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]. - The net loss for the nine months ended September 30, 2024, was $48,158, an increase from a net loss of $43,510 in the same period of 2023[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]. - 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]. - 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 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]. - The total debt, net, as of September 30, 2024, was $122.1 million, a decrease from $142.6 million as of December 31, 2023[56]. Operating 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]. - For the three months ended September 30, 2024, the total operating costs were $14,002, resulting in a loss from operations of $14,002, compared to $13,571 in the same period of 2023[21]. Cash Flow - 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 in 2023[84]. 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 weighted average shares outstanding increased from 20,195,402 in Q3 2023 to 24,058,560 in Q3 2024, reflecting a growth of approximately 19%[15]. - The total outstanding equity classified warrants increased to 90,019,112 with a total value of $68.086 million as of September 30, 2024[70]. - 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]. Inventory and Assets Held-for-Sale - Supplies inventories decreased from $1.8 million as of December 31, 2023, to $1.4 million as of September 30, 2024, with a write-down of $0.4 million recorded due to obsolescence[37]. - Assets held-for-sale included equipment not-in-use valued at $4.4 million as of September 30, 2024, down from $7.1 million as of December 31, 2023[44]. Income and Interest - 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 earned $0.3 million and $0.9 million in interest income on cash collateral for the three and nine months ended September 30, 2024, respectively, compared to $0.4 million and $1.1 million for the same periods in 2023[43]. Other Income and Gains - 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 related to an equipment purchase agreement[60]. - The company reported a gain on the sale of equipment of $2.6 million for the three months ended September 30, 2024[76]. Compliance and Regulations - As of September 30, 2024, the Company was in compliance with all financial covenants under its debt agreements[55]. - The Company has not recorded any losses related to litigation or loss contingencies during the nine months ended September 30, 2024, and 2023[88]. Future Plans and Projects - The company adjusted its project timeline for the Crofoot Heap Leach Pad, with work now scheduled to begin in 2024 and be completed by the end of 2027[65]. - The company completed and filed the 2023 Hycroft Technical Report Summary, focusing on optimal processing methods for sulfide ores[23].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCW) - 2024 Q3 - Quarterly Report