Condor Energies (CDR) Q3 2024 earnings summary

Executive summary

• Achieved net income of $3.2 million for Q3 2024, reversing a net loss of $0.9 million in Q3 2023; nine-month net income was $4.8 million versus a $3.8 million loss year-over-year.

• Revenue for Q3 2024 was $19.2 million, up from $0.1 million in Q3 2023, driven by the commencement of the Uzbekistan PEC Project.

• Cash from operating activities for Q3 2024 was $5.1 million, compared to a cash outflow of $1.7 million in Q3 2023.

• Working capital increased to $7.7 million as of September 30, 2024, from $3.6 million at year-end 2023.

Financial highlights

• Q3 2024 revenue: $19.2 million (Q3 2023: $0.1 million); nine-month revenue: $45.6 million (2023: $0.6 million).

• Q3 2024 net income: $3.2 million (Q3 2023: $0.9 million loss); nine-month net income: $4.8 million (2023: $3.8 million loss).

• Cash and cash equivalents at September 30, 2024: $12.5 million (December 31, 2023: $5.0 million).

• Q3 2024 basic and diluted EPS: $0.01 (Q3 2023: $(0.02)); nine-month EPS: $(0.01) (2023: $(0.07)).

• Operating cash flow for nine months: $4.8 million (2023: $(4.3) million).

Outlook and guidance

• PEC Project in Uzbekistan expected to provide stable revenue over a 20-year term.

• Company believes it has sufficient resources to manage obligations for the next year, but longer-term outcomes remain uncertain.