Hycroft Mining Swings to $48.3M Net Loss in Q1 2026 as Operating Deficit Widens

Hycroft Mining Holding Corporation, a Nevada-based gold and silver mining company, reported a net loss of $48.3 million for the three months ending March 31, 2026, compared to a net loss of $11.8 million in the prior-year quarter. The company reported no revenue during the period. Read more earnings reports.

The operating loss expanded to $50.1 million from $9.2 million a year earlier. The widening deficit came as research and development expenses more than tripled to $9.7 million from $3.0 million in the first quarter of 2025.

Cash used in operations totaled $31.3 million for the quarter, up from $9.7 million in the year-ago period. The company raised $39.3 million through financing activities during the quarter, compared to just $182,000 in Q1 2025.

Hycroft ended the quarter with $189.0 million in cash and cash equivalents, up from $181.7 million at December 31, 2025, and substantially higher than the $39.7 million reported at March 31, 2025. Combined cash and restricted cash stood at $211.7 million, compared to $67.4 million a year earlier.

The company's share count increased to 91.4 million shares outstanding at March 31, 2026, from 83.0 million at year-end 2025. The dilution contributed to a basic and diluted loss per share of $0.54, compared to $0.47 per share in the first quarter of 2025, despite the prior period having far fewer shares outstanding.

Total assets grew to $269.9 million from $263.0 million at December 31, 2025. Current liabilities decreased to $4.2 million from $7.7 million at year-end, while total stockholders' equity rose to $223.8 million from $213.7 million.

Additional paid-in capital increased to $1.10 billion from $1.04 billion, reflecting the company's recent capital-raising activities. The accumulated deficit widened to $875.0 million from $826.7 million at the end of 2025.

Financial Summary