Northern Mineral Financials
This page shows Northern Mineral (NMEX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
External funding is carrying a pre-commercial business whose reported sales are still far too small to support its cost base.
In FY2025, financing inflow of$153K almost matched operating cash burn of-$177K , yet cash finished at only$8K and the current ratio was 0.1x. That combination says new capital was used mainly to keep the business running month to month, not to create a liquidity cushion.
The first meaningful recorded revenue, just
The balance sheet posture remains strained: assets of
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 Northern Mineral'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.
Northern Mineral has an operating margin of -2725.4%, meaning the company retains $-2725 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.
Northern Mineral has elevated debt relative to equity (D/E of -1.60), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Northern Mineral's current ratio of 0.11 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Northern Mineral passes 3 of 9 financial strength tests. 1 of 3 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Northern Mineral generates $0.46 in operating cash flow (-$177K OCF vs -$384K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Northern Mineral earns $-19.2 in operating income for every $1 of interest expense (-$235K vs $12K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Northern Mineral generated $9K in revenue in fiscal year 2025.
Northern Mineral reported -$384K in net income in fiscal year 2025.
Cash & Balance Sheet
Northern Mineral held $8K in cash against $0 in long-term debt as of fiscal year 2025.
Northern Mineral had 107M shares outstanding in fiscal year 2025. This represents an increase of 1.4% from the prior year.
Margins & Returns
Northern Mineral's gross margin was 3.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Northern Mineral's operating margin was -2725.4% in fiscal year 2025, reflecting core business profitability.
Northern Mineral's net profit margin was -4443.0% in fiscal year 2025, showing the share of revenue converted to profit.
Capital Allocation
NMEX Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9K+86.7% | $5K | N/A | N/A | $0 | $0 | N/A | N/A |
| Cost of Revenue | $8K+52.6% | $5K | N/A | N/A | $0 | $0 | N/A | N/A |
| Gross Profit | $2K+1634.9% | $109 | N/A | N/A | $0 | $0 | 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 | $31K+733.4% | $4K | N/A | N/A | $5K-85.0% | $33K | N/A | N/A |
| Operating Income | -$102K-72.2% | -$59K | N/A | -$65K-77.5% | -$36K | N/A | N/A | -$36K |
| Interest Expense | $5K+20.9% | $4K | N/A | $3K+17.0% | $3K+2.7% | $3K | N/A | $3K |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0 |
| Net Income | -$110K-74.1% | -$63K | N/A | -$68K-73.0% | -$39K | N/A | N/A | -$39K |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NMEX Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $220K+28.5% | $171K+5.4% | $162K-49.9% | $324K+962.5% | $30K+185.9% | $11K-79.9% | $53K+26.7% | $42K |
| Current Assets | $29K+50.0% | $20K+80.5% | $11K-65.9% | $32K+4.1% | $30K+185.9% | $11K-79.9% | $53K+26.7% | $42K |
| Cash & Equivalents | $9K+3.7% | $8K+103.7% | $4K-87.2% | $32K+4.1% | $30K+185.9% | $11K-79.9% | $53K+26.7% | $42K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $21K+84.1% | $11K+66.5% | $7K | N/A | N/A | N/A | $0 | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $573K+25.2% | $458K+18.6% | $386K+10.6% | $349K+12.0% | $311K+8.4% | $287K+5.9% | $271K-1.5% | $275K |
| Current Liabilities | $171K-2.7% | $176K+57.5% | $111K-2.8% | $115K-15.8% | $136K-0.6% | $137K+13.2% | $121K-36.3% | $190K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$353K-23.2% | -$287K-28.3% | -$223K-807.0% | -$25K+91.2% | -$281K-1.6% | -$276K-26.8% | -$218K+6.6% | -$233K |
| Retained Earnings | -$4.1M-2.8% | -$4.0M-1.6% | -$3.9M-5.3% | -$3.7M-1.9% | -$3.7M-1.1% | -$3.6M-2.2% | -$3.5M-1.1% | -$3.5M |
NMEX Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$78K-34.2% | -$58K-35.4% | -$43K+16.7% | -$51K-27.6% | -$40K+5.4% | -$42K+3.0% | -$44K-14.1% | -$38K |
| 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 | N/A | N/A | -$13K0.0% | -$13K | $0 | $0 | $0 | $0 |
| Financing Cash Flow | $120K+93.5% | $62K+125.5% | $28K-57.7% | $65K+8.3% | $60K | $0-100.0% | $55K-21.4% | $70K |
| 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 |
NMEX Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.0%+17.9pp | 2.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -1082.4%+90.9pp | -1173.3% | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -1164.1%+83.8pp | -1247.9% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -50.1%-13.1pp | -37.0% | N/A | -21.0%+108.0pp | -129.0% | N/A | N/A | -93.3% |
| Current Ratio | 0.17+0.1 | 0.11+0.0 | 0.10-0.2 | 0.28+0.1 | 0.22+0.1 | 0.08-0.4 | 0.44+0.2 | 0.22 |
| Debt-to-Equity | -1.62-0.0 | -1.60+0.1 | -1.73+12.4 | -14.15-13.0 | -1.11-0.1 | -1.04+0.2 | -1.24-0.1 | -1.18 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$287K), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.11), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Northern Mineral's annual revenue?
Northern Mineral (NMEX) reported $9K 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 Northern Mineral profitable?
No, Northern Mineral (NMEX) reported a net income of -$384K in fiscal year 2025, with a net profit margin of -4443.0%.
What is Northern Mineral's gross margin?
Northern Mineral (NMEX) had a gross margin of 3.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Northern Mineral's operating margin?
Northern Mineral (NMEX) had an operating margin of -2725.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Northern Mineral's net profit margin?
Northern Mineral (NMEX) had a net profit margin of -4443.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Northern Mineral's operating cash flow?
Northern Mineral (NMEX) generated -$177K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Northern Mineral's total assets?
Northern Mineral (NMEX) had $171K in total assets as of fiscal year 2025, including both current and long-term assets.
What is Northern Mineral's current ratio?
Northern Mineral (NMEX) had a current ratio of 0.11 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Northern Mineral's debt-to-equity ratio?
Northern Mineral (NMEX) had a debt-to-equity ratio of -1.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northern Mineral's return on assets (ROA)?
Northern Mineral (NMEX) had a return on assets of -224.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Northern Mineral's cash runway?
Based on fiscal year 2025 data, Northern Mineral (NMEX) had $8K in cash against an annual operating cash burn of $177K. This gives an estimated cash runway of approximately 1 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.
Why is Northern Mineral's debt-to-equity ratio negative or unusual?
Northern Mineral (NMEX) has negative shareholder equity of -$287K as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Northern Mineral's Piotroski F-Score?
Northern Mineral (NMEX) 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 Northern Mineral's earnings high quality?
Northern Mineral (NMEX) has an earnings quality ratio of 0.46x, 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 Northern Mineral cover its interest payments?
Northern Mineral (NMEX) has an interest coverage ratio of -19.2x, 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.
How financially healthy is Northern Mineral?
Northern Mineral (NMEX) scores 0 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.