Dakota Gold Corp. Financials
This page shows Dakota Gold Corp. (DC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Dakota Gold remains an equity-funded explorer, with recurring cash burn replenished by share issuance rather than operating revenue.
In FY2024 and FY2025, operating cash outflow stayed close to net loss, and free cash flow was only slightly worse because capital spending was minimal, so the losses largely represent cash consumed by ongoing operations rather than accounting-only charges or asset build-out. The jump in cash to$29.7M from$9.4M therefore reflects external financing, not a self-funding turn in the business.
The balance sheet is light on liabilities: only
That funding model is visible in dilution as well as cash: shares outstanding rose from 86.7M in FY2023 to 114.1M in FY2025 while liquidity recovered. The current ratio improved to 10.1x from 3.6x, but the stronger cushion came alongside a larger share base rather than an operating turnaround.
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Dakota Gold Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Dakota Gold Corp. carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 10.12, Dakota Gold Corp. holds $10.12 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Dakota Gold Corp. generates a -26.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -36.8% the prior year.
Dakota Gold Corp. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Dakota Gold Corp. generates $0.86 in operating cash flow (-$25.4M OCF vs -$29.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Dakota Gold Corp.'s EBITDA was -$30.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.3% from the prior year.
Dakota Gold Corp. reported -$29.5M in net income in fiscal year 2025. This represents an increase of 12.8% from the prior year.
Dakota Gold Corp. earned $-0.27 per diluted share (EPS) in fiscal year 2025. This represents an increase of 27.0% from the prior year.
Cash & Balance Sheet
Dakota Gold Corp. generated -$25.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 18.9% from the prior year.
Dakota Gold Corp. held $29.7M in cash against $0 in long-term debt as of fiscal year 2025.
Dakota Gold Corp. had 114M shares outstanding in fiscal year 2025. This represents an increase of 19.4% from the prior year.
Margins & Returns
Dakota Gold Corp.'s ROE was -26.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 10.5 percentage points from the prior year.
Capital Allocation
Dakota Gold Corp. invested $196K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 37.0% from the prior year.
DC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | $2.5M | N/A | $3.2M+71.0% | $1.9M-2.4% | $1.9M | N/A | $2.4M-13.2% | $2.8M |
| Operating Income | -$9.0M | N/A | -$10.9M-58.0% | -$6.9M-80.2% | -$3.8M | N/A | -$10.2M-10.9% | -$9.2M |
| Interest Expense | N/A | N/A | $0 | $0 | $0 | N/A | $56K+21.9% | $46K |
| Income Tax | $487 | N/A | $19K+187.3% | $6K+7.2% | $6K | N/A | -$16K-37.2% | -$12K |
| Net Income | -$8.5M | N/A | -$10.5M-62.3% | -$6.5M-72.6% | -$3.7M | N/A | -$10.1M-10.3% | -$9.2M |
| EPS (Diluted) | $-0.07 | N/A | $-0.09-50.0% | $-0.06-50.0% | $-0.04 | N/A | $-0.11-10.0% | $-0.10 |
DC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $193.7M+67.2% | $115.9M-2.8% | $119.2M-6.7% | $127.8M-3.6% | $132.6M+39.0% | $95.4M-5.4% | $100.8M-1.1% | $101.9M |
| Current Assets | $107.7M+254.7% | $30.4M-10.6% | $34.0M-20.2% | $42.6M-9.9% | $47.2M+375.7% | $9.9M-35.8% | $15.5M-7.8% | $16.8M |
| Cash & Equivalents | $106.9M+260.1% | $29.7M-10.1% | $33.0M-21.3% | $42.0M-9.9% | $46.6M+395.4% | $9.4M-36.0% | $14.7M-8.6% | $16.1M |
| 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 | $2.8M-14.6% | $3.3M+1.5% | $3.3M+0.4% | $3.3M+47.7% | $2.2M-30.7% | $3.2M-57.0% | $7.5M+20.1% | $6.2M |
| Current Liabilities | $2.8M-6.8% | $3.0M+2.5% | $2.9M+1.5% | $2.9M+60.5% | $1.8M-34.6% | $2.7M-61.4% | $7.1M+16.4% | $6.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $190.8M+69.6% | $112.5M-3.0% | $116.0M-6.9% | $124.5M-4.5% | $130.4M+41.5% | $92.2M-1.2% | $93.3M-2.5% | $95.7M |
| Retained Earnings | -$114.6M-8.0% | -$106.1M-9.1% | -$97.3M-12.1% | -$86.8M-8.1% | -$80.3M-4.9% | -$76.5M-8.6% | -$70.5M-16.7% | -$60.4M |
DC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.1M-15.0% | -$7.1M+27.5% | -$9.8M-110.4% | -$4.6M-18.0% | -$3.9M+48.2% | -$7.6M+5.3% | -$8.0M-41.8% | -$5.7M |
| Capital Expenditures | $74K-13.7% | $86K-22.8% | $111K | $0 | $0+100.0% | -$378-1022.0% | $41-99.8% | $21K |
| Free Cash Flow | -$8.2M-14.7% | -$7.2M+27.5% | -$9.9M-112.8% | -$4.6M-18.0% | -$3.9M+48.2% | -$7.6M+5.3% | -$8.0M-41.2% | -$5.7M |
| Investing Cash Flow | -$811K-847.7% | -$86K+69.0% | -$276K-1281.2% | -$20K | $0-100.0% | $378+100.2% | -$179K+26.0% | -$242K |
| Financing Cash Flow | $86.2M+2148.0% | $3.8M+247.4% | $1.1M+3239.6% | $33K-99.9% | $41.1M+1679.5% | $2.3M-66.1% | $6.8M-0.7% | $6.9M |
| 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 |
DC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -4.4% | N/A | -9.0%-3.9pp | -5.2%-2.3pp | -2.9% | N/A | -10.8%-1.3pp | -9.6% |
| Return on Assets | -4.4% | N/A | -8.8%-3.7pp | -5.1%-2.2pp | -2.8% | N/A | -10.0%-1.0pp | -9.0% |
| Current Ratio | 38.50+28.4 | 10.12-1.5 | 11.61-3.2 | 14.77-11.5 | 26.31+22.7 | 3.62+1.4 | 2.17-0.6 | 2.74 |
| Debt-to-Equity | 0.01-0.0 | 0.030.0 | 0.030.0 | 0.030.0 | 0.02-0.0 | 0.03-0.0 | 0.08+0.0 | 0.06 |
| 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 Dakota Gold Corp. profitable?
No, Dakota Gold Corp. (DC) reported a net income of -$29.5M in fiscal year 2025.
What is Dakota Gold Corp.'s EBITDA?
Dakota Gold Corp. (DC) had EBITDA of -$30.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Dakota Gold Corp.'s return on equity (ROE)?
Dakota Gold Corp. (DC) has a return on equity of -26.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Dakota Gold Corp.'s free cash flow?
Dakota Gold Corp. (DC) generated -$25.6M in free cash flow during fiscal year 2025. This represents a 18.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Dakota Gold Corp.'s operating cash flow?
Dakota Gold Corp. (DC) generated -$25.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Dakota Gold Corp.'s total assets?
Dakota Gold Corp. (DC) had $115.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Dakota Gold Corp.'s capital expenditures?
Dakota Gold Corp. (DC) invested $196K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Dakota Gold Corp.'s current ratio?
Dakota Gold Corp. (DC) had a current ratio of 10.12 as of fiscal year 2025, which is generally considered healthy.
What is Dakota Gold Corp.'s debt-to-equity ratio?
Dakota Gold Corp. (DC) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Dakota Gold Corp.'s return on assets (ROA)?
Dakota Gold Corp. (DC) had a return on assets of -25.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Dakota Gold Corp.'s cash runway?
Based on fiscal year 2025 data, Dakota Gold Corp. (DC) had $29.7M in cash against an annual operating cash burn of $25.4M. This gives an estimated cash runway of approximately 14 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 Dakota Gold Corp.'s Piotroski F-Score?
Dakota Gold Corp. (DC) has a Piotroski F-Score of 3 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dakota Gold Corp.'s earnings high quality?
Dakota Gold Corp. (DC) has an earnings quality ratio of 0.86x, 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.
How financially healthy is Dakota Gold Corp.?
Dakota Gold Corp. (DC) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.