Financial Performance - The company reported a net loss of $20.7 million for the three months ended March 31, 2024, compared to a net loss of $13.9 million for the same period in 2023, indicating a year-over-year increase in losses of approximately 49.5%[15]. - The company reported a net loss of $20.749 million for the three months ended March 31, 2024, compared to a net loss of $13.909 million for the same period in 2023, representing an increase in loss of approximately 49%[78]. - The basic and diluted loss per common share for Q1 2024 was $1.00, compared to $0.69 for Q1 2023, representing a 45% increase in loss per share[73]. - The net loss for the three months ended March 31, 2024, was $20,749,000, compared to a net loss of $13,909,000 for the same period in 2023, indicating a 49.3% increase in losses year-over-year[18]. - The total loss before income taxes for the three months ended March 31, 2024, was $20,749,000, compared to $13,909,000 for the same period in 2023, reflecting a 49.3% increase[18]. Assets and Liabilities - As of March 31, 2024, total assets decreased to $152.6 million from $201.7 million as of December 31, 2023, representing a decline of approximately 24.3%[13]. - Total liabilities decreased to $158.8 million as of March 31, 2024, from $189.0 million as of December 31, 2023, a decrease of approximately 15.9%[13]. - The accumulated deficit increased to $745.9 million as of March 31, 2024, compared to $725.2 million at the end of 2023, indicating a rise of about 2.1%[19]. - The fair value of the company's debt instruments was estimated at $101.7 million as of March 31, 2024, down from $149.2 million as of December 31, 2023[83]. - The total debt, net was $116.540 million as of March 31, 2024, a decrease from $142.617 million as of December 31, 2023, reflecting a reduction of about 18.3%[49]. Cash and Cash Equivalents - Cash and cash equivalents decreased to $57.6 million as of March 31, 2024, down from $106.2 million at the end of 2023, a reduction of about 45.5%[13]. - Cash interest paid decreased to $502,000 in Q1 2024 from $1.473 million in Q1 2023, reflecting a reduction of approximately 66%[84]. Operating Expenses - Operating expenses for the three months ended March 31, 2024, totaled $12.2 million, up from $10.3 million in the same period of 2023, reflecting an increase of approximately 18.4%[15]. - Operating costs for the Hycroft Mine segment were $10.326 million in Q1 2024, up from $8.194 million in Q1 2023, indicating a year-over-year increase of about 26%[78]. - The Company incurred a loss from operations of $13.239 million in Q1 2024, compared to a loss of $11.533 million in Q1 2023, marking an increase of approximately 15%[78]. Share Issuance and Warrants - The company issued 517,688 shares of common stock during the three months ended March 31, 2024, raising gross proceeds of $1.2 million[24]. - The company raised $138.6 million from the sale of 89,553,584 shares under its ATM program, with approximately $361.4 million remaining available for future issuance[61]. - The company had 89.8 million total warrants outstanding as of March 31, 2024, with a total fair value of $68.1 million[67]. - The company had 865,422 outstanding 5-Year Private Warrants with an exercise price of $11.50, expiring on May 29, 2025[60]. Other Income and Expenses - The Company recorded interest expense of $10.119 million for the three months ended March 31, 2024, significantly higher than the $4.436 million recorded for the same period in 2023, marking an increase of approximately 128.3%[52]. - The Company recorded other income of $1.309 million in Q1 2024, primarily from a non-refundable deposit, compared to no other income reported in Q1 2023[80]. - The Company recognized $1.4 million as other income during the first quarter of 2024 due to the termination of a portion of an Equipment Purchase Agreement[42]. Compliance and Financial Covenants - As of March 31, 2024, the Company was in compliance with all financial covenants under its debt agreements[48]. Exploration and Technical Studies - The company is focusing on exploration drilling and technical studies to optimize processing methods for sulfide ores at the Hycroft Mine[22].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCZ) - 2024 Q1 - Quarterly Report