Laredo Oil Inc delivered a modest top-line in QQ2 2025, with reported revenue of 1.64 million and gross profit matching revenue, yielding a gross margin effectively at 100% on the face of the figures. However, the quarter is defined by a heavy drag from operating expenses and financing costs, resulting in a substantial EBITDA loss of 0.704 million and a net loss of 0.816 million. The quarter’s cash flow showed a negative operating cash flow of 0.605 million, paired with a sizable capital expenditure program of 1.757 million, pressuring near-term liquidity and highlighting the need for capital discipline and balance-sheet stabilization. Notably, the balance sheet shows a heavily levered liability position with total liabilities of 16.45 million against total assets of 4.94 million and a negative shareholders’ equity of 11.51 million, signaling significant solvency and equity concerns despite a cash balance of 1.88 million. The reported data suggests a business at an early-stages of transformation within its mature-field EOR (enhanced oil recovery) strategy, but the absence of a credible, disclosed forward guidance and the lack of a management call transcript clouds near-term visibility. Investors should monitor whether LRDC can align capex with cash generation, stabilize liquidity, and demonstrate meaningful production uplift from its EOR program before re-rating the stock.