Kolibri Global Energy (KEI) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of $58.5 million and adjusted EBITDA of $44 million in 2024, driven by a 24% production increase and cost efficiencies, despite lower commodity prices.

• Net income was $18.1 million, with basic EPS of $0.51, down 6% from 2023 due to lower unrealized gains and higher expenses.

• Share price rose 58% in 2024, with further gains in 2025.

• Fourth quarter 2024 saw net revenues of $17.4 million, adjusted EBITDA of $13.5 million, and net income of $5.6 million.

Financial highlights

• 2024 net revenue was $58.5 million, up 60% year-over-year, with average production of 3,478 BOEPD, a 24% increase.

• Adjusted EBITDA reached $44 million, a 28% increase from 2023.

• Operating expenses averaged $7.44 per BOE in 2024, including prior-year cost true-ups.

• CapEx was $31.3 million, down 41% from 2023 and below guidance.

• Net debt at year-end was $28.9 million, with $16.5 million in available borrowing capacity.

Outlook and guidance

• 2025 production forecast: 4,500–5,100 BOE/day, a 29–47% increase over 2024.

• Revenue guidance for 2025: $75–89 million, up 28–52% year-over-year.

• Adjusted EBITDA forecast: $58–71 million, a 32–61% increase.

• CapEx planned at $48–53 million, with nine new wells, including four Lovina wells and the Forguson well.

• Growth expected to be funded by operating cash flow, with net debt projected at $25–30 million by year-end 2025.