Financial Performance - The net loss for the three months ended March 31, 2025, was $11.8 million, a reduction of 43.3% compared to a net loss of $20.7 million for the same period in 2024[16]. - The company reported a basic and diluted loss per share of $0.47 for the three months ended March 31, 2025, compared to a loss of $1.00 per share in the same period of 2024[16]. - The net loss for Q1 2025 was $11,759,000, compared to a net loss of $20,749,000 in Q1 2024, representing a 43.3% improvement[16]. - The company reported a loss from operations of $9,222,000 for Q1 2025, which is a 22.7% improvement from the loss of $11,928,000 in Q1 2024[16]. - The company incurred cash interest paid of $394,000 in Q1 2025, down from $502,000 in Q1 2024, a decrease of 21.5%[77]. Assets and Liabilities - As of March 31, 2025, total assets decreased to $129.3 million from $140.1 million as of December 31, 2024, representing a decline of approximately 7.0%[14]. - The total stockholders' deficit increased to $44.5 million as of March 31, 2025, compared to $33.4 million at the end of 2024, marking an increase of 33.0%[14]. - The company's total debt, net as of March 31, 2025, was $127.9 million, an increase from $124.9 million as of December 31, 2024[51]. - The estimated fair value of the company's debt instruments was $112.7 million as of March 31, 2025, compared to a carrying value of $128.0 million[49]. - The company's accumulated deficit increased to $797,825,000 as of March 31, 2025, from $786,066,000 at the end of 2024[14]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $39.7 million, down from $49.6 million at the end of 2024, reflecting a decrease of 20.0%[14]. - Cash flows used in operating activities for Q1 2025 were $9,695,000, compared to $11,733,000 in Q1 2024, indicating a 17% decrease in cash outflow[18]. - The company reported a net decrease in cash, cash equivalents, and restricted cash of $9,627,000 for the three months ended March 31, 2025, compared to a decrease of $48,351,000 in the same period of 2024[18]. - As of March 31, 2025, total cash, cash equivalents, and restricted cash amounted to $67,430,000, down from $84,199,000 at the end of Q1 2024[18]. - The company had $27.7 million in restricted cash as of March 31, 2025, compared to $27.5 million as of December 31, 2024, primarily for surety bond cash collateral[44]. Operating Expenses - Operating expenses for the three months ended March 31, 2025, totaled $9.2 million, down from $11.9 million in the prior year, indicating a decrease of 22.6%[16]. - Total interest expense for the three months ended March 31, 2025, was $3,387,000, a decrease of 66.5% from $10,119,000 in the same period of 2024[52]. - For the three months ended March 31, 2025, the total operating costs were $8,344,000, a decrease of 8.2% from $9,089,000 in the same period of 2024[75]. - The Hycroft Mine segment incurred operating costs of $5.4 million in Q1 2025, down from $6.2 million in Q1 2024, indicating an 11.1% reduction[75]. Equity and Stock - The company generated net proceeds of $0.2 million from the sale of 108,072 shares of common stock during the three months ended March 31, 2025, under the new $100 million ATM program[25]. - The weighted average shares outstanding increased to 24,948,434 for the three months ended March 31, 2025, compared to 20,811,602 in 2024[70]. - The company reported total equity securities of $739,000 as of March 31, 2025, up from $605,000 as of December 31, 2024, reflecting an unrealized gain of $100,000 during the three months ended March 31, 2025[41]. - The company had 670,600 5-Year Private Warrants outstanding with an exercise price of $11.50, expiring on May 29, 2025[62]. - The company's total outstanding warrants as of March 31, 2025, amounted to 90,019,112, with a total value of $68.096 million[63]. Future Plans and Operations - The company is prioritizing exploration drilling and data analysis, subject to securing necessary funding, to advance technical studies for processing sulfide ores[24]. - The company has incurred significant operating losses since ceasing mining operations in 2021 and remains dependent on unrestricted cash to meet obligations over the next 12 months[27]. - The company must maintain at least $15 million in unrestricted cash and $10 million in working capital as per the Sprott Credit Agreement[28]. - The company has a net profit royalty arrangement of 4% on a portion of the Hycroft Mine, with total payments capped at $7.6 million[82]. - 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[85].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCW) - 2025 Q1 - Quarterly Report