Novagold Rscs Financials

Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 Currency USD FYE November

This page shows Novagold Rscs (NG) 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).

Rhea AI NG FY2025 2026-06-24

The dominant FY2025 mechanic was a financing-driven balance-sheet reset, with fresh capital rebuilding assets faster than operations can.

The least obvious shift is that reported losses and cash burn diverged: net loss widened to $94.7M, yet operating cash outflow was only $14.0M. Meanwhile, financing inflow of $259.5M more than covered the investing outflow of $177.6M, so the year's asset and equity rebound came from fresh capital being redeployed, not from the business becoming self-funding.

Short-term liquidity looks unusually loose because cash of $110.1M sits against current liabilities of only $4.9M. But that cushion is best read as externally supplied runway: operating cash flow has remained negative across the last three annual periods, so day-to-day funding still depends on the balance sheet rather than internal cash generation.

Share count expansion to 407.0M from 334.6M a year earlier shows the balance-sheet repair was not free for existing owners. That 21.6% increase coincided with equity moving from -$47.4M to positive territory, so dilution, more than retained earnings, did much of the repair work.

Financial Health Signals

Financial health score pending refresh

We are recalculating Novagold Rscs'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.

Altman Z-Score Distress

-0.30

Novagold Rscs scores -0.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.6B) relative to total liabilities ($172.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/7

Novagold Rscs passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.15x

For every $1 of reported earnings, Novagold Rscs generates $0.15 in operating cash flow (-$14.0M OCF vs -$94.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-3.2x

Novagold Rscs earns $-3.2 in operating income for every $1 of interest expense (-$47.3M vs $14.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

Novagold Rscs generated $0 in revenue in fiscal year 2025.

EBITDA

-$47.3M

YoY-24.9%

Novagold Rscs's EBITDA was -$47.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.9% from the prior year.

Net Income

-$94.7M

YoY-107.5%

Novagold Rscs reported -$94.7M in net income in fiscal year 2025. This represents a decrease of 107.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$110.1M

YoY+160.9%

5Y CAGR+12.6%

10Y CAGR+10.2%

Novagold Rscs held $110.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

407M

YoY+21.6%

5Y CAGR+4.2%

10Y CAGR+2.5%

Novagold Rscs had 407M shares outstanding in fiscal year 2025. This represents an increase of 21.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-57.8%

5Y CAGR-27.5pp

10Y CAGR-48.1pp

Novagold Rscs's ROE was -57.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0	$0	N/A	N/A	$0	$0
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$25.4M+1.8%	$24.9M+14.5%	$21.8M+8.3%	$20.1M-0.5%	$20.2M+7.9%	$18.7M
Operating Income	-$47.3M-24.9%	-$37.9M+6.1%	-$40.3M+16.5%	-$48.3M-31.0%	-$36.8M-10.8%	-$33.2M
Interest Expense	$14.8M0.0%	$14.8M+13.1%	$13.1M+64.1%	$8.0M+34.4%	$5.9M-1.5%	$6.0M
Income Tax	$0-100.0%	$724K+1756.4%	$39K+218.2%	-$33K-124.1%	$137K+117.5%	-$781K
Net Income	-$94.7M-107.5%	-$45.6M+2.5%	-$46.8M+12.3%	-$53.3M-31.6%	-$40.5M-20.8%	-$33.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$0	N/A	N/A	N/A	N/A	$0	N/A	$0
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	$8.9M+2.5%	$8.7M	N/A	$6.3M+7.9%	$5.8M+21.2%	$4.8M	N/A	$5.1M
Operating Income	-$25.8M-72.9%	-$14.9M	N/A	-$13.7M-11.8%	-$12.3M-73.0%	-$7.1M	N/A	-$7.9M
Interest Expense	$3.7M+3.8%	$3.6M	N/A	$3.8M+3.2%	$3.7M+4.0%	$3.6M	N/A	$3.8M
Income Tax	N/A	N/A	N/A	$0	$0	$0	N/A	$156K
Net Income	-$25.5M-65.2%	-$15.4M	N/A	-$15.6M+71.2%	-$54.3M-495.4%	-$9.1M	N/A	-$10.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$335.9M+206.1%	$109.8M-17.7%	$133.3M-16.3%	$159.2M-19.9%	$198.9M-11.4%	$224.4M
Current Assets	$117.5M+14.3%	$102.8M-19.2%	$127.2M-16.6%	$152.5M-10.0%	$169.5M-13.7%	$196.4M
Cash & Equivalents	$110.1M+160.9%	$42.2M-7.7%	$45.7M-28.4%	$63.9M-29.9%	$91.1M+49.6%	$60.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$301K	$0	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$172.1M+9.5%	$157.2M+11.1%	$141.5M+9.5%	$129.3M+7.2%	$120.6M+6.0%	$113.7M
Current Liabilities	$4.9M+10.1%	$4.5M+14.8%	$3.9M-15.1%	$4.6M+4.9%	$4.4M+24.9%	$3.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$163.8M+445.4%	-$47.4M-476.6%	-$8.2M-127.5%	$29.9M-61.8%	$78.3M-29.3%	$110.7M
Retained Earnings	-$2.2B-4.5%	-$2.1B-2.2%	-$2.1B-2.3%	-$2.0B-2.7%	-$2.0B-2.1%	-$1.9B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$598.7M-3.3%	$619.4M+84.4%	$335.9M-2.7%	$345.4M+4.9%	$329.3M+222.8%	$102.0M-7.0%	$109.8M-4.3%	$114.7M
Current Assets	$376.0M-5.1%	$396.1M+237.2%	$117.5M-6.9%	$126.2M-60.7%	$321.4M+239.6%	$94.6M-7.9%	$102.8M-4.1%	$107.1M
Cash & Equivalents	$78.2M-33.4%	$117.5M+6.7%	$110.1M+89.3%	$58.2M-80.2%	$293.7M+764.7%	$34.0M-19.6%	$42.2M-7.3%	$45.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$57K	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	$177.7M+1.4%	$175.2M+1.8%	$172.1M+2.3%	$168.3M+2.6%	$164.0M+3.7%	$158.2M+0.6%	$157.2M+3.0%	$152.5M
Current Liabilities	$3.3M-25.4%	$4.5M-9.6%	$4.9M+5.3%	$4.7M+11.9%	$4.2M+111.7%	$2.0M-55.9%	$4.5M+24.9%	$3.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$421.0M-5.2%	$444.2M+171.2%	$163.8M-7.5%	$177.1M+7.2%	$165.3M+394.5%	-$56.1M-18.4%	-$47.4M-25.4%	-$37.8M
Retained Earnings	-$2.2B-1.2%	-$2.2B-0.7%	-$2.2B-0.7%	-$2.2B-0.7%	-$2.2B-2.6%	-$2.1B-0.4%	-$2.1B-0.5%	-$2.1B

NG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.0M-11.0%	-$12.6M-62.4%	-$7.8M+37.1%	-$12.4M-25.4%	-$9.9M+1.6%	-$10.0M
Capital Expenditures	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
Investing Cash Flow	-$177.6M-1998.1%	$9.4M+190.6%	-$10.3M+16.5%	-$12.4M-130.6%	$40.4M+755.0%	$4.7M
Financing Cash Flow	$259.5M+149240.8%	-$174K	$0+100.0%	-$2.1M-190.3%	-$731K+55.8%	-$1.7M
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$6.4M-21.6%	-$5.3M+12.8%	-$6.0M-568.4%	-$903K+44.6%	-$1.6M+70.2%	-$5.5M-168.6%	-$2.0M+49.7%	-$4.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$4.0M
Investing Cash Flow	-$32.8M+88.3%	-$281.4M-584.8%	$58.0M+122.3%	-$260.1M-1056.4%	$27.2M+1121.8%	-$2.7M-113.1%	-$1.2M+55.5%	-$2.8M
Financing Cash Flow	$0-100.0%	$294.0M+29399900.0%	$1K-100.0%	$25.5M-89.1%	$234.1M+285593.9%	-$82K	$0+100.0%	-$157K
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

NG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-57.8%	N/A	N/A	-178.4%-126.6pp	-51.8%-21.5pp	-30.3%
Return on Assets	-28.2%+13.4pp	-41.6%-6.5pp	-35.1%-1.6pp	-33.5%-13.1pp	-20.4%-5.4pp	-14.9%
Current Ratio	23.79+0.9	22.91-9.7	32.57-0.6	33.17-5.5	38.66-17.3	55.97
Debt-to-Equity	1.05+4.4	-3.31+13.9	-17.21-21.5	4.32+2.8	1.54+0.5	1.03
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	-6.1%-2.6pp	-3.5%	N/A	-8.8%+24.0pp	-32.8%	N/A	N/A	N/A
Return on Assets	-4.3%-1.8pp	-2.5%	N/A	-4.5%+11.9pp	-16.5%-7.5pp	-8.9%	N/A	-9.4%
Current Ratio	112.82+24.1	88.72+64.9	23.79-3.1	26.91-49.8	76.72+28.9	47.82+24.9	22.91-6.9	29.83
Debt-to-Equity	0.42+0.0	0.39-0.7	1.05+0.1	0.95-0.0	0.99+3.8	-2.82+0.5	-3.31+0.7	-4.03
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

What is Novagold Rscs's annual revenue?

Novagold Rscs (NG) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is Novagold Rscs profitable?

No, Novagold Rscs (NG) reported a net income of -$94.7M in fiscal year 2025.

What is Novagold Rscs's EBITDA?

Novagold Rscs (NG) had EBITDA of -$47.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Novagold Rscs's return on equity (ROE)?

Novagold Rscs (NG) has a return on equity of -57.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Novagold Rscs's operating cash flow?

Novagold Rscs (NG) generated -$14.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Novagold Rscs's total assets?

Novagold Rscs (NG) had $335.9M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Novagold Rscs have outstanding?

Novagold Rscs (NG) had 407M shares outstanding as of fiscal year 2025.

What is Novagold Rscs's current ratio?

Novagold Rscs (NG) had a current ratio of 23.79 as of fiscal year 2025, which is generally considered healthy.

What is Novagold Rscs's debt-to-equity ratio?

Novagold Rscs (NG) had a debt-to-equity ratio of 1.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Novagold Rscs's return on assets (ROA)?

Novagold Rscs (NG) had a return on assets of -28.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Novagold Rscs's cash runway?

Based on fiscal year 2025 data, Novagold Rscs (NG) had $110.1M in cash against an annual operating cash burn of $14.0M. This gives an estimated cash runway of approximately 94 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 Novagold Rscs's Altman Z-Score?

Novagold Rscs (NG) has an Altman Z-Score of -0.30, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Novagold Rscs's Piotroski F-Score?

Novagold Rscs (NG) has a Piotroski F-Score of 3 out of 7 computable signals; 2 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 Novagold Rscs's earnings high quality?

Novagold Rscs (NG) has an earnings quality ratio of 0.15x, 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.

Can Novagold Rscs cover its interest payments?

Novagold Rscs (NG) has an interest coverage ratio of -3.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.