Financial Performance - The company reported a net loss of $32.872 million for the nine months ended September 30, 2025, compared to a net loss of $48.158 million for the same period in 2024, indicating a 31.5% improvement[15]. - The Company reported a net loss of $9.376 million for the three months ended September 30, 2025, compared to a net loss of $14.228 million for the same period in 2024, resulting in a basic and diluted net loss per share of $0.22[86]. - For the nine months ended September 30, 2025, the net loss was $32.872 million, an improvement from a net loss of $48.158 million in the same period in 2024, with a basic and diluted net loss per share of $1.04[86]. - During the three months ended September 30, 2025, the company reported a net loss of $9.4 million, with a net loss per share of $0.22[86]. - 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[86]. Assets and Liabilities - As of September 30, 2025, total assets increased to $230.591 million from $140.135 million as of December 31, 2024, representing a 64.5% growth[13]. - Total stockholders' deficit improved to $47.485 million as of September 30, 2025, from a deficit of $33.415 million at the end of 2024[13]. - The Company’s total stockholders' deficit increased to $47.5 million as of September 30, 2025, compared to a deficit of $33.4 million at the end of 2024[13]. - The estimated fair value of the company's debt instruments was $127.5 million as of September 30, 2025, compared to a carrying value of $134.2 million[48]. - The Company's total debt, net, as of September 30, 2025, was $134.2 million, an increase from $124.9 million as of December 31, 2024[49]. Cash and Cash Equivalents - Cash and cash equivalents rose to $139.094 million as of September 30, 2025, up from $49.560 million at the end of 2024, reflecting a significant increase of 180.4%[13]. - Restricted cash increased to $28.3 million as of September 30, 2025, compared to $27.5 million as of December 31, 2024[40]. - The Company earned interest income of $0.3 million and $0.8 million for the three and nine months ended September 30, 2025, respectively[42]. 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 for the same period in 2024, reflecting a 76.5% increase[15]. - The Company raised $112.242 million from the issuance of common stock during the nine months ended September 30, 2025, compared to $10.278 million in the same period of 2024[17]. - The Company announced a public offering of approximately $150 million, pricing 23,076,924 shares at $6.50 per share, 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 issued 12,500,000 shares and warrants, raising $40,349,000 in additional paid-in capital during the second quarter of 2025[20]. - The company had 739,252 unvested restricted stock units (RSUs) at the end of September 30, 2025, an increase from 681,378 unvested RSUs at the end of September 30, 2024[81]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, totaled $9.100 million, down from $11.174 million in the same period of 2024, a decrease of 18.6%[15]. - The company’s exploration and development costs for the three months ended September 30, 2025, were $4.006 million, down from $4.665 million in the same period of 2024, a decrease of 14.1%[15]. - The Company reported a depreciation and amortization expense of $0.5 million for the three months ended September 30, 2025, consistent with the same period in 2024[38]. Financing Activities - Cash flows from financing activities included net proceeds of $112.2 million from the issuance of common stock, significantly higher than the $10.3 million in the same period of 2024[17]. - The Company raised net proceeds of $40.3 million from the June 2025 Offering of 12,500,000 Units at a price of $3.50 per Unit[63]. - The New ATM Program generated net proceeds of $5.2 million and $5.5 million for the three and nine months ended September 30, 2025, respectively[69]. - The company sold 871,236 shares of common stock under the New ATM Program for net proceeds of $5.2 million during the three months ended September 30, 2025[69]. Compliance and Covenants - The company was in compliance with all financial covenants under its debt agreements as of September 30, 2025[55]. - The company has not recorded any losses related to litigation or loss contingencies during the nine months ended September 30, 2025[92]. Other Financial Metrics - The estimated net present value of the Sprott Royalty Agreement was $146.7 million as of September 30, 2025, based on market consensus inputs for future gold and silver prices[99]. - The company recognized a decrease in its asset retirement obligation of $2.7 million due to a change in estimates related to reclamation activities[57]. - The company completed its evaluation for impairment of long-lived assets as of September 30, 2025, and determined that no impairment was necessary[31].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCZ) - 2025 Q3 - Quarterly Report