Keweenaw Land Association (KEWL) H1 2025 earnings summary

Executive summary

• Lease income from the Copperwood Project totaled $140,000, with an additional $49,101 from hydrogen, solar, and recycling options, and $125,377 in interest income from treasury investments for the first half of 2025.

• Net loss after tax was $(51,156) for the six months ended June 30, 2025, compared to net income of $32,315 in the prior year period.

• The company operates with only two employees, maintaining minimal overhead.

• Cost of sales increased to $58,060, reflecting higher activity related to mineral and data acquisition and asset maintenance.

Financial highlights

• Total revenues for the six months ended June 30, 2025, were $189,101, up from $149,310 year-over-year.

• Cost of sales rose to $58,060 from $20,094 year-over-year.

• Operating loss was $(155,738) compared to $(201,335) in the prior year.

• Net loss per share was $(0.05) basic and $(0.04) diluted, versus $0.03 per share in the prior year.

• Cash and cash equivalents at period end were $4,057,896, with $3,999,776 in short-term treasury bills.

Outlook and guidance

• Revenue generation remains highly dependent on the Copperwood Project lease, with uncertainty regarding the timing and realization of future royalty streams.

• The company continues to seek new mineral and management agreements, such as the recent hydrogen option and mineral management agreement.