Keo Capital (KEOC) Q3 2025 earnings summary

Executive summary

• Ended Q3 2025 with over $108 million in cash, reflecting robust liquidity after divesting Brava Energia for $78 million and Illinois Basin for $3.5 million plus potential earnouts, marking a strategic shift from oil and gas to credit operations via Keo World.

• Business combination with Keo World underway, focusing on scalable B2B credit solutions across Latin America and Canada, pending regulatory and EGM approvals.

• Significant reduction in recurring G&A expenses by 35% year-over-year, reflecting a leaner operational structure.

Financial highlights

• Achieved a 35% year-over-year and 18% quarter-over-quarter reduction in G&A expenses.

• Reported negative EBITDA of approximately $3.04 million due to lack of revenues and non-cash expenses.

• Net result from continuing operations was $3.96 million, with a realized gain of $6.92 million on Brava shares.

• Cash and liquid investments at quarter-end totaled $108.7 million, with pro forma cash and credit at $97.3 million after subsequent events.

Outlook and guidance

• Expect to conclude the business combination and $27 million capital raise by December-January, with an additional $80 million raise and U.S. listing targeted for next year.

• Nasdaq relisting and dual US listing anticipated between Q2 and Q3 next year.

• Focus remains on expanding the credit portfolio, leveraging senior lender financing, and scaling fintech operations.