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EON Resources, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in oil and natural gas sales to $5,365,232 from $6,570,845 in the same quarter the previous year. The decrease is attributed to a reduction in production volumes.
Total revenues for the quarter were $7,364,346, including a gain of $1,900,662 from derivative instruments, compared to a total revenue of $5,278,459 in the previous year.
Lease operating expenses for the quarter were $2,136,732, representing $27.87 per BOE, compared to $2,449,140 or $26.60 per BOE in the same quarter of the previous year.
The company reported a net loss of $3,841,171 for the quarter, compared to a net loss of $651,152 in the previous year, with the decline attributed to increased general and administrative expenses.
General and administrative expenses increased to $2,235,263 from $981,751, primarily due to costs associated with being a public company and stock-based compensation.
Interest expense for the quarter was $1,841,848, up from $554,262 in the previous year, due to the Senior Secured Term Loan and Private Notes Payable.
Cash provided by operating activities was $3,346,362, while cash used in investing and financing activities was $3,295,667 and $809,253, respectively.
EON Resources had a working capital deficit of $38,801,444 as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern within one year after the financial statements are issued.
The filing also details various financial agreements, including the Senior Secured Term Loan Agreement and the Forward Purchase Agreement.
EON Resources plans to address its financial challenges through streamlining costs, maintaining active hedge positions, and issuing additional shares under the Common Stock Purchase Agreement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EON Resources Inc. Class A quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.