The company remains pre-revenue with quarterly SG&A expenses fluctuating between $0.7 million and $1.8 million, reflecting the ongoing administrative costs of maintaining the Mt Todd project.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 358K | 0 | 0 | 0 | 0 | 0 | 568K | 524K | 7.59M | 515K | 1.52M | 0 | 0 | 0 | 0 | 0 | 915K | 3.76M | 19.5M | 37.1M | 40.1M | 36.4M |
| Revenue Growth % | - | - | - | - | - | - | - | - | -100% | - | - | - | - | - | -100% | 8.4% | -93.09% | 1373.4% | -66.12% | - | - | - | - | - | -100% | -75.65% | -80.73% | -47.44% | -7.48% | 10.16% | - |
| Cost of Goods Sold | 66K | 88K | 55K | 40K | 45K | 49K | 0 | 0 | 983K | 655K | 618K | 694K | 863K | 1.02M | 589K | 0 | 0 | 0 | 0 | 0 | 2K | 76K | 0 | 0 | 0 | 746K | 2.56M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | 182.96% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 81.53% | 68.14% | - | - | - | - |
| Gross Profit | -66K | -88K | -55K | -40K | -45K | -49K | 0 | 0 | -983K | -297K | -618K | -694K | -863K | -1.02M | -589K | 568K | 524K | 7.59M | 515K | 1.52M | -2K | -76K | 0 | 0 | 0 | 169K | 1.2M | 19.5M | 37.1M | 40.1M | 36.4M |
| Gross Margin % | - | - | - | - | - | - | - | - | - | -82.96% | - | - | - | - | - | 100% | 100% | 100% | 100% | 100% | - | - | - | - | - | 18.47% | 31.86% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -60% | -37.5% | 11.11% | 8.16% | - | - | 100% | -230.98% | 51.94% | 10.95% | 19.58% | 15.47% | -73.34% | -203.7% | 8.4% | -93.09% | 1373.4% | -66.12% | 76100% | 97.37% | - | - | - | -100% | -85.88% | -93.86% | -47.44% | -7.48% | 10.16% | - |
| Operating Expenses | 3.05M | 9.2M | -10.59M | 6.72M | 5.41M | 15.29M | 8.32M | 8.03M | 8.88M | 10.46M | 5.95M | -2.07M | 7.79M | 21.13M | 35.63M | 127.04M | 8.48M | 6.34M | 6.69M | 8.91M | 5.83M | 4.82M | 5.05M | 2.83M | 3.02M | 2.71M | 3.99M | 0 | 0 | 0 | 0 |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | 2921.23% | - | - | - | - | - | 22365.67% | 1618.7% | 83.61% | 1298.84% | 586.12% | - | - | - | - | - | 295.63% | 106.1% | - | - | - | - |
| Selling, General & Admin | 3.35M | 9.2M | 3.66M | 3.5M | 3.77M | 3.94M | 8.32M | 8.03M | 4.07M | 3.53M | 2.94M | 3.89M | 3.8M | 5.53M | 8.1M | 6.38M | 4.28M | 4.59M | 5.48M | 8.06M | 3.68M | 2.76M | 3.13M | 1.63M | 2.31M | 1.16M | 1.24M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 985.2% | - | - | - | - | - | 1122.36% | 817.37% | 60.56% | 1063.3% | 530.46% | - | - | - | - | - | 126.56% | 33.11% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.22M | 10.22M | 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 | 1000K | 0 | -14.25M | 3.22M | 1.64M | 11.34M | 0 | 0 | 60K | -143K | 34K | -198K | -417K | 127K | 192K | 120.66M | 4.2M | 1.75M | 1.21M | 846K | 2.15M | 2.06M | 1.91M | 1.2M | 716K | 1.55M | 2.74M | 0 | 0 | 0 | 0 |
| Operating Income | -6.26M | -9.29M | 10.54M | -6.76M | -5.45M | -15.34M | -8.32M | -8.03M | -10.86M | -10.76M | -7.71M | -7.46M | -14.21M | -22.15M | -33.71M | -49.85M | -7.96M | 1.24M | -6.69M | -8.91M | -5.83M | -4.89M | -5.05M | -2.86M | -3.11M | -2.54M | -13.71M | 19.5M | 37.1M | 40.1M | 36.4M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | -3004.19% | - | - | - | - | - | -8776.58% | -1518.7% | 16.39% | -1298.84% | -586.12% | - | - | - | - | - | -277.16% | -365.05% | 100% | 100% | 100% | 100% |
| Operating Income Growth % | - | -188.2% | 255.75% | -24.09% | 64.46% | -84.28% | -3.6% | 26.02% | -0.96% | -39.4% | -3.4% | 47.51% | 35.82% | 34.3% | 32.37% | -526.43% | -739.71% | 118.6% | 24.92% | -52.71% | -19.23% | 3.09% | -76.48% | 7.89% | -22.48% | 81.51% | -170.33% | -47.44% | -7.48% | 10.16% | - |
| EBITDA | -6.23M | -9.2M | 10.59M | -6.72M | -5.41M | -15.29M | -8.27M | -7.98M | -10.57M | -10.1M | -7.1M | -6.77M | -13.35M | -21.13M | -33.12M | -49.43M | -7.67M | 1.51M | -6.52M | -8.79M | -5.47M | -4.55M | -4.72M | -2.65M | -3.03M | -2.23M | -12.85M | 23.91M | 44.85M | 47.51M | 47.27M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | -2821.23% | - | - | - | - | - | -8702.64% | -1463.74% | 19.85% | -1265.83% | -578.62% | - | - | - | - | - | -244.26% | -341.98% | 122.61% | 120.88% | 118.47% | 129.86% |
| EBITDA Growth % | -169.1% | -186.91% | 257.5% | -24.38% | 64.64% | -84.76% | -3.67% | 24.49% | -4.65% | -42.31% | -4.88% | 49.32% | 36.8% | 36.22% | 32.99% | -544.47% | -609.3% | 123.1% | 25.88% | -60.67% | -20.23% | 3.6% | -78.29% | 12.63% | -35.66% | 82.6% | -153.74% | -46.69% | -5.6% | 0.5% | - |
| D&A (Non-Cash Add-back) | 30K | 88K | 55K | 40K | 45K | 49K | 48K | 52K | 288K | 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 |
| EBIT | -5.05M | -9.29M | -7.18M | -6.76M | -8.33M | -11.94M | -8.37M | -8.09M | -9.86M | -11.11M | -4.37M | 931.14K | -9.25M | -22.15M | -91.11M | 86.05M | -7.98M | 1.09M | -7.36M | -8.07M | -3.6M | -3.94M | -4.14M | 0 | 0 | -2.56M | 3.76M | 19.49M | 37.1M | 40.1M | -12.04M |
| Net Interest Income | 406.31K | 573K | 667.34K | 267.82K | 111K | 2.97K | 16.84K | 123.81K | 0 | 0 | 0 | 0 | -68K | -511K | 0 | -71K | -1.56M | -2.32M | -1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -114K | 0 | 0 | 0 | 0 |
| Interest Income | 591.31K | 573K | 667.34K | 267.82K | 111K | 2.97K | 16.84K | 123.81K | 368K | 111K | 57K | 31K | 10K | 36K | 45K | 49K | 131K | 0 | 509K | 1.23M | 1.21M | 253K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 368K | 111K | 57K | 31K | 78K | 547K | 45K | 120K | 1.69M | 2.32M | 2M | 0 | 0 | 0 | -80K | 0 | 0 | 0 | 114K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.68M | 1.79M | 714K | 179K | 520K | 99K | 8.74M | -1.35M | 161K | -1.58M | 4.11M | 1.35M | -11.29M | -53.73M | -20.15M | 37.73M | -32K | 711K | -2.67M | 836.61K | 0 | 646.19K | 105.02K | 116K | 331K | -714K | 473K | -19.49M | -37.1M | -40.1M | 1.31M |
| Pretax Income | -7.94M | -7.5M | 11.25M | -6.58M | -4.93M | -15.24M | 420K | -9.39M | -8.71M | -12.04M | -3.13M | 1.01M | -18.93M | -74.86M | -90.8M | 87.07M | -9.65M | -1.23M | -9.36M | -14.2M | -4.17M | -4.58M | -4.92M | -2.75M | -2.77M | -3.27M | -13.24M | 0 | 0 | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | -3361.73% | - | - | - | - | - | 15328.87% | -1840.84% | -16.22% | -1817.28% | -934.28% | - | - | - | - | - | -357.92% | -352.46% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.51M | 779K | -3.4M | 164K | -339K | -15.37M | -20.15M | 35.52M | -32K | 711K | 320K | 5.29M | -1.66M | -233K | -125K | 0 | 0 | 0 | -33K | 47.2M | 38.7M | 94.1M | 48.2M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -28.83% | -6.47% | 108.62% | 16.22% | 1.79% | 20.54% | 22.19% | 40.8% | 0.33% | -57.76% | -3.42% | -37.26% | 39.82% | 5.08% | 2.54% | 0% | 0% | 0% | 0.25% | - | - | - | - |
| Net Income | -7.94M | -7.5M | 11.25M | -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 | -9.97M | -14.2M | -4.17M | -4.58M | -4.92M | -2.75M | -2.77M | -3.27M | -13.21M | -27.7M | -1.6M | -54M | -11.8M |
| Net Margin % | - | - | - | - | - | - | - | - | - | -3361.73% | - | - | - | - | - | 9075% | -1834.73% | -25.59% | -1936.5% | -934.28% | - | - | - | - | - | -357.92% | -351.58% | -142.05% | -4.31% | -134.66% | -32.42% |
| Net Income Growth % | -182.14% | -166.66% | 270.83% | -33.54% | 67.64% | -3727.86% | 104.47% | -7.71% | 27.59% | -284.14% | -409.89% | 105.34% | 68.19% | 15.81% | -237.07% | 636.16% | -395.06% | 80.53% | 29.77% | -240.47% | 9.01% | 6.91% | -79.38% | 1.08% | 15.27% | 75.21% | 52.31% | -1631.25% | 97.04% | -357.63% | - |
| Net Income (Continuing) | -7.94M | -7.5M | 11.25M | -6.58M | -4.93M | -15.24M | 420K | -9.39M | -8.71M | -12.47M | -3.1M | 931.14K | -18.93M | -59.49M | -70.9M | 50.87M | -9.63M | -1.94M | -9.68M | -8.07M | -3.6M | -3.94M | -4.14M | -2.75M | -2.77M | -3.27M | -13.21M | -27.72M | -1.6M | -54M | -11.82M |
| 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 | 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) | -0.06 | -0.06 | 92.06 | -0.05 | -0.04 | -0.14 | 0.00 | -0.11 | -0.09 | -0.12 | -0.04 | 0.01 | -0.23 | -0.73 | -0.95 | 0.74 | -0.25 | -0.05 | -0.29 | -0.44 | -0.16 | -0.24 | -0.31 | -0.22 | -0.41 | -0.72 | -2.91 | -5.96 | -0.36 | -12.20 | -4.72 |
| EPS Growth % | -187.15% | -100.07% | 169327.94% | -35.66% | 71.36% | - | 103.82% | -25.86% | 27.17% | -240.91% | -390.91% | 105.26% | 68.49% | 23.16% | -228.38% | 396% | -379.85% | 82.03% | 34.09% | -175% | 33.33% | 22.58% | -40.91% | 46.34% | 43.06% | 75.26% | 51.17% | -1555.56% | 97.05% | -158.47% | - |
| EPS (Basic) | - | -0.06 | 92.06 | -0.05 | -0.04 | -0.14 | 0.00 | -0.11 | -0.09 | -0.12 | -0.04 | 0.01 | -0.23 | -0.73 | -0.95 | 0.75 | -0.25 | -0.05 | -0.29 | -0.44 | -0.16 | -0.24 | -0.31 | -0.22 | -0.41 | -0.72 | -2.91 | -6.11 | -0.36 | -12.20 | -4.72 |
| Diluted Shares Outstanding | 131.6M | 125.16M | 122.2M | 121.16M | 118.01M | 110.26M | 104.48M | 100.53M | 99.74M | 98.63M | 89.06M | 83.76M | 82.29M | 81.81M | 74.35M | 69.3M | 38.25M | 37.27M | 34.34M | 32.37M | 26.14M | 18.81M | 15.96M | 12.76M | 6.76M | 4.54M | 4.54M | 4.65M | 4.47M | 4.43M | 2.5M |
| Basic Shares Outstanding | 131.6M | 125.16M | 122.2M | 121.16M | 118.01M | 110.26M | 101.81M | 100.53M | 99.74M | 98.63M | 89.06M | 82.57M | 82.29M | 81.81M | 74.35M | 68.46M | 38.25M | 37.27M | 34.34M | 32.37M | 26.14M | 18.81M | 15.96M | 12.76M | 6.76M | 4.54M | 4.54M | 4.54M | 4.47M | 4.43M | 2.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project financing and dilution
As indicated by the company's financial statements, Vista Gold remains a pre-revenue entity, with quarterly SG&A expenses fluctuating between $0.7 million and $1.8 million, reflecting the ongoing administrative and compliance costs required to maintain the Mt Todd project in a state of readiness for potential development.
The absence of revenue means that every dollar spent on SG&A directly erodes the company's cash position, creating a structural reliance on external financing. Investors should monitor the efficiency of these expenditures, as the lack of operational scale makes the company highly sensitive to even minor increases in administrative overhead.
Based on reported figures, the company's net income has been characterized by significant volatility, including a notable $15.6 million profit in 2024Q2, which appears to be driven by non-operating items rather than core mining activities, as the firm has yet to achieve any commercial production or revenue.
This one-time gain obscures the underlying reality of a business that is consistently burning cash through its development phase. Analysts should strip out these non-recurring items to assess the true cash burn rate, as the headline net income figures do not reflect the company's ongoing operational viability.
According to recent SEC filings, the company's reliance on equity-based compensation, such as the $443,000 recorded in 2026Q1, highlights the ongoing dilution risk faced by shareholders while the firm attempts to bridge the gap between its current development status and a potential final investment decision for Mt Todd.
The market may be underestimating the difficulty of securing project financing for a high-CAPEX, energy-intensive asset in the current interest rate environment. If the company fails to attract a strategic partner, the persistent need for capital may force further equity issuance, significantly impacting the value of existing holdings.
As reported in financial statements, the recent shift in management's focus toward seeking a strategic partner or sale of the Mt Todd project marks a critical inflection point, signaling a potential departure from the long-standing strategy of independent development in favor of de-risking through external capital.
This pivot suggests that management may have recognized the prohibitive costs of independent construction given the current inflationary pressures on mining equipment and energy. Investors should watch for any definitive agreements, as the success of this strategic process is now the primary determinant of the company's future value.
Quick answers to the most common questions about buying VGZ stock.
For fiscal year 2025, Vista Gold Corp. (VGZ) reported total revenue of $0.0M. This represents a 100.0% decline compared to $36.4M in 1996.
Vista Gold Corp. (VGZ) reported a net loss of $7.5M for the fiscal year ending 2025.