Financial Performance - Revenues for the three months ended June 30, 2023, were $0, compared to $3,831,000 for the same period in 2022, indicating a 100% decrease[15] - The company had no revenues for the six months ended June 30, 2023, compared to $12,997,000 for the same period in 2022, marking a 100% decrease[15] - The company reported a net loss of $13,889,000 for the three months ended June 30, 2023, compared to a net loss of $8,982,000 for the same period in 2022, representing a 55% increase in losses[80] - For the six months ended June 30, 2023, the net loss was $27,798,000, a decrease of 10% compared to $31,042,000 for the same period in 2022[80] - The net loss for the three months ended June 30, 2023, was $13.9 million, compared to a net loss of $9.0 million for the same period in 2022, and the net loss for the six months ended June 30, 2023, was $27.8 million compared to $31.0 million for the same period in 2022[15] Assets and Liabilities - Total assets decreased from $248,954,000 as of December 31, 2022, to $222,730,000 as of June 30, 2023, representing a decline of approximately 10.5%[13] - Cash and cash equivalents decreased from $141,984,000 as of December 31, 2022, to $117,064,000 as of June 30, 2023, a decline of about 17.6%[13] - Total stockholders' equity fell from $63,306,000 as of December 31, 2022, to $37,614,000 as of June 30, 2023, representing a decrease of approximately 40.6%[13] - The company’s total liabilities remained relatively stable, decreasing slightly from $185,648,000 as of December 31, 2022, to $185,116,000 as of June 30, 2023[13] - Total debt, net as of June 30, 2023 was $139.9 million, with current debt obligations totaling $2.3 million[55] Operating Expenses - Operating expenses for the three months ended June 30, 2023, were $11,567,000, compared to $8,487,000 for the same period in 2022, an increase of approximately 36.5%[15] - The company incurred operating costs of $11,567,000 for the three months ended June 30, 2023, compared to $8,487,000 for the same period in 2022, representing a 36% increase[83] - Operating costs for the six months ended June 30, 2023, totaled $23.1 million, compared to $20.5 million for the same period in 2022, indicating a 12% increase[19] Cash Flow and Interest - Cash flows used in operating activities for the six months ended June 30, 2023, were $22,434,000, compared to $22,083,000 for the same period in 2022, indicating a slight increase of about 1.6%[18] - Cash interest paid for the six months ended June 30, 2023, was $3,023,000, compared to $2,591,000 for the same period in 2022, reflecting a 17% increase[89] - Interest income earned on cash collateral was $0.4 million and $0.7 million for the three and six months ended June 30, 2023, respectively, compared to no interest income in the same periods of 2022[41] Stock and Equity - The balance of common stock outstanding increased to 201,954,021 shares as of June 30, 2023, from 200,270,659 shares at January 1, 2023[20] - The company granted 4,916,912 restricted stock units during the six months ended June 30, 2023, increasing unvested awards to 6,667,444[75] - The effective interest rate for the company's notes was 14.4% as of June 30, 2023, with a stated interest rate of 8.5%[57] Mining Operations and Exploration - The company has not generated revenues or incurred costs of sales during the three and six months ended June 30, 2023, due to the cessation of mining operations in November 2021[27] - The company plans to continue exploration focused on higher-grade opportunities identified during 2021 exploration drilling[25] - The company completed the Hycroft Property Initial Assessment Technical Report Summary in March 2023, which included a mineral resource estimate utilizing a pressure oxidation process[24] Regulatory and Compliance - The Company was in compliance with all financial covenants under its debt agreements as of June 30, 2023[54] - The Company amended its credit agreement to replace LIBOR with SOFR effective July 1, 2023, with no expected further impact on financial statements[49] Other Financial Metrics - The company reported a basic loss per share of $0.07 for the three months ended June 30, 2023, compared to a loss of $0.05 per share for the same period in 2022[15] - The company has a 4% net profit royalty obligation related to the Hycroft Mine, with an annual advance payment requirement of $120,000, which was not applicable for 2022 and 2023 due to the cessation of mining operations[95] - The estimated net present value of the company's net smelter royalty was $146.7 million, unchanged from December 31, 2022[97]
HYCROFT MNG.HLDG.EQ. WARRT(HYMCW) - 2023 Q2 - Quarterly Report