GOLD RESERVE LTD (GDRZF)
Gold Reserve Inc. operates as an early-stage company focused on acquiring, exploring, and developing mineral properties. Its principal undertaking is the Siembra Minera project, encompassing rights to valuable metallic resources such as gold, copper, silver, and other strategic minerals. This project spans approximately 18,950 hectares within Venezuela's Bolivar region. Established in 1956, the firm maintains its corporate headquarters in Spokane, Washington.
Sector: Gold and Silver Ores
Industry: Gold
Gold Reserve Inc.
OTC:GDRZFBasic Materials · Gold
-2.12%$4.62
AH Close$4.62+0.00%vs close
AH Close$4.62+0.00%vs close
Mkt Cap$459.92M
Float92.05M
O/S99.55M
Inst Own-
SI<0.1%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$0
Net Income-$34.88M
Total Assets$79.03M
Free Cash Flow-$30.58M
Debt & Equity
Debt 0%
Equity 100%
Total Debt$181K
Total Equity$59.95M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in GDRZF's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$79.03M
Liabilities$19.08M
Accounts Receivable$0
Accounts Payable$6.97M
Inventory$0
PP&E (Net)$561K
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 | FY 1995 | FY 1994 | FY 1993 | FY 1992 | FY 1991 | FY 1990 | FY 1989 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 | 1995-12-31 | 1994-12-31 | 1993-12-31 | 1992-12-31 | 1991-12-31 | 1990-12-31 | 1989-12-31 |
| Revenue | $0 | $0 | $0 | $467K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.36M | $716K | $2.88M | -$167K | $1.33M | $8.25M | $1.4M | $900K | $770K | $0 | $0 | $0 | $1.17M | $100K | $1.81M | $100K | $1.4M | $1.3M | $100K | $100K | $2.9M | $7.4M | $2.6M |
| YoY Growth | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 229.4% | -75.1% | -1822.8% | -112.5% | -83.8% | 488.2% | 55.9% | 16.8% | - | - | - | - | 1072.0% | -94.5% | 1706.0% | -92.9% | 7.7% | 1200.0% | 0.0% | -96.6% | -60.8% | 184.6% | - |
| Cost of Revenue | $128K | $14K | $64K | $791K | $105K | $131K | $135K | $45K | $7K | $5K | $7K | $864K | $0 | $1.11M | $3.55M | $3.67M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$14K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | -$128K | -$14K | -$64K | -$324K | -$105K | -$131K | -$135K | -$45K | -$7K | -$5K | -$7K | $0 | $0 | $0 | -$1.19M | -$2.95M | $2.88M | -$243K | $1.33M | $8.25M | $1.4M | $900K | $0 | $0 | $0 | $14K | $1.17M | $100K | $100K | $100K | $1.4M | $1.3M | $100K | $100K | $2.9M | $7.4M | $2.6M |
| Gross Margin | - | - | - | -69.4% | - | - | - | - | - | - | - | - | - | - | -50.6% | -411.9% | 100.0% | 145.5% | 100.0% | 100.0% | 100.0% | 100.0% | - | - | - | - | 100.0% | 100.0% | 5.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $10.19M | $10.98M | $6.14M | $7.07M | $7.26M | $5.85M | $6.69M | $13.87M | $25.42M | $6.02M | $4.06M | $5.26M | $3.63M | $9.94M | $17.38M | $3.29M | $10.65M | $14.63M | $18.92M | $6.33M | $10.34M | $6.38M | $4.58M | $3.26M | $1.93M | $2.04M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other | $117K | $411K | $64K | -$159K | $263K | $751K | $5.23M | $0 | $0 | -$797K | -$871K | -$1.05M | -$1.11M | $0 | $0 | $0 | -$8.69M | $0 | $0 | $6.31M | $0 | $0 | -$3.81M | $0 | $0 | -$2.03M | $1.17M | $1.41M | $1.81M | $100K | $1.4M | $1.3M | $100K | $100K | $2.9M | $7.4M | $2.6M |
| Total Operating Expenses | $10.3M | $11.39M | $6.14M | $6.92M | $7.53M | $6.6M | $11.92M | $13.76M | $25.51M | $5.3M | $3.66M | $4.47M | $4.74M | $9.21M | $17.38M | $13.83M | $2.88M | -$167K | $1.33M | $12.64M | $1.4M | $900K | $770K | $3.26M | $1.93M | $14K | $1.17M | $1.41M | $1.81M | $100K | $1.4M | $1.3M | $100K | $100K | $2.9M | $7.4M | $2.6M |
| Operating Income (EBIT) | -$10.43M | -$10.98M | -$6.14M | -$6.64M | -$7.78M | -$5.92M | -$6.73M | -$8.64M | -$25.51M | -$5.3M | -$3.54M | -$4.42M | -$4.74M | -$7.89M | -$9.05M | -$7.82M | -$7.77M | -$14.87M | -$17.58M | -$4.87M | -$8.94M | -$5.48M | -$3.81M | -$3.26M | -$1.93M | -$2.04M | $1.17M | $1.41M | $100K | $100K | $1.4M | $1.3M | $100K | $100K | $2.9M | $7.4M | $2.6M |
| Operating Margin | - | - | - | -1422.2% | - | - | - | - | - | - | - | - | - | - | -383.6% | -1091.7% | -270.0% | 8904.8% | -1316.9% | -59.0% | -637.2% | -609.3% | -494.9% | - | - | - | 100.0% | 1410.0% | 5.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Interest Expense | $19K | $0 | $0 | $2.89M | $0 | $0 | $0 | $0 | $6.1M | $10.52M | $9.63M | $7.19M | $5.42M | $5.33M | $6.71M | $8.91M | $1.28M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $3.27M | $2.78M | $1.95M | $583K | $31K | $310K | $1.29M | $325K | $48K | $48K | $651 | $703 | $1K | $16K | $114K | $242K | $314K | $2.69M | $5.16M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$23.43M | -$3.29M | $819K | -$1.96M | -$2.81M | -$6.69M | -$10.77M | $40.52M | $150.09M | -$16.25M | -$14.47M | -$19.91M | -$10.23M | -$2.13M | -$13.44M | -$16.96M | -$2.66M | -$4.12M | $5.63M | -$1.59M | -$86K | -$9 | $110K | -$392K | $266K | -$379K | -$1.17M | -$1.41M | -$1.81M | -$100K | -$1.4M | -$1.3M | -$100K | -$100K | -$2.9M | -$7.4M | -$2.6M |
| Income Before Tax (EBT) | -$33.86M | -$14.28M | -$5.32M | -$8.6M | -$10.6M | -$12.61M | -$17.5M | $31.89M | $124.58M | -$21.29M | -$16.7M | -$24.38M | -$14.97M | -$10.06M | -$22.94M | -$24.78M | -$14.22M | -$16.42M | -$11.95M | -$5.86M | -$9.03M | -$5.48M | -$3.7M | -$3.65M | -$1.66M | -$2.42M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Income Tax Expense | $1.01M | $868K | $17.8M | $0 | $1.22M | -$1.09M | -$4.35M | -$9.97M | $35.07M | $8.08M | $8.76M | $6.14M | $4.32M | $0 | $6.71M | -$360K | -$27K | $737K | $459K | $522K | $1K | $9 | $5K | -$253K | -$1.08M | -$731K | $2.05M | $2.6M | $1.6M | $800K | $300K | $23.7M | $2.8M | $1M | $900K | $200K | $900K |
| Net Income | -$34.88M | -$14.46M | -$23.12M | -$8.6M | -$10.6M | -$11.52M | -$13.15M | $41.86M | $89.51M | -$21.55M | -$18.14M | -$25.57M | -$15.44M | -$10.06M | -$23.61M | -$24.41M | -$100.03M | -$19.73M | -$11.98M | -$6.8M | -$9.03M | -$5.48M | -$3.71M | -$3.01M | -$851K | -$1.31M | -$2.05M | -$2.45M | -$1.5M | -$800K | -$300K | -$23.7M | -$2.8M | -$1M | -$900K | -$200K | -$900K |
| Net Income Margin | - | - | - | -1842.2% | - | - | - | - | - | - | - | - | - | - | -1000.9% | -3408.1% | -3476.9% | 11812.0% | -897.4% | -82.4% | -643.4% | -609.3% | -481.2% | - | - | - | -174.7% | -2450.0% | -83.1% | -800.0% | -21.4% | -1823.1% | -2800.0% | -1000.0% | -31.0% | -2.7% | -34.6% |
| Supplementary Data | |||||||||||||||||||||||||||||||||||||
| EPS | -0.30 | -0.14 | -0.23 | -0.09 | -0.11 | -0.12 | -0.13 | 0.42 | 0.96 | -0.26 | -0.24 | -0.33 | -0.21 | -0.16 | -0.40 | -0.40 | -2.89 | -0.35 | -0.24 | -0.18 | -0.26 | -0.19 | -0.15 | -0.13 | -0.04 | -0.06 | -0.09 | -0.11 | -0.07 | -0.04 | -0.02 | -1.68 | -0.28 | -0.16 | -0.19 | -0.04 | -0.17 |
| Diluted EPS | -0.30 | -0.14 | -0.23 | -0.09 | -0.11 | -0.12 | -0.13 | 0.42 | 0.95 | -0.26 | -0.24 | -0.33 | -0.21 | -0.16 | -0.40 | -0.40 | -2.89 | -0.35 | -0.24 | -0.18 | -0.26 | -0.19 | -0.15 | -0.13 | -0.04 | -0.06 | -0.09 | -0.11 | -0.07 | -0.04 | -0.02 | -1.68 | -0.28 | -0.16 | -0.19 | -0.04 | -0.17 |
| Weighted Average OS | 117.12M | 106.56M | 99.55M | 99.55M | 99.48M | 99.39M | 99.39M | 99.39M | 93.65M | 84.46M | 76.12M | 76.06M | 74.25M | 61.38M | 59.04M | 58.77M | 57.31M | 55.99M | 49.70M | 38.12M | 35.05M | 29.22M | 24.64M | 23.32M | 22.99M | 23.11M | 22.79M | 22.59M | 22.35M | 20.00M | 15.00M | 14.11M | 10.00M | 6.25M | 4.74M | 5.16M | 5.29M |
| EBITDA | -$10.3M | -$13.58M | -$6.22M | -$6.7M | -$7.99M | -$6.27M | -$7.04M | -$9.49M | -$26.16M | -$6.09M | -$4.41M | -$5.51M | -$5.84M | -$4.69M | -$14.95M | -$15.41M | -$12.73M | -$18.77M | -$17.4M | -$4.72M | -$8.85M | -$5.32M | -$3.66M | -$2.7M | -$2.12M | -$2.03M | $1.17M | $1.54M | $1.88M | $100K | $1.4M | $1.3M | $100K | $100K | $2.9M | $7.4M | $2.6M |
| EBITDA Margin | - | - | - | -1435.9% | - | - | - | - | - | - | - | - | - | - | -633.8% | -2151.8% | -442.3% | 11236.5% | -1303.5% | -57.2% | -630.7% | -591.4% | -475.3% | - | - | - | 100.0% | 1540.0% | 103.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 |
| Assets | ||||||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | $68.8M | $42.8M | $8.53M | $15.38M | $49.12M | $57.42M | $61.82M | $147.65M | $137.67M | $35.75M | $9.35M | $6.44M | $2.98M | $8.35M | $57.87M | $58.19M | $60.96M | $91.55M | $94.68M | $25.37M | $19.37M | $27.18M | $11.33M | $1.58M | $5.76M | $10.11M | $4.41M | $2.8M | $12.51M | $30.35M |
| Short-Term Investments | $9.08M | $35.58M | $30.54M | $27.6M | $105K | $84K | $178K | $288K | $239K | $541K | $181K | $176K | $318K | $723K | $892K | $10.23M | $10.77M | $1.34M | $4.99M | $3.31M | $2.99M | $5.53M | $8.45M | $10.95M | $9.01M | $3.05M | $9.85M | $15.63M | $4.26M | $8.61M |
| Cash and Short-Term Investments | $77.89M | $78.37M | $39.07M | $42.98M | $49.22M | $57.5M | $62M | $147.93M | $137.91M | $36.29M | $9.53M | $6.61M | $3.29M | $9.07M | $58.76M | $68.42M | $71.74M | $92.89M | $99.67M | $28.68M | $22.36M | $32.71M | $19.78M | $12.53M | $14.77M | $13.15M | $14.26M | $18.43M | $16.77M | $38.96M |
| Accounts Receivable | $0 | $0 | $0 | $8.09M | $8.68M | $8.68M | $10.8M | $6.45M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $239K | $258K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $450K | $9.48M | $566K | $1.12M | $653K | $515K | $442K | $350K | $379K | $498K | $404K | $423K | $482K | $1.04M | $4.96M | $4.96M |
| Total Current Assets | $78.13M | $78.63M | $39.36M | $51.53M | $58.41M | $66.76M | $73.55M | $155.99M | $138.07M | $36.44M | $10.12M | $6.97M | $3.45M | $9.25M | $59.21M | $69.93M | $72.3M | $94.02M | $100.32M | $29.2M | $22.8M | $33.06M | $20.16M | $13.03M | $15.17M | $13.58M | $14.75M | $19.47M | $21.73M | $43.92M |
| Long-Term Assets | ||||||||||||||||||||||||||||||
| Property, Plant & Equipment Net | $561K | $365K | $384K | $1.42M | $2.23M | $2.68M | $6.72M | $12.66M | $12.63M | $12.05M | $12.26M | $12.44M | $19.3M | $19.19M | $19.13M | $28.5M | $38.12M | $175.13M | $128.62M | $73.64M | $58.02M | $52.54M | $46.13M | $46.14M | $46.2M | $44.9M | $43.27M | $41.34M | $38.43M | $29.11M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $346K | $289K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $9.49M | $18.47M | $52.95M | $1.77M | $1.14M | $1.01M | $743K | $670K | $1.18M | $5.02M | $6.61M | $6.64M | $13.07M | $730K |
| Total Long-Term Assets | $907K | $654K | $384K | $1.42M | $2.23M | $2.68M | $6.72M | $12.66M | $12.63M | $12.05M | $12.26M | $12.44M | $19.3M | $19.19M | $19.13M | $28.5M | $47.61M | $193.6M | $181.58M | $75.42M | $59.16M | $53.55M | $46.87M | $46.81M | $47.38M | $49.93M | $49.89M | $47.98M | $51.5M | $29.84M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $79.03M | $79.28M | $39.74M | $52.94M | $60.64M | $69.44M | $80.27M | $168.65M | $150.7M | $48.49M | $22.38M | $19.41M | $22.76M | $28.44M | $78.34M | $98.43M | $119.92M | $287.61M | $281.9M | $104.62M | $81.95M | $86.61M | $67.03M | $59.84M | $62.55M | $63.5M | $64.63M | $67.45M | $73.23M | $73.76M |
| Liabilities | ||||||||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||||||||
| Accounts Payable | $6.97M | $2.32M | $713K | $647K | $473K | $781K | $729K | $713K | $2.17M | $691K | $1.55M | $3.93M | $615K | $915K | $2.08M | $1.63M | $2.53M | $7.28M | $6.68M | $1.91M | $1.19M | $1.31M | $766K | $350K | $321K | $335K | $276K | $781K | $629K | $948K |
| Short-Term Debt | $166K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $34.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $9.66M | $0 | $0 | $0 | $0 | $0 | $1.26M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $737K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | -$473K | -$780 | -$728 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $0 | $0 |
| Other Current Liabilities | -$34K | $2.32M | $763K | $172K | $533K | $61K | $729 | $0 | $22.76M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.26M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$10 | $0 | $0 | $456K | $4.47M | $4.45M |
| Total Current Liabilities | $18.72M | $13.94M | $11.16M | $1.35M | $611K | $934K | $814K | $713K | $24.93M | $694K | $1.55M | $38.33M | $680K | $979K | $2.31M | $1.87M | $4.02M | $8.37M | $7.96M | $1.91M | $1.19M | $1.31M | $766K | $350K | $321K | $335K | $482K | $1.24M | $5.31M | $5.62M |
| Long-Term Liabilities | ||||||||||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $43.97M | $39.67M | $1.04M | $24M | $20.03M | $101.83M | $96.98M | $93.69M | $91.83M | $70.31M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $419K | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $346K | $289K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.01M | $1.01M | $1.01M | $1.01M | $1.01M | $0 | $0 | $2.28M | $2.31M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $69K | $0 | $70K | $0 |
| Total Long-Term Liabilities | $361K | $289K | -$0 | $0 | $0 | $77K | $170K | $0 | $0 | $44.98M | $40.68M | $2.05M | $25.01M | $21.04M | $101.83M | $96.98M | $95.97M | $94.14M | $70.31M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $69K | $0 | $489K | $0 |
| Other Liabilities | $0 | $0 | $0 | -$647K | -$77K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $19.08M | $14.22M | $11.16M | $1.35M | $611K | $1.01M | $984K | $713K | $24.93M | $45.67M | $42.24M | $40.39M | $25.69M | $22.02M | $104.14M | $98.84M | $100M | $102.51M | $78.26M | $1.91M | $1.19M | $1.31M | $766K | $350K | $321K | $335K | $551K | $1.24M | $5.8M | $5.62M |
| Stockholders' Equity | ||||||||||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $1.22M | $1.13M | $302.68M | $302.68M | $302.68M | $302.47M | $302.47M | $378.01M | $378.01M | $342.19M | $290.47M | $289.33M | $289.15M | $283.48M | $16K | $249.28M | $0 | $0 | $0 | $0 | $140.51M | $136.91M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Retained Earnings | -$367.19M | -$333.38M | -$318.39M | -$295.27M | -$286.68M | -$276.08M | -$264.56M | -$251.42M | -$293.39M | -$382.9M | -$361.35M | -$342.53M | -$317.65M | -$302.21M | -$292.18M | -$289.18M | -$265.63M | -$100.18M | -$81.37M | -$68.96M | -$61.98M | -$52.96M | -$47.05M | -$43.35M | -$40.34M | -$39.49M | -$38.1M | -$36.39M | -$33.61M | -$32.17M |
| Comprehensive Income & Other | $25.65M | $25.19M | $23.66M | $23.55M | $23.37M | $21.41M | $20.75M | $20.72M | $112K | $443K | $69K | $17K | -$3K | $212K | $42K | $858K | -$277K | $330K | $39.03M | $3.1M | $1.78M | $899K | -$104K | -$65K | -$84K | -$85K | -$620K | -$391K | -$629K | -$219K |
| Other Stockholders' Equity | $425.91M | $397.31M | $44.29M | $44.19M | $44.03M | $42.04M | $41.38M | $41.35M | $41.15M | $43.52M | $51.03M | $32.22M | $25.56M | $25.15M | $266.36M | $39.48M | $285.55M | $285.29M | $282.69M | $169.93M | $1.11M | $224K | $112.19M | $101.76M | $101.5M | $101.62M | $101.22M | $101.63M | $100.07M | $99.37M |
| Total Equity | $59.95M | $65.06M | $28.58M | $51.59M | $60.03M | $68.42M | $79.28M | $167.94M | $125.77M | $2.81M | -$19.86M | -$20.98M | -$2.93M | $6.42M | -$25.8M | -$413K | $19.92M | $185.11M | $201.32M | $100.97M | $79.64M | $84.18M | $65.14M | $58.41M | $61.17M | $62.13M | $63.11M | $65.24M | $66.46M | $67.19M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.32M | $1.73M | $1.13M | $1.12M | $1.13M | $1.08M | $1.06M | $1.04M | $965K | $977K | $978K | $948K |
| Total Liabilities and Equity | $79.03M | $79.28M | $39.74M | $52.94M | $60.64M | $69.44M | $80.27M | $168.65M | $150.7M | $48.49M | $22.38M | $19.41M | $22.76M | $28.44M | $78.34M | $98.43M | $119.92M | $287.61M | $279.58M | $102.89M | $80.83M | $85.48M | $65.9M | $58.76M | $61.49M | $62.47M | $63.67M | $66.47M | $72.26M | $72.81M |
| Supplementary Data | ||||||||||||||||||||||||||||||
| Total Debt | $181K | $0 | $0 | $0 | $77K | $170K | $255K | $0 | $0 | $43.97M | $39.67M | $35.44M | $24M | $20.03M | $101.83M | $96.98M | $93.69M | $91.83M | $70.31M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $207K | $0 | $629K | $219K |
| Net Debt | -$68.62M | -$42.8M | -$8.53M | -$15.38M | -$49.04M | -$57.25M | -$61.57M | -$147.65M | -$137.67M | $8.22M | $30.32M | $29M | $21.02M | $11.68M | $43.96M | $38.79M | $32.73M | $280K | -$24.37M | -$25.37M | -$19.37M | -$27.18M | -$11.33M | -$1.58M | -$5.76M | -$10.11M | -$4.2M | -$2.8M | -$11.88M | -$30.13M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 |
| Operating Activities | ||||||||||||||||||||||||||||||
| Net Income | -$34.88M | -$14.46M | -$23.12M | -$8.6M | -$10.6M | -$11.52M | -$13.15M | $41.86M | $89.51M | -$21.55M | -$18.14M | -$24.88M | -$15.44M | -$10.03M | -$23.61M | -$23.55M | -$165.45M | -$19.73M | -$12.41M | -$6.98M | -$9.03M | -$5.48M | -$3.71M | -$3.01M | -$851K | -$1.31M | -$2M | -$2.54M | -$1.54M | -$803K |
| Depreciation & Amortization | $128K | $14K | $63K | $104K | $106K | $124K | $132K | $48K | $6K | $6K | $8K | $10K | $16K | $23K | $68K | $133K | $214K | $224K | $179K | $147K | $91K | $161K | $151K | $166K | $69K | $14K | $0 | $130K | $70K | $0 |
| Deferred Income Tax | $0 | $0 | $8.09M | $0 | $0 | -$1.09M | -$4.35M | -$26.12M | $18.4M | $592K | $551K | $7.26M | $182K | -$7.69M | -$2.23M | -$360K | $170K | $747K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $101K | $159K | $1.99M | $657K | $31K | $312K | $5.11M | $15K | $315K | $208K | $600K | $4.81M | $4.28M | $1.6M | $982K | $4.66M | $6.93M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||||||||||
| Accounts Receivable | $0 | $0 | $0 | $568K | $0 | $3.37M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | -$568K | $0 | -$3.37M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $4.65M | $1.61M | $66K | $171K | -$99K | $113K | $20K | -$4.55M | $4.79M | -$859K | -$2.38M | $3.25M | -$300K | -$1.06M | $0 | -$3.52M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $16K | $2.68M | $10.17M | $692K | $67K | $174K | $861K | -$1.45M | -$2K | $436K | -$237K | -$195K | $10K | $22K | $0 | $417K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$69K | -$195K | $0 | $584K |
| Total Working Capital Change | $4.66M | $2.68M | $10.17M | $1.45M | -$33K | $3.49M | $881K | -$6M | $4.79M | -$422K | -$2.62M | $3.06M | -$289K | -$1.04M | $633K | -$3.1M | -$3.01M | -$1.28M | -$632K | -$43K | -$213K | $681K | $425K | -$65K | $5K | $110K | -$69K | -$195K | -$280K | $584K |
| Other Non-Cash Items | -$385K | -$284K | -$2.73M | $516K | -$80K | $3.77M | $6.18M | -$74.35M | -$164.81M | $10.46M | $10.97M | $7.11M | $3.98M | $751K | $2.96M | $4.84M | $151.96M | $1.51M | $259K | -$4.31M | $1.42M | $683K | $233K | $662K | -$98K | $450K | $276K | $260K | -$70K | -$292K |
| Net Cash from Operating | -$30.47M | -$12.05M | -$7.43M | -$6.36M | -$8.61M | -$4.56M | -$10.27M | -$64.25M | -$46.99M | -$10.89M | -$8.9M | -$7.24M | -$10.95M | -$13.17M | -$17.9M | -$20.43M | -$15.13M | -$13.86M | -$5.68M | -$11.18M | -$7.73M | -$3.96M | -$2.9M | -$2.24M | -$874K | -$737K | -$1.79M | -$2.34M | -$1.82M | -$511K |
| Investing Activities | ||||||||||||||||||||||||||||||
| Capital Expenditures | -$110K | $0 | $0 | $0 | -$2K | -$47K | -$10K | -$90K | -$593K | -$350K | $0 | -$150K | -$128K | -$159K | -$50K | -$9.5M | -$17.77M | -$38.7M | -$44.69M | -$15.08M | -$5.57M | -$6.47M | -$27K | -$5K | -$1.42M | -$1.66M | -$2.48M | -$2.8M | -$9.43M | -$7.22M |
| Acquisitions | $5K | $0 | $0 | $2K | $313K | $104K | $0 | $0 | $187.5M | $0 | $152K | $0 | $0 | $0 | $0 | -$1.43M | $7.3M | $19.18M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$0 | $0 | $0 | $0 |
| Purchases of Investments | -$28.42M | -$41.48M | -$46.59M | -$27.38M | $0 | -$104K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$699K | -$1.03M | -$12.1M | -$3.26M | -$4.16M | -$6.54M | -$3.9M | -$3.8M | -$7.38M | -$11.46M | -$8.34M | -$4.96M | -$12.88M | -$18.36M | -$23.55M | -$17.36M |
| Sales of Investments | $56.37M | $38.15M | $46.4M | $0 | $0 | $100K | $0 | $74.31M | $0 | $48K | $0 | $0 | $8K | $14K | $1.67M | $11.16M | $4.05M | $4.47M | $6.52M | $13.38M | $6.99M | $6.99M | $9.94M | $9.44M | $6.23M | $13.11M | $18.26M | $13.22M | $16.63M | $24.08M |
| Other Investing Activities | $0 | -$168K | $775K | $79 | $3K | $99K | $0 | $74.31M | $187.5M | $48K | $165K | $69K | $8K | $278K | $16.46M | $18.4M | $3.47M | $28.76M | -$55.46M | -$280K | -$206K | -$384K | $193K | $76K | $55K | $62K | -$0 | $65K | -$908K | $365K |
| Net Cash from Investing | $27.84M | -$3.5M | $576K | -$27.37M | $313K | $152K | -$10K | $74.22M | $186.91M | -$302K | $165K | -$81K | -$120K | $132K | $17.38M | $17.61M | -$15.05M | $10.45M | -$97.8M | -$8.52M | -$2.69M | -$3.66M | $2.73M | -$1.95M | -$3.47M | $6.55M | $2.89M | -$7.88M | -$17.26M | -$146K |
| Financing Activities | ||||||||||||||||||||||||||||||
| Debt Repaid | $60K | - | - | - | - | - | - | - | $43.96M | $695K | -$11.99M | -$10.18M | - | $33.79M | $683 | - | $415K | $36K | -$98.43M | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $30.71M | $49.43M | $1K | $0 | $0 | $0 | $0 | $0 | $5.97M | $38.43M | $680K | $11.8M | $5.7M | $82K | $16K | $44K | $7K | $309K | $74.35M | $25.7M | $2.61M | $23.47M | $9.91M | $13K | $4K | $0 | $413K | $391K | $1.33M | $20.87M |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | -$75.54M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$85K | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$1.46M | $415K | -$20 | $0 | $0 | $0 | $0 | $0 | $0 | -$142K | -$1.02M | -$12.72M | $0 | -$2.59M | $0 | -$452K | $0 | $0 | $0 | $0 | $97K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | $29.19M | $49.84M | $1K | $0 | $0 | $0 | -$75.54M | $0 | -$37.99M | $37.59M | $11.65M | $10.78M | $5.7M | -$36.29M | $15K | $44K | -$408K | $273K | $172.78M | $25.7M | $2.61M | $23.47M | $9.91M | $13K | $4K | -$85K | $413K | $391K | $1.33M | $20.87M |
| Forex Effect | -$557K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $69K | $65K | -$70K | $73K |
| Net Change in Cash | $26M | $34.29M | -$6.85M | -$33.74M | -$8.3M | -$4.41M | -$85.82M | $9.97M | $101.93M | $26.4M | $2.91M | $3.46M | -$5.37M | -$49.33M | -$509K | -$2.78M | -$30.59M | -$3.13M | $69.31M | $6M | -$7.81M | $15.85M | $9.75M | -$4.18M | -$4.34M | $5.73M | $1.58M | -$9.77M | -$17.82M | $20.28M |
| Supplementary Data | ||||||||||||||||||||||||||||||
| Operating Cash Flow | -$30.47M | -$11.47M | -$7.43M | -$6.36M | -$8.61M | -$4.56M | -$10.27M | -$64.25M | -$46.99M | -$10.89M | -$8.9M | -$7.24M | -$10.95M | -$13.17M | -$17.9M | -$20.43M | -$15.13M | -$13.86M | -$5.68M | -$11.18M | -$7.73M | -$3.96M | -$2.9M | -$2.24M | -$874K | -$737K | -$1.79M | -$2.34M | -$1.82M | -$511K |
| Capital Expenditure | -$110K | $0 | $0 | $0 | -$2K | -$47K | -$10K | -$90K | -$593K | -$350K | $0 | -$150K | -$128K | -$159K | -$50K | -$9.5M | -$17.77M | -$38.7M | -$44.69M | -$15.08M | -$5.57M | -$6.47M | -$27K | -$5K | -$1.42M | -$1.66M | -$2.48M | -$2.8M | -$9.43M | -$7.22M |
| Free Cash Flow | -$30.58M | -$11.47M | -$7.43M | -$6.36M | -$8.61M | -$4.61M | -$10.28M | -$64.34M | -$47.59M | -$11.24M | -$8.9M | -$7.39M | -$11.08M | -$13.33M | -$17.95M | -$29.93M | -$32.9M | -$52.56M | -$50.36M | -$26.26M | -$13.3M | -$10.42M | -$2.92M | -$2.25M | -$2.3M | -$2.39M | -$4.27M | -$5.14M | -$11.25M | -$7.73M |
| Cash at Beginning | $42.8M | $8.53M | $15.38M | $49.12M | $57.42M | $61.82M | $147.65M | $137.67M | $35.75M | $9.35M | $6.44M | $2.98M | $8.35M | $57.68M | $58.19M | $60.96M | $91.55M | $94.68M | $25.37M | $19.37M | $27.18M | $11.33M | $1.58M | $5.76M | $10.11M | $4.38M | $2.82M | $12.57M | $30.33M | $10.07M |
| Cash at End | $68.8M | $42.8M | $8.53M | $15.38M | $49.12M | $57.42M | $61.82M | $147.65M | $137.67M | $35.75M | $9.35M | $6.44M | $2.98M | $8.35M | $57.68M | $58.19M | $60.96M | $91.55M | $94.68M | $25.37M | $19.37M | $27.18M | $11.33M | $1.58M | $5.76M | $10.11M | $4.41M | $2.8M | $12.51M | $30.35M |