Financial Performance - Net loss for the six months ended June 30, 2024, was $33,930,000, compared to a net loss of $27,798,000 for the same period in 2023, representing an increase in losses of about 22%[15] - The company reported a loss from operations of $14,281,000 for the three months ended June 30, 2024, compared to a loss of $11,567,000 for the same period in 2023, indicating a worsening of approximately 23%[15] - Basic loss per share for the six months ended June 30, 2024, was $1.55, compared to $1.39 for the same period in 2023, an increase of approximately 11%[15] - The Company reported a net loss of $20.7 million for the three months ended March 31, 2024, and a net loss of $13.2 million for the three months ended June 30, 2024[18] - The Company reported a net loss of $13,180,000 for the three months ended June 30, 2024, compared to a net loss of $13,889,000 for the same period in 2023, indicating a decrease in losses of approximately 5.1%[70] - For the six months ended June 30, 2024, the net loss was $33,930,000, compared to $27,798,000 for the same period in 2023, representing an increase in losses of approximately 22.1%[70] Assets and Liabilities - Total assets decreased from $201,693,000 in December 2023 to $155,459,000 in June 2024, a decline of approximately 23%[13] - Total liabilities decreased from $189,037,000 in December 2023 to $165,190,000 in June 2024, a decline of about 13%[13] - As of June 30, 2024, the total stockholders' equity was $37.6 million, down from $63.3 million at the beginning of 2023, primarily due to net losses[18] - The total balance of other liabilities decreased to $1.459 million as of June 30, 2024, from $3.063 million as of December 31, 2023[53] - The Company’s total liabilities decreased to $165.190 million as of June 30, 2024, from $189.037 million as of December 31, 2023[13] Cash Flow and Cash Position - Cash and cash equivalents decreased from $106,210,000 at the end of 2023 to $58,548,000 by June 30, 2024, a reduction of approximately 45%[13] - Cash flows used in operating activities for the six months ended June 30, 2024, were $20,331,000, compared to $22,434,000 for the same period in 2023, showing a decrease of about 9%[17] - As of June 30, 2024, the company had cash, cash equivalents, and restricted cash totaling $85,483,000, down from $151,746,000 at the end of the same period in 2023, a decrease of 43.5%[17] - Cash interest paid for the six months ended June 30, 2024, was $941,000, a decrease from $3.023 million in the same period of 2023[79] Operating Expenses - Operating expenses for the three months ended June 30, 2024, totaled $13,418,000, compared to $12,632,000 for the same period in 2023, reflecting an increase of about 6%[15] - Operating costs for the three months ended June 30, 2024, were $14,281,000, compared to $11,567,000 for the same period in 2023, indicating an increase of 23.5%[73] - Operating expenses for the six months ended June 30, 2024, totaled $27,510,000, an increase of 19.5% compared to $23,100,000 for the same period in 2023[15] Stock and Equity - The company issued common stock, generating proceeds of $10,053,000 during the six months ended June 30, 2024[17] - The company sold 2,474,859 shares of common stock during the three months ended June 30, 2024, generating gross proceeds of $9.2 million[23] - The Company sold 2,992,547 shares of common stock for gross proceeds of $10.4 million during the six months ended June 30, 2024, with $100.0 million available for issuance under the New ATM Program as of June 30, 2024[62] - The stockholders approved an amendment to the HYMC 2020 Performance and Incentive Pay Plan, increasing the number of authorized shares by 900,000 to a total of 2,350,800 shares[65] Debt and Interest - The company reported a non-cash interest expense of $12,396,000 for the six months ended June 30, 2024, compared to $6,000,000 for the same period in 2023, indicating a significant increase[17] - The Company voluntarily prepaid $34.7 million of its first lien loan on January 5, 2024, reducing the outstanding balance to $15.0 million[45] - Total debt, net as of June 30, 2024, was $119.3 million, a decrease from $142.6 million as of December 31, 2023[48] - The Company’s interest expense for the six months ended June 30, 2024, was $13,338,000, an increase of 47.8% compared to $9,023,000 for the same period in 2023[15] - Total interest expense for the three months ended June 30, 2024, was $3.218 million, a decrease from $4.587 million in the same period of 2023, while for the six months ended June 30, 2024, it increased to $13.338 million from $9.023 million in 2023[50] Asset Management - The total property, plant, and equipment, net was $51.96 million as of June 30, 2024, down from $53.09 million at the end of 2023[34] - The company maintained supplies inventories of $1.8 million as of June 30, 2024, consistent with the previous period[32] - As of June 30, 2024, assets held-for-sale included $7.1 million in unused equipment[40] - The Company recognized a change in asset retirement obligation (ARO) expense of $4.0 million year-to-date as of June 30, 2024, due to revised engineering design changes and project acceleration[55] Other Financial Metrics - The effective tax rate for the six months ended June 30, 2024, was Nil, consistent with the previous year, primarily due to changes in the valuation allowance for deferred tax assets[68] - The fair value of the Company's debt instruments was $113.3 million as of June 30, 2024, down from $149.2 million as of December 31, 2023, reflecting a decrease of approximately 24%[78] - The estimated net present value of the Sprott Royalty Agreement was $146.7 million as of June 30, 2024, using a discount rate of 5.0%[87] - The Company received cash consideration of $30.0 million under the Sprott Royalty Agreement, granting a perpetual royalty of 1.5% on net smelter returns from the Hycroft Mine[86]
HYCROFT MNG.HLDG.EQ. WARRT(HYMCW) - 2024 Q2 - Quarterly Report