EON Resources (EONR) Q1 2026 earnings summary

Executive summary

• Average production rose to 759 BOE/d from 749 BOE/d; net loss was $5.77M, versus $2.03M attributable to common shareholders in restated Q1 2025.

• San Andres horizontal development advanced: three vertical tests produced commercial oil, and two horizontal wells reached total depth and were expected to begin production in October.

• Cash was $129,772, working capital deficit was $22.60M, and operating cash outflow was $305,976; management said substantial doubt about continuing operations within one year remained.

Financial highlights

• Reported revenue was $968,193 versus $4.51M restated; revenue net of derivatives was $4.22M, versus $4.54M in Q1 2025 and $3.54M in Q4 2025.

• Q1 included a $3.58M net derivative loss; a separate presentation cited a $3.25M non-cash derivative impact on revenue.

• Net loss attributable to common shareholders was $5.77M versus $2.03M restated; basic and diluted loss per share was $0.11 versus $0.13.

• DD&A rose to $1.79M from $97,075, G&A increased to $2.41M from $1.81M, and interest expense declined to $260,381 from $1.74M.

• Total expenses were $7.17M, down from $11.41M in Q4 2025, which included transaction-driven G&A costs.

Outlook and guidance

• Management expects stable production from the two core properties, with production and reserves beginning to grow in Q4 2026 as San Andres horizontal wells come online.

• Two horizontal wells were expected to start production in October; expected initial production had previously been estimated at 400–600 BOPD.

• Cost streamlining, hedges on proved-reserve production and additional Class A shares are among management’s plans, which had not alleviated substantial doubt as of filing.

• Q1 development spending was $1.09M; capital expenditures could be curtailed if cash flows weaken.