Orca Energy Group (ORCB) Q4 2025 earnings summary

Executive summary

• Revenue declined 57% in Q4 2025 and 22% for the year, mainly due to increased TPDC revenue share and lower Cost Gas recoveries.

• Gas deliveries rose 6% in Q4 and 4% for the year, driven by higher industrial demand and the end of the Protected Gas regime.

• Net income attributable to shareholders was $8.8 million for 2025, reversing a $21.6 million loss in 2024, due to reversal of loss allowance and interest income from TANESCO settlement.

• Net cash flows from operating activities increased 212% year-over-year, primarily from TANESCO payments.

Financial highlights

• Q4 2025 revenue: $15.8 million (down 57% year-over-year); full-year 2025 revenue: $87.2 million (down 22%).

• Q4 2025 net loss: $33.2 million; full-year 2025 net income: $8.8 million (vs. $21.6 million loss in 2024).

• Operating netback per mcf: $3.71 in Q4 2025 (up 4%); $2.83 for 2025 (down 10%).

• Capital expenditures fell 94% to $1.6 million for 2025.

• Working capital at year-end: $27.4 million; cash and equivalents: $87.0 million.

Outlook and guidance

• Focus remains on protecting shareholder value, disciplined capital allocation, and advancing the proposed sale of Tanzanian operations.

• Forward-looking statements highlight uncertainties in regulatory environment, gas demand, and the outcome of ongoing disputes and transactions.