SSMR
SSMRCIK 0002091017
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SSMR files S-1/A for $300M IPO of 20M shares at $15.00, valuing company at $2.1B
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share amounts; mapped from filer XBRL tags, not printed on the filing face)
| Description | Q2 ended Jun 30, 2026 | Q2 ended Jun 30, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | — | 0.04 |
| Operating expenses: | ||
| General and administrative | 6.9 | 2.2 |
| Depreciation and amortization | 0.3 | 0.1 |
| Other operating expenses, net | 10.2 | 3.3 |
| Operating income | (17.4) | (5.6) |
| Interest expense | 0.01 | 1.4 |
| Other income/(expense), net | 0.7 | — |
| Income tax expense/(benefit) | — | — |
| Net income | (16.7) | (7.0) |
| Basic earnings per share | (0.13) | (0.08) |
| Diluted earnings per share | (0.13) | (0.08) |
Condensed Consolidated Balance Sheets (Unaudited)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 288,722,323 | 30,975,991 |
| Prepaid expenses | 878,628 | 1,282,034 |
| Materials and supplies inventory | 567,240 | 377,269 |
| Other current assets | 753,426 | 888,640 |
| Total current assets | 290,921,617 | 33,523,934 |
| Restricted cash | 275,039 | 275,039 |
| Property, plant and equipment, net | 44,392,824 | 34,290,542 |
| Intangible assets | 750,000 | 750,000 |
| TOTAL ASSETS | 336,339,480 | 68,839,515 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities | ||
| Accounts payable | 5,876,548 | 2,562,528 |
| Accrued liabilities | 5,753,925 | 2,218,413 |
| Note payable | 231,526 | 683,135 |
| Total current liabilities | 11,861,999 | 5,464,076 |
| Reclamation obligations | 1,873,574 | 1,814,600 |
| TOTAL LIABILITIES | 13,735,573 | 7,278,676 |
| Commitments and contingencies (Note 11) | ||
| STOCKHOLDERS’ EQUITY | ||
| Preferred Stock, $0.001 par value, 250,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; nil issued and outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.001 par value, 3,500,000,000 and 150,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 143,726,603 and 116,509,480 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 143,726 | 116,509 |
| Additional paid-in capital | 557,009,853 | 266,021,748 |
| Accumulated deficit | (234,549,672) | (204,577,418) |
| Total Stockholders’ Equity | 322,603,907 | 61,560,839 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 336,339,480 | 68,839,515 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows from Operating activities: | ||
| Net loss | (29,972,254) | (11,085,202) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 713,569 | 271,097 |
| Stock-based compensation | 4,254,752 | 188,900 |
| Reclamation obligation accretion | 58,974 | 55,375 |
| Convertible notes discount amortization | — | 914,889 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses | 403,406 | 61,338 |
| Materials and supplies inventory | (189,971) | (182,131) |
| Metals inventory | — | 39,799 |
| Other current assets | (686,976) | 1,631 |
| Accounts payable | 2,609,476 | 452,669 |
| Accrued liabilities | 1,092 | 396,758 |
| Accrued interest | — | 1,688,312 |
| Net cash used in operating activities | (22,807,932) | (7,196,565) |
| Cash Flows from Investing activities: | ||
| Additions to property, plant and equipment | (9,453,812) | (3,518,182) |
| Additions to intangible assets | — | (750,000) |
| Net cash used in investing activities | (9,453,812) | (4,268,182) |
| Cash Flows from Financing activities | ||
| Gross proceeds received from initial public offering | 310,500,000 | — |
| Costs of initial public offering | (20,040,315) | — |
| Payments of note payable for insurance premium financing | (451,609) | (271,469) |
| Proceeds from notes payable | — | 17,600,000 |
| Net cash provided by financing activities | 290,008,076 | 17,328,531 |
| Increase in Cash and cash equivalents and Restricted cash | 257,746,332 | 5,863,784 |
| Cash and cash equivalents and Restricted cash, beginning | 31,251,030 | 2,242,885 |
| Cash and cash equivalents and Restricted cash, ending | 288,997,362 | 8,106,669 |
| Supplemental Cash Flow Information: | ||
| Interest paid | 16,622 | 11,507 |
| Unpaid offering costs | 3,699,115 | — |
Statements found on the EDGAR/iXBRL face print as filed; the rest are presentation-friendly mappings of filer XBRL tags, at the scale noted on each table. EPS as reported. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗