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Fortitude Gold Corp. (FTCO)
OTHER OTC:FTCO
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Fortitude Gold Corp.
(OTC:FTCO)
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Rating:55Neutral
Price Target:
$6.00
▲(56.66% Upside)
The score is held back primarily by weakened profitability and ongoing cash burn despite a strong, low-leverage balance sheet. Technicals are supportive but somewhat overextended, while valuation is mixed—supported by a high dividend yield but impaired by negative earnings. The earnings call added modest support from permitting and cost-efficiency initiatives, offset by limited profitability and lack of production guidance.
Positive Factors
Strong, low‑leverage balance sheet
A large equity base and near‑zero historical leverage give Fortitude durable financial flexibility to fund permitting, sustain operations through metal price cycles, support dividends or opportunistic capex, and avoid forced financing during short-term cash stress.
Permitting momentum (County Line)
Securing County Line permits and a heap‑leach expansion permit reduces regulatory uncertainty and enables drilling and infrastructure work. That durable progress improves the pipeline to add future production capacity and extend mine life if economics and financing align.
In‑house mining operations to lower costs
Transitioning mining in‑house with leased modern equipment can sustainably lower unit costs and improve operational control over time, enhancing recovery consistency and scheduling flexibility versus outsourced contractors, which supports long‑term margin improvement.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow reduces internal funding capacity for development, exploration, and sustaining capital. Over months this raises reliance on external financing or asset sales, increasing dilution or leverage risk and constraining strategic optionality.
Sharply weaker revenue and profits
A 30%+ revenue decline and shift to losses indicate erosion of earnings power and operational resilience. If sustained, reduced margins and negative returns on equity limit the company's ability to self‑fund growth, maintain payouts, or absorb cost inflation.
High all‑in sustaining cost per ounce
AISC near $1,956/oz leaves limited buffer if gold prices soften or grades decline, making cash margins sensitive. Structurally high unit costs constrain long‑term free cash generation and require sustained high metal prices or material cost reductions to restore robust profitability.
Fortitude Gold Corp. (FTCO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$143.81M
Dividend Yield6.14%
Average Volume (3M)44.28K
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth-34.78%
EPS Growth-124.46%
CountryUS
Employees60
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.01
Shares Outstanding24,375,210
10 Day Avg. Volume40,497
30 Day Avg. Volume44,283
Financial Highlights & Ratios
PEG Ratio0.52
Price to Book (P/B)1.10
Price to Sales (P/S)3.19
P/FCF Ratio-11.79
Enterprise Value/Market Cap1.04
Enterprise Value/Revenue7.20
Enterprise Value/Gross Profit6.34
Enterprise Value/Ebitda30.97
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Fortitude Gold Corp. Business Overview & Revenue Model
Company DescriptionFortitude Gold Corporation, a mining company, focuses on exploring gold and silver projects. Its principal property is the Isabella Pearl mine project covering an area of 9,777 acres located in the Mineral County, Nevada. The company was incorporated in 2020 and is headquartered in Colorado Springs, Colorado.
How the Company Makes MoneyFortitude Gold Corp. generates revenue through the sale of gold and other precious metals extracted from its mining operations. The company's primary revenue stream comes from the production and sale of gold bullion in the global commodities market. Fortitude Gold Corp. focuses on operating high-grade, low-cost mining operations to maximize profitability. The company may also engage in strategic partnerships or joint ventures to enhance its exploration and production capabilities, although specific partnerships contributing to earnings are not disclosed. Additionally, the company may leverage fluctuations in gold prices to optimize its revenue, adjusting production levels and sales strategies accordingly.
Fortitude Gold Corp. Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 03, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook, highlighting significant progress in project permits and operational efficiencies, but also facing challenges with profitability and permit delays due to external factors.Q3-2025 Updates
Positive Updates
County Line Project Permits Secured
The company has received all necessary permits for the County Line project, allowing them to proceed with drilling and infrastructure planning.
Introduction of In-House Mining Operations
Fortitude Gold has brought its mining operations in-house, leasing a new fleet of Komatsu equipment, which is expected to save costs and improve operational efficiency.
Record Gold Prices
Despite a recent pullback, gold prices remain close to $4,000, which is a favorable selling price for the company.
Heap Leach Expansion Permit Received
The company received a permit for heap leach expansion, allowing for increased capacity in processing ore.
Negative Updates
Low Net Income and Sales
Third quarter results showed $4.7 million in net sales and only $0.2 million in net income, translating to $0.01 per share.
High All-In Sustaining Costs
The all-in sustaining cost per ounce was $1,956, which was considered high due to some capital expenditures.
Government Shutdown Impact
The recent government shutdown has delayed permits, impacting the timing of project initiatives like the Scarlet South permit.
No Production Forecast
The company did not provide a production projection for the rest of 2025 or 2026 due to ongoing uncertainties.
Company Guidance
In the Fortitude Gold 2025 Third Quarter Conference Call, CEO Jason Reid provided detailed financial and operational guidance. The company reported $4.7 million in net sales and a net income of $0.2 million, equating to $0.01 per share. As of September 30, 2025, their cash balance stood at $11.7 million, with $28.5 million in working capital. Fortitude Gold produced 1,384 gold ounces at a total cash cost after by-product credits of $1,244 per ounce sold, and an all-in sustaining cost of $1,956 per ounce. The company paid $0.7 million in dividends and held 619 ounces of gold bullion. Exploration expenditures amounted to $1.6 million, while mine gross profit was $2.5 million. Operationally, they have commenced drilling a water well for the County Line project and are planning infrastructure projects, having secured all necessary permits. The company aims to capitalize on the current permitting momentum to advance other projects like Scarlet South, while also managing their new in-house mining operations with leased equipment. Despite the challenges posed by the Biden administration, they are strategically positioning themselves to benefit from the Trump administration's pro-business stance, emphasizing future growth and resilience.Fortitude Gold Corp. Financial Statement Overview
Summary
Fundamentals are mixed: a strong, lightly levered balance sheet (Balance Sheet Score 78) provides resilience, but operating performance has deteriorated with sharply lower revenue and a shift from prior-year profitability to losses/near-breakeven results (Income Statement Score 41). Cash generation is the biggest weakness, with operating and free cash flow turning negative and remaining negative in TTM (Cash Flow Score 28).Income Statement
Profitability has deteriorated materially versus prior years. Revenue fell sharply in TTM (Trailing-Twelve-Months) (about -33% vs. the prior period shown) and the company moved from strong profitability in 2021–2023 (healthy operating and net margins) to losses in 2024, with only a near-breakeven result in TTM. A key positive is that gross margin in TTM rebounded strongly, but that improvement is not yet flowing through to consistent bottom-line profitability.41
Neutral
Balance Sheet
The balance sheet remains a clear strength with a large equity base relative to assets and historically very low leverage (debt-to-equity near zero in most years shown). Total assets and equity appear stable, supporting financial flexibility. The main watch item is the swing in returns on equity—from strong levels in 2021–2023 to negative in 2024 and very low in TTM—reflecting weaker earnings power rather than balance-sheet strain.78
Positive
Cash Flow
Cash generation weakened significantly. Operating cash flow and free cash flow were solidly positive in 2020–2023, but turned negative in 2024 and remained negative in TTM (Trailing-Twelve-Months), indicating the business is currently consuming cash. While free cash flow growth improved in TTM versus 2024 (less negative), the company has not yet returned to sustained positive cash flow.28
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.79M | 37.33M | 73.07M | 74.38M | 82.11M | 53.97M |
| Gross Profit | 23.61M | 18.33M | 41.23M | 35.40M | 40.56M | 16.18M |
| EBITDA | 4.83M | 5.54M | 30.67M | 31.45M | 38.85M | 21.05M |
| Net Income | -517.00K | -2.04M | 17.02M | 14.68M | 17.87M | 10.22M |
Balance Sheet | ||||||
| Total Assets | 136.18M | 122.11M | 135.00M | 131.16M | 122.43M | 113.03M |
| Cash, Cash Equivalents and Short-Term Investments | 11.72M | 28.99M | 50.21M | 45.05M | 40.02M | 27.77M |
| Total Debt | 17.35M | 0.00 | 631.00K | 3.83M | 618.00K | 14.00M |
| Total Liabilities | 29.45M | 14.01M | 14.45M | 15.40M | 10.08M | 15.06M |
| Stockholders Equity | 106.73M | 108.09M | 120.55M | 115.76M | 112.35M | 97.97M |
Cash Flow | ||||||
| Free Cash Flow | -10.10M | -10.10M | 17.55M | 16.61M | 20.12M | 6.51M |
| Operating Cash Flow | -8.68M | -6.64M | 22.98M | 28.57M | 24.66M | 13.00M |
| Investing Cash Flow | -1.38M | -3.43M | -6.85M | -11.96M | -4.55M | -6.49M |
| Financing Cash Flow | -8.53M | -11.52M | -12.50M | -11.57M | -7.88M | 20.39M |
Fortitude Gold Corp. Technical Analysis
Positive
3.83
Price Trends
4.46
Positive
4.41
Positive
3.90
Positive
Market Momentum
0.47
Negative
87.26
Negative
92.82
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCO, the sentiment is Positive. The current price of 3.83 is below the 20-day moving average (MA) of 5.10, below the 50-day MA of 4.46, and below the 200-day MA of 3.90, indicating a bullish trend. The MACD of 0.47 indicates Negative momentum. The RSI at 87.26 is Negative, neither overbought nor oversold. The STOCH value of 92.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FTCO.
Fortitude Gold Corp. Risk Analysis
Fortitude Gold Corp. disclosed 36 risk factors in its most recent earnings report. Fortitude Gold Corp. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fortitude Gold Corp. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | $143.81M | -264.16 | -0.47% | 6.14% | -34.78% | -124.46% | |
53 Neutral | $278.40M | -4.57 | -92.98% | ― | -15.35% | 30.92% | |
49 Neutral | $137.13M | -10.86 | -34.40% | ― | ― | -35.79% |
* Basic Materials Sector Average
FTCO
Fortitude Gold Corp.
5.97
1.07
21.89%
USAU
US Gold
20.26
12.76
170.13%
GORO
Gold Resource
1.57
1.19
310.99%
PZG
Paramount Gold Nevada
1.80
1.42
373.68%
NAMM
Namib Minerals
6.40
-4.33
-40.35%
BGL
Blue Gold
3.86
-7.54
-66.14%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.