Financial Performance - For the three months ended March 31, 2025, JX Energy Ltd. reported total revenue of CAD 2,723,412, a slight decrease from CAD 2,799,435 in the same period of 2024, representing a decline of approximately 2.7%[6]. - The company experienced an operating loss of CAD 2,561,009 for the three months ended March 31, 2025, compared to an operating loss of CAD 2,485,297 in the prior year, indicating an increase in losses of about 3.1%[6]. - JX Energy Ltd. reported a net loss of CAD 3,575,957 for the three months ended March 31, 2025, compared to a net loss of CAD 3,429,736 in the same period of 2024, indicating an increase in losses of approximately 4.3%[6]. - The company’s production sales revenue for the three months ended March 31, 2025, was CAD 2,908,480, an increase from CAD 2,827,452 in the same period of 2024, representing a growth of about 2.9%[6]. - The company reported a production revenue of CAD 2,908,000 in Q1 2025, compared to CAD 1,174,000 in Q4 2024, indicating a significant recovery in production[95]. - For the three months ended March 31, 2025, total revenue from product sales was CAD 2,908,480, an increase of 2.86% compared to CAD 2,827,452 for the same period in 2024[45]. - The total loss and comprehensive loss was CAD (3,576) thousand, a decrease of 4% compared to CAD (3,430) thousand for the same period in 2024[114]. Assets and Liabilities - Total assets as of March 31, 2025, were CAD 25,726,186, a decrease from CAD 25,888,120 as of December 31, 2024, reflecting a reduction of approximately 0.6%[5]. - The company's total liabilities increased to CAD 50,330,679 as of March 31, 2025, up from CAD 47,349,095 at the end of 2024, representing a rise of about 6.3%[5]. - The total financial liabilities as of March 31, 2025, amounted to CAD 53.77 million, with CAD 18.51 million due within one year[64]. - The company's total net exposure to foreign currency risk as of March 31, 2025, was CAD (16.09 million), slightly increased from CAD (16.07 million) as of December 31, 2024[71]. - The company's long-term debt totaled 14,584,860 CAD as of March 31, 2025, an increase from 13,646,448 CAD as of December 31, 2024[28]. - The company’s long-term debt (excluding current portions) as of March 31, 2025, was CAD 8.93 million, a decrease from CAD 9.10 million as of December 31, 2024[74]. Cash Flow and Financing - The company’s cash and cash equivalents decreased to CAD 160,284 as of March 31, 2025, down from CAD 211,491 as of December 31, 2024, a decline of about 24.2%[5]. - Operating cash flow for the three months ended March 31, 2025, was negative CAD 228,403, a significant decline from a positive cash flow of CAD 40,634 in the same period of 2024[8]. - The company issued bonds resulting in cash inflow of CAD 2,114,802 during the financing activities for the three months ended March 31, 2025[8]. - The company received CAD 1.1 million from a shareholder, with the loan agreement yet to be signed[31]. - The company has a working capital deficit of CAD 16.3 million as of March 31, 2025, with full drawdowns of USD 11.5 million from the CIMC and Jixing loans[126]. Production and Sales - In Q1 2025, the average daily production of natural gas was 10,231 cubic feet per day, a substantial increase from 3,746 cubic feet per day in Q4 2024[95]. - Total sales volume increased by 22% year-over-year, driven by increased wellhead pressure, resulting in production exceeding historical levels[101]. - Natural gas production rose by 27% to 10,231 cubic feet per day, while oil production decreased by 35% to 26 barrels per day due to maintenance and repair[100][101]. - Natural gas liquid revenue surged by 65% year-over-year, attributed to increased production and significantly higher average sales prices[103]. Expenses and Costs - Total operating costs rose by 15% to CAD 4,199,000, reflecting increased production levels, while unit costs for natural gas and NGLs decreased by 7%[108]. - Royalty expenses increased significantly by 520% to CAD 198,000, with an effective average royalty rate rising to 7% from 1%[107]. - General and administrative expenses decreased by 69% to CAD 193,000, reflecting changes in executive compensation and board fees[109]. - Interest expenses and financing costs for term debt decreased by 24% to CAD 68 thousand from CAD 90 thousand year-over-year[111]. Corporate Governance and Compliance - The company has adopted the corporate governance code to ensure business activities and decision-making processes are properly regulated[162]. - The board has established a framework for identifying and managing key risks, with annual reviews of the internal control system's effectiveness[156]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[162]. - The audit and risk committee, consisting of three independent non-executive directors, reviewed the interim results for the three months ending March 31, 2025[165]. Future Outlook and Risks - The company’s ability to continue as a going concern is dependent on generating positive cash flow from operations and obtaining additional financing[12]. - The company is facing significant operational and financing uncertainties due to global market volatility, including impacts from the Ukraine and Middle East conflicts[127]. - The company anticipates a significant increase in natural gas prices in 2025 based on the average prices from 2024, despite current market volatility[92]. - The company plans to explore additional drilling targets if prices reach the average levels of 2022 during 2025 and 2026[92].
吉星新能源(03395) - 2025 Q1 - 季度业绩