Fortitude Gold Financials
Fortitude Gold (FTCO) reported $18.4M in revenue for fiscal year 2025, down 50.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Revenue shrinkage is now secondary to a working-capital squeeze that has turned a once-cushioned balance sheet into a cash user.
Revenue fell sharply by FY2025, landing at$18.4M . Yet FY2025 gross margin was still54.1% , close to FY2023’s56.4% . That points to throughput and cash conversion, not destroyed unit economics: inventory reached$29.3M while operating cash flow was-$13.0M , so reported profit stopped becoming cash.
The balance sheet is still not debt-heavy, but its liquidity cushion changed sharply: cash fell to
Dividends were no longer internally funded in the last two years: FY2025 paid
Financial Health Signals
Fortitude Gold 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.
Fortitude Gold passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Fortitude Gold reported $420K of net income while operations used $13.0M of cash. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Key Financial Metrics
Earnings & Revenue
Fortitude Gold generated $18.4M in revenue in fiscal year 2025. This represents a decrease of 50.7% from the prior year.
Fortitude Gold reported $420K in net income in fiscal year 2025. This represents an increase of 120.6% from the prior year.
Fortitude Gold earned $0.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 125.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Fortitude Gold recorded an outflow of $15.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 48.1% from the prior year.
Fortitude Gold held $4.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Fortitude Gold paid $0.24 per share in dividends in fiscal year 2025. This represents a decrease of 50.0% from the prior year.
Margins & Returns
Fortitude Gold's gross margin was 54.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.
Fortitude Gold's net profit margin was 2.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.8 percentage points from the prior year.
Fortitude Gold's ROE was 0.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.3 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Fortitude Gold invested $1.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 43.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
FTCO 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 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $18.4M | $18.4M-50.7% | $37.3M-48.9% | $73.1M-1.8% | $74.4M-9.4% | $82.1M+52.1% | $54.0M |
| Cost of Revenue | $6.8M | $8.4M-55.5% | $19.0M-40.3% | $31.8M-18.3% | $39.0M-6.2% | $41.5M+10.0% | $37.8M |
| Gross Profit | $11.6M | $10.0M-45.7% | $18.3M-55.5% | $41.2M+16.5% | $35.4M-12.7% | $40.6M+150.7% | $16.2M |
| SG&A Expenses | $5.8M | $4.9M-17.2% | $5.9M+18.7% | $5.0M-13.5% | $5.8M-49.4% | $11.4M+297.1% | $2.9M |
| Interest Expense | -$525K | $294K-82.1% | $1.6M-17.0% | $2.0M+2688.7% | $71K-45.0% | $129K-9.8% | $143K |
| Income Tax | -$93K | $20K-99.4% | $3.4M-13.0% | $4.0M+20.7% | $3.3M-42.2% | $5.7M+2692.6% | $203K |
| Net Income | -$2.7M | $420K+120.6% | -$2.0M-112.0% | $17.0M+15.9% | $14.7M-17.8% | $17.9M+74.9% | $10.2M |
| EPS (Diluted) | — | $0.02+125.0% | -$0.08-111.4% | $0.70+14.8% | $0.61-17.6% | $0.74+54.2% | $0.48 |
Not reported in any period shown, so not listed: R&D Expenses, Operating Income.
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.
FTCO 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 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $136.2M+11.5% | $122.1M-9.6% | $135.0M+2.9% | $131.2M+7.1% | $122.4M+8.3% | $113.0M |
| Current Assets | $38.6M-7.7% | $41.9M-44.4% | $75.3M-19.6% | $93.6M+15.2% | $81.3M+53.6% | $52.9M |
| Cash & Equivalents | $4.7M-82.8% | $27.1M-44.4% | $48.7M+8.0% | $45.1M+12.6% | $40.0M+44.1% | $27.8M |
| Inventory | $29.3M+151.8% | $11.6M-51.2% | $23.8M-49.4% | $47.2M+25.6% | $37.5M+62.9% | $23.1M |
| Accounts Receivable | N/A | N/A | $42K | N/A | $238K+64.1% | $145K |
| Total Liabilities | $31.8M+127.0% | $14.0M-3.1% | $14.5M-6.1% | $15.4M+52.7% | $10.1M-33.0% | $15.1M |
| Current Liabilities | $9.1M+119.6% | $4.1M-48.1% | $8.0M-16.6% | $9.5M+79.5% | $5.3M-52.0% | $11.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $100K-87.5% | $800K |
| Total Equity | $104.4M-3.4% | $108.1M-10.3% | $120.5M+4.1% | $115.8M+3.0% | $112.3M+14.7% | $98.0M |
| Retained Earnings | -$2.8M-204.1% | $2.6M-83.8% | $16.3M+38.1% | $11.8M+36.6% | $8.6M+548.2% | -$1.9M |
Not reported in any period shown, so not listed: Goodwill.
FTCO 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 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$16.1M | -$13.0M-96.1% | -$6.6M-128.9% | $23.0M-19.6% | $28.6M+15.8% | $24.7M+89.7% | $13.0M |
| Capital Expenditures | $2.2M | $1.9M-43.9% | $3.5M-36.1% | $5.4M-54.6% | $12.0M+163.0% | $4.5M-29.9% | $6.5M |
| Free Cash Flow | -$18.3M | -$15.0M-48.1% | -$10.1M-157.5% | $17.6M+5.7% | $16.6M-17.4% | $20.1M+208.8% | $6.5M |
| Investing Cash Flow | -$2.2M | -$1.9M+44.6% | -$3.4M+49.9% | -$6.9M+42.7% | -$12.0M-163.0% | -$4.5M+29.9% | -$6.5M |
| Financing Cash Flow | $14.7M | -$7.5M+34.9% | -$11.5M+7.8% | -$12.5M-8.0% | -$11.6M-47.0% | -$7.9M-138.6% | $20.4M |
| Dividends Paid | $3.1M | $5.8M-49.9% | $11.6M-7.4% | $12.5M+8.6% | $11.5M+57.7% | $7.3M | N/A |
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.
FTCO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 54.1%+5.0pp | 49.1%-7.3pp | 56.4%+8.8pp | 47.6%-1.8pp | 49.4%+19.4pp | 30.0% |
| Net Margin | 2.3%+7.8pp | -5.5%-28.8pp | 23.3%+3.6pp | 19.7%-2.0pp | 21.8%+2.8pp | 18.9% |
| Return on Equity | 0.4%+2.3pp | -1.9%-16.0pp | 14.1%+1.4pp | 12.7%-3.2pp | 15.9%+5.5pp | 10.4% |
| Return on Assets | 0.3%+2.0pp | -1.7%-14.3pp | 12.6%+1.4pp | 11.2%-3.4pp | 14.6%+5.6pp | 9.0% |
| Current Ratio | 4.26-5.9x | 10.13+0.7x | 9.46-0.4x | 9.82-5.5x | 15.31+10.5x | 4.78 |
| Debt-to-Equity | 0.30+0.2x | 0.130.0x | 0.120.0x | 0.13+0.1x | 0.000.0x | 0.01 |
| FCF Margin | -81.3%-54.2pp | -27.1%-51.1pp | 24.0%+1.7pp | 22.3%-2.2pp | 24.5%+12.4pp | 12.1% |
Not reported in any period shown, so not listed: Operating Margin.
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Where Fortitude Gold Ranks
Frequently Asked Questions
What is Fortitude Gold's annual revenue?
Fortitude Gold (FTCO) reported $18.4M in total revenue for fiscal year 2025. This represents a -50.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fortitude Gold's revenue growing?
Fortitude Gold (FTCO) revenue declined by 50.7% year-over-year, from $37.3M to $18.4M in fiscal year 2025.
Is Fortitude Gold profitable?
Yes, Fortitude Gold (FTCO) reported a net income of $420K in fiscal year 2025, with a net profit margin of 2.3%.
What is Fortitude Gold's gross margin?
Fortitude Gold (FTCO) had a gross margin of 54.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Fortitude Gold's net profit margin?
Fortitude Gold (FTCO) had a net profit margin of 2.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Fortitude Gold pay dividends?
Yes, Fortitude Gold (FTCO) paid $0.24 per share in dividends during fiscal year 2025.
What is Fortitude Gold's return on equity (ROE)?
Fortitude Gold (FTCO) has a return on equity of 0.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fortitude Gold's free cash flow?
Fortitude Gold (FTCO) recorded an outflow of $15.0M in free cash flow during fiscal year 2025. This represents a -48.1% 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 Fortitude Gold's operating cash flow?
Fortitude Gold (FTCO) recorded an outflow of $13.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Fortitude Gold's total assets?
Fortitude Gold (FTCO) had $136.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fortitude Gold's capital expenditures?
Fortitude Gold (FTCO) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Fortitude Gold's current ratio?
Fortitude Gold (FTCO) had a current ratio of 4.26 as of fiscal year 2025, which is generally considered healthy.
What is Fortitude Gold's debt-to-equity ratio?
Fortitude Gold (FTCO) had a debt-to-equity ratio of 0.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fortitude Gold's return on assets (ROA)?
Fortitude Gold (FTCO) had a return on assets of 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Fortitude Gold's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Fortitude Gold (FTCO) held $4.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.0M over that year. Dividing the one by the other, the reported balance equals about 4 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 Fortitude Gold's Piotroski F-Score?
Fortitude Gold (FTCO) has a Piotroski F-Score of 3 out of 8 computable signals; 1 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 Fortitude Gold's earnings high quality?
Fortitude Gold (FTCO) reported $420K of net income while operations used $13.0M of cash. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. 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.