Interoil Exploration and Production (IOX) Q1 2025 earnings summary

Executive summary

• Q1 2025 operated production was 97,506 boe, down from 103,738 boe in Q1 2024 due to compressor failures in Argentina, but revenue rose to $5.7M from $5.3M, driven by higher gas prices.

• Well interventions in Colombia and Argentina brought seven wells back online, adding 117 bopd and 82,000 scfpd of gas.

• Bondholders approved settling January 2025 interest in kind by issuing additional bonds; similar approval sought for July 2025.

Financial highlights

• Q1 2025 revenue was $5.7M, up from $5.3M in Q1 2024; gross profit was -$1.2M, down from $2.2M in Q1 2024.

• Net loss for Q1 2025 was $4.8M, compared to a $1.6M loss in Q1 2024.

• Cash and cash equivalents (non-restricted) increased to $1.8M at March 31, 2025, from $1.2M at December 31, 2024.

• Total assets at March 31, 2025, were $51.4M; total liabilities were $88.5M; negative equity of $37.1M.

• Net cash generated from operations was $1.0M in Q1 2025, compared to -$8.1M in Q4 2024.

Outlook and guidance

• Strategy focuses on restoring production in Argentina and Colombia, optimizing costs, and enhancing liquidity.

• Targeted actions include production enhancement, cost restructuring, and strict discretionary spending control.