$FTCO
Fortitude Gold Corp

2023 Q2 Form 10-Q Financial Statement

#000155837023008508 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $19.22M $21.54M
YoY Change -19.9% 40.23%
Cost Of Revenue $89.00K $48.00K
YoY Change -21.93% -47.83%
Gross Profit $11.23M $12.34M
YoY Change -3.0% 82.62%
Gross Profit Margin 58.41% 57.27%
Selling, General & Admin $1.087M $1.059M
YoY Change -0.64% -10.25%
% of Gross Profit 9.68% 8.58%
Research & Development $6.061M $3.688M
YoY Change 149.84% 46.7%
% of Gross Profit 53.99% 29.9%
Depreciation & Amortization $2.900M $3.500M
YoY Change -30.95% 25.0%
% of Gross Profit 25.83% 28.37%
Operating Expenses $7.183M $4.782M
YoY Change 101.88% 29.42%
Operating Profit $4.043M $7.554M
YoY Change -49.56% 146.86%
Interest Expense $469.0K $362.0K
YoY Change 1637.04% 2162.5%
% of Operating Profit 11.6% 4.79%
Other Income/Expense, Net $434.0K $327.0K
YoY Change -767.69% -2023.53%
Pretax Income $4.512M $7.916M
YoY Change -43.52% 160.05%
Income Tax $900.0K $1.500M
% Of Pretax Income 19.95% 18.95%
Net Earnings $3.604M $6.368M
YoY Change -45.1% 143.24%
Net Earnings / Revenue 18.75% 29.56%
Basic Earnings Per Share $0.15 $0.26
Diluted Earnings Per Share $0.15 $0.26
COMMON SHARES
Basic Shares Outstanding 24.08M 24.00
Diluted Shares Outstanding 24.23M 24.21M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.14M $52.27M
YoY Change 15.73% 43.97%
Cash & Equivalents $46.91M $52.27M
Short-Term Investments $225.0K
Other Short-Term Assets $253.0K $400.0K
YoY Change -6.99% 41.34%
Inventory $50.71M $47.13M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $100.1M $99.97M
YoY Change 20.43% 24.75%
LONG-TERM ASSETS
Property, Plant & Equipment $28.62M $28.72M
YoY Change -24.3% -24.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $341.0K $1.821M
YoY Change -90.36% -37.74%
Total Long-Term Assets $33.34M $35.25M
YoY Change -24.95% -15.28%
TOTAL ASSETS
Total Short-Term Assets $100.1M $99.97M
Total Long-Term Assets $33.34M $35.25M
Total Assets $133.4M $135.2M
YoY Change 4.62% 11.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.619M $2.724M
YoY Change 42.71% 18.85%
Accrued Expenses $3.025M $4.176M
YoY Change 0.57% 545.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $8.156M $9.883M
YoY Change 32.27% 124.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.102M $5.982M
YoY Change 67700.0% 31384.21%
Total Long-Term Liabilities $6.102M $5.982M
YoY Change 67700.0% 31384.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.156M $9.883M
Total Long-Term Liabilities $6.102M $5.982M
Total Liabilities $14.26M $15.87M
YoY Change 23.06% 66.3%
SHAREHOLDERS EQUITY
Retained Earnings $15.02M $15.27M
YoY Change 24.62% 82.43%
Common Stock $241.0K $241.0K
YoY Change 0.42% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $119.2M $119.3M
YoY Change
Total Liabilities & Shareholders Equity $133.4M $135.2M
YoY Change 4.62% 11.07%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $3.604M $6.368M
YoY Change -45.1% 143.24%
Depreciation, Depletion And Amortization $2.900M $3.500M
YoY Change -30.95% 25.0%
Cash From Operating Activities $1.513M $11.28M
YoY Change -85.52% 177.05%
INVESTING ACTIVITIES
Capital Expenditures $2.763M $1.211M
YoY Change -188.73% -75.48%
Acquisitions
YoY Change
Other Investing Activities -$239.0K
YoY Change
Cash From Investing Activities -$3.002M -$1.211M
YoY Change -3.6% -75.48%
FINANCING ACTIVITIES
Cash Dividend Paid $2.887M
YoY Change 0.24%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.865M -2.852M
YoY Change 32.73% 0.28%
NET CHANGE
Cash From Operating Activities 1.513M 11.28M
Cash From Investing Activities -3.002M -1.211M
Cash From Financing Activities -3.865M -2.852M
Net Change In Cash -5.354M 7.213M
YoY Change -220.99% -294.32%
FREE CASH FLOW
Cash From Operating Activities $1.513M $11.28M
Capital Expenditures $2.763M $1.211M
Free Cash Flow -$1.250M $10.07M
YoY Change -109.21% -1259.56%

Facts In Submission

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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q4 fgc Product Inventory
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CY2023Q1 us-gaap Inventory Raw Materials And Supplies
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CY2022Q4 us-gaap Inventory Raw Materials And Supplies
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CY2023Q1 fgc Inventory Low Grade Ore Stockpile
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1500000
CY2022Q4 fgc Inventory Low Grade Ore Stockpile
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CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q1 fgc Minerals Tax Rate
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Other Assets Current
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CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2022Q1 us-gaap Depreciation Depletion And Amortization
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627000
CY2022Q4 us-gaap Accrued Royalties Current
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547000
CY2023Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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31000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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56000
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CY2022Q4 us-gaap Other Liabilities Current
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202169
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24208676
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24197423
CY2023Q1 us-gaap Earnings Per Share Basic
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0.26
CY2022Q4 us-gaap Asset Retirement Obligation
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5863000
CY2021Q4 us-gaap Asset Retirement Obligation
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4725000
CY2022 us-gaap Asset Retirement Obligation Period Increase Decrease
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789000
CY2023Q1 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
9000
CY2022 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
47000
CY2023Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
128000
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
396000
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5982000
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5863000
CY2023Q1 fgc Off Balance Arrangement
OffBalanceArrangement
12500000
CY2023Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2022Q4 fgc Off Balance Arrangement
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12500000
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5900000
CY2023Q1 fgc Reclamation And Remediation Discount Rate
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CY2023Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
2800000
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0748
CY2023Q1 us-gaap Lessee Operating Lease Existence Of Residual Value Guarantee
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false
CY2022Q4 us-gaap Lessee Operating Lease Renewal Term
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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3800000
CY2022Q4 us-gaap Operating Lease Liability
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3800000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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3075000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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3075000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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94000
CY2023Q1 us-gaap Operating Lease Liability
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2981000
CY2023Q1 us-gaap Operating Lease Liability Current
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2981000
CY2023Q1 us-gaap Operating Lease Payments
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909000
CY2022Q1 us-gaap Operating Lease Payments
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1749000
CY2023Q1 us-gaap Interest Income Expense Net
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362000
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-16000
CY2023Q1 fgc Charitable Contributions
CharitableContributions
37000
CY2022Q1 fgc Charitable Contributions
CharitableContributions
2000
CY2023Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2000
CY2022Q1 us-gaap Other Nonoperating Income
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1000
CY2023Q1 us-gaap Nonoperating Income Expense
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327000
CY2022Q1 us-gaap Nonoperating Income Expense
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-17000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
60000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
6368000
CY2022Q1 us-gaap Net Income Loss
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2618000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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24063853
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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23995254
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
144823
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2022Q1 us-gaap Dividends
Dividends
2900000
CY2023Q1 us-gaap Dividends
Dividends
2900000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12

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ftco-20230331_lab.xml Edgar Link unprocessable
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0001558370-23-008508.txt Edgar Link pending
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ftco-20230331_cal.xml Edgar Link unprocessable
ftco-20230331_pre.xml Edgar Link unprocessable
ftco-20230331x10q_htm.xml Edgar Link completed
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