HYCROFT MINING HOLDING CORP HYMC
Hycroft Mining Holding Corporation (formerly known as Mudrick Capital Acquisition Corporation) was incorporated under the laws of the state of Delaware on August 28, 2017. In this 2025 Form 10-K, "we," "us," "our," "Company," "Hycroft," and "HYMC" refer to Hycroft Mining Holding Corporation and its subsidiaries. We are a U.S.-based gold and silver exploration stage issuer that owns the Hycroft Mine in the prolific mining region of Northern Nevada. The following discussion should be read in conjunction with the Company's Consolidated Financial Statements ("Financial Statements") and Notes to the Consolidated Financial Statements included in Part II – Item 8. Financial Statements and Supplementary Data of this 2025 Form 10-K.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $33.2M | $110.7M | $47.0M | $13.7M | — | — |
| Cost of revenue | — | — | $0 | $53.6M | $163.3M | $109.6M | $30.7M | — | — |
| Gross profit | — | — | $0 | -$20.4M | -$52.6M | -$62.6M | -$17.0M | — | — |
| R&D | $14.9M | $19.5M | $20.6M | $18.4M | $13.6M | — | — | — | — |
| SG&A | $14.5M | $14.5M | $12.7M | $14.4M | $14.6M | $21.1M | $6.1M | $609.6K | — |
| Total operating expenses | — | $33.9M | $43.5M | $33.1M | $31.3M | $26.8M | $17.0M | — | — |
| Operating income | -$44.5M | -$43.8M | -$45.0M | -$53.5M | -$83.9M | -$89.4M | -$33.9M | -$609.6K | — |
| Pre-tax income | -$40.7M | -$60.9M | -$55.0M | -$60.8M | -$90.1M | -$136.4M | -$98.9M | $2.2M | — |
| Income tax | $0 | $0 | $0 | $0 | $1.5M | $0 | $0 | $555.4K | — |
| Net income | -$40.7M | -$60.9M | -$55.0M | -$60.8M | -$88.6M | -$136.4M | -$98.9M | $1.7M | — |
| EPS, basic | -0.94 | -2.63 | -2.61 | -3.58 | -1.47 | -3.92 | -327.95 | — | — |
| EPS, diluted | -0.94 | -2.63 | -2.61 | -3.58 | -1.47 | -3.92 | -327.95 | — | — |
| Shares, diluted (wtd. avg.) | 43.3M | 23.2M | 21.1M | 17.0M | 60.1M | 34.8M | 301,559 | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $181.7M | $49.6M | $132.6M | $176.0M | $46.6M | $96.0M | $49.0M | $52.9M | — |
| Receivables | $609.0K | $369.0K | $0 | $2.8M | $0 | $426.0K | $97.0K | — | — |
| Inventory | $1.4M | $1.4M | $1.8M | $2.8M | $11.1M | $12.9M | $4.5M | — | — |
| Total current assets | $187.5M | $54.6M | $113.6M | $152.4M | $37.4M | $112.0M | $38.8M | $588.2K | $24.9K |
| Property, plant and equipment | $50.1M | $51.6M | $53.1M | $54.8M | $58.5M | $60.2M | $31.5M | — | — |
| Total assets | $263.0M | $140.1M | $201.7M | $249.0M | $142.3M | $232.6M | $134.6M | $213.5M | $191.4K |
| Accounts payable | $4.4M | $2.4M | $1.6M | $5.6M | $9.4M | $12.3M | $10.7M | — | — |
| Short-term debt | $0 | $54.0K | $2.3M | $2.3M | $16.7M | $5.1M | $554.0M | — | — |
| Total current liabilities | $7.7M | $5.8M | $11.7M | $12.0M | $31.3M | $21.7M | $569.5M | $756.8K | $169.2K |
| Long-term debt | $0 | $124.9M | $142.6M | $132.7M | $143.6M | $142.7M | $0 | — | — |
| Total liabilities | $49.3M | $173.6M | $189.0M | $185.6M | $210.8M | $216.0M | $573.9M | $8.0M | $169.2K |
| Retained earnings | -$826.7M | -$786.1M | -$725.2M | -$670.2M | -$609.3M | -$520.8M | -$444.4M | $1.7M | -$2.8K |
| Total equity | $213.7M | -$33.4M | $12.7M | $63.3M | -$68.5M | $16.6M | -$439.3M | -$340.4M | $22.2K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$82.9M | -$35.9M | -$41.4M | -$34.9M | -$37.0M | -$110.5M | -$59.8M | -$452.7K | — |
| Depreciation and amortisation | $2.0M | $2.2M | $2.8M | $3.4M | $8.4M | $5.8M | $2.1M | — | — |
| Stock-based compensation | $1.9M | $2.6M | $2.9M | $2.5M | $2.3M | $2.4M | $1.1M | — | — |
| Capital expenditure | $564.0K | $1.3M | $1.1M | $951.0K | $7.0M | $33.4M | $12.3M | — | — |
| Investing cash flow | $4.1M | $6.3M | -$507.0K | $8.3M | -$6.9M | -$31.1M | -$12.3M | -$210.1M | — |
| Financing cash flow | $205.9M | -$25.9M | -$1.5M | $155.8M | -$5.5M | $188.7M | $68.2M | $211.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001718405-26-000009.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $13.7M | $47.0M | $110.7M | $33.2M | $0 | — | — |
| Gross profit | — | — | -$17.0M | -$62.6M | -$52.6M | -$20.4M | $0 | — | — |
| Net income | — | $1.7M | -$98.9M | -$136.4M | -$88.6M | -$60.8M | -$55.0M | -$60.9M | -$40.7M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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