With no revenue reported across all ten quarters through 2026Q3, the operating loss widened to $28.2M as SG&A reached $16.7M and R&D of $8.3M replaced zero year-earlier, underscoring an income statement now defined entirely by exploration and overhead spend.
Hycroft Mining Holding Corporation (HYMC) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 33.23M | 110.73M | 47.04M | 13.71M | 0 | 0 | 310.43M | 267.9M | 214.56M |
| Revenue Growth % | - | - | - | -100% | -69.99% | 135.38% | 243.16% | - | - | -100% | 15.87% | 24.86% | - |
| Cost of Goods Sold | -3.65M | 29.51M | 12.12M | 14.04M | 48.89M | 163.34M | 109.62M | 30.67M | 5.06M | 4.42M | 281.94M | 178.06M | 94.9M |
| COGS % of Revenue | - | - | - | - | 147.12% | 147.5% | 233.02% | 223.71% | - | - | 90.82% | 66.47% | 44.23% |
| Gross Profit | 3.65M | -29.51M | -12.12M | -14.04M | -15.66M | -52.6M | -62.58M | -16.96M | -5.06M | -4.42M | 28.48M | 89.84M | 119.66M |
| Gross Margin % | - | - | - | - | -47.12% | -47.5% | -133.02% | -123.71% | - | - | 9.18% | 33.53% | 55.77% |
| Gross Profit Growth % | - | -143.48% | 13.71% | 10.31% | 70.23% | 15.94% | -268.97% | -235.18% | -14.35% | -115.54% | -68.3% | -24.92% | - |
| Operating Expenses | 123.23M | 14.96M | 31.7M | 30.97M | 37.83M | 31.31M | 26.79M | 16.92M | 609.58K | 28.51M | 502.77M | 74.29M | 38.5M |
| OpEx % of Revenue | - | - | - | - | 113.85% | 28.27% | 56.94% | 123.41% | - | - | 161.96% | 27.73% | 17.94% |
| Selling, General & Admin | 78.52M | 14.48M | 14.47M | 12.67M | 14.37M | 14.62M | 21.08M | 13.78M | 14.3M | 15.22M | 23.25M | 22.48M | 23.64M |
| SG&A % of Revenue | - | - | - | - | 43.24% | 13.2% | 44.82% | 100.52% | - | - | 7.49% | 8.39% | 11.02% |
| Research & Development | 32.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 482K | 17.23M | 18.3M | 23.46M | 16.69M | 5.71M | 3.2M | -11.21M | 0 | 485.36M | 0 | 0 |
| Operating Income | -119.58M | -44.47M | -43.82M | -45.01M | -53.49M | -83.91M | -89.37M | -33.94M | -610K | -2.78K | -56.86M | 35.61M | 80.87M |
| Operating Margin % | - | - | - | - | -160.97% | -75.78% | -189.96% | -247.58% | - | - | -18.32% | 13.29% | 37.69% |
| Operating Income Growth % | - | -1.47% | 2.64% | 15.85% | 36.25% | 6.1% | -163.3% | -5464.1% | -21842.45% | 100% | -259.68% | -55.97% | - |
| EBITDA | -118.11M | -42.44M | -41.59M | -42.2M | -50.13M | -75.48M | -83.52M | -30.37M | 5.17M | 5.55M | 5.24M | 67.36M | 96.03M |
| EBITDA Margin % | - | - | - | - | -150.87% | -68.17% | -177.53% | -221.56% | - | - | 1.69% | 25.14% | 44.75% |
| EBITDA Growth % | -353.47% | -2.05% | 1.44% | 15.83% | 33.58% | 9.62% | -174.96% | -688.07% | -6.91% | 5.96% | -92.23% | -29.85% | - |
| D&A (Non-Cash Add-back) | 1.48M | 2.02M | 2.23M | 2.81M | 3.36M | 8.43M | 5.85M | 3.57M | 5.78M | 5.55M | 62.09M | 31.75M | 15.16M |
| EBIT | -102.38M | -29.75M | -41.08M | -37.02M | -43.04M | -75.54M | -94.91M | -36.1M | 2.23M | -2.78K | -56.86M | 35.61M | 80.87M |
| Net Interest Income | 7.05M | -6.64M | -15.55M | -10.19M | -16.17M | -20.59M | -43.26M | -64.05M | -2.84M | 0 | 0 | 0 | 0 |
| Interest Income | 7.65M | 4.38M | 4.42M | 8.28M | 2.31M | 0 | 199K | 797K | 8.3K | 0 | 39.81M | 22.21M | 17.01M |
| Interest Expense | 595K | 11.03M | 19.97M | 18.47M | 18.48M | 20.59M | 43.46M | 64.85M | 2.85M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 16.61M | 3.8M | -17.07M | -10.01M | -7.34M | -6.18M | -47.03M | -64.95M | 2.85M | -2.78K | -33.98M | -23.22M | -16.72B |
| Pretax Income | -102.97M | -40.66M | -60.9M | -55.02M | -60.83M | -90.09M | -136.39M | -98.89M | 2.23M | -2.78K | -514.1M | -6.66M | 64.15M |
| Pretax Margin % | - | - | - | - | -183.06% | -81.36% | -289.92% | -721.39% | - | - | -165.61% | -2.49% | 29.9% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -1.53M | 0 | 0 | 555.45K | 145K | 4.83M | -8.07M | 16.42M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 1.7% | 0% | 0% | 24.85% | -5215.83% | -0.94% | 121.09% | 25.6% |
| Net Income | -102.97M | -40.66M | -60.9M | -55.02M | -60.83M | -88.56M | -136.39M | -98.89M | 1.68M | -2.78K | -518.92M | 1.41M | 47.73M |
| Net Margin % | - | - | - | - | -183.06% | -79.98% | -289.92% | -721.39% | - | - | -167.17% | 0.52% | 22.24% |
| Net Income Growth % | -125.77% | 33.22% | -10.67% | 9.54% | 31.32% | 35.07% | -37.92% | -5986.61% | 60531.65% | 100% | -37034.16% | -97.06% | - |
| Net Income (Continuing) | -102.97M | -40.66M | -60.9M | -55.02M | -60.83M | -88.56M | -136.39M | -98.89M | 1.68M | -2.78K | -518.92M | 1.41M | 47.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.11 | -0.94 | -2.63 | -2.61 | -3.58 | -14.74 | -39.20 | -3279.50 | 6.35 | 0.00 | -49.00 | 0.10 | 0.52 |
| EPS Growth % | 34.64% | 64.26% | -0.77% | 27.1% | 75.71% | 62.4% | 98.8% | -51745.67% | - | 100% | -49100% | -80.77% | - |
| EPS (Basic) | - | -0.94 | -2.63 | -2.61 | -3.58 | -14.74 | -39.16 | -3279.45 | 6.36 | 0.00 | -48.99 | 0.14 | 0.53 |
| Diluted Shares Outstanding | 93.17M | 43.26M | 23.18M | 21.11M | 16.98M | 6.01M | 3.48M | 30.16K | 264.52K | 0 | 10.59M | 10.08M | 91.03M |
| Basic Shares Outstanding | 93.17M | 43.26M | 23.15M | 21.08M | 16.98M | 6.01M | 3.48M | 30K | 264K | 0 | 10.59M | 14.05M | 91.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HYMC stock.
For fiscal year 2025, Hycroft Mining Holding Corporation (HYMC) reported total revenue of $0.0M. This represents a 100.0% decline compared to $214.6M in 2012.
Hycroft Mining Holding Corporation (HYMC) reported a net loss of $40.7M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Cash burn before feasibility study
Metrics are mathematically derived from official filings.
Revenue Void Defines Income Statement
Across ten consecutive quarters through 2026Q3, Hycroft reported no revenue while its operating loss deepened to $28.2M, reflecting the shift from heap leach output to a sulfide-focused drilling program. As reported in the company's quarterly statements, the income statement now resembles a pure exploration budget.
With the top line flat at zero for the entire observed window, any change in operating results is driven purely by spending decisions rather than commercial traction, which makes traditional growth diagnostics such as revenue growth or gross margin inapplicable. The operating loss trajectory (-$10.5M in 2024Q2 to -$28.2M in 2026Q3) suggests the program is scaling in ambition faster than in measurable output. Investors should therefore treat the income statement as a disclosure of burn rate and technical milestones rather than a read on demand or pricing.
Overhead and Technical Spend Dominate
According to Hycroft's reported figures, quarterly SG&A expanded from $2.6M in 2025Q3 to $16.7M in 2026Q3, while R&D spending appeared at $8.3M versus zero a year earlier, meaning overhead and technical spend now constitute the entire cost base of the business.
The disappearance of R&D in the 2024 and 2025 periods followed by $5.5M-$9.7M per quarter from 2025Q4 onward appears consistent with the reactivation of metallurgical and feasibility work, implying a structural step-up in fixed costs rather than a one-off. SG&A volatility, particularly the jump to $34.2M in 2026Q1 versus $12.5M in 2025Q4, suggests expense discipline is weak or highly program-dependent, and the absence of forward guidance at the 2026-10-27 report leaves the spending path difficult to forecast. Because neither line is offset by revenue, each dollar of SG&A or R&D flows dollar-for-dollar into the operating loss, making cost control the only lever management currently has over burn.
2026Q1 Loss Spike Marks Turn
The 2026Q1 quarter marks the clearest inflection, with net loss widening to $48.3M on SG&A of $34.2M, the heaviest expense quarter in the ten-period history; based on Hycroft's disclosures, this spike appears tied to exploration and feasibility work that has not since repeated.
Losses in 2026Q2 (-$20.8M) and 2026Q3 (-$26.1M) remain materially larger than the 2025 quarterly average, suggesting the company reset to a structurally higher cost base after 2026Q1 rather than returning to prior run rates. The persistence of that elevated base implies fixed commitments in personnel and program activity that do not flex downward quickly, which matters given the finite cash cushion. If subsequent quarters fail to show a glide path back toward 2025 levels, the inflection may be read as the start of a sustained acceleration in cash consumption.
Equity Compensation Inflates Losses
Stock-based compensation surged from $366.0K in 2025Q4 to $19.1M in 2026Q1 and $12.8M in 2026Q3, meaning equity issuance now distorts reported losses more than cash costs; as noted in Hycroft's filings, non-operating items also cushioned the 2025Q4 net loss to $7.8M versus an operating loss of $18.8M.
SBC equaling roughly 46% of the 2026Q1 operating loss indicates that a substantial portion of reported earnings destruction is non-cash, though it still transfers economic ownership and should be viewed as real dilution for remaining holders. The divergence between operating and net results, most visibly in 2025Q4 where the net loss was $11.0M smaller than the operating loss, suggests non-operating gains or adjustments are smoothing the bottom line and warrant scrutiny of their recurrence. With EPS Grw readings swinging from -14.9% to 81.6% across consecutive quarters, per-share trend analysis carries little signal for this company.
Negative Gross Profit Undermines Case
Critically, Hycroft recorded negative gross profit in eight of ten quarters, including -$3.0M in 2025Q3, because carrying costs persist without revenue; combined with quarterly losses near $26M in 2026Q3, this suggests the $181.7M cash balance could be consumed within roughly two years absent financing.
A short-seller would likely emphasize that COGS lines reported alongside zero revenue imply inventory write-downs or fixed site costs that recur regardless of activity, so the reported negative gross profit reflects a structural rather than cyclical condition. The -45.1% ROE combined with zero debt leverage suggests the equity base is being eroded with no interest-bearing cushion to slow the pace, which could force dilutive raises before a bankable feasibility study is reached. Investors should weigh that the resource scale cited in technical reports is measured in mineral resources rather than proven reserves, so the balance sheet is funding optionality whose economic extraction remains unvalidated.