Free cash flow remains deeply negative, with a $31.9 million outflow in 2026Q1, underscoring the company's inability to generate internal funding for its Nevada-based exploration activities.
| Cash from Operations | -104.49M | -82.87M | -35.9M | -41.45M | -34.85M | -37.04M | -110.51M | -59.77M | -452.71K | -2.25K | 832K | -32.18M | -21.11M |
| Operating CF Margin % | - | - | - | - | -104.89% | -33.45% | -234.9% | -436% | - | - | 0.27% | -12.01% | -9.84% |
| Operating CF Growth % | -824.02% | -130.87% | 13.39% | -18.92% | 5.89% | 66.48% | -84.89% | -13102.79% | -20011.73% | -100.27% | 102.59% | -52.45% | - |
| Net Income | -77.19M | -40.66M | -60.9M | -55.02M | -60.83M | -88.56M | -136.39M | -98.89M | 1.68M | -2.78K | -518.92M | 1.41M | 47.73M |
| Depreciation & Amortization | 9.17M | 9.32M | 2.23M | 2.81M | 3.36M | 8.43M | 5.85M | 3.57M | 5.78M | 5.55M | 62.09M | 31.75M | 15.16M |
| Stock-Based Compensation | 20.5M | 1.9M | 2.63M | 2.92M | 2.47M | 2.26M | 2.6M | 0 | 100K | 0 | 5.52M | 6.05M | 4.34M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -57.58M | -54.98M | 17.98M | 9.08M | 10.48M | 20.14M | 68.36M | 72.53M | -2.84M | 38.33M | 441.77M | 2.97M | -84M |
| Working Capital Changes | 608K | 1.56M | 2.15M | -1.24M | 9.67M | 20.7M | -50.92M | -36.98M | 704.01K | 533 | 10.37M | -74.36M | -125.06M |
| Change in Receivables | -303K | -239K | 1.83M | 2.57M | -3.23M | -1.1M | -329K | -97K | 0 | 1.21M | 4.47M | 47.75M | -55.98M |
| Change in Inventory | -182K | -79K | 8K | 479K | 17.27M | 22.83M | -47.65M | -39.6M | -320K | 1.33M | -10.19M | -114.72M | -69.08M |
| Change in Payables | 1.61M | 2M | 846K | -2.33M | -3.79M | -2.85M | 372K | 3.38M | 200.86K | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.73M | 4.13M | 6.33M | -507K | 8.34M | -6.87M | -31.12M | -12.3M | -210.08M | 246K | -65.87M | -335.69M | -275.25M |
| Capital Expenditures | -969K | -564K | -1.25M | -1.07M | -951K | -6.99M | -33.44M | -12.3M | -1.15M | -5K | -79.1M | -327.68M | -262.35M |
| CapEx % of Revenue | - | - | - | - | 2.86% | 6.31% | 71.08% | 89.69% | - | - | 25.48% | 122.32% | 122.27% |
| Acquisitions | 4.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 115K | 4.17M | 7.58M | 563K | 9.29M | 117K | 2.31M | 0 | -210.08M | 251K | 13.22M | -8M | -12.9M |
| Cash from Financing | 245M | 205.92M | -25.92M | -1.46M | 155.85M | -5.49M | 188.71M | 68.17M | 211.04M | 27.2K | -8.85M | 102.29M | 368.4M |
| Debt Issued (Net) | -79.92M | -79.95M | -38.12M | -2.33M | -33.01M | -5.49M | -20.1M | 71.83M | -242.33K | 38.7M | -58.29M | -38.57M | 0 |
| Equity Issued (Net) | 329.12M | 285.88M | 12.58M | 1.14M | 188.86M | 0 | 159.48M | -3.66M | 211.29M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 0 | 0 | 0 |
| Other Financing | -4.2M | 0 | -379K | -273K | 0 | 0 | 49.33M | 0 | 0 | -38.67M | 49.44M | 140.86M | 368.4M |
| Net Change in Cash | 144.24M | 127.17M | -55.49M | -43.42M | 129.33M | -49.41M | 47.07M | 8.95M | 511K | 24.93K | -73.89M | -265.58M | 72.05M |
| Free Cash Flow | -105.46M | -83.44M | -37.15M | -42.52M | -35.81M | -44.03M | -143.95M | -72.07M | -1.6M | -7.25K | -78.27M | -359.87M | -283.46M |
| FCF Margin % | - | - | - | - | -107.76% | -39.76% | -305.98% | -525.69% | - | - | -25.21% | -134.33% | -132.11% |
| FCF Growth % | -199.12% | -124.6% | 12.63% | -18.75% | 18.67% | 69.41% | -99.74% | -4407.81% | -21948.2% | 99.99% | 78.25% | -26.96% | - |
| FCF per Share | -1.18 | -1.93 | -1.60 | -2.01 | -2.11 | -7.33 | -41.32 | -2389.81 | -6.04 | - | -7.39 | -35.69 | -3.11 |
| FCF Conversion (FCF/Net Income) | 1.37x | 2.04x | 0.59x | 0.75x | 0.57x | 0.42x | 0.81x | 0.60x | -0.27x | 0.81x | -0.00x | -22.91x | -0.44x |
| Interest Paid | 0 | 0 | 0 | 0 | 5.32M | 3.73M | 5.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital depletion before production
As reported in recent financial statements, HYMC's operating cash flow consistently trails net losses, with the 2026Q1 period showing a $31.3 million cash outflow against a $48.3 million net loss, underscoring the lack of operational efficiency inherent in a pre-revenue, development-stage mining project.
The persistent gap between net income and operating cash flow suggests that the company is consuming significant liquidity to fund non-cash expenses and overhead. Investors should monitor the OCF/NI ratio, which remains volatile and indicates that accounting losses are being compounded by actual cash depletion.
Based on quarterly filings, HYMC's free cash flow has remained deeply negative, reaching a low of $60.8 million in 2025Q4, which reflects the company's ongoing inability to generate internal funding for its extensive exploration and metallurgical testing requirements in the Nevada region.
The absence of positive free cash flow is a structural reality for a firm without active production. This trajectory suggests that the company will remain entirely dependent on external capital markets until a definitive feasibility study can justify the massive capital expenditure required for a sulfide processing facility.
According to recent SEC filings, HYMC recorded $19.1 million in stock-based compensation during 2026Q1, a figure that significantly distorts the cash flow statement by masking the true economic cost of management and employee retention during this critical pre-production phase of the project's development.
This non-cash adjustment effectively hides the true magnitude of the company's operational burn rate from a pure cash perspective. Analysts should adjust for these equity-linked expenses to understand the actual cash runway remaining before the company faces a potential liquidity crisis.
As indicated by historical data, working capital changes have been erratic, with a $3.1 million outflow in 2026Q1 following a $614,000 inflow in 2025Q4, reflecting the unpredictable nature of managing exploration-related payables and inventory in the absence of a steady-state production cycle.
The lack of consistent working capital management suggests that the company is struggling to optimize its cash conversion cycle. This volatility warrants further investigation into whether these fluctuations are driven by timing differences in vendor payments or unexpected costs related to the ongoing metallurgical testing programs.
Quick answers to the most common questions about buying HYMC stock.
Hycroft Mining Holding Corporation (HYMC) generated $-82.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hycroft Mining Holding Corporation (HYMC) reported negative free cash flow of $83.4M in 2025, indicating capital requirements exceeded cash from operations.
Hycroft Mining Holding Corporation (HYMC) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.