A Business at a Glance
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Table of Contents PART I About the Company 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. Our property, the Hycroft Mine, historically operated as an open-pit oxide mining and heap leach processing operation. It is located approximately 54 miles northwest of Winnemucca, Nevada.
| Metric | TTM | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 33M | 111M | - | 14M |
| Net Income | -41M | -55M | -61M | -89M | -136M | - |
| EPS | $-0.94 | $-2.61 | $-3.58 | $-14.70 | $-39.20 | $-3,279.50 |
| Free Cash Flow | -83M | -43M | -36M | -44M | -144M | -72M |
| ROIC | -13.4% | -35.4% | -31.0% | -79.1% | -85.6% | - |
| Gross Margin | - | - | -61.3% | -47.5% | - | -123.7% |
| Debt/Equity | 0.00 | 11.64 | 2.17 | -2.58 | 9.20 | -2.52 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -44M | -46M | -53M | -84M | -89M | -34M |
| Operating Margin | 0.0% | - | -161.0% | -75.8% | - | -247.6% |
| ROE | -19.0% | -144.9% | -96.1% | - | -820.8% | - |
| Shares Outstanding | 91M | 21M | 17M | 20M | 20M | 6M |
| Metric | 2019 | 2020 | 2021 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 14M | N/A | 111M | 33M | 0 | 0 |
| Gross Margin | -123.7% | N/A | -47.5% | -61.3% | N/A | N/A |
| R&D | N/A | N/A | 14M | 18M | 21M | 15M |
| SG&A | 6.1M | 21M | 15M | 14M | 13M | 14M |
| EBIT | -34M | -89M | -84M | -53M | -46M | -44M |
| Op. Margin | -247.6% | N/A | -75.8% | -161.0% | N/A | 0.0% |
| Net Income | N/A | -136M | -89M | -61M | -55M | -41M |
| Net Margin | N/A | N/A | -80.0% | -183.1% | N/A | 0.0% |
| Non-Recurring | 0 | 18M | 8.0M | 5.0M | 544K | 0 |
| Returns on Capital | ||||||
| ROIC | N/A | -85.6% | -79.1% | -31.0% | -35.4% | -13.4% |
| ROE | N/A | -820.8% | N/A | -96.1% | -144.9% | -19.0% |
| ROA | N/A | -58.6% | -62.2% | -24.4% | -24.4% | -15.5% |
| Cash Flow | ||||||
| Op. Cash Flow | -60M | -111M | -37M | -35M | -41M | -83M |
| Free Cash Flow | -72M | -144M | -44M | -36M | -43M | -83M |
| Owner Earnings | -63M | -119M | -48M | -41M | -47M | -87M |
| CapEx | 12M | 33M | 7.0M | 951K | 1.1M | 564K |
| Maint. CapEx | 2.1M | 5.8M | 8.4M | 3.4M | 2.8M | 2.0M |
| Growth CapEx | 10M | 28M | 0 | 0 | 0 | 0 |
| D&A | 2.1M | 5.8M | 8.4M | 3.4M | 2.8M | 2.0M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.1M | 2.4M | 2.3M | 2.5M | 2.9M | 1.9M |
| Debt Repayment | 0 | 125M | 0 | 33M | 2.3M | 80M |
| Balance Sheet | ||||||
| Net Debt | 1.1B | 40M | 152M | -147M | -65M | -363M |
| Cash & Equiv. | 6.2M | 56M | 12M | 142M | 106M | 363M |
| Long-Term Debt | 0 | 143M | 144M | 133M | 143M | N/A |
| Debt/Equity | -2.52 | 9.20 | -2.58 | 2.17 | 11.64 | 0.00 |
| Interest Coverage | -0.5 | -2.1 | -4.1 | -2.9 | -2.5 | -2.5 |
| Equity | -439M | 17M | -68M | 63M | 13M | 214M |
| Total Assets | 135M | 233M | 142M | 249M | 202M | 263M |
| Total Liabilities | 574M | 216M | 211M | 186M | 189M | 49M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -444M | -521M | -609M | -670M | -725M | -827M |
| Working Capital | -531M | 90M | 6.1M | 140M | 102M | 180M |
| Current Assets | 39M | 112M | 37M | 152M | 114M | 187M |
| Current Liabilities | 569M | 22M | 31M | 12M | 12M | 7.7M |
| Per Share Data | ||||||
| EPS | -3,279.50 | -39.20 | -14.70 | -3.58 | -2.61 | -0.94 |
| Owner EPS | -10.51 | -6.03 | -2.38 | -2.39 | -2.24 | -0.95 |
| Book Value | -73.33 | 0.84 | -3.42 | 3.73 | 0.60 | 2.35 |
| Cash Flow/Share | -9.98 | -5.62 | -1.85 | -2.05 | -1.97 | -0.42 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 6.0M | 19.7M | 20.0M | 17.0M | 21.1M | 91.0M |
| Valuation | ||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | -42.1 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 93.6 | N/A | 1.3 | 4.6 | 16.9 |
| Price/Sales | 44.4 | N/A | 6.3 | 4.8 | N/A | N/A |
| FCF Yield | -11.6% | -9.3% | -34.8% | -43.6% | -73.6% | -2.3% |
| Market Cap | 619M | 1.6B | 127M | 82M | 58M | 3.6B |
| Avg. Price | 101.62 | 98.27 | 34.78 | 9.35 | 3.71 | 39.56 |
| Year-End Price | 103.33 | 79.00 | 6.32 | 4.83 | 2.74 | 39.56 |
HYCROFT MINING HOLDING CORP passes 0 of 9 quality checks, indicating weak fundamentals.
HYCROFT MINING HOLDING CORP (HYMC) has a 5-year average return on invested capital (ROIC) of -57.8%. This is below average and may indicate limited pricing power.
HYCROFT MINING HOLDING CORP (HYMC) has a market capitalization of $3.6B. It is classified as a mid-cap stock.
HYCROFT MINING HOLDING CORP (HYMC) does not currently pay a regular dividend.
HYCROFT MINING HOLDING CORP (HYMC) operates in the Gold And Silver Ores industry, within the Materials sector.
HYCROFT MINING HOLDING CORP (HYMC) generated $-43 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
HYCROFT MINING HOLDING CORP (HYMC) has a debt-to-equity ratio of 11.64. This indicates higher leverage, which may increase financial risk.
HYCROFT MINING HOLDING CORP (HYMC) reported earnings per share (EPS) of $-2.61 in its most recent fiscal year.
HYCROFT MINING HOLDING CORP (HYMC) has a return on equity (ROE) of -144.9%. A negative ROE may indicate losses or negative equity.
HYCROFT MINING HOLDING CORP (HYMC) has a 5-year average gross margin of -77.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 5 years of financial data for HYCROFT MINING HOLDING CORP (HYMC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HYCROFT MINING HOLDING CORP (HYMC) has a book value per share of $0.60, based on its most recent annual SEC filing.
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