Seascape Energy Asia (SEA) H2 2024 earnings summary

Executive summary

• Completed strategic pivot to Southeast Asia, establishing a strong regional portfolio and network.

• Achieved significant share price growth of +332% since June 2021, outperforming peers.

• Transitioned out of Norway, impacting financials due to write-offs and restructuring.

• Lean, growth-focused organization with a revamped board and executive team.

Financial highlights

• Operating loss of £5.7 million for FY2024, driven by non-recurring restructuring and transaction costs.

• Loss from discontinued operations of £10.8 million, mainly from Norwegian JV sale write-off.

• Other income of £0.9 million from management fees.

• Cash position at end Q1-25 of £10 million, with no debt and limited financial commitments.

• Q4-24 equity raise contributed £2.8 million to cash reserves.

Outlook and guidance

• Actively pursuing portfolio expansion in 2025, focusing on ground-floor, nil-cost entry opportunities.

• Positioned to capitalize on increased regional licensing activity and limited competition.

• Maintaining a lean cost structure and targeting high-quality, right-fit assets.