Maha Capital (MAHA) Q3 2025 earnings summary

Executive summary

• Maintained a strong cash balance of $108.7M and approved credit lines of $52M at 18% yield, reflecting robust liquidity and credit capacity.

• Completed divestments of Brava for $78M and Illinois Basin for $3.5M plus a potential $0.6M earnout, marking a strategic shift away from oil & gas.

• Business combination with Keo World's credit operations and technology underway, pending EGM approval and a planned capital raise of up to $35M, to focus on scalable B2B credit solutions.

• Q3 2025 marked a strategic pivot from oil and gas to credit and fintech, highlighted by the divestment of legacy energy assets and the initiation of a fintech platform partnership with Keo World.

Financial highlights

• Recurring G&A expenses reduced by 35% year-over-year and 18% quarter-over-quarter, demonstrating ongoing cost optimization.

• EBITDA declined to $(3,037)K in Q3 2025 from $(2,518)K in Q3 2024, mainly due to asset sales and reversion of other incomes.

• Net result from continuing operations was $3.96M in Q3 2025, compared to a loss of $43.14M in Q3 2024.

• Cash and cash equivalents (including restricted cash) totaled $108.7M at quarter-end, up from $25.67M a year earlier.

• Free cash flow for the nine months was $56.1M, a significant improvement from negative $52.3M in the prior year period.

Outlook and guidance

• Strategic repositioning to capture growth in high-yield B2B credit segment, leveraging AMEX issuing license and AI-driven underwriting.

• US listing planned for next year to enhance capital structure and growth potential, with additional senior debt funding planned.