Maha Capital (MAHA) Q1 2026 earnings summary

Executive summary

• Completed Nasdaq relisting and business combination with KEO World, raising $27 million at SEK 16/share and an additional $13 million post-quarter, resulting in a pro forma cash and receivables position of $130.7 million.

• Exercised call option to acquire a 24% stake in PetroUrdaneta, Venezuela, with potential to increase to 40% by 2028; ongoing negotiations for operational contracts and asset separation.

• Strategic focus on separating oil and gas assets from fintech business, with a planned U.S. listing in late 2026 or first half of 2027.

• Launched and expanded fintech platforms Workeo and Global Trade Card across Latin America, with planned launches in Canada and Brazil in 2026.

• Strong balance sheet post-merger and capital raise, supporting scalable fintech growth.

Financial highlights

• G&A expenses reduced 43% year-over-year to $2.29 million in Q1 2026 due to reorganization and cost reduction.

• Non-recurring expenses increased to $1.22 million, mainly from relisting and KEO acquisition.

• Net result for the quarter was a loss of $800,000; adjusted for non-cash and non-recurring items, nearly breakeven at $1.2 million profit.

• Net financial income rose 6.3x year-over-year to $1.74 million in Q1 2026.

• Ended quarter with $170.7 million gross cash and receivables, net cash position of $91 million.

Outlook and guidance

• Targeting launches of Workeo in Canada and Brazil in 2026, aiming for significant fintech growth.

• Expecting to finalize PDVSA contract for PetroUrdaneta and release reserve report in second half of 2026.

• U.S. listing and potential spin-off targeted for late 2026 or first half of 2027.