Hillcrest Energy Technologies (HEAT) Q3 2025 earnings summary

Executive summary

• Focused on developing and commercializing clean energy technologies, particularly the ZVS platform, with ongoing R&D and strategic partnerships.

• Transitioned away from oil and gas, with all related assets classified as discontinued operations and full impairment recognized.

• Material uncertainty exists regarding the ability to continue as a going concern due to ongoing losses and reliance on external financing.

Financial highlights

• Net loss for the nine months ended September 30, 2025, was $5.09 million, compared to $8.22 million for the same period in 2024.

• Total assets decreased to $2.16 million as of September 30, 2025, from $2.96 million at December 31, 2024.

• Cash and cash equivalents at period end were $155,625, up from $25,345 at year-end 2024.

• Operating expenses for the nine months were $5.02 million, down from $8.32 million year-over-year.

• Share-based compensation for the nine months was $700,634, down from $1,349,540 in the prior year.

Outlook and guidance

• Announced a $7.2 million unit offering to raise capital and settle debt, with a first tranche of $2.66 million closed in October 2025.

• Entered into a memorandum of understanding with Pasqua First Nation and Apeiron Resources to commercialize ZVS technology, with potential for up to $3 million in direct investment.