0 | 26.93M | 0 | 0 | -98K | -53K | -40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 17.7M | 3M | 0 | 0 | 0 | 7.42M | 50K | 1.76M | 150K | 3.49M | 1.03M | 7.07M | 5.56M | 1M | -11.03M | 188K | -26.93M | -24.52M | -223K | -28K | -3.22M | -3.12M | 246K | 2.98M | 832K | 275.61K | 4.56M | -6.64M | 583.66K |
| Cash from Financing | 45.31M | 4.03M | 1.02M | 871K | -113K | 12.98M | 1.68M | 13K | -97K | -264K | 15.9M | 0 | -6.34M | 6.68M | 26.72M | 7.07M | 31.11M | 19.76M | 31.43M | 4.32M | 54.28M | 7.94M | 9.85M | 8.09M | 6.83M | -695K | -587K | 964.63K | 2.93M | 13.07M | 66.61M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.34M | 6.68M | 0 | -23M | -167.5K | 0 | 28.34M | 0 | 32.57M | 0 | 0 | 0 | 0 | -695K | -585.88K | 964.63K | 2.6M | 13M | 0 |
| Equity Issued (Net) | 43.25M | 0 | 1.11M | 1.01M | 244K | 13.38M | 1.77M | -76K | 0 | 0 | 15.88M | 0 | 0 | 0 | 24.47M | 28.88M | 8.82M | 20.38M | 3.08M | 4.32M | 23.55M | 775K | 9.85M | 8.09M | 34K | 0 | 0 | 0 | 325.53K | 69.88K | 66.62M |
| Dividends Paid | 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 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -76K | -122 | -264 | 0 | 0 | 0 | -13K | 0 | -107K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.06M | 4.03M | -85K | -142K | -357K | -401K | -87K | 89K | -97K | -264K | 15K | 0 | 0 | -13K | 2.25M | 1.19M | 22.46M | -621K | 0 | 0 | -1.84M | 7.16M | 0 | 0 | 6.79M | 0 | -1.12K | 0 | 0 | 0 | -12.15K |
| Net Change in Cash | 37.76M | -3.33M | 10.88M | -2.04M | -4.65M | 5M | 6.35M | 337K | -360K | -473K | 1M | -2.81M | -1.76M | -12.81M | 408K | -21.96M | 11.43M | 15.14M | -3.42M | -32.01M | 46.67M | -3.89M | 396K | 2.08M | 2.77M | 578K | -2.2M | -2.41M | 2.99M | -6.78M | -6.57M |
| Free Cash Flow | -7.55M | -7.36M | -6.08M | -5.91M | -7.42M | -10.76M | -7.02M | -7.09M | -8.63M | -8.8M | -5.06M | 2.88M | -7.07M | -26.72M | -32.22M | -26.66M | -19.95M | -13.57M | -34.86M | -11.79M | -7.31M | -11.68M | -6.14M | -3.07M | -4.3M | -1.71M | -2.8M | -3.65M | -4.43M | -13.28M | -73.69M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | -2458.38% | - | - | - | - | - | -4694.54% | -3806.87% | -178.82% | -6768.54% | -775.53% | - | - | - | - | - | -186.78% | -74.61% | -18.73% | -11.93% | -33.11% | -202.44% |
| FCF Growth % | -15.05% | -21.01% | -2.82% | 20.3% | 31.05% | -53.2% | 0.99% | 17.81% | 1.94% | -73.9% | -276.03% | 140.69% | 73.56% | 17.07% | -20.84% | -33.67% | -47.01% | 61.07% | -195.71% | -61.26% | 37.43% | -90.35% | -99.97% | 28.69% | -151.84% | 39.03% | 23.24% | 17.52% | 66.66% | 81.98% | - |
| FCF per Share | -0.06 | -0.06 | -0.05 | -0.05 | -0.06 | -0.10 | -0.07 | -0.07 | -0.09 | -0.09 | -0.06 | 0.03 | -0.09 | -0.33 | -0.43 | -0.38 | -0.52 | -0.36 | -1.02 | -0.36 | -0.28 | -0.62 | -0.38 | -0.24 | -0.64 | -0.38 | -0.62 | -0.79 | -0.99 | -3.00 | -29.48 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.88x | -0.51x | 0.89x | 1.50x | 0.70x | -16.56x | 0.75x | 0.98x | 0.73x | 1.60x | 2.98x | 0.37x | 0.41x | 0.43x | -0.48x | 0.90x | 4.06x | 0.80x | 0.35x | 0.82x | 0.74x | 0.68x | 1.10x | 1.03x | 0.52x | 0.21x | 0.06x | -6.63x | -0.03x | 0.32x |
| Interest Paid | 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 |
| Taxes Paid | 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 |
Project financing and dilution
As reported in financial statements, Vista Gold consistently records negative operating cash flows, with the 2026Q1 figure of -$2.2 million highlighting the structural disconnect between accounting losses and the actual cash burn required to maintain the Mt Todd project in a state of development readiness.
The relationship between net income and operating cash flow is frequently distorted by non-operating items, as evidenced by the 2024Q2 period where a $15.6 million net profit failed to translate into positive cash generation. This suggests that investors should prioritize the cash burn rate over accounting earnings, as the latter appears to be an unreliable indicator of the company's underlying liquidity needs.
Based on recent SEC filings, the company's free cash flow remains consistently negative, with quarterly outflows frequently exceeding $2 million, underscoring the ongoing financial pressure of sustaining a pre-revenue development asset without the benefit of internal cash generation or operational scale to offset corporate overhead.
The persistent negative free cash flow trajectory indicates that the company is entirely dependent on external financing or asset monetization to fund its operations. This trend warrants further investigation into how long the current cash reserves can support the project before additional equity dilution becomes a necessity for survival.
According to the provided data, capital expenditures remain negligible, with the 2025Q4 outlay of only $206,000 suggesting that the company is currently prioritizing preservation of cash over significant investment in the Mt Todd project's physical infrastructure or expansion of its technical capabilities.
The low level of capital intensity appears to reflect a strategic choice to minimize spending until a partner or financing is secured. This lack of investment may imply that the project is effectively in a holding pattern, which could potentially lead to the obsolescence of previous technical studies if not addressed.
As indicated by the company's financial statements, the consistent use of stock-based compensation, such as the $443,000 recorded in 2026Q1, serves to obscure the true cash cost of operations by substituting equity for cash, thereby diluting existing shareholders to fund ongoing administrative and project maintenance expenses.
Investors should monitor the reliance on equity-based compensation as a primary mechanism for managing the cash burn rate. This practice may indicate that the company is attempting to preserve its limited cash balance at the expense of long-term shareholder value, which warrants further scrutiny regarding the sustainability of this funding model.
Quick answers to the most common questions about buying VGZ stock.
Vista Gold Corp. (VGZ) generated $-6.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vista Gold Corp. (VGZ) reported negative free cash flow of $7.4M in 2025, indicating capital requirements exceeded cash from operations.
Vista Gold Corp. (VGZ) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.