Golden Minerals Financials

AUMN

Source SEC Filings (10-K/10-Q) Data as of May 15, 2026 Currency USD FYE December

This page shows Golden Minerals (AUMN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

Rhea AI AUMN FY2025 2026-05-15

Reported profit is masking an operating cash burn while a shrinking balance sheet leaves the company reliant on short-term liabilities.

FY2025’s $2.7M net income did not come from the core business because the company still posted a -$3.5M operating loss. That disconnect matters because operating cash flow remained -$3.7M while the current ratio slipped from 1.1x to 0.6x, meaning the accounting profit arrived as near-term liquidity got tighter.

Between FY2021 and FY2025, cash reserves fell from $12.2M to $2.5M, showing that earlier balance-sheet flexibility has largely been used up. At the same time, equity moved from positive to negative, so the business is now being carried more by liabilities than by retained capital.

Selling and administrative costs dropped to $2.3M in FY2025 from $4.7M in FY2023, which suggests management has been shrinking the overhead base rather than funding growth. But because operating cash flow stayed negative in both periods, those cuts look more like a survival adjustment than evidence that the asset base can now support itself.

Financial Health Signals

Financial health score pending refresh

We are recalculating Golden Minerals's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$2.7M

YoY+134.9%

Golden Minerals reported $2.7M in net income in fiscal year 2025. This represents an increase of 134.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$2.5M

YoY-21.2%

5Y CAGR-23.8%

10Y CAGR-4.8%

Golden Minerals held $2.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

15M

YoY+0.0%

Golden Minerals had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

AUMN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$12.0M-48.5%	$23.3M-9.0%	$25.6M+354.1%	$5.6M
Cost of Revenue	N/A	N/A	$12.4M-29.5%	$17.5M+31.8%	$13.3M+569.6%	$2.0M
Gross Profit	N/A	N/A	-$356K-106.2%	$5.7M-53.2%	$12.3M+236.7%	$3.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$3.6M-23.2%	$4.7M+3.6%	$4.5M-6.7%	$4.8M+32.0%	$3.7M
Operating Income	N/A	-$4.6M+26.4%	-$6.2M+39.0%	-$10.1M-592.1%	-$1.5M+83.3%	-$8.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	$11K-87.5%	$88K-81.0%	$462K+862.5%	$48K
Net Income	$2.7M+134.9%	-$7.6M+17.6%	-$9.2M+6.8%	-$9.9M-372.8%	-$2.1M+76.9%	-$9.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	$-0.01+85.7%	$-0.07

Metric	Q2'26	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$300K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.1M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$833K
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$489K-34.6%	$748K+4.6%	$715K	N/A	$815K-25.8%	$1.1M+5.1%	$1.0M+4.5%	$1.0M
Operating Income	-$621K+33.4%	-$933K-8.5%	-$860K	N/A	-$582K+59.8%	-$1.4M-19.7%	-$1.2M-1242.5%	$106K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$602K+28.3%	-$840K+32.2%	-$1.2M	N/A	$199K+107.2%	-$2.7M+39.8%	-$4.6M-252.0%	-$1.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AUMN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.7M-23.8%	$4.8M-67.7%	$14.9M-0.2%	$14.9M-37.0%	$23.7M+29.5%	$18.3M
Current Assets	$2.7M-29.5%	$3.9M-55.8%	$8.7M+9.3%	$8.0M-51.2%	$16.3M+44.4%	$11.3M
Cash & Equivalents	$2.5M-21.2%	$3.2M-15.7%	$3.8M-5.2%	$4.0M-67.5%	$12.2M+26.0%	$9.7M
Inventory	N/A	N/A	$830K-39.5%	$1.4M-14.7%	$1.6M+466.2%	$284K
Accounts Receivable	N/A	N/A	$51K	N/A	N/A	$72K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$7.7M+11.0%	$6.9M-29.4%	$9.8M+15.7%	$8.5M-12.0%	$9.6M+51.9%	$6.3M
Current Liabilities	$4.3M+17.5%	$3.6M-35.9%	$5.7M+30.4%	$4.3M-23.7%	$5.7M+126.2%	$2.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$4.0M-90.7%	-$2.1M-141.1%	$5.1M-21.1%	$6.5M-54.0%	$14.1M+17.7%	$12.0M
Retained Earnings	-$556.9M-0.4%	-$554.8M-1.4%	-$547.2M-1.7%	-$538.0M-1.9%	-$528.1M-0.4%	-$525.9M

Metric	Q2'26	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	N/A	$3.7M-25.5%	$4.9M+2.4%	$4.8M-21.1%	$6.1M+0.6%	$6.1M-46.6%	$11.4M-23.8%	$14.9M
Current Assets	N/A	$2.7M-31.7%	$4.0M+3.2%	$3.9M+52.5%	$2.5M+1.0%	$2.5M-53.1%	$5.3M-38.8%	$8.7M
Cash & Equivalents	N/A	$2.5M-29.1%	$3.5M+11.1%	$3.2M+78.7%	$1.8M+23.6%	$1.4M-40.9%	$2.4M-35.3%	$3.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$830K
Accounts Receivable	N/A	N/A	N/A	N/A	$7K-93.5%	$107K-72.4%	$388K+660.8%	$51K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	N/A	$7.7M-6.3%	$8.2M+18.5%	$6.9M-11.1%	$7.8M-3.0%	$8.0M-25.2%	$10.7M+9.6%	$9.8M
Current Liabilities	N/A	$4.3M-11.9%	$4.9M+33.5%	$3.6M-19.9%	$4.5M-5.9%	$4.8M-26.3%	$6.5M+15.4%	$5.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	N/A	-$4.0M-22.7%	-$3.3M-55.4%	-$2.1M-25.0%	-$1.7M+14.2%	-$2.0M-415.8%	$621K-87.9%	$5.1M
Retained Earnings	N/A	-$556.9M-0.2%	-$556.0M-0.2%	-$554.8M-0.1%	-$554.3M0.0%	-$554.5M-0.5%	-$551.8M-0.8%	-$547.2M

AUMN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	N/A	-$7.7M+21.9%	-$9.9M-2.6%	-$9.7M-783.0%	$1.4M+114.9%	-$9.5M
Capital Expenditures	N/A	N/A	N/A	$52K-96.8%	$1.6M+244.7%	$470K
Free Cash Flow	N/A	N/A	N/A	-$9.7M-4613.1%	-$206K+97.9%	-$10.0M
Investing Cash Flow	N/A	$7.2M+224.8%	$2.2M+1551.3%	-$152K+90.5%	-$1.6M-39975.0%	-$4K
Financing Cash Flow	N/A	-$19K-100.3%	$7.5M+383.2%	$1.6M-42.8%	$2.7M-81.4%	$14.6M
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	Q2'26	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$905K+67.4%	-$2.8M-884.2%	$354K+116.5%	-$2.1M-175.3%	-$777K+77.7%	-$3.5M-162.2%	-$1.3M+60.3%	-$3.4M
Capital Expenditures	N/A	N/A	N/A	N/A	-$1K-103.6%	$28K	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	-$778K+77.9%	-$3.5M	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	$3.5M+216.9%	$1.1M-53.5%	$2.4M+2063.1%	$111K-93.6%	$1.7M
Financing Cash Flow	N/A	N/A	N/A	$0	$0	N/A	N/A	$3.8M
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

AUMN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	-3.0%-27.6pp	24.7%-23.3pp	48.0%-16.7pp	64.7%
Operating Margin	N/A	N/A	-51.6%-8.0pp	-43.6%-37.8pp	-5.7%+150.4pp	-156.1%
Net Margin	N/A	N/A	-76.9%-34.4pp	-42.5%-34.4pp	-8.2%+153.0pp	-161.2%
Return on Equity	N/A	N/A	-180.5%-27.6pp	-152.9%-138.0pp	-14.9%+61.0pp	-75.9%
Return on Assets	72.3%+230.1pp	-157.8%-95.9pp	-61.9%+4.4pp	-66.3%-57.5pp	-8.8%+40.8pp	-49.6%
Current Ratio	0.64-0.4	1.06-0.5	1.54-0.3	1.83-1.0	2.87-1.6	4.49
Debt-to-Equity	-1.92+1.4	-3.29-5.2	1.92+0.6	1.31+0.6	0.68+0.2	0.53
FCF Margin	N/A	N/A	N/A	-41.7%-40.9pp	-0.8%+175.8pp	-176.6%

Metric	Q2'26	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-277.7%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	35.3%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-432.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	-735.1%-709.7pp	-25.4%
Return on Assets	N/A	-22.9%+2.3pp	-25.1%	N/A	3.3%+48.6pp	-45.3%-5.1pp	-40.2%-31.5pp	-8.7%
Current Ratio	N/A	0.64-0.2	0.82-0.2	1.06+0.5	0.56+0.0	0.52-0.3	0.81-0.7	1.54
Debt-to-Equity	N/A	-1.92+0.6	-2.51+0.8	-3.29+1.3	-4.63-0.5	-4.09-21.4	17.29+15.4	1.92
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$4.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.64), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Golden Minerals profitable?

Yes, Golden Minerals (AUMN) reported a net income of $2.7M in fiscal year 2025.

What are Golden Minerals's total assets?

Golden Minerals (AUMN) had $3.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Golden Minerals have outstanding?

Golden Minerals (AUMN) had 15M shares outstanding as of fiscal year 2025.

What is Golden Minerals's current ratio?

Golden Minerals (AUMN) had a current ratio of 0.64 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Golden Minerals's debt-to-equity ratio?

Golden Minerals (AUMN) had a debt-to-equity ratio of -1.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Golden Minerals's return on assets (ROA)?

Golden Minerals (AUMN) had a return on assets of 72.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Golden Minerals's debt-to-equity ratio negative or unusual?

Golden Minerals (AUMN) has negative shareholder equity of -$4.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.