Gold Reserve Financials
This page shows Gold Reserve (GDRZF) 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
Based on FY2023 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 Gold Reserve'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.
Gold Reserve carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.52, Gold Reserve holds $3.52 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 69/100.
Gold Reserve generates a -80.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -16.7% the prior year.
Gold Reserve passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Gold Reserve generates $0.32 in operating cash flow (-$7.4M OCF vs -$23.1M 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
Gold Reserve reported -$23.1M in net income in fiscal year 2023. This represents a decrease of 168.9% from the prior year.
Cash & Balance Sheet
Gold Reserve held $8.5M in cash against $0 in long-term debt as of fiscal year 2023.
Gold Reserve had 100M shares outstanding in fiscal year 2023. This represents an increase of 0.0% from the prior year.
Margins & Returns
Gold Reserve's ROE was -80.9% in fiscal year 2023, measuring profit generated per dollar of shareholder equity. This is down 64.3 percentage points from the prior year.
Capital Allocation
GDRZF Income Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| 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 | $1.3M-42.7% | $2.2M+109.7% | $1.1M | N/A | $927K-5.4% | $979K-7.0% | $1.1M | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$254K-27.8% | -$199K-2.0% | -$195K | N/A | -$17.6M | N/A | N/A | N/A |
| Net Income | -$3.1M+24.4% | -$4.2M-198.1% | -$1.4M | N/A | -$18.5M-1214.4% | -$1.4M-28.3% | -$1.1M | N/A |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
GDRZF Balance Sheet
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $83.4M+63.3% | $51.0M+31.7% | $38.8M-2.4% | $39.7M-4.0% | $41.4M-17.4% | $50.2M-2.0% | $51.2M-3.3% | $52.9M |
| Current Assets | $83.0M+63.8% | $50.7M+32.0% | $38.4M-2.5% | $39.4M-4.0% | $41.0M-17.5% | $49.7M-0.1% | $49.8M-3.4% | $51.5M |
| Cash & Equivalents | $54.6M+49.6% | $36.5M+317.4% | $8.7M+2.6% | $8.5M+155.9% | $3.3M+153.0% | $1.3M-87.6% | $10.7M-30.7% | $15.4M |
| 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 | $13.0M-0.5% | $13.1M+16.3% | $11.3M+1.0% | $11.2M+3.7% | $10.8M+916.4% | $1.1M+54.8% | $684K-49.3% | $1.4M |
| Current Liabilities | $13.0M-0.5% | $13.1M+16.3% | $11.3M+1.0% | $11.2M+3.7% | $10.8M+916.4% | $1.1M+54.8% | $684K-49.3% | $1.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $70.3M+85.4% | $37.9M+38.0% | $27.5M-3.8% | $28.6M-6.8% | $30.6M-37.6% | $49.1M-2.8% | $50.5M-2.1% | $51.6M |
| Retained Earnings | -$327.1M-1.0% | -$323.9M-1.3% | -$319.8M-0.4% | -$318.4M-0.7% | -$316.2M-6.2% | -$297.8M-0.5% | -$296.4M-0.4% | -$295.3M |
GDRZF Cash Flow Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-2.3% | -$3.1M-33.6% | -$2.3M-3.0% | -$2.2M-85.2% | -$1.2M+44.8% | -$2.2M-18.3% | -$1.8M+14.2% | -$2.1M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$14.2M-185.6% | $16.6M+616.1% | $2.3M-68.8% | $7.4M+130.8% | $3.2M+144.8% | -$7.2M-149.4% | -$2.9M | N/A |
| Financing Cash Flow | $35.4M+148.4% | $14.3M+7322.7% | $192K | $0-100.0% | $1K | N/A | N/A | N/A |
| 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 |
GDRZF Financial Ratios
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| 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 | -4.5%+6.5pp | -11.0%-5.9pp | -5.1% | N/A | -60.2%-57.4pp | -2.9%-0.7pp | -2.2% | N/A |
| Return on Assets | -3.8%+4.4pp | -8.2%-4.6pp | -3.6% | N/A | -44.5%-41.8pp | -2.8%-0.7pp | -2.1% | N/A |
| Current Ratio | 6.36+2.5 | 3.86+0.5 | 3.40-0.1 | 3.52-0.3 | 3.81-43.1 | 46.94-25.8 | 72.73+34.6 | 38.13 |
| Debt-to-Equity | 0.19-0.2 | 0.35-0.1 | 0.41+0.0 | 0.39+0.0 | 0.35+0.3 | 0.020.0 | 0.01-0.0 | 0.03 |
| 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 Gold Reserve profitable?
No, Gold Reserve (GDRZF) reported a net income of -$23.1M in fiscal year 2023.
What is Gold Reserve's return on equity (ROE)?
Gold Reserve (GDRZF) has a return on equity of -80.9% for fiscal year 2023, measuring how efficiently the company generates profit from shareholder equity.
What is Gold Reserve's operating cash flow?
Gold Reserve (GDRZF) generated -$7.4M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.
What are Gold Reserve's total assets?
Gold Reserve (GDRZF) had $39.7M in total assets as of fiscal year 2023, including both current and long-term assets.
What is Gold Reserve's current ratio?
Gold Reserve (GDRZF) had a current ratio of 3.52 as of fiscal year 2023, which is generally considered healthy.
What is Gold Reserve's debt-to-equity ratio?
Gold Reserve (GDRZF) had a debt-to-equity ratio of 0.39 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Gold Reserve's return on assets (ROA)?
Gold Reserve (GDRZF) had a return on assets of -58.2% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
What is Gold Reserve's cash runway?
Based on fiscal year 2023 data, Gold Reserve (GDRZF) had $8.5M in cash against an annual operating cash burn of $7.4M. 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 Gold Reserve's Piotroski F-Score?
Gold Reserve (GDRZF) has a Piotroski F-Score of 1 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 Gold Reserve's earnings high quality?
Gold Reserve (GDRZF) has an earnings quality ratio of 0.32x, 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 Gold Reserve?
Gold Reserve (GDRZF) scores 27 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.