U.S. GoldMining Inc. (USGO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the USGO SEC filings page.
This page shows U.S. GoldMining Inc. (USGO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
The reported statements depict a development-stage operation whose losses consume cash, while financing—not operations—funds expansion.
From FY2024 to FY2025, the net loss narrowed from$8.5M to$7.0M while operating cash outflow narrowed from$7.8M to$5.8M ; accounting and cash results therefore improved together rather than diverging. However, FY2025 financing provided$9.3M , indicating that the improvement did not remove the business’s dependence on external capital.
The FY2025 balance sheet was equity-funded rather than debt-heavy: total liabilities were about
Shares outstanding increased from 12.5M in FY2024 to 13.3M in FY2025, alongside the financing inflow. That combination is consistent with expansion supported by additional shareholder capital, rather than by retained profits; the reported liquidity comparison was 15.2 months of FY2025 operating outflow.
Financial Health Signals
U.S. GoldMining Inc. 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.
U.S. GoldMining Inc. 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.
U.S. GoldMining Inc. reported a net loss of $7.0M while operations used $5.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
U.S. GoldMining Inc.'s EBITDA was -$4.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 369.5% from the same quarter a year earlier. Against the prior quarter it is down 114.9%.
U.S. GoldMining Inc. reported -$4.2M in net income in Q2 2026. This represents a decrease of 364.7% from the same quarter a year earlier. Against the prior quarter it is down 117.9%.
U.S. GoldMining Inc. earned -$0.36 per diluted share (EPS) in Q2 2026. This represents a decrease of 414.3% from the same quarter a year earlier. Against the prior quarter it is down 157.1%.
Not reported for Q2 2026.
Cash & Balance Sheet
U.S. GoldMining Inc. recorded an outflow of $3.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. Against the prior quarter it is down 23.6%.
U.S. GoldMining Inc. held $7.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
U.S. GoldMining Inc.'s ROE was -48.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 23.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 17.4 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
U.S. GoldMining Inc. invested $159K in capex in Q2 2026, funding long-term assets and infrastructure. Against the prior quarter it is down 32.8%.
Not reported for Q2 2026.
Not reported for Q2 2026.
USGO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| SG&A Expenses | $1.1M+70.9% | $1.4M+33.6% | N/A | $700K+46.5% | $666K+2.0% | $1.1M+59.3% | N/A | $478K-41.9% |
| Operating Income | -$4.2M-356.6% | -$2.0M-50.4% | N/A | -$2.8M+36.0% | -$927K+42.5% | -$1.3M-19.2% | N/A | -$4.4M-32.3% |
| EBITDA | -$4.2M-369.5% | -$1.9M-51.7% | N/A | -$2.8M+36.3% | -$891K+43.6% | -$1.3M-18.7% | N/A | -$4.4M-31.8% |
| Income Tax | N/A | N/A | N/A | N/A | $61-97.9% | $3K | N/A | $1K |
| Net Income | -$4.2M-364.7% | -$1.9M-49.4% | N/A | -$2.8M+35.2% | -$905K+39.1% | -$1.3M-34.2% | N/A | -$4.3M-37.5% |
| EPS (Basic) | -$0.36-414.3% | -$0.14-40.0% | -$0.15-15.4% | -$0.22+37.1% | -$0.07+41.7% | -$0.10-25.0% | -$0.13 | -$0.35-40.0% |
| EPS (Diluted) | -$0.36-414.3% | -$0.14-40.0% | -$0.15-15.4% | -$0.22+37.1% | -$0.07+41.7% | -$0.10-25.0% | -$0.13 | -$0.35-40.0% |
| Diluted Shares (Avg) | 13M+7.2% | 13M+6.9% | N/A | 13M+2.4% | 13M+0.9% | 12M+0.5% | N/A | 12M0.0% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, Interest Expense.
USGO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.3M+111.8% | $7.1M+69.6% | $8.4M+64.0% | $4.7M-25.9% | $4.4M-58.1% | $4.2M-65.4% | $5.1M-59.7% | $6.4M-61.9% |
| Current Assets | $8.2M+136.0% | $6.1M+89.0% | $7.6M+84.2% | $3.8M-28.0% | $3.5M-63.2% | $3.2M-71.2% | $4.1M-65.0% | $5.3M-66.1% |
| Cash & Equivalents | $7.4M+133.7% | $4.7M+59.1% | $7.4M+90.1% | $3.3M-25.3% | $3.2M-61.4% | $3.0M-72.4% | $3.9M-65.4% | $4.4M-68.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $89K+155.7% | $29K-17.8% | $29K-17.8% | $15K-59.3% | $35K+2.8% | $35K+27.9% | $35K+27.9% | $36K+12.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $623K-19.1% | $873K+0.3% | $837K+18.8% | $861K-10.1% | $770K-3.8% | $870K-13.4% | $704K-9.2% | $957K+16.2% |
| Current Liabilities | $338K-30.5% | $599K+1.8% | $559K+33.0% | $581K-12.7% | $486K-4.3% | $588K-17.0% | $420K-11.6% | $666K+48.4% |
| Non-Current Liabilities | $285K+0.4% | $274K-2.7% | $278K-2.1% | $279K-4.2% | $284K-3.1% | $282K-4.7% | $284K-5.5% | $292K-22.3% |
| Total Equity | $8.7M+139.6% | $6.2M+87.7% | $7.6M+71.2% | $3.9M-28.7% | $3.6M-62.5% | $3.3M-70.1% | $4.4M-63.0% | $5.4M-62.1% |
| Retained Earnings | -$36.9M-45.4% | -$32.1M-31.2% | -$30.2M-30.1% | -$28.2M-31.2% | -$25.4M-48.0% | -$24.5M-56.2% | -$23.2M-57.7% | -$21.5M-100.2% |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill, Long-Term Debt.
USGO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.3M-275.8% | -$2.5M-175.7% | -$1.1M-3.0% | -$2.9M+24.0% | -$871K+63.0% | -$921K-97.2% | -$1.1M+53.7% | -$3.8M+0.8% |
| Depreciation & Amortization | $47K+32.7% | $36K+2.7% | $39K+9.5% | $35K0.0% | $35K+19.1% | $35K+41.9% | $35K+260.7% | $35K+178.1% |
| Stock-Based Compensation | $403K+228.2% | $455K+163.7% | N/A | $59K+35.8% | $123K+121.5% | $172K+102.2% | N/A | $43K-49.7% |
| Capital Expenditures | $159K | $237K | N/A | N/A | N/A | N/A | $1 | -$1 |
| Free Cash Flow | -$3.4M | -$2.8M | N/A | N/A | N/A | N/A | -$1.1M | -$3.8M |
| Investing Cash Flow | -$159K | -$237K | N/A | N/A | N/A | N/A | -$1+100.0% | $1+100.0% |
| Financing Cash Flow | $6.1M | $108K | $5.2M+787.7% | $3.0M+92324.5% | N/A | N/A | $590K+807.7% | $3K-99.5% |
| Dividends Paid | $599K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
USGO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -48.3%-23.4pp | -30.9%+7.9pp | N/A | -73.1%+7.4pp | -24.9%-9.6pp | -38.8%-30.2pp | N/A | -80.5%-58.3pp |
| Return on Assets | -45.1%-24.5pp | -27.1%+3.7pp | N/A | -59.7%+8.6pp | -20.6%-6.4pp | -30.8%-22.9pp | N/A | -68.4%-49.4pp |
| Current Ratio | 24.11+17.0x | 10.12+4.7x | 13.57+3.8x | 6.55-1.4x | 7.11-11.4x | 5.45-10.3x | 9.80-15.0x | 7.94-26.8x |
| Debt-to-Equity | 0.07-0.1x | 0.14-0.1x | 0.110.0x | 0.220.0x | 0.21+0.1x | 0.26+0.2x | 0.16+0.1x | 0.18+0.1x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| U.S. GoldMining Inc. USGO | FY2025 | N/A | -$7.0M | N/A | $92.2M | — |
| Fury Gold Mines Limited FURY | FY2021 | N/A | $16.8M | N/A | $96.8M | — |
| Atlas Lithium Corporation ATLX | FY2025 | $121K | -$28.1M | N/A | $77.4M | — |
| Largo Inc. LGO | FY2025 | $109.9M | -$68.7M | -62.5% | $54.9M | 10/100 |
| Brazil Potash Corp. GRO | FY2025 | N/A | -$52.2M | N/A | $139.4M | — |
| Nova Minerals Corp NVA | FY2026 | N/A | -$25.6M | N/A | $3.0B | — |
Where U.S. GoldMining Inc. Ranks
Frequently Asked Questions
Is U.S. GoldMining Inc. profitable?
No, U.S. GoldMining Inc. (USGO) reported a net income of -$7.0M in fiscal year 2025.
What is U.S. GoldMining Inc.'s EBITDA?
U.S. GoldMining Inc. (USGO) had EBITDA of -$7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is U.S. GoldMining Inc.'s return on equity (ROE)?
U.S. GoldMining Inc. (USGO) has a return on equity of -91.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is U.S. GoldMining Inc.'s operating cash flow?
U.S. GoldMining Inc. (USGO) recorded an outflow of $5.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are U.S. GoldMining Inc.'s total assets?
U.S. GoldMining Inc. (USGO) had $8.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is U.S. GoldMining Inc.'s current ratio?
U.S. GoldMining Inc. (USGO) had a current ratio of 13.57 as of fiscal year 2025, which is generally considered healthy.
What is U.S. GoldMining Inc.'s debt-to-equity ratio?
U.S. GoldMining Inc. (USGO) had a debt-to-equity ratio of 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is U.S. GoldMining Inc.'s return on assets (ROA)?
U.S. GoldMining Inc. (USGO) had a return on assets of -82.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is U.S. GoldMining Inc.'s P/E ratio?
U.S. GoldMining Inc. (USGO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $92.2M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is U.S. GoldMining Inc.'s price-to-sales ratio?
U.S. GoldMining Inc. (USGO) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $92.2M as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does U.S. GoldMining Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, U.S. GoldMining Inc. (USGO) held $7.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.8M over that year. Dividing the one by the other, the reported balance equals about 15 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 U.S. GoldMining Inc.'s Piotroski F-Score?
U.S. GoldMining Inc. (USGO) 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 U.S. GoldMining Inc.'s earnings high quality?
U.S. GoldMining Inc. (USGO) reported a net loss of $7.0M while operations used $5.8M 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.