10-K · March 11, 2026
Vista Gold (VGZ) is a development-stage gold company focused on advancing the Mt Todd Gold Project in the Northern Territory, Australia. A July 29, 2025 feasibility study for a 15,000 tpd design shows materially…
Earnings analysis · 10-Q
VGZ earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Vista Gold Corp. reported a consistent diluted EPS of -$0.01 for the quarter, with revenue remaining undisclosed, signaling ongoing challenges in generating cash flows. The company continues to advance its Mt Todd Gold…
Read full summary
Vista Gold Corp. reported a consistent diluted EPS of -$0.01 for the quarter, with revenue remaining undisclosed, signaling ongoing challenges in generating cash flows. The company continues to advance its Mt Todd Gold Project, which is critical for its future development despite the absence of operational revenues. Management reported a net loss increase of 16% to $3.145 million compared to the prior year period, while cash rose significantly due to the recent Securities Offering, providing a liquidity boost for project developments.
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.
Reported figures
- Earnings per share
- $-0.01
What stood out
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Stable EPS at -$0.01
Diluted EPS remained consistent at -$0.01, unchanged from the previous quarter and the same as last year's comparable period.
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Cash Position Improved
Cash and cash equivalents increased to $52.729 million from $13.622 million at the end of 2025.
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Focus on Mt Todd Project
Management is focused on advancing the Mt Todd Gold Project, with expectations to initiate detailed engineering by 2027.
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Increased Management Capacity
The company expanded its project management team in Australia, adding four team members and an approvals manager.
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Recent Capital Raise
Vista raised $44.850 million from a public offering, which will support project development and operations.
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Significant Working Capital
Working capital improved to $51.360 million from $13.057 million as of December 31, 2025.
What to watch
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No Revenue Generated
The company reported $0 in revenue for the quarter, maintaining its status as a development-stage entity with ongoing cash burn.
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Increasing Net Losses
Net loss increased by 16% to $3.145 million for the quarter, compared to $2.708 million in the same period last year.
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Operational Risks at Mt Todd
Continued reliance on regulatory approvals and project execution for the Mt Todd project introduces uncertainties that could hinder progress.
Management's outlook
Management did not provide forward guidance for revenue or EPS; they expect future expenditures and developments to align with project milestones.
Earlier filings 4
10-Q · November 12, 2025
Vista Gold reported no revenues for the quarter and a net loss of $723 thousand (‑$0.01 per share) for Q3 2025, driven by operating expenses of $2,105 thousand offset in part by $1,382 thousand of non‑operating income.…
10-Q · May 2, 2024
Vista Gold reported a narrower quarterly net loss of $(1,073) (was $(1,971) in prior year) and EPS of $(0.01). Cash strengthened materially to $11,913 driven by $7,000 in royalty proceeds and sale of plant equipment,…
10-Q · May 2, 2022
Vista Gold’s Q1 2022 10-Q shows an improved operating loss vs. prior year driven by a $2,883 gain on disposal of mineral property interests and lower operating expense; the company remains a development-stage issuer…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.