Condor Energies (CDR) Q4 2024 earnings summary

Executive summary

• Achieved net income of $3.5 million for 2024, reversing a net loss of $11.4 million in 2023, driven by the commencement of the PEC Project in Uzbekistan and a significant private placement.

• Completed a 20-year production enhancement contract in Uzbekistan, with operations starting March 2024, and expanded mining rights in Kazakhstan.

• Raised $19.4 million through a private placement and issued convertible debentures for $6.5 million to support growth and operations.

• Reduced accumulated deficit by $219.4 million via a share capital reduction, improving the equity position.

Financial highlights

• Revenue increased to $54.3 million in 2024 from $0.6 million in 2023, primarily from Uzbekistan operations.

• Cash and cash equivalents rose to $27.8 million at year-end 2024 from $5.0 million in 2023.

• Working capital improved to $26.0 million at December 31, 2024, up from $3.6 million a year earlier.

• Net income attributable to common shareholders was a loss of $4.1 million, with non-controlling interests earning $7.6 million.

• Basic and diluted net loss per share was $0.07, compared to $0.20 in 2023.

Outlook and guidance

• Management believes resources are sufficient to meet obligations for the next year, but longer-term outcomes depend on continued access to capital and successful project execution.

• Ongoing focus on managing capital expenditures and operating cash flows through regular budget reviews and authorizations.