Stock-based compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

On December 29, 2025, at the Company’s Annual Meeting, the 2025 HYMC Performance and Incentive Pay Plan (the “2025 PIPP Plan”) was approved. The 2025 PIPP Plan supersedes and replaces the 2020 HYMC Performance and Incentive Pay Plan (the “2020 PIPP Plan”), except with respect to awards granted under the 2020 PIPP Plan plus any shares of Common Stock which, as of the effective date of the 2025 PIPP Plan, were available for issuance under the 2020 PIPP Plan, or are subject to 2020 PIPP Plan awards which become available for future grants of awards as defined in the 2025 PIPP Plan. The 2020 PIPP Plan was approved on February 20, 2019, and amended on May 29, 2020, June 2, 2022, and May 23, 2024.

As of March 31, 2026, all awards granted under the 2025 PIPP Plan and 2020 PIPP Plan were in the form of restricted stock units (“RSUs”) to employees and directors of the Company. As of March 31, 2026, there were 2,518,067 shares available for issuance under the 2025 PIPP Plan.

The following tables summarize the Company’s unvested share awards outstanding as of March 31, 2026 and 2025:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2025	728,974	$	3.56
Granted	1,555,325	49.62
Canceled/forfeited	—	—
Vested	(211,495)	47.82
Unvested at March 31, 2026	2,072,804	$	33.61


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2024	678,071	$	5.13
Granted	—	—
Canceled/forfeited	—	—
Vested	—	—
Unvested at March 31, 2025	678,071	$	5.13

During the periods ended March 31, 2026 and 2025, the Company recorded compensation expense of $19.1 million and $0.5 million, respectively, related to restricted stock awards.

As of March 31, 2026, there was $59.6 million of unrecognized compensation cost related to unvested restricted stock units, expected to be recognized over a weighted-average period of 1.1 years.