Condor Energies (CDR) Q2 2024 earnings summary

Executive summary

• Achieved net income of $1.6 million for Q2 2024 and $1.7 million for the six months ended June 30, 2024, reversing prior year losses.

• Commenced a 20-year production enhancement contract in Uzbekistan, driving significant revenue growth.

• Completed partial dispositions of subsidiaries in Uzbekistan and Kazakhstan, introducing non-controlling interests.

Financial highlights

• Q2 2024 revenue was $15.6 million, up sharply from $11,000 in Q2 2023; six-month revenue reached $21.6 million.

• Net income per share was $0.00 for Q2 2024 and $(0.04) for Q2 2023; six-month EPS was $(0.02) vs. $(0.05) prior year.

• Cash and cash equivalents increased to $9.6 million as of June 30, 2024, from $5.0 million at year-end 2023.

• Working capital improved to $6.9 million from $3.6 million at December 31, 2023.

• Operating cash flow for Q2 2024 was $2.2 million, compared to $(1.1) million in Q2 2023.

Outlook and guidance

• Ongoing focus on generating recurring positive cash flows from the Uzbekistan PEC Project.

• Company continues to monitor liquidity and may seek additional debt or equity financing if required.