USAU

USAU is not an operating business — it is a development-stage gold explorer. Management states plainly in the 10-K MD&A that it is 'a development-stage company with no operations' and 'did not generate any revenues for the years ended April 30, 2025 and 2024.' The '$17.4M revenue / P/S 13.3' in the data is stale FY2017 legacy Dataram figures and is meaningless here; treat this as a zero-revenue story stock whose entire value sits in the ground at the CK Gold Project, not in the income statement.

The financials are what you'd expect from a pre-production miner, and they are deteriorating. FY2025 net loss widened to -$20.6M (from -$6.9M), driven by a ~$5.75M jump in operating expenses — more stock-based comp, exploration, and professional fees — while operating cash flow ran -$9.87M. The accumulated deficit is -$93.4M against just $11.6M of stockholders' equity, total liabilities rose 159% to $13.3M (1.15x equity), and shares outstanding grew 30.7% in a year. The one bright spot on the balance sheet — $8.9M current assets vs. only $0.88M current liabilities — is largely the remnant of the December 2024 $10.2M raise at $7.00/share (with $9.50 warrants), and at a ~$10M/yr burn it is roughly a year of runway before the next raise.