Condor Energies (CDR) Q4 2025 earnings summary

Executive summary

• Achieved transformational year with strong production growth in Uzbekistan and progress on LNG and critical minerals projects in Kazakhstan.

• Divested Turkish assets to focus on higher-return growth initiatives and energy transition portfolio.

Financial highlights

• Natural gas and condensate sales reached $80.7 million in 2025, up from $66.6 million in 2024.

• Total revenue (net of royalties) was $69.5 million in 2025, compared to $57.4 million in 2024.

• Net income for 2025 was $1.2 million, down from $3.5 million in 2024.

• Net loss attributable to common shareholders was $4.2 million in 2025, slightly higher than $4.1 million in 2024.

• Total assets increased to $98.4 million at year-end 2025 from $66.6 million in 2024.

Outlook and guidance

• March 2026 production averaged 12,622 boe/d, a 20% increase over 2025's average, driven by new wells.

• LNG production in Kazakhstan expected to commence late Q4 2026, with modular expansion planned.

• Plans to drill up to twelve wells in Uzbekistan in 2026 to accelerate gas production.

• Field booster compression in Uzbekistan to be commissioned in Q1 2027, expected to add over 20 MMscf/d.