Condor Energies (CDR) Q1 2025 earnings summary

Executive summary

• Reported net income of $1.6 million for Q1 2025, up from $0.1 million in Q1 2024, driven by strong natural gas and condensate sales in Uzbekistan and Turkiye.

• Cash from operating activities increased to $14.9 million from a negative $2.4 million year-over-year, reflecting improved operational performance.

• Working capital decreased to $22.2 million from $26.0 million at year-end 2024, with cash and equivalents rising to $33.1 million.

• Non-controlling interests increased due to partial dispositions in Uzbekistan and Kazakhstan subsidiaries.

Financial highlights

• Revenue rose to $18.2 million in Q1 2025 from $6.0 million in Q1 2024, mainly from Uzbekistan operations.

• Net income attributable to common shareholders was $0.09 million, with non-controlling interests receiving $1.53 million.

• Basic and diluted net loss per share was $0.00, compared to a loss of $0.02 per share in Q1 2024.

• Total assets increased to $68.4 million from $66.6 million at year-end 2024.

• Capital expenditures for property, plant, and equipment were $9.2 million in Q1 2025.

Outlook and guidance

• The company expects continued strong performance from the Uzbekistan PEC Project, with the contract running through March 2044.

• Ongoing development of LNG facilities in Kazakhstan, with recent acquisition of land and gas allocation for a modular LNG plant.

• Exploration activities in Kazakhstan to continue under new Kolkuduk license awarded in February 2025.