Blue Gold Limited Class A (BGL) Balance Sheet

NASDAQ: BGLAssets, liabilities, debt and equity over 5 years.

BGL balance sheet, 2025

December 31, 2025 · U.S. dollars

$38.0M assets = $58.1M liabilities + −$20.2M equity

What it owns$38.0MCash & ST investments: $679,442 (1.8%)Receivables: $7,766 (0.0%)Other current: $2.2M (5.9%)PP&E: $34.9M (92.1%)PP&E$34.9M · 92%Goodwill & intangibles: $93,889 (0.2%)=How it is financed$58.1MCurrent liabilities: $15.2M (26.2%)Current liabilities$15.2M · 26%Other LT liabilities: $42.9M (73.8%)Other LT liabilities$42.9M · 74%

Liabilities exceed assets: shareholders’ equity is negative (−$20.2M).

Both columns are drawn to the same scale: what BGL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

BGL financial health

Current ratio0.19
Tight · current assets cover current liabilities 0.19×
Equity / assets−53.1%
Thin equity · of assets funded by shareholders
Cash / debt19.6%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.2%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

BGL balance sheet trends, 2021–2025

MetricTrendThenLatestChange
Total assets$236.3M2021$38.0M2025−36.7%/yr
Total liabilities$22.1M2021$58.1M2025+27.3%/yr
Shareholders’ equity$214.2M2021−$20.2M2025—
Cash & short-term investments$700,2932021$679,4422025−0.8%/yr
Total debt$100,0002022$3.5M2025+226.1%/yr
Net cash (debt)−$58,7242022−$2.8M2025−$2.7M
Working capital$1.6M2021−$12.3M2025−$13.9M
Book value per share$7.452021−$1.432025—
Current ratio12.8120210.192025−12.62
Debt / equity0.0020221.002024+1.00
Shares outstanding28.8M202114.1M2025−16.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

BGL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

BGL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

BGL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

BGL balance sheet

20252024202320222021
Assets
Cash & short-term investments$679,442$43,499$222,581$41,276$700,293
Cash & equivalents$679,442$43,499$222,581$41,276$700,293
Receivables$7,766$0$0$0$0
Inventory$0$0$0$0$0
Other current assets$2.2M$28,500$407,235$268,368$991,569
Total current assets$2.9M$71,999$629,816$309,644$1.7M
Property, plant & equipment (net)$34.9M$33.0M$0$0$0
Goodwill & intangible assets$93,889$0$0$0$0
Long-term investments$0$0$0$0$0
Other non-current assets$0$0$53.0M$238.0M$234.6M
Total assets$38.0M$4.0M$53.6M$238.4M$236.3M
Liabilities
Accounts payable$8.2M$1.8M———
Short-term debt$3.5M$1.3M$1.0M$100,000—
Total current liabilities$15.2M$2.4M$1.1M$641,320$132,074
Long-term debt$0$0$0$0$0
Other long-term liabilities$42.9M$282,649$1.2M$9.7M$22.0M
Total liabilities$58.1M$2.7M$2.3M$10.3M$22.1M
Shareholders' equity
Common stock & paid-in capital$3,468$3.9M$52.9M$234.6M$234.6M
Retained earnings (deficit)−$33.9M−$4.3M−$5.0M−$6.6M−$20.4M
Accumulated other comprehensive income$163,519————
Total shareholders' equity−$20.2M$1.3M$51.3M$228.0M$214.2M
Key figures
Total debt$3.5M$1.3M$1.0M$100,000—
Net cash (debt)−$2.8M−$1.3M−$777,419−$58,724—
Working capital−$12.3M−$2.3M−$496,139−$331,676$1.6M
Tangible book value−$20.3M$1.3M$51.3M$228.0M$214.2M
Book value per share−$1.43$0.13$2.31$7.93$7.45
Shares outstanding14.1M10.4M22.2M28.8M28.8M
Current ratio0.190.030.560.4812.81
Quick ratio0.050.020.200.065.30
Debt / equity—1.000.020.00—
Equity / assets−53.1%33.0%95.7%95.7%90.6%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 29, 2026); data from EODHD.

BGL financial position

At the end of fiscal 2025 (December 31, 2025), Blue Gold had total assets of $38.0 million (up 842.9% from a year earlier), total liabilities of $58.1 million and shareholders' equity of -$20.2 million. It held $0.7 million in cash and short-term investments against $3.5 million of debt, net debt of $2.8 million. Its current ratio was 0.19. In the latest quarter (ended March 31, 2026) total assets were $38.0 million and equity -$20.2 million.

Related: BGL income statement, BGL cash flow statement, BGL key metrics. See the BGL stock overview for the latest quote and news.

BGL balance sheet FAQ

What are Blue Gold's total assets?

Blue Gold reported total assets of $38.0 million at the end of fiscal 2025 (December 31, 2025), compared with $4.0 million a year earlier.

How much debt does Blue Gold have?

Blue Gold had $3.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.

How much cash does Blue Gold have?

Blue Gold held $0.7 million in cash and short-term investments at the end of fiscal 2025; with $3.5 million of debt that is net debt of $2.8 million.

What is Blue Gold's book value?

Blue Gold's shareholders' equity (book value) was -$20.2 million at the end of fiscal 2025, or −$1.43 per share.

What is Blue Gold's current ratio?

Blue Gold had current assets of $2.9 million and current liabilities of $15.2 million, a current ratio of 0.19 (current liabilities exceed current assets).

How much goodwill does Blue Gold have?

Blue Gold carried $0.1 million of goodwill and intangible assets, 0.2% of total assets, at the end of fiscal 2025.

Gold: balance sheet