Chariot (CHAR) H1 2025 earnings summary

Executive summary

• Emerged from a challenging period with a new business plan, focusing on two standalone business units: Upstream Oil & Gas and Renewable Power.

• Objective to create two separate groups to unlock more shareholder value, with ongoing evaluation of opportunities for both units.

• Resilience and adaptability highlighted as key strengths, with a diverse portfolio providing a foundation for future growth.

Financial highlights

• Cash balance at 30 June 2025 was $5.6 million, up from $2.9 million at 31 December 2024.

• Loss for the period was $4.7 million, improved from a $8.2 million loss in H1 2024.

• Administrative expenses reduced to $3.2 million from $5.0 million year-over-year.

• Gross proceeds of $7.1 million raised in June 2025 through a placing and oversubscribed open offer.

• Revenue of $78,000 derived from a desalinated water supply contract in Djibouti.

Outlook and guidance

• Plans to enact a demerger of Upstream Oil & Gas and Renewable Power, with timing dependent on valuations and market conditions.

• Focus on scaling and unlocking value across both business units, with continued evaluation of new opportunities.