Financial Performance - Net loss for the three months ended September 30, 2024, was $14,228,000, compared to a net loss of $15,712,000 for the same period in 2023, representing a 9% improvement[15]. - Net loss for the nine months ended September 30, 2024, was $48,158, compared to a net loss of $43,510 for the same period in 2023, indicating an increase in losses[21]. - The company reported a net loss of $14.2 million for the three months ended September 30, 2024, compared to a net loss of $15.7 million for the same period in 2023, resulting in a basic and diluted loss per share of $0.59[80]. - The company reported a net loss of $13.909 million for the quarter ended March 31, 2023, and a net loss of $15.712 million for the quarter ended June 30, 2023[19]. Assets and Liabilities - Total assets decreased from $201,693,000 on December 31, 2023, to $149,022,000 on September 30, 2024, a decline of approximately 26%[14]. - The company reported a total stockholders' deficit of $23,134,000 as of September 30, 2024, compared to a total stockholders' equity of $12,656,000 on December 31, 2023[14]. - The company’s total liabilities decreased from $189,037,000 on December 31, 2023, to $172,156,000 on September 30, 2024, a decline of approximately 9%[14]. - The estimated fair value of the company's debt instruments was $111.3 million as of September 30, 2024, down from $149.2 million as of December 31, 2023[50]. - Total debt, net, decreased from $142.6 million as of December 31, 2023, to $122.1 million as of September 30, 2024[56]. Cash Flow and Liquidity - Cash and cash equivalents decreased from $106,210,000 on December 31, 2023, to $55,834,000 on September 30, 2024, a reduction of approximately 48%[14]. - Cash flows used in operating activities for the nine months ended September 30, 2024, were $27,802,000, compared to $31,931,000 for the same period in 2023, reflecting a 13% improvement[17]. - Cash interest paid for the nine months ended September 30, 2024, was $1,380, a decrease from $4,625 for the same period in 2023[84]. - As of September 30, 2024, the company had $27.2 million in restricted cash, an increase from $26.3 million as of December 31, 2023[42]. Revenue and Expenses - Operating expenses for the nine months ended September 30, 2024, totaled $41,512,000, up from $36,671,000 in the same period of 2023, indicating a 13% increase[15]. - Interest income for the nine months ended September 30, 2024, was $3,382,000, down from $6,159,000 in the same period of 2023, a decrease of 45%[15]. - The company’s total other income for the three months ended September 30, 2024, was $2.4 million, compared to $0.7 million for the same period in 2023[76]. - The company recognized $1.6 million as other income during the nine months ended September 30, 2024, due to the forfeiture of non-refundable deposits[60]. Stock and Equity - The company issued 517,688 shares of common stock during the period, raising $1,160,000 in additional paid-in capital[18]. - The company generated gross proceeds of $10.6 million from the sale of 3,081,665 shares of common stock during the nine months ended September 30, 2024, under its New ATM Program[24]. - The company sold 89,118 shares of common stock for gross proceeds of $0.2 million during the three months ended September 30, 2024, and 3,081,665 shares for $10.6 million during the nine months ended September 30, 2024[68]. - The company’s total outstanding warrants increased to 90,019,112 as of September 30, 2024, from 89,722,621 a year earlier[70]. Inventory and Assets Held for Sale - As of September 30, 2024, the company had $1.4 million in supplies inventories, down from $1.8 million as of December 31, 2023, and recorded a write-down of $0.4 million due to obsolescence[37]. - Assets held-for-sale decreased from $7.1 million as of December 31, 2023, to $4.4 million as of September 30, 2024[44]. Other Financial Metrics - The company recorded an unrealized loss on securities available-for-sale of $0.3 million and $0.8 million for the three and nine months ended September 30, 2024, respectively[38]. - The company incurred no net income tax expense for both the three and nine months ended September 30, 2024, maintaining an effective tax rate of nil[78]. - The company’s anticipated annual tax rate is influenced by the taxable income across various jurisdictions and the valuation allowance for net deferred tax assets[77]. Operational Focus - The company is focusing on exploration drilling and technical studies to optimize the processing of sulfide ores at the Hycroft Mine[23].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCZ) - 2024 Q3 - Quarterly Report