Financial Performance - For the three months ended September 30, 2025, the net loss was $9,376,000, compared to a net loss of $14,228,000 for the same period in 2024, reflecting a 34% improvement [15]. - The Company incurred a net loss of $32.9 million for the nine months ended September 30, 2025, compared to a net loss of $48.2 million for the same period in 2024 [15]. - The company reported a net loss of $9,376 million for the quarter ended September 30, 2025, compared to a net loss of $11,737 million for the previous quarter [20]. - The basic and diluted net loss per share for the nine months ended September 30, 2025, was $(1.04), an improvement from $(2.13) in 2024 [86]. - The company reported a basic and diluted net loss per share of $0.22 for the three months ended September 30, 2025, compared to $0.59 in the same period of 2024, a 63% improvement [15]. Cash and Cash Equivalents - As of September 30, 2025, cash and cash equivalents increased to $139,094,000 from $49,560,000 as of December 31, 2024, representing a 180% increase [13]. - The Company reported a net cash increase of $90.3 million for the nine months ended September 30, 2025, compared to a decrease of $49.5 million in the same period of 2024 [17]. - The company earned $0.3 million in interest income on cash collateral for the three months ended September 30, 2025, consistent with the same period in 2024 [42]. Assets and Liabilities - The total assets rose to $230,591,000, up from $140,135,000 at the end of 2024, indicating a 64% growth [13]. - The total liabilities increased to $183,106,000 as of September 30, 2025, from $173,550,000 at the end of 2024, a rise of 5% [13]. - The total stockholders' deficit improved to $47,485,000 as of September 30, 2025, from a deficit of $33,415,000 at the end of 2024 [13]. - The total amount of prepaids and deposits increased to $3.8 million as of September 30, 2025, from $2.9 million as of December 31, 2024 [33]. - The total debt, net as of September 30, 2025, was $134.2 million, an increase from $124.9 million as of December 31, 2024 [49]. Stock and Equity - The weighted average shares outstanding increased to 42,453,570 for the three months ended September 30, 2025, compared to 24,058,560 in the same period of 2024, a 77% increase [15]. - The total number of common shares outstanding increased to 54,583,513 as of September 30, 2025, up from 24,983,358 shares at March 31, 2025, indicating substantial equity financing activity [20]. - The Company raised $112,242,000 from the issuance of common stock during the nine months ended September 30, 2025, compared to $10,278,000 in 2024, a significant increase [17]. - The Company issued a total of 7,008,528 and 14,196,028 warrants during the three and nine months ended September 30, 2025, respectively [73]. - The Company had 739,252 unvested restricted stock units (RSUs) at the end of September 2025, up from 681,378 at the end of September 2024 [81]. Operational Efficiency - Operating expenses for the nine months ended September 30, 2025, were $9,349,000 for exploration and development costs, down from $14,621,000 in 2024, a reduction of 36% [15]. - Operating expenses for the three months ended September 30, 2025, totaled $9.6 million, a decrease from $11.3 million in the same period of 2024 [15]. - The Company is prioritizing exploration drilling and data analysis to optimize the process flow sheet for processing sulfide ores [23]. Debt and Interest - The Company recognized a total interest expense of $3.564 million for the three months ended September 30, 2025, compared to $3.292 million for the same period in 2024 [53]. - The company incurred nil net income tax expense for the nine months ended September 30, 2025, with an effective tax rate of nil [85]. - The company had an increase in debt from in-kind interest of $8.626 million for the nine months ended September 30, 2025 [90]. - The company was in compliance with all financial covenants under its debt agreements as of September 30, 2025 [55]. Market Activity - The Company announced a public offering of approximately $150 million, pricing 23,076,924 shares at $6.50 each, with an overallotment option that generated an additional $21.4 million, resulting in net proceeds of approximately $163.6 million after expenses [103]. - The Company received net proceeds of $40.3 million from the June 2025 Offering, after deducting underwriting discounts and expenses [63]. - During the three months ended September 30, 2025, the company sold 871,236 shares under the New ATM Program for net proceeds of $5.2 million [69]. Legal and Compliance - The company has been involved in legal proceedings related to breach of contract claims, with one lawsuit discontinued and others pending [91]. - The company has not recorded any losses related to litigation or loss contingencies during the nine months ended September 30, 2025, and 2024 [92]. - The company has a Crofoot Royalty obligation of 4% net profit royalty, but no payments were required in 2024 or 2025 due to the cessation of mining operations [95].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCW) - 2025 Q3 - Quarterly Report