HL-PBHIGH SIGNALFINANCIAL10-K

HL-PB delivered exceptional financial performance with net income surging 799% to $321.7M and cash position strengthening dramatically from $26.9M to $241.6M.

This represents a transformational year for the precious metals miner, with operating leverage driving massive profit expansion as revenue grew 46% but net income increased eight-fold. The company has significantly strengthened its balance sheet and liquidity position, while also increasing share count by approximately 6%, suggesting potential equity raises or acquisitions that funded this growth.

Comparing 2026-02-17 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

HL-PB experienced explosive financial growth across all key metrics, with net income jumping 799% to $321.7M, operating cash flow more than doubling to $562.6M, and cash reserves surging from $26.9M to $241.6M. Revenue growth of 46% generated exceptional operating leverage, driving gross profit up 214% and operating income up 384%, while stockholders' equity increased 27% to $2.6B. The company also reduced dividend payments by 59%, likely to preserve cash for growth investments, painting a picture of a mining operation hitting its operational stride with strong commodity pricing and production efficiency gains.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+799.1%
$26.9M→$241.6M

Cash position surged 799.1% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+798.6%
$35.8M→$321.7M

Net income grew 798.6% — bottom-line growth signals improving overall business health.

Accounts Receivable
Balance Sheet
+440.2%
$31.5M→$170.2M

Receivables surged 440.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Operating Income
P&L
+384.4%
$106.3M→$514.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Gross Profit
P&L
+213.9%
$198.2M→$622.2M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
+193.9%
$214.2M→$629.3M

Current assets grew 193.9% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+157.8%
$218.3M→$562.6M

Operating cash flow surged 157.8% — exceptional cash generation, highest quality earnings signal.

Dividends Paid
Cash Flow
-59%
$25.3M→$10.4M

Dividends cut 59% — significant signal of cash flow stress or capital reallocation priorities.

Revenue
P&L
+45.6%
$443.6M→$646.0M

Strong top-line growth of 45.6% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
+27.1%
$2.0B→$2.6B

Equity base grew 27.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-13
ADDED
The aggregate market value of the registrant s voting Common Stock held by non-affiliates was $ 3,940,331,126 as of June 30, 2025.
There were 663,074,925 shares of the registrant s Common Stock outstanding as of June 30, 2025, and 670,349,801 shares outstanding as of February 12, 2026.
Propert ies 34 Summary 35 Greens Creek 42 Lucky Friday 48 Keno Hill 52 Casa Berardi 56 Internal Controls 60 Item 3.
Tariffs, other potential changes to tariff and import/export regulations, or trade disputes between the United States and other jurisdictions may have a negative effect on global economic conditions and on our business, financial results and financial condition.
Efforts to expand the finite lives of our mines may not be successful or could result in significant demands on our liquidity, which could hinder our growth and our costs of extending existing reserves or development of new orebodies and other capital costs may be higher and provide less return than we estimated.
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REMOVED
The aggregate market value of the registrant s voting Common Stock held by non-affiliates was $ 2,979,623,680 as of June 30, 2024.
There were 627,113,698 shares of the registrant s Common Stock outstanding as of June 30, 2024, and 631,831,137 shares outstanding as of February 7, 2025.
Propert ies 34 Summary 35 Greens Creek 42 Lucky Friday 48 Keno Hill 53 Casa Berardi 57 Internal Controls 60 Item 3.
We have a substantial amount of debt that could impair our financial health and prevent us from fulfilling our obligations under our existing and future indebtedness.
We have net operating losses which could reoccur in the future.
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