Athena Gold Corp Financials

AHNRF

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Athena Gold Corp (AHNRF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Athena Gold Corp passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.05x

For every $1 of reported earnings, Athena Gold Corp generates $1.05 in operating cash flow (-$666K OCF vs -$637K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-179.0x

Athena Gold Corp earns $-179.0 in operating income for every $1 of interest expense (-$612K vs $3K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$637K

YoY+6.8%

Athena Gold Corp reported -$637K in net income in fiscal year 2025. This represents an increase of 6.8% from the prior year.

EPS (Diluted)

$0.00

YoY+100.0%

Athena Gold Corp earned $0.00 per diluted share (EPS) in fiscal year 2025. This represents an increase of 100.0% from the prior year.

Cash & Debt

$242K

YoY+1505.9%

5Y CAGR+127.3%

10Y CAGR+30.5%

Athena Gold Corp held $242K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

195M

YoY+43.1%

5Y CAGR+39.8%

10Y CAGR+18.7%

Athena Gold Corp had 195M shares outstanding in fiscal year 2025. This represents an increase of 43.1% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

AHNRF Income Statement

Metric	FY25	FY22	FY21	FY20	FY19	FY18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$425K-37.7%	$683K+11.1%	$614K+227.6%	$188K+62.7%	$115K-20.1%	$144K
Operating Income	-$612K+52.9%	-$1.3M-72.7%	-$752K-171.5%	-$277K-78.5%	-$155K+32.0%	-$228K
Interest Expense	$3K	N/A	N/A	$21K+417.2%	$4K-96.1%	$104K
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$637K+6.8%	-$684K+33.6%	-$1.0M-151.2%	-$410K-54.0%	-$266K+7.6%	-$288K
EPS (Diluted)	$0.00+100.0%	$-0.01+50.0%	$-0.02	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$108K-60.5%	$273K+29.9%	$210K	N/A	$80K+5.9%	$76K-41.2%	$129K	N/A
Operating Income	-$274K+48.0%	-$526K-99.5%	-$264K	N/A	-$152K-55.9%	-$98K+42.2%	-$169K	N/A
Interest Expense	$2K+34.0%	$1K+1.1%	$1K	N/A	$2K+304.5%	$378	$0	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$1.4M+1111.5%	-$137K-232.8%	$103K+126.5%	$45K+127.7%	-$164K+7.2%	-$177K-45.1%	-$122K	N/A
EPS (Diluted)	$0.01	$0.00	$0.00	N/A	$0.00	$0.00	$0.00	N/A

AHNRF Balance Sheet

Metric	FY25	FY22	FY21	FY20	FY19	FY18
Total Assets	$7.0M+12.0%	$6.2M+1.9%	$6.1M+3751.9%	$159K-14.3%	$185K-2.0%	$189K
Current Assets	$734K+1452.5%	$47K-61.9%	$124K+1279.8%	$9K+7580.3%	$117-97.1%	$4K
Cash & Equivalents	$242K+1505.9%	$15K-79.3%	$73K+710.4%	$9K+7580.3%	$117-97.1%	$4K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$841K-34.3%	$1.3M+19.1%	$1.1M+339.2%	$245K-92.0%	$3.1M+8.8%	$2.8M
Current Liabilities	$390K+39.1%	$280K+456.2%	$50K-79.4%	$245K-91.8%	$3.0M+9.5%	$2.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.2M+23.9%	$5.0M-1.7%	$5.0M+5992.2%	-$86K+97.0%	-$2.9M-9.6%	-$2.6M
Retained Earnings	-$11.6M+0.6%	-$11.7M-6.2%	-$11.0M-10.3%	-$10.0M-5.1%	-$9.5M-2.7%	-$9.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q3'23
Total Assets	$8.9M+17.9%	$7.6M+11.2%	$6.8M-2.5%	$7.0M+4.8%	$6.7M-0.7%	$6.7M-2.6%	$6.9M+2.4%	$6.7M
Current Assets	$4.8M+261.4%	$1.3M+132.1%	$578K-21.3%	$734K+69.2%	$434K-9.6%	$480K+1045.4%	$42K-13.5%	$48K
Cash & Equivalents	$262K-52.6%	$552K+569.9%	$82K-65.9%	$242K+3594.2%	$7K-57.3%	$15K-3.4%	$16K+466.3%	$3K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$682K-10.6%	$764K+35.9%	$562K-33.2%	$841K-9.4%	$928K+19.0%	$780K+30.3%	$598K+40.8%	$425K
Current Liabilities	$191K-39.6%	$317K+97.7%	$160K-58.9%	$390K-43.3%	$687K+21.3%	$567K+76.0%	$322K+0.5%	$320K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.3M+21.1%	$6.8M+9.0%	$6.3M+1.7%	$6.2M+6.6%	$5.8M-2.8%	$5.9M-5.8%	$6.3M-0.2%	$6.3M
Retained Earnings	-$10.3M+11.8%	-$11.7M-0.3%	-$11.6M+0.1%	-$11.6M+1.2%	-$11.8M-1.4%	-$11.6M-3.5%	-$11.2M-2.0%	-$11.0M

AHNRF Cash Flow Statement

Metric	FY25	FY22	FY21	FY20	FY19	FY18
Operating Cash Flow	-$666K+28.1%	-$927K-41.1%	-$657K-232.6%	-$197K-40.2%	-$141K-20.0%	-$117K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$26K+189.8%	-$29K	$0	N/A	$0+100.0%	-$21K
Financing Cash Flow	$879K-2.1%	$898K+24.7%	$720K+244.9%	$209K+52.5%	$137K-3.2%	$141K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q3'23
Operating Cash Flow	-$468K-123.2%	-$210K-4.1%	-$201K+54.2%	-$439K-1101.3%	-$37K+69.9%	-$122K-77.1%	-$69K-23.7%	-$55K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$177K+2224.0%	$8K-81.7%	$42K	$0-100.0%	$26K	$0	$0	$0
Financing Cash Flow	$0-100.0%	$672K	$0-100.0%	$675K+44035.7%	$2K-98.7%	$121K+48.1%	$82K+289.1%	$21K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AHNRF Financial Ratios

Metric	FY25	FY22	FY21	FY20	FY19	FY18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-9.1%+1.8pp	-10.9%+5.9pp	-16.8%+241.1pp	-257.9%-114.3pp	-143.6%+8.7pp	-152.3%
Current Ratio	1.88+1.7	0.17-2.3	2.46+2.4	0.04+0.0	0.000.0	0.00
Debt-to-Equity	0.14-0.1	0.26+0.0	0.21+3.1	-2.86-1.8	-1.060.0	-1.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	16.7%	N/A	1.6%+0.9pp	0.7%	N/A	N/A	N/A	N/A
Return on Assets	15.5%+17.3pp	-1.8%-3.3pp	1.5%+0.9pp	0.7%+3.1pp	-2.5%+0.2pp	-2.6%-0.9pp	-1.8%	N/A
Current Ratio	25.35+21.1	4.23+0.6	3.61+1.7	1.88+1.3	0.63-0.2	0.85+0.7	0.13-0.0	0.15
Debt-to-Equity	0.08-0.0	0.11+0.0	0.09-0.0	0.14-0.0	0.16+0.0	0.13+0.0	0.10+0.0	0.07
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Athena Gold Corp profitable?

No, Athena Gold Corp (AHNRF) reported a net income of -$637K in fiscal year 2025.

What is Athena Gold Corp's earnings per share (EPS)?

Athena Gold Corp (AHNRF) reported diluted earnings per share of $0.00 for fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Athena Gold Corp's operating cash flow?

Athena Gold Corp (AHNRF) generated -$666K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Athena Gold Corp's total assets?

Athena Gold Corp (AHNRF) had $7.0M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Athena Gold Corp have outstanding?

Athena Gold Corp (AHNRF) had 195M shares outstanding as of fiscal year 2025.

What is Athena Gold Corp's current ratio?

Athena Gold Corp (AHNRF) had a current ratio of 1.88 as of fiscal year 2025, which is generally considered healthy.

What is Athena Gold Corp's debt-to-equity ratio?

Athena Gold Corp (AHNRF) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Athena Gold Corp's return on assets (ROA)?

Athena Gold Corp (AHNRF) had a return on assets of -9.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Athena Gold Corp's cash runway?

Based on fiscal year 2025 data, Athena Gold Corp (AHNRF) had $242K in cash against an annual operating cash burn of $666K. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Athena Gold Corp's Piotroski F-Score?

Athena Gold Corp (AHNRF) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Athena Gold Corp's earnings high quality?

Athena Gold Corp (AHNRF) has an earnings quality ratio of 1.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Athena Gold Corp cover its interest payments?

Athena Gold Corp (AHNRF) has an interest coverage ratio of -179.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.