EPS of $-0.20 decreased by 619.4% from previous year
Net income of -2.10M
"N/A" - N/A
US Gold Corp (USAU) QQ2 2025 Results – Exploration-Driven Gold Company Maintains Cash Liquidity Amid Quarterly Losses; CK Gold and Nevada Assets Underpins Long-Term Vision
Executive Summary
US Gold Corp (USAU) reported a negative-operating-quarter for QQ2 2025, posting an operating loss of $2.14 million and a net loss of $2.10 million, or $0.20 per share, driven by ongoing fixed cost absorption in a period with limited reported revenue. The quarter contributed to a broader trend of negative earnings across the four-quarter window, with YoY and QoQ comparisons illustrating heightened losses versus prior periods. Cash burn remained palpable, as operating cash flow was negative at approximately $1.82 million, and free cash flow was also negative by the same magnitude. Despite the quarterly headwinds, the balance sheet shows a solid liquidity position with cash and equivalents of about $1.63 million and a current ratio of roughly 4.1, underscoring ample near-term liquidity to support ongoing exploration programs and project work.
Management continues to prioritize the CK Gold, Keystone, Challis, Maggie Creek, and other US-based assets in Wyoming, Nevada, and Idaho. While there is no revenue from operations in the QQ2 2025 period, the company retains a meaningful asset base (PP&E) and a sizable accumulated deficit, reflecting its early-stage development posture and continuous investment in exploration and project delineation. The stock remains levered to high‑beta commodity economics and development milestones rather than current cash generation. Investors should monitor drilling results, project feasibility updates, potential partner or financing arrangements, and any resource updates that could unlock value for the CK Gold and other assets.
Key questions for investors include: (1) Will subsequent drill campaigns or resource updates meaningfully improve the risk-adjusted value of the CK Gold project? (2) Can the company extend its cash runway via strategic partnerships or financings without excessive dilution? (3) How might gold price dynamics influence the timing and economics of project development and potential commercialization?
Key Performance Indicators
Operating Income
-2.14M
QoQ: 17.36% | YoY:-21.38%
Net Income
-2.10M
QoQ: 51.39% | YoY:-713.58%
EPS
-0.20
QoQ: 50.00% | YoY:-619.42%
Revenue Trend
Margin Analysis
Key Insights
Operating income: -$2,142,494 in QQ2 2025; QoQ change +17.36% but YoY change -21.38% (as per ratios).
Net income: -$2,102,527; EPS: -$0.20 per share; QoQ improvement of +50.00%, YoY decline of -619.42%.
Revenue: Not disclosed for QQ2 2025; prior period quarterly revenue figures in the dataset show minimal reported revenue in some quarters, highlighting the exploratory/early-stage nature.
Cash flow: Net cash from operating activities: -$1,817,996; Free cash flow: -$1,817,996; Cash balance end of period: $1,629,871; CFO-to-FCF alignment indicates ongoing cash burn in operations.
Balance sheet health: Total assets $18.19 million; current assets $2.20 million; total current liabilities $0.543 million; cash and cash equivalents $1.63 million; total liabilities $6.95 million; total stockholders’ equity $11.24 million; retained earnings negative at about -$79.28 million; short-term debt $42,161; net debt after cash is negative by about -$1.59 million (net cash ~ cash minus debt).
Financial Highlights
Operating metrics and profitability:
- Operating income: -$2,142,494 in QQ2 2025; QoQ change +17.36% but YoY change -21.38% (as per ratios).
- Net income: -$2,102,527; EPS: -$0.20 per share; QoQ improvement of +50.00%, YoY decline of -619.42%.
- Revenue: Not disclosed for QQ2 2025; prior period quarterly revenue figures in the dataset show minimal reported revenue in some quarters, highlighting the exploratory/early-stage nature.
- Cash flow: Net cash from operating activities: -$1,817,996; Free cash flow: -$1,817,996; Cash balance end of period: $1,629,871; CFO-to-FCF alignment indicates ongoing cash burn in operations.
- Balance sheet health: Total assets $18.19 million; current assets $2.20 million; total current liabilities $0.543 million; cash and cash equivalents $1.63 million; total liabilities $6.95 million; total stockholders’ equity $11.24 million; retained earnings negative at about -$79.28 million; short-term debt $42,161; net debt after cash is negative by about -$1.59 million (net cash ~ cash minus debt).
- Liquidity and leverage: Current ratio ~4.06; debt-to-capitalization near 0%; price-to-book ~5.88; enterprise value negative (~-30.11x) reflecting lack of current earnings and the net cash position.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-2.14M
-21.38%
17.36%
Net Income
-2.10M
-713.58%
51.39%
EPS
-0.20
-619.42%
50.00%
Key Financial Ratios
currentRatio
4.06
returnOnAssets
-11.6%
returnOnEquity
-18.7%
debtEquityRatio
0
operatingCashFlowPerShare
$-0.17
freeCashFlowPerShare
$-0.17
priceToBookRatio
5.88
priceEarningsRatio
-7.86
Net Income vs. Revenue
Expense Breakdown
Management Commentary
transcriptHighlights: No earnings call transcript data provided in the dataset for QQ2 2025. As a result, there are no management quotes to summarize by theme. If/when a transcript becomes available, we will extract management remarks on project milestones, cost controls, and financing strategy.
N/A
— N/A
N/A
— N/A
Forward Guidance
Forward guidance from the quarterly filing is not explicitly provided. The outlook for USAU hinges on exploration progress, resource delineation, and eventual conversion of CK Gold and other projects into material economic assets. Investors should monitor:
- Drill results, resource/reserve updates, and project feasibility milestones for CK Gold and Maggie Creek.
- Potential financing actions (equity, debt, or partnerships) to fund ongoing exploration and development without excessive dilution.
- Gold price trajectories and macro factors affecting project economics, including permitting timelines and commodity price assumptions used in any future feasibility studies.
Overall, the achievability of near-to-mid-term milestones depends on successful inference of higher-margin project economics and/or strategic partnerships that extend the company’s burn rate tolerance without eroding value.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
USAU Focus
0.00%
0.00%
-18.70%
-7.86%
PZG
0.00%
0.00%
-5.72%
-2.79%
AUST
-160,960,000,000.00%
-188,740,000,000,000.00%
-5.81%
-6.04%
LGDTF
0.00%
0.00%
-11.90%
-5.60%
GLDG
0.00%
0.00%
-4.18%
-10.34%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Near term: ongoing cash burn with no revenue; emphasis on exploration results and milestone-driven value realization. The stock remains sensitive to drill results, feasibility updates, and any strategic financing or partnering announcements. Medium-to-long term: favorable if CK Gold advances toward feasibility and a partner or developer secures terms that de-risk the project, coupled with favorable gold price dynamics. Given the current balance sheet and cash runway, investors should weigh dilution risk against potential upside from successful resource development and partnerships. In the context of the Basic Materials sector and US-focused gold assets, USAU presents a high-risk, high-reward proposition: potential upside exists if exploration translates into economically viable assets and strategic collaborations reduce financing risk. Investors should monitor upcoming drill results, resource updates, and any announced partnerships or financing terms as primary catalysts.
Key Investment Factors
Growth Potential
Growth potential derives from advancing CK Gold and associated assets toward development, potential resource upgrades, and strategic partnerships that could unlock value through milestone-based financing or joint ventures.
Profitability Risk
Key risks include ongoing cash burn without revenue, dependence on successful exploration outcomes, commodity price volatility, permitting and regulatory delays, and the potential need for additional capital that could dilute current shareholders.
Financial Position
Liquidity is adequate in the near term (cash ~$1.63m; current ratio ~4.06) but the company carries a significant accumulated deficit on retained earnings, indicating dependency on future financings or value realization from asset development.
SWOT Analysis
Strengths
Strategic US-based gold exploration portfolio (CK Gold, Keystone, Challis, Maggie Creek) with substantial land positions and potential asset value realization.
Solid near-term liquidity with cash and equivalents of ~$1.63 million and a robust current ratio (~4.06).
Low debt burden with a small short-term debt balance ( ~$42k) and no long-term debt in the data provided.
Experienced management team with a focus on advancing US-based gold projects and leveraging partnerships to unlock value.
Weaknesses
No reported quarterly revenue in QQ2 2025; ongoing net losses and negative EBITDA indicate an early-stage development profile with limited near-term cash generation.
Significant accumulated deficit (retained earnings ~ -$79.28 million) reflecting ongoing investment in exploration that has not yet translated into profit.
Cash burn in operating activities and negative free cash flow raise questions about sustainability without external financing or successful project monetization.
Opportunities
Advancement of CK Gold toward feasibility or development could unlock substantial value if economics favor development and permitting proceeds smoothly.
Potential strategic partnerships or earn-ins to provide funding for exploration and de-risk projects without heavy equity dilution.
Rising gold prices could improve project economics and attract partners or financings.
Threats
Commodity price volatility impacting project economics and funding prospects.
Exploration risk and uncertainty around resource size, grade, and mineability could delay or reduce value realization.
Financing risk and potential dilution could pressure existing shareholders; regulatory/permitting delays could push capex and timeline timelines.
US Gold Corp (USAU) QQ3 2025 Results – Exploration-Driven Quarter with Negative Earnings but Solid Liquidity Focused on CK Gold and Maggie Creek Dev...