<p>毫无疑问，通过持有不盈利企业的股份可以赚钱。例如，尽管软件即服务公司 Salesforce.com 在多年内亏损，但随着其经常性收入的增长，如果你自 2005 年以来持有该公司的股份，你的投资回报将非常可观。话虽如此，不盈利的公司风险较高，因为它们可能会耗尽所有现金并陷入困境。</p>
<p>鉴于这一风险，我们认为有必要看看 <strong>美国黄金矿业</strong>（NASDAQ:USGO）的股东是否应该担心其现金消耗。为了本文的目的，我们将现金消耗定义为公司每年用于资助其增长的现金支出（也称为负自由现金流）。第一步是将其现金消耗与现金储备进行比较，以便给我们提供其 “现金跑道”。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现的各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
<h2>美国黄金矿业何时可能耗尽资金？</h2>
<p>公司的现金跑道是通过将其现金储备除以现金消耗来计算的。截至 2025 年 9 月，美国黄金矿业的现金为 330 万美元且没有债务。在过去一年中，其现金消耗为 580 万美元。因此，从 2025 年 9 月起，它大约有 7 个月的现金跑道。这是一条相当短的现金跑道，表明公司必须减少年度现金消耗或补充现金。你可以在下面的图像中看到其现金余额随时间的变化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1778277227-debt-equity-history-analysis-1-dark-2/1767350427269?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1778277227-debt-equity-history-analysis-1-dark-2/1767350427269"/></p>
<p>NasdaqCM:USGO 债务与股本历史 2026 年 1 月 2 日</p>
<p>查看我们对美国黄金矿业的最新分析</p>
<h2>美国黄金矿业的现金消耗随时间变化如何？</h2>
<p>由于美国黄金矿业目前没有产生收入，我们将其视为早期阶段的企业。因此，虽然我们无法通过销售来理解增长，但我们可以通过观察现金消耗的变化来了解支出随时间的趋势。值得注意的是，在过去一年中，其现金消耗实际上增加了 346%。在这种支出增长的情况下，其现金跑道将迅速缩短，因为它在增加消耗率的同时也在使用现金。显然，关键因素是公司未来是否会增长。因此，你可能想看看公司在未来几年内预计会增长多少。</p>
<h2>美国黄金矿业筹集更多资金以支持增长有多难？</h2>
<p>由于其现金消耗的趋势不利，美国黄金矿业的股东可能希望提前考虑公司何时需要筹集更多资金。发行新股或承担债务是上市公司为其业务筹集更多资金的最常见方式。通常，企业会出售新股以筹集现金并推动增长。通过观察公司的现金消耗与其市值的关系，我们可以洞察如果公司需要筹集足够的现金来覆盖另一年的现金消耗，股东将面临多少稀释。</p>
<p>美国黄金矿业的市值为 1.17 亿美元，去年消耗了 580 万美元，占公司市值的 5.0%。这个比例较低，因此我们认为公司能够筹集更多资金以支持增长，尽管会有一些稀释，或者甚至可以简单地借一些钱。</p>
<h2>美国黄金矿业的现金消耗情况有多危险？</h2>
<p>根据对美国黄金矿业现金消耗的分析，我们认为其现金消耗相对于市值是令人安心的，但其不断增加的现金消耗让我们有些担忧。考虑到本短报告中提到的因素，我们确实认为其现金消耗有些风险，这让我们对该股票感到稍微紧张。读者需要意识到可能影响公司运营的风险，我们挑选了 <strong>美国黄金矿业的 3 个警示信号</strong>，投资者在投资该股票时应当了解。</p>
<p>当然，<strong>你可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以请查看这个 <strong>免费的</strong> 有趣公司列表，以及这个根据分析师预测的成长股列表。</p>
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<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

美国黄金

GLDG

<p>美国黄金（NASDAQ:USGO）面临现金消耗的担忧，过去一年其现金消耗增加了 346%，导致现金储备仅剩 7 个月，现金储备为 330 万美元。该公司的市值为 1.17 亿美元，可能需要通过发行股票或债务来筹集资金以维持运营。尽管其现金消耗相对于市值较低，但不断上升的现金消耗对股东构成风险。投资者在考虑对美国黄金的投资时，应注意潜在的警示信号</p>

<p>There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.</p>
<div class="lb-trans"><p>毫无疑问，通过持有不盈利企业的股份可以赚钱。例如，尽管软件即服务公司 Salesforce.com 在多年内亏损，但随着其经常性收入的增长，如果你自 2005 年以来持有该公司的股份，你的投资回报将非常可观。话虽如此，不盈利的公司风险较高，因为它们可能会耗尽所有现金并陷入困境。</p>
</div><p>Given this risk, we thought we'd take a look at whether <strong>U.S. GoldMining</strong> (NASDAQ:USGO) shareholders should be worried about its cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.</p>
<div class="lb-trans"><p>鉴于这一风险，我们认为有必要看看 <strong>美国黄金矿业</strong>（NASDAQ:USGO）的股东是否应该担心其现金消耗。为了本文的目的，我们将现金消耗定义为公司每年用于资助其增长的现金支出（也称为负自由现金流）。第一步是将其现金消耗与现金储备进行比较，以便给我们提供其 “现金跑道”。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现的各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
</div><h2>When Might U.S. GoldMining Run Out Of Money?</h2>
<div class="lb-trans"><h2>美国黄金矿业何时可能耗尽资金？</h2>
</div><p>A company's cash runway is calculated by dividing its cash hoard by its cash burn. As at September 2025, U.S. GoldMining had cash of US$3.3m and no debt. In the last year, its cash burn was US$5.8m. Therefore, from September 2025 it had roughly 7 months of cash runway. That's quite a short cash runway, indicating the company must either reduce its annual cash burn or replenish its cash. You can see how its cash balance has changed over time in the image below.</p>
<div class="lb-trans"><p>公司的现金跑道是通过将其现金储备除以现金消耗来计算的。截至 2025 年 9 月，美国黄金矿业的现金为 330 万美元且没有债务。在过去一年中，其现金消耗为 580 万美元。因此，从 2025 年 9 月起，它大约有 7 个月的现金跑道。这是一条相当短的现金跑道，表明公司必须减少年度现金消耗或补充现金。你可以在下面的图像中看到其现金余额随时间的变化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1778277227-debt-equity-history-analysis-1-dark-2/1767350427269" alt="" original-src="https://images.simplywall.st/asset/chart/1778277227-debt-equity-history-analysis-1-dark-2/1767350427269"/></p>
<p>NasdaqCM:USGO Debt to Equity History January 2nd 2026</p>
<div class="lb-trans"><p>NasdaqCM:USGO 债务与股本历史 2026 年 1 月 2 日</p>
</div><p>See our latest analysis for U.S. GoldMining</p>
<div class="lb-trans"><p>查看我们对美国黄金矿业的最新分析</p>
</div><h2>How Is U.S. GoldMining's Cash Burn Changing Over Time?</h2>
<div class="lb-trans"><h2>美国黄金矿业的现金消耗随时间变化如何？</h2>
</div><p>Because U.S. GoldMining isn't currently generating revenue, we consider it an early-stage business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. Remarkably, it actually increased its cash burn by 346% in the last year. With that kind of spending growth its cash runway will shorten quickly, as it simultaneously uses its cash while increasing the burn rate. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.</p>
<div class="lb-trans"><p>由于美国黄金矿业目前没有产生收入，我们将其视为早期阶段的企业。因此，虽然我们无法通过销售来理解增长，但我们可以通过观察现金消耗的变化来了解支出随时间的趋势。值得注意的是，在过去一年中，其现金消耗实际上增加了 346%。在这种支出增长的情况下，其现金跑道将迅速缩短，因为它在增加消耗率的同时也在使用现金。显然，关键因素是公司未来是否会增长。因此，你可能想看看公司在未来几年内预计会增长多少。</p>
</div><h2>How Hard Would It Be For U.S. GoldMining To Raise More Cash For Growth?</h2>
<div class="lb-trans"><h2>美国黄金矿业筹集更多资金以支持增长有多难？</h2>
</div><p>Since its cash burn is moving in the wrong direction, U.S. GoldMining shareholders may wish to think ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Commonly, a business will sell new shares in itself to raise cash and drive growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.</p>
<div class="lb-trans"><p>由于其现金消耗的趋势不利，美国黄金矿业的股东可能希望提前考虑公司何时需要筹集更多资金。发行新股或承担债务是上市公司为其业务筹集更多资金的最常见方式。通常，企业会出售新股以筹集现金并推动增长。通过观察公司的现金消耗与其市值的关系，我们可以洞察如果公司需要筹集足够的现金来覆盖另一年的现金消耗，股东将面临多少稀释。</p>
</div><p>U.S. GoldMining has a market capitalisation of US$117m and burnt through US$5.8m last year, which is 5.0% of the company's market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.</p>
<div class="lb-trans"><p>美国黄金矿业的市值为 1.17 亿美元，去年消耗了 580 万美元，占公司市值的 5.0%。这个比例较低，因此我们认为公司能够筹集更多资金以支持增长，尽管会有一些稀释，或者甚至可以简单地借一些钱。</p>
</div><h2>How Risky Is U.S. GoldMining's Cash Burn Situation?</h2>
<div class="lb-trans"><h2>美国黄金矿业的现金消耗情况有多危险？</h2>
</div><p>On this analysis of U.S. GoldMining's cash burn, we think its cash burn relative to its market cap was reassuring, while its increasing cash burn has us a bit worried. Looking at the factors mentioned in this short report, we do think that its cash burn is a bit risky, and it does make us slightly nervous about the stock. Its important for readers to be cognizant of the risks that can affect the company's operations, and we've picked out <strong>3 warning signs for U.S. GoldMining</strong> that investors should know when investing in the stock.</p>
<div class="lb-trans"><p>根据对美国黄金矿业现金消耗的分析，我们认为其现金消耗相对于市值是令人安心的，但其不断增加的现金消耗让我们有些担忧。考虑到本短报告中提到的因素，我们确实认为其现金消耗有些风险，这让我们对该股票感到稍微紧张。读者需要意识到可能影响公司运营的风险，我们挑选了 <strong>美国黄金矿业的 3 个警示信号</strong>，投资者在投资该股票时应当了解。</p>
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<div class="lb-trans"><p>当然，<strong>你可能会通过寻找其他地方找到一个绝佳的投资机会。</strong> 所以请查看这个 <strong>免费的</strong> 有趣公司列表，以及这个根据分析师预测的成长股列表。</p>
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美国黄金（NASDAQ:USGO）是否会明智地使用其现金？