NovaGold Resources Net Loss Widens 69% to $15.4M in Q1 FY2026
NovaGold Resources Inc., a mining development company, reported a net loss of $15.4 million for the three months ending February 28, 2026, compared to a loss of $9.1 million in the prior-year quarter.
NovaGold Resources Inc., a mining development company, posted a net loss of $15.4 million for the three months ending February 28, 2026, marking a 69% increase from the $9.1 million loss recorded in the same period a year earlier. The company reported no revenue for the quarter. Read more earnings reports.
Operating expenses more than doubled to $14.9 million for the quarter, up 110% from $7.1 million in the three months ending February 28, 2025. General and administrative expenses rose to $842,000 from $688,000 in the prior-year period. The operating loss for the quarter stood at $14.9 million, compared to an operating loss of $7.1 million a year earlier.
Loss per share widened to $0.04 from $0.03 in the comparable quarter, based on weighted average shares outstanding of 415.1 million versus 334.6 million a year ago.
Cash used in operations improved slightly to $5.3 million from $5.5 million in the prior-year quarter. Cash from investing activities showed a significant outflow of $281.4 million, compared to an outflow of $2.7 million a year earlier. Cash from financing activities generated $294.0 million, a sharp reversal from a minimal outflow of $82,000 in the comparable quarter.
Balance Sheet Position
Total assets jumped to $619.4 million as of February 28, 2026, from $335.9 million as of November 30, 2025. The increase was driven primarily by current assets, which surged to $396.1 million from $117.5 million at the prior quarter end. Cash and cash equivalents rose to $117.5 million from $110.1 million.
Total liabilities increased modestly to $175.2 million from $172.1 million. Current liabilities decreased to $4.5 million from $4.9 million. Stockholders' equity climbed to $444.2 million from $163.8 million, with common stock value rising to $2.55 billion from $2.25 billion. The company carried a retained deficit of $2.22 billion as of quarter end.
| Financial Metric | Q1 FY2026 | Q1 FY2025 | Change |
|---|---|---|---|
| Net Loss | ($15.4M) | ($9.1M) | +69% |
| Operating Expenses | $14.9M | $7.1M | +110% |
| Operating Loss | ($14.9M) | ($7.1M) | +110% |
| Loss Per Share | ($0.04) | ($0.03) | +33% |
| Cash from Operations | ($5.3M) | ($5.5M) | -4% |
| Total Assets (end of period) | $619.4M | N/A | N/A |
| Cash & Equivalents (end of period) | $117.5M | N/A | N/A |
NovaGold shares outstanding stood at 438.8 million as of the quarter end. The company is incorporated in Canada and classified as a large accelerated filer.