Amplitude Energy (AEL) Q1 2025 earnings summary

Executive summary

• Achieved record production and revenue in Q1 FY25, driven by operational improvements at Orbost/OGPP and higher spot gas sales, with multiple production records set and sustained performance near nameplate capacity.

• Progressed the East Coast Supply Project (ECSP), including long-lead equipment orders and ongoing customer and partner discussions.

• Focused on business priorities: production performance, ECSP progress, increasing realized gas prices, and cost/emissions reduction.

Financial highlights

• Quarterly production averaged 74.5 TJ/day, up 17% sequentially, and a new company record; quarterly production of 6.85 PJe (+18% quarter-on-quarter).

• Sales revenue reached AUD 65.8 million, up 15% quarter-on-quarter and 30% year-over-year.

• Realized gas sales price averaged AUD 9.41/GJ, up 2% from the previous quarter and 13% year-over-year.

• Net debt peaked at AUD 279 million at September-end, expected to decline over the financial year; cash reserves rose 76% quarter-on-quarter to $25.6 million.

• Total capital expenditure was $13.1 million, mainly for ECSP subsea trees.

Outlook and guidance

• Targeting an average group exit rate above 70 TJ/day by FY25 year-end, currently tracking above top-end guidance of 62–69 TJ/day.

• Full Orbost plant shutdown planned for March, with production guidance to be reassessed in the second half.

• ECSP targeting first gas supply in 2028, with drilling to commence late 2025, subject to rig arrival and partner arrangements.

• Project funding expected from organic cash generation, customer prepayments, and existing bank facilities.

• Bank facility maturity extension to 2029 underway to optimise funding.