DynaResource, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in revenue, generating $11.2 million for the three months ended September 30, 2024, compared to $6.1 million for the same period in 2023. For the nine months ended September 30, 2024, total revenue reached $31.7 million, up from $29.0 million in the prior year. This growth is attributed to increased test mining and milling operations at the San José de Gracia Project in Mexico.
Despite the revenue increase, DynaResource reported a net loss of $870,512 for the third quarter of 2024, a decrease from a net loss of $5.9 million in the same quarter of 2023. However, the nine-month net loss widened to $8.2 million from $6.5 million year-over-year. The company’s operating expenses for the third quarter decreased slightly to $11.8 million from $12.2 million in the previous year, while total operating expenses for the nine months rose to $39.3 million from $37.2 million.
The company’s cash position significantly declined, with cash at $596,024 as of September 30, 2024, down from $5.6 million at the end of 2023. Total current assets also decreased to $11.2 million from $14.1 million, while current liabilities increased to $28.5 million from $24.4 million, resulting in a negative working capital of $17.3 million, up from $10.3 million at the end of 2023.
DynaResource made strategic moves, including the acquisition of Minera de Alica S.A. de C.V. for approximately $5,600 in April 2024. The company also entered into a commodity pricing contract for 75% of recoverable gold, expected to be completed within six months. Additionally, the company has been focused on enhancing its operational capabilities, with significant capital investments in plant upgrades and improved access to mining sites.
The company’s exploration activities continue, with plans for a Mineral Resource Estimate update in Q4 2024. DynaResource aims to increase gold production to between 26,000 and 27,000 ounces in 2024, with ongoing efforts to optimize ore recovery and throughput rates. The company remains classified as an exploration stage issuer, reporting all costs related to mining operations as expenses.
About DYNARESOURCE INC
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.