10-Q · June 24, 2026
NOVAGOLD's Q2 2026 earnings reflect significant improvements compared to the previous year with a reduced net loss of $25.5 million, translating to an EPS of -$0.06, a substantial decrease from a loss of $54.3 million…
Earnings analysis · 10-Q
NG earnings analysis
Filed October 8, 2026 · Our reading of the company's report
The latest report
This 10-Q does not provide quarterly revenue, earnings, margin, segment, balance-sheet or cash-flow results, so no earnings comparison or EPS estimate beat/miss can be determined. Management reported effective…
Read full summary
This 10-Q does not provide quarterly revenue, earnings, margin, segment, balance-sheet or cash-flow results, so no earnings comparison or EPS estimate beat/miss can be determined. Management reported effective disclosure controls as of August 31, 2026, but added a material risk that energy-price and inflationary pressures could increase Donlin Gold costs and impair project economics. Transaction-related shareholder demands and potential litigation remain additional material uncertainties.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Controls assessed as effective
Management concluded that disclosure controls and procedures were effective as of August 31, 2026, and reported no material changes to internal control over financial reporting during the quarter.
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Deposits held with investment-grade banks
Cash and cash equivalents are primarily held at 3 Canadian chartered banks, while term deposits are held at 2 Canadian banks and 1 large U.S. bank; all term deposits mature in less than 1 year.
What to watch
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Energy inflation threatens project economics
The filing adds an energy-cost and inflation risk, noting that sustained increases in oil, fuel, power and other inputs could raise Donlin Gold capital and operating costs, reduce projected returns, require additional financing or delay development. The risk is linked to geopolitical disruptions involving Iran and the Strait of Hormuz.
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Transaction-related litigation risk
The company disclosed that it has received demand letters from purported shareholders concerning its preliminary proxy statement filed September 11, 2026, and that lawsuits arising from the Arrangement and Transactions may be filed in the future.
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Variable-rate debt exposure
The promissory note owed to Barrick carries a variable interest rate: based on the amount outstanding at August 31, 2026, a 1% change in the U.S. prime rate would change accrued annual interest by approximately $1.8 million.
Management's outlook
The 10-Q provides no quarterly financial results or numeric forward guidance; outlook is deferred to other transaction and project disclosures.
Earlier filings 4
10-Q · April 1, 2026
NOVAGOLD reported a net loss of $15.4M (loss per share $0.04) for Q1 FY2026, wider than the $9.1M loss in Q1 FY2025, while completing a $310.2M bought‑deal financing that generated ~$294.0M net proceeds and left the…
10-K · January 22, 2026
NOVAGOLD (NG) is a project-stage gold company focused on advancing the Donlin Gold project in Alaska; it does not produce gold or generate operating earnings and continues to rely on external financing. In 2025 the…
10-Q · June 25, 2025
Novagold’s 10-Q shows no revenue and a sharply wider loss for the quarter: net loss of $54,275 (three months ended May 31, 2025) vs $13,700 a year earlier, driving EPS from $(0.04) to $(0.15). The company completed a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.