Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GOLD RESERVE LTD files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2014
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
General and administrative
2.92
3.14
4.11
16.7
-7.47
5.31
5.15
6.02
5.15
4.86
Interest expense
7.19
9.63
10.5
6.1
Interest income
1.29
0.29
0.03
0.58
1.91
Other non-operating income
1.6
0.29
0.09
0.47
2.95
Pre-tax income
-17.5
-12.6
-10.6
-8.6
-5.32
Income tax
0
35.1
9.97
-4.35
-1.09
-17.8
Net income
-25.6
-18.1
-21.5
89.5
41.9
-13.1
-11.5
-10.6
-8.6
-23.1
EPS, basic
-0.34
-0.24
-0.26
0.96
0.42
-0.13
EPS, diluted
-0.34
-0.24
-0.26
0.96
0.42
-0.13
Shares, basic (weighted)
84.5
93.6
99.4
99.4
99.4
99.5
99.5
Shares, diluted (weighted)
76.1
76.1
84.5
94.2
99.5
99.4
99.4
99.5
99.5
Balance sheet
FY2014
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
Cash and equivalents
6.44
9.35
35.7
138
148
61.8
57.4
49.1
15.4
8.53
Short-term investments
0.18
0.18
0.54
9.52
100
30.3
48
47.3
14.3
8.07
Other current assets
0.35
0.59
0.15
0.16
1.61
0.75
0.57
0.51
0.46
0.29
Total current assets
6.97
10.1
36.4
138
156
73.5
66.8
58.4
51.5
39.4
Property, plant and equipment
12.4
12.3
12
12.6
12.7
6.47
2.51
2.15
1.42
0.38
Lease right-of-use assets
0.25
0.17
0.07
Total assets
19.4
22.4
48.5
151
169
80.3
69.4
60.6
52.9
39.7
Accounts payable
3.93
1.55
0.69
2.17
0.71
0.73
0.78
0.47
0.65
0.71
Total current liabilities
38.3
1.55
0.69
6.53
0.71
0.81
0.93
0.61
1.35
11.2
Lease liabilities
0.17
0.08
Other non-current liabilities
1.01
1.01
1.01
Total liabilities
40.4
42.2
45.7
24.9
0.71
0.98
1.01
0.61
1.35
11.2
Paid-in capital
20.6
20.6
20.6
20.6
20.6
Retained earnings
-265
-276
-287
-295
-318
Other comprehensive income
0.02
0.07
0.44
0.11
0
Shareholders' equity
-21
-19.9
2.81
126
168
79.3
68.4
60
51.6
28.6
Total equity
-21
-19.9
2.81
126
168
79.3
68.4
60
51.6
28.6
Total liabilities and equity
19.4
22.4
48.5
151
169
80.3
69.4
60.6
52.9
39.7
Shares outstanding
76.1
76.4
89.7
99.4
Cash flow statement
FY2014
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
Net income
-25.6
-18.1
-21.5
89.5
41.9
-13.1
-11.5
-10.6
-8.6
-23.1
Depreciation and amortization
0.01
0.01
0.01
0.01
0.05
0.13
0.12
0.11
0.1
0.06
Deferred income tax
0
18.4
-4.35
-1.09
Change in payables
3.25
-2.38
-0.86
4.79
-4.55
0.02
0.11
-0.1
0.17
0.07
Cash from operations
-7.24
-8.9
-10.9
-47
-64.2
-10.3
-4.56
-8.61
-6.36
-7.43
Capital expenditures
-0.01
-0.05
-0
Sales and maturities of investments
0
0
0.05
0
74.3
0
0.1
Cash from investing
-0.08
0.17
-0.3
187
74.2
-0.01
0.15
0.31
-27.4
0.58
Debt issued
12
0
Stock issued
0.1
0.68
38.4
5.97
0
0
Cash from financing
10.8
11.7
37.6
-38
0
-75.5
0
Net change in cash
3.46
2.91
26.4
102
9.97
-85.8
-4.41
-8.3
-33.7
-6.85
Free cash flow
-10.3
-4.61
-8.61
Interest paid
0.77
0.06
0.75
9.59
0
Income taxes paid
0
15.4
16.1
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2023. Valuation uses the share price of $4.80 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-57.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-49.9%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-44.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-25.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-29.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-24.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-17.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-25.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.52x
Current assets / current liabilities.
Quick ratio
1.49x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.49x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/B
16.7x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
16.7x
Market cap / tangible book value, when positive.
Earnings yield
-4.8%
Net income / market cap (the inverse of P/E).
Was GOLD RESERVE LTD profitable in fiscal 2023?
No. It reported a net loss of $23.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.