ATHENA GOLD CORP (AHNRF) Financials

AHNRF

FY2025 annual

Revenue Not reported for FY2025

Net Income -$135K +78.8% YoY

EPS (Diluted) Not reported for FY2025

Operating Cash Flow -$1.7M -156.3% YoY

Market Cap $9.0M as of Sep 18, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 1.1x on $8.3M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 18, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Apr 10, 2026 Reported Apr 10, 2026 Currency USD FYE April

Newest figures come from the 20-F for FY2025, filed Apr 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AHNRF SEC filings page.

This page shows ATHENA GOLD CORP (AHNRF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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

Financial health score not available

ATHENA GOLD CORP does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

ATHENA GOLD CORP passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

ATHENA GOLD CORP reported a net loss of $135K while operations used $1.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income

$1.4M

YoY+942.5%

QoQ+1111.5%

ATHENA GOLD CORP reported $1.4M in net income in Q2 2026. This represents an increase of 942.5% from the same quarter a year earlier. Against the prior quarter it is up 1111.5%.

EPS (Diluted)

$0.01

ATHENA GOLD CORP earned $0.01 per diluted share (EPS) in Q2 2026.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$262K

YoY+3893.3%

QoQ-52.6%

5Y CAGR+115.9%

10Y CAGR+72.3%

ATHENA GOLD CORP held $262K in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

32M

ATHENA GOLD CORP had 32M shares outstanding in Q2 2026.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

16.7%

YoY+19.6pp

QoQ+18.7pp

ATHENA GOLD CORP's ROE was 16.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 19.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 18.7 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

AHNRF Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AHNRF quarterly income statement

Metric	FY2520-F	FY246-K	FY236-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
SG&A Expenses	N/A	$425K-1.6%	$432K-36.6%	$683K+11.1%	$614K+227.6%	$188K+62.7%	$115K-20.1%	$144K+5.5%	$137K+2.9%	$133K-0.3%	$133K+4.8%	$127K-57.4%	$298K-6.6%	$320K+14.2%	$280K
Operating Income	N/A	-$612K+21.9%	-$784K+39.7%	-$1.3M-72.7%	-$752K-171.5%	-$277K-78.5%	-$155K+32.0%	-$228K	N/A	-$142K+37.3%	-$227K-55.1%	-$146K+58.1%	-$349K+36.7%	-$552K+36.2%	-$864K
Interest Expense	N/A	$3K	$0	N/A	N/A	$21K+417.2%	$4K-96.1%	$104K+7.1%	$97K	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$11K	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$135K+78.8%	-$637K-3.9%	-$613K+10.4%	-$684K+33.6%	-$1.0M-151.2%	-$410K-54.0%	-$266K+7.6%	-$288K	N/A	-$282K+5.8%	-$299K-54.9%	-$193K+46.0%	-$358K+43.7%	-$636K+26.9%	-$869K
EPS (Basic)	N/A	$0.00	$0.00+100.0%	-$0.01+50.0%	-$0.02-100.0%	-$0.01	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	$0.00	$0.00+100.0%	-$0.01+50.0%	-$0.02	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	25M	176M+20.3%	146M+14.5%	128M+93.6%	66M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'266-K	Q1'2610-Q	Q4'2510-K	Q3'256-K	Q2'256-K	Q1'2510-Q	Q4'2410-K	Q3'246-K
SG&A Expenses	$108K+34.4%	$273K+260.3%	$210K+63.3%	N/A	$80K-9.9%	$76K-37.3%	$129K-8.3%	N/A
Operating Income	-$274K-79.4%	-$526K-437.9%	-$264K-55.8%	N/A	-$152K+28.1%	-$98K+68.3%	-$169K-7.6%	N/A
Interest Expense	$2K+31.1%	$1K+295.8%	$1K	N/A	$2K	$378	$0	N/A
Net Income	$1.4M+942.5%	-$137K+22.7%	$103K+184.4%	$45K	-$164K-128.4%	-$177K+36.4%	-$122K-150.9%	N/A
EPS (Basic)	$0.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00+100.0%
EPS (Diluted)	$0.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00+100.0%
Diluted Shares (Avg)	260M	211M+22.2%	195M+13.4%	N/A	174M+15.4%	172M+17.3%	172M+26.2%	N/A

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, EBITDA, Income Tax.

AHNRF Balance Sheet

AHNRF quarterly balance sheet

Metric	FY2520-F	FY246-K	FY236-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$9.7M+38.4%	$7.0M+3.7%	$6.7M+8.0%	$6.2M+1.9%	$6.1M+3751.9%	$159K-14.3%	$185K-2.0%	$189K-17.1%	$228K-89.0%	$2.1M+4.2%	$2.0M+12.4%	$1.8M+3.6%	$1.7M+44.7%	$1.2M+142.5%	$486K
Current Assets	$5.6M+661.0%	$734K+1414.7%	$48K+2.5%	$47K-61.9%	$124K+1279.8%	$9K+7580.3%	$117-97.1%	$4K+501.1%	$664-58.0%	$2K+50.0%	$1K-87.0%	$8K-52.0%	$17K-65.6%	$49K+8.8%	$45K
Cash & Equivalents	$2.1M+754.5%	$242K+8521.2%	$3K-81.4%	$15K-79.3%	$73K+710.4%	$9K+7580.3%	$117-97.1%	$4K+501.1%	$664-58.0%	$2K+50.0%	$1K-87.0%	$8K-52.0%	$17K+38.5%	$12K+161.8%	$5K
Short-Term Investments	$0-100.0%	$376K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0-100.0%	$496K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$1.4M+63.2%	$841K+97.7%	$425K-66.8%	$1.3M+19.1%	$1.1M+339.2%	$245K-92.0%	$3.1M+8.8%	$2.8M+9.0%	$2.6M+11.8%	$2.3M+18.8%	$2.0M+34.2%	$1.5M+21.2%	$1.2M+48.3%	$809K+194.4%	$275K
Current Liabilities	$1.4M+252.1%	$390K+21.6%	$320K+14.3%	$280K+456.2%	$50K-79.4%	$245K-91.8%	$3.0M+9.5%	$2.7M+9.8%	$2.5M+12.9%	$2.2M+20.7%	$1.8M+25.2%	$1.5M+21.2%	$1.2M+48.3%	$809K+194.4%	$275K
Non-Current Liabilities	$103K-77.1%	$451K+330.6%	$105K-89.5%	$1000K-2.4%	$1.0M	$0-100.0%	$90K-10.0%	$100K-9.1%	$110K-8.3%	$120K-7.7%	$130K	$0	$0	$0	$0
Total Equity	$8.3M+35.0%	$6.2M-2.6%	$6.3M+27.2%	$5.0M-1.7%	$5.0M+5992.2%	-$86K+97.0%	-$2.9M-9.6%	-$2.6M-11.5%	-$2.4M-859.0%	-$246K-788.6%	$36K-88.6%	$313K-38.2%	$507K+36.7%	$371K+75.0%	$212K
Retained Earnings	-$11.9M-2.0%	-$11.6M-5.8%	-$11.0M+6.0%	-$11.7M-6.2%	-$11.0M-10.3%	-$10.0M-5.1%	-$9.5M-2.7%	-$9.3M-3.2%	-$9.0M-30.9%	-$6.9M-4.3%	-$6.6M-4.8%	-$6.3M-3.2%	-$6.1M	N/A	N/A

Metric	Q2'266-K	Q1'2610-Q	Q4'2510-K	Q3'256-K	Q2'256-K	Q1'2510-Q	Q4'2410-K	Q3'246-K
Total Assets	$8.9M+33.9%	$7.6M+12.8%	$6.8M-1.2%	$7.0M+3.7%	$6.7M+6.3%	$6.7M+2.0%	$6.9M+11.0%	$6.7M+8.0%
Current Assets	$4.8M+1017.6%	$1.3M+179.5%	$578K+1279.3%	$734K+1414.7%	$434K+420.9%	$480K+22.1%	$42K+115.7%	$48K+2.5%
Cash & Equivalents	$262K+3893.3%	$552K+3498.3%	$82K+418.6%	$242K+8521.2%	$7K-82.4%	$15K-95.2%	$16K+364.3%	$3K-81.4%
Short-Term Investments	$4.5M+1030.0%	$737K+68.1%	$408K	$376K	$401K	$439K	$0	$0
Long-Term Investments	$0	$0	$0-100.0%	$0-100.0%	$0	$0	$662K	$496K
Total Liabilities	$682K-26.5%	$764K-2.1%	$562K-6.1%	$841K+97.7%	$928K+52.5%	$780K-47.9%	$598K-39.6%	$425K-66.8%
Current Liabilities	$191K-72.2%	$317K-44.1%	$160K-50.2%	$390K+21.6%	$687K+210.0%	$567K+75.0%	$322K-16.9%	$320K+14.3%
Non-Current Liabilities	$491K+104.1%	$447K+109.5%	$402K+45.2%	$451K+330.6%	$241K-37.7%	$213K-81.8%	$277K-54.1%	$105K-89.5%
Total Equity	$8.3M+43.0%	$6.8M+14.8%	$6.3M-0.7%	$6.2M-2.6%	$5.8M+1.8%	$5.9M+16.6%	$6.3M+20.6%	$6.3M+27.2%
Retained Earnings	-$10.3M+12.7%	-$11.7M-0.5%	-$11.6M-3.7%	-$11.6M-5.8%	-$11.8M-5.4%	-$11.6M+1.1%	-$11.2M+2.2%	-$11.0M+6.0%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

AHNRF Cash Flow Statement

AHNRF quarterly cash flow statement

Metric	FY2520-F	FY246-K	FY236-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$1.7M-156.3%	-$666K+4.3%	-$696K+24.9%	-$927K-41.1%	-$657K-232.6%	-$197K-40.2%	-$141K-20.0%	-$117K+5.4%	-$124K-0.4%	-$124K+41.3%	-$210K-42.4%	-$148K+34.1%	-$224K+46.5%	-$419K+38.3%	-$679K
Stock-Based Compensation	N/A	$25K-9.0%	$27K-86.3%	$197K+24.5%	$158K	$0	$0	$0	$0	$0	$0	N/A	$154K+861.8%	$16K-57.5%	$38K
Investing Cash Flow	$575K+2091.6%	$26K	$0+100.0%	-$29K	$0	N/A	$0+100.0%	-$21K+53.4%	-$45K+63.1%	-$121K-139.3%	-$51K+56.8%	-$117K+42.9%	-$205K+39.5%	-$339K-301.5%	-$84K
Financing Cash Flow	$3.0M+236.5%	$879K+28.5%	$684K-23.9%	$898K+24.7%	$720K+244.9%	$209K+52.5%	$137K-3.2%	$141K-15.7%	$168K-31.6%	$245K-3.4%	$254K-0.8%	$256K-41.0%	$434K-43.3%	$765K+16.5%	$657K

Metric	Q2'266-K	Q1'2610-Q	Q4'2510-K	Q3'256-K	Q2'256-K	Q1'2510-Q	Q4'2410-K	Q3'246-K
Operating Cash Flow	-$468K-1178.8%	-$210K-72.4%	-$201K-193.3%	-$439K-692.2%	-$37K+85.5%	-$122K+67.9%	-$69K-616.3%	-$55K+77.3%
Stock-Based Compensation	N/A	N/A	$0-100.0%	N/A	N/A	N/A	$555-97.5%	N/A
Investing Cash Flow	$177K+574.1%	$8K	$42K	$0	$26K	$0	$0	$0
Financing Cash Flow	$0-100.0%	$672K+455.3%	$0-100.0%	$675K+3113.5%	$2K+105.6%	$121K-82.5%	$82K+4047.5%	$21K+506.6%

Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

AHNRF Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AHNRF quarterly financial ratios

Metric	FY2520-F	FY246-K	FY236-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Return on Equity	-1.6%+8.7pp	-10.3%-0.6pp	-9.7%+4.1pp	-13.8%+6.6pp	-20.4%	N/A	N/A	N/A	N/A	N/A	-837.4%-775.7pp	-61.7%+9.0pp	-70.7%+100.8pp	-171.5%+239.1pp	-410.6%
Return on Assets	-1.4%+7.7pp	-9.1%0.0pp	-9.1%+1.9pp	-10.9%+5.9pp	-16.8%+241.1pp	-257.9%-114.3pp	-143.6%+8.7pp	-152.3%	N/A	-13.6%+1.5pp	-15.1%-4.1pp	-10.9%+10.1pp	-21.0%+32.9pp	-53.9%+124.8pp	-178.8%
Current Ratio	4.07+2.2x	1.88+1.7x	0.150.0x	0.17-2.3x	2.46+2.4x	0.040.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.010.0x	0.010.0x	0.06-0.1x	0.16
Debt-to-Equity	0.170.0x	0.14+0.1x	0.07-0.2x	0.260.0x	0.21	N/A	N/A	N/A	N/A	N/A	54.55+49.9x	4.64+2.3x	2.37+0.2x	2.18+0.9x	1.30

Metric	Q2'266-K	Q1'2610-Q	Q4'2510-K	Q3'256-K	Q2'256-K	Q1'2510-Q	Q4'2410-K	Q3'246-K
Return on Equity	16.7%+19.6pp	-2.0%+1.0pp	1.6%+3.6pp	0.7%	-2.8%-13.0pp	-3.0%+2.5pp	-1.9%-6.5pp	N/A
Return on Assets	15.5%+17.9pp	-1.8%+0.8pp	1.5%+3.3pp	0.7%	-2.5%-11.6pp	-2.6%+1.6pp	-1.8%-5.6pp	N/A
Current Ratio	25.35+24.7x	4.23+3.4x	3.61+3.5x	1.88+1.7x	0.63+0.3x	0.85-0.4x	0.13+0.1x	0.150.0x
Debt-to-Equity	0.08-0.1x	0.110.0x	0.090.0x	0.14+0.1x	0.16+0.1x	0.13-0.2x	0.10-0.1x	0.07-0.2x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Where ATHENA GOLD CORP Ranks

Frequently Asked Questions

Is ATHENA GOLD CORP profitable?

No, ATHENA GOLD CORP (AHNRF) reported a net income of -$135K in fiscal year 2025.

What is ATHENA GOLD CORP's return on equity (ROE)?

ATHENA GOLD CORP (AHNRF) has a return on equity of -1.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is ATHENA GOLD CORP's operating cash flow?

ATHENA GOLD CORP (AHNRF) recorded an outflow of $1.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are ATHENA GOLD CORP's total assets?

ATHENA GOLD CORP (AHNRF) had $9.7M 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 32M shares outstanding as of fiscal year 2025.

What is ATHENA GOLD CORP's current ratio?

ATHENA GOLD CORP (AHNRF) had a current ratio of 4.07 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 0.17 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 -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is ATHENA GOLD CORP's P/E ratio?

ATHENA GOLD CORP (AHNRF) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $9.0M as of Sep 18, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is ATHENA GOLD CORP's price-to-sales ratio?

ATHENA GOLD CORP (AHNRF) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $9.0M as of Sep 18, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does ATHENA GOLD CORP's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, ATHENA GOLD CORP (AHNRF) held $2.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $1.7M over that year. Dividing the one by the other, the reported balance equals about 15 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is ATHENA GOLD CORP's Piotroski F-Score?

ATHENA GOLD CORP (AHNRF) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $135K while operations used $1.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.