U.S. Gold Corp. Posts $5.3M Q3 Loss as Operating Burn Rate Climbs 5%

U.S. Gold Corp. (USAU), a Nevada-based gold exploration and development company, reported a net loss of $5.28 million for the three months ended January 31, 2026, compared to a loss of $6.36 million in the same quarter a year earlier. The company reported no revenue for the period. Read more earnings reports.

Operating expenses increased 5% to $5.35 million from $5.09 million in the prior-year quarter, driving an operating loss of $5.35 million compared to $5.09 million a year ago. For the nine months ended January 31, the company's net loss totaled $11.84 million, narrowing from $12.79 million in the same period of fiscal 2025.

The loss per share for the quarter was $0.35, improving from $0.54 in the prior-year quarter. For the nine-month period, diluted loss per share was $0.82 compared to $1.15 a year earlier, based on weighted average shares outstanding of 14.49 million versus 11.08 million.

Cash consumption from operations for the nine months totaled $12.13 million, up 70% from $7.15 million in the prior-year period. The company offset this burn rate with $41.98 million in cash from financing activities, compared to $10.72 million raised in the same period last year.

Total assets more than doubled to $54.79 million as of January 31, 2026, from $24.87 million at the end of fiscal 2025 in April. Current assets surged to $36.78 million from $8.90 million, reflecting the substantial capital raise during the period. Property, plant and equipment increased to $2.31 million from $431,875.

Stockholders' equity jumped to $52.59 million from $11.59 million at April 30, 2025. The company's retained deficit widened to $105.25 million from $93.41 million over the same span. Total liabilities fell sharply to $2.20 million from $13.28 million, with current liabilities rising to $1.38 million from $879,953.

Common shares outstanding increased to 16.46 million as of January 31 from 12.69 million at the prior fiscal year-end. Additional paid-in capital climbed to $157.82 million from $104.98 million, reflecting the equity financing completed during the nine-month period.