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New Era Helium Inc (NEHC-2.42%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing is available for review filing.
The company reported a net loss of $13,782,384 for the year ended December 31, 2024, compared to a net income of $10,145 for the previous year. This was primarily due to increased general and administrative expenses and the absence of a gain on the sale of assets recorded in 2023.
Total revenues for 2024 were $532,780, a decrease from $612,192 in 2023. The decline was attributed to lower oil sales following the sale of certain properties and a decrease in natural gas prices.
Operating expenses increased significantly to $13,265,510 in 2024 from $6,738,191 in 2023. The increase was driven by higher general and administrative expenses, which rose to $11,195,409 from $4,519,811, due to stock-based compensation and increased legal and consulting costs.
New Era Helium Inc completed a business combination with Roth CH Acquisition V Co on December 6, 2024, which was accounted for as a reverse recapitalization. The transaction resulted in net proceeds of $4,937,895 after transaction costs.
The company reported total assets of $9,182,847 as of December 31, 2024, with a working capital deficit of $2,300,604. Cash and cash equivalents were $1,053,744 at year-end.
New Era Helium Inc is focused on the exploration, development, and production of helium, natural gas, oil, and natural gas liquids. The company owns and operates 137,000 acres in Southeast New Mexico.
The company is in the process of constructing a natural gas processing facility expected to commence operations in the fourth quarter of 2025. This facility is anticipated to significantly increase helium production and revenue.
In 2024, New Era Helium Inc entered into agreements to sell helium to Air Life Gases USA, Inc. and Matheson Tri-Gas, Inc., contingent upon the completion of its Pecos Slope Plant.
The company has secured an equity purchase facility agreement for up to $75 million to support its operations and capital expenditures, which includes two pre-paid advances aggregating $10 million.
New Era Helium Inc continues to focus on its helium production capabilities and is planning to diversify into energy transition products such as net zero energy, blue hydrogen, and blue ammonia.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the New Era Helium Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.