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
Dakota 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.
Dakota Gold Corp. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
Dakota Gold Corp. reported a net loss of $29.5M while operations used $25.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Dakota Gold Corp. recorded an outflow of $25.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 18.9% from the prior year.
Dakota Gold Corp. held $29.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
DC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| SG&A Expenses | N/A | $9.8M-8.1% | $10.6M+9.6% | $9.7M-59.5% | $23.9M+1215.3% | $1.8M |
| Operating Income | N/A | -$30.8M+10.4% | -$34.3M+9.7% | -$38.0M-21.6% | -$31.3M-1395.0% | -$2.1M |
| Interest Expense | N/A | N/A | $137K | $0 | $0 | N/A |
| Income Tax | N/A | -$63K-704.1% | -$8K+99.4% | -$1.2M+78.6% | -$5.7M | N/A |
| Net Income | N/A | -$29.5M+12.8% | -$33.9M+7.0% | -$36.4M-189.0% | -$12.6M-148.5% | $26.0M |
| EPS (Diluted) | — | -$0.27+27.0% | -$0.37+21.3% | -$0.47 | -$0.35 | $1.12 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Total Assets | $115.9M+21.5% | $95.4M-11.9% | $108.2M-9.9% | $120.1M+70.0% | $70.6M |
| Current Assets | $30.4M+205.6% | $9.9M-62.1% | $26.2M-37.4% | $41.9M+254.0% | $11.8M |
| Cash & Equivalents | $29.7M+215.5% | $9.4M-63.2% | $25.5M-38.3% | $41.4M+261.8% | $11.4M |
| Total Liabilities | $3.3M+4.2% | $3.2M-31.4% | $4.7M-25.3% | $6.3M-81.0% | $32.8M |
| Current Liabilities | $3.0M+9.2% | $2.7M-38.8% | $4.5M+76.8% | $2.5M+44.5% | $1.8M |
| Total Equity | $112.5M+22.1% | $92.2M-11.0% | $103.5M-9.0% | $113.8M+201.0% | $37.8M |
| Retained Earnings | -$106.1M-38.6% | -$76.5M-79.4% | -$42.7M-426.5% | $13.1M-49.1% | $25.7M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
DC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$32.4M | -$25.4M+19.2% | -$31.5M-0.6% | -$31.3M-215.7% | -$9.9M-357.5% | -$2.2M |
| Capital Expenditures | $270K | $196K+37.0% | $143K-86.4% | $1.1M+114.2% | $492K-44.0% | $879K |
| Free Cash Flow | -$32.6M | -$25.6M+18.9% | -$31.6M+2.3% | -$32.4M-210.9% | -$10.4M-241.6% | -$3.0M |
| Investing Cash Flow | -$1.8M | -$382K+33.4% | -$574K+65.5% | -$1.7M+81.9% | -$9.2M-93.7% | -$4.7M |
| Financing Cash Flow | $91.5M | $46.1M+189.8% | $15.9M-54.0% | $34.6M-29.4% | $49.0M+169.4% | $18.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | $0-100.0% | $4.4M |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
DC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Return on Equity | -26.3%+10.5pp | -36.8%-1.6pp | -35.2%-24.1pp | -11.1%-79.8pp | 68.8% |
| Return on Assets | -25.5%+10.0pp | -35.5%-1.9pp | -33.7%-23.2pp | -10.5%-47.3pp | 36.8% |
| Current Ratio | 10.12+6.5x | 3.62-2.2x | 5.85-10.7x | 16.50+9.8x | 6.74 |
| Debt-to-Equity | 0.030.0x | 0.030.0x | 0.050.0x | 0.05-0.8x | 0.87 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Dakota Gold Corp. Ranks
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) recorded an outflow of $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) recorded an outflow of $25.4M in operating cash flow during fiscal year 2025, representing cash used by 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 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 Dakota Gold Corp.'s earnings high quality?
Dakota Gold Corp. (DC) reported a net loss of $29.5M while operations used $25.4M 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.