$FTCO
Fortitude Gold Corp

2024 Q2 Form 10-Q Financial Statement

#000155837024007043 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $9.554M $8.181M
YoY Change -50.29% -62.02%
Cost Of Revenue $97.00K $45.00K
YoY Change 8.99% -6.25%
Gross Profit $4.818M $4.165M
YoY Change -57.08% -66.24%
Gross Profit Margin 50.43% 50.91%
Selling, General & Admin $1.190M $1.221M
YoY Change 9.48% 15.3%
% of Gross Profit 24.7% 29.32%
Research & Development $4.252M $3.638M
YoY Change -29.85% -1.36%
% of Gross Profit 88.25% 87.35%
Depreciation & Amortization $1.600M $1.400M
YoY Change -44.83% -60.0%
% of Gross Profit 33.21% 33.61%
Operating Expenses $5.472M $4.869M
YoY Change -23.82% 1.82%
Operating Profit -$654.0K -$704.0K
YoY Change -116.18% -109.32%
Interest Expense $569.0K $631.0K
YoY Change 21.32% 74.31%
% of Operating Profit
Other Income/Expense, Net $539.0K $621.0K
YoY Change 24.19% 89.91%
Pretax Income -$85.00K -$73.00K
YoY Change -101.88% -100.92%
Income Tax $100.0K -$100.0K
% Of Pretax Income
Net Earnings -$138.0K -$2.000K
YoY Change -103.83% -100.03%
Net Earnings / Revenue -1.44% -0.02%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 24.16M 24.14M
Diluted Shares Outstanding 24.17M 24.14M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.63M $43.51M
YoY Change -26.54% -16.76%
Cash & Equivalents $32.87M $41.87M
Short-Term Investments $1.756M $1.635M
Other Short-Term Assets $258.0K $128.0K
YoY Change 1.98% -68.0%
Inventory $15.24M $24.39M
Prepaid Expenses
Receivables $527.0K $9.000K
Other Receivables $0.00 $0.00
Total Short-Term Assets $52.14M $69.11M
YoY Change -47.89% -30.87%
LONG-TERM ASSETS
Property, Plant & Equipment $23.88M $24.33M
YoY Change -16.55% -15.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $386.0K $386.0K
YoY Change 13.2% -78.8%
Total Long-Term Assets $73.37M $61.14M
YoY Change 120.09% 73.46%
TOTAL ASSETS
Total Short-Term Assets $52.14M $69.11M
Total Long-Term Assets $73.37M $61.14M
Total Assets $125.5M $130.2M
YoY Change -5.92% -3.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.010M $2.944M
YoY Change -16.83% 8.08%
Accrued Expenses $516.0K $355.0K
YoY Change -82.94% -91.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.733M $5.820M
YoY Change -54.23% -41.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.796M $6.648M
YoY Change 11.37% 11.13%
Total Long-Term Liabilities $6.796M $6.648M
YoY Change 11.37% 11.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.733M $5.820M
Total Long-Term Liabilities $6.796M $6.648M
Total Liabilities $10.53M $12.47M
YoY Change -26.15% -21.41%
SHAREHOLDERS EQUITY
Retained Earnings $10.35M $13.39M
YoY Change -31.1% -12.33%
Common Stock $242.0K $242.0K
YoY Change 0.41% 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.0M $117.8M
YoY Change
Total Liabilities & Shareholders Equity $125.5M $130.2M
YoY Change -5.92% -3.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$138.0K -$2.000K
YoY Change -103.83% -100.03%
Depreciation, Depletion And Amortization $1.600M $1.400M
YoY Change -44.83% -60.0%
Cash From Operating Activities -$4.976M -$2.903M
YoY Change -428.88% -125.74%
INVESTING ACTIVITIES
Capital Expenditures $1.121M $1.083M
YoY Change -59.43% -10.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.121M -$1.083M
YoY Change -62.66% -10.57%
FINANCING ACTIVITIES
Cash Dividend Paid $2.896M
YoY Change 0.31%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.900M -2.822M
YoY Change -24.97% -1.05%
NET CHANGE
Cash From Operating Activities -4.976M -2.903M
Cash From Investing Activities -1.121M -1.083M
Cash From Financing Activities -2.900M -2.822M
Net Change In Cash -8.997M -6.808M
YoY Change 68.04% -194.39%
FREE CASH FLOW
Cash From Operating Activities -$4.976M -$2.903M
Capital Expenditures $1.121M $1.083M
Free Cash Flow -$6.097M -$3.986M
YoY Change 387.76% -139.6%

Facts In Submission

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CY2024Q1 fgc Inventory Leach Pad
InventoryLeachPad
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CY2023Q4 fgc Inventory Leach Pad
InventoryLeachPad
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CY2024Q1 fgc Inventory Dore
InventoryDore
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CY2023Q4 fgc Inventory Dore
InventoryDore
22000
CY2024Q1 fgc Product Inventory
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CY2023Q4 fgc Product Inventory
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CY2024Q1 us-gaap Inventory Raw Materials And Supplies
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CY2023Q4 us-gaap Inventory Raw Materials And Supplies
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CY2024Q1 us-gaap Inventory Net
InventoryNet
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CY2023Q4 us-gaap Inventory Net
InventoryNet
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CY2024Q1 fgc Inventory Leach Pad Noncurrent
InventoryLeachPadNoncurrent
33600000
CY2023Q4 fgc Inventory Leach Pad Noncurrent
InventoryLeachPadNoncurrent
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CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2024Q1 fgc Minerals Tax Rate
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2024Q1 fgc Contractor Advances
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CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2024Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3500000
CY2024Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
148000
CY2023 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
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CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
6500000
CY2024Q1 fgc Off Balance Arrangement
OffBalanceArrangement
12500000
CY2024Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
6600000
CY2023Q4 fgc Off Balance Arrangement
OffBalanceArrangement
12500000
CY2024Q1 us-gaap Accrued Royalties Current
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248000
CY2023Q4 us-gaap Accrued Royalties Current
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CY2024Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2024Q1 us-gaap Other Accrued Liabilities Current
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2000
CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Other Liabilities Current
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CY2023Q4 us-gaap Other Liabilities Current
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CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
5863000
CY2023 us-gaap Asset Retirement Obligation Period Increase Decrease
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317000
CY2023 us-gaap Asset Retirement Obligation Liabilities Settled
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194000
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
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CY2024Q1 fgc Reclamation And Remediation Discount Rate
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0.11
CY2024Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
0
CY2024Q2 fgc Contract Mining Agreement Extended Term
ContractMiningAgreementExtendedTerm
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CY2024Q2 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
900000
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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CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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600000
CY2023Q4 us-gaap Operating Lease Liability
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600000
CY2024Q2 us-gaap Lessee Operating Lease Renewal Term
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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CY2024Q1 us-gaap Operating Lease Payments
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706000
CY2023Q1 us-gaap Operating Lease Payments
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909000
CY2024Q1 us-gaap Interest Income Expense Net
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528000
CY2023Q1 us-gaap Interest Income Expense Net
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362000
CY2024Q1 fgc Charitable Contributions
CharitableContributions
13000
CY2023Q1 fgc Charitable Contributions
CharitableContributions
37000
CY2024Q1 us-gaap Unrealized Gain Loss On Investments
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103000
CY2024Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
3000
CY2023Q1 us-gaap Other Nonoperating Income
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2000
CY2024Q1 us-gaap Nonoperating Income Expense
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CY2023Q1 us-gaap Nonoperating Income Expense
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327000
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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208000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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60000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-2000
CY2023Q1 us-gaap Net Income Loss
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6368000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24135246
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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24063853
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
144823
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24135246
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24208676
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2024Q1 us-gaap Unrealized Gain Loss On Investments
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103000
CY2023Q1 us-gaap Dividends
Dividends
2900000
CY2024Q1 us-gaap Dividends
Dividends
2900000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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