Executive Summary
MMEX Resources Corporation reported a materially negative first quarter for 2026 (QQ1 2026), underscoring the transition risks inherent in capital-intensive energy-transition projects. Net income came in at -$436.139 million, with EBITDA of -$359.440 million and operating income of -$368.537 million. The company also posted a negative cash flow from operations of -$8.9 million and a modest shift in financing activity resulting in a net cash increase of $4.38 million, leaving cash at period-end at $59 thousand. The balance sheet presents an extreme leverage and liquidity challenge: total liabilities of approximately $7.36 billion versus assets of about $999 million, and stockholders’ equity of -$6.36 billion. Net debt stood at roughly $4.12 billion. Despite these near-term(headwinds) metrics, MMEX maintains a strategic position focused on solar-powered modular refineries, hydrogen production, and carbon capture, positioning the firm for long-run value should financing, project milestones, and offtake agreements materialize. Investors should weigh the substantial execution risk and liquidity needs against the potential payoff from a diversified clean-fuels platform in a rapidly evolving energy-transition landscape.
Key Performance Indicators
QoQ: -7.36% | YoY:-16.78%
Key Insights
Revenue: Not disclosed for QQ1 2026. Gross Profit: Not disclosed. Operating Income: -$368.537 million (QoQ: -7.36%; YoY: -16.78%). Net Income: -$436.139 million (QoQ: +17.95%; YoY: -2.44%). EBITDA: -$359.440 million. Interest Expense: -$67.602 million. Depreciation & Amortization: $9.097 million. General & Administrative Expenses: $298.940 thousand. Cash from Operations: -$8.900 million. Free Cash Flow: -$8.900 million. Cash at End of Period: $59 thousand. Total Debt: $4,122.986 million....
Financial Highlights
Revenue: Not disclosed for QQ1 2026. Gross Profit: Not disclosed. Operating Income: -$368.537 million (QoQ: -7.36%; YoY: -16.78%). Net Income: -$436.139 million (QoQ: +17.95%; YoY: -2.44%). EBITDA: -$359.440 million. Interest Expense: -$67.602 million. Depreciation & Amortization: $9.097 million. General & Administrative Expenses: $298.940 thousand. Cash from Operations: -$8.900 million. Free Cash Flow: -$8.900 million. Cash at End of Period: $59 thousand. Total Debt: $4,122.986 million. Net Debt: $4,122.927 million. Total Assets: $998.977 million. Total Liabilities: $7,357.501 million. Total Stockholders’ Equity: -$6,358.524 million. Shares Outstanding (weighted): 11,475.488 million.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-368.54K |
-16.78% |
-7.36% |
| Net Income |
-436.14K |
-2.44% |
17.95% |
Management Commentary
Transcript data not provided in the supplied materials. No management quotes or earnings-call themes are available to accompany the QQ1 2026 results. As a result, a thematic synthesis of management commentary and context cannot be rendered from the provided data.
Forward Guidance
No explicit forward guidance was issued in the QQ1 2026 filing. The outlook for MMEX hinges on (i) securing project financing and strategic partnerships to de-leverage, (ii) achieving milestone progress on solar-powered modular refinery, hydrogen, and carbon capture initiatives, and (iii) establishing offtake arrangements for clean fuels. Given the current balance sheet and liquidity constraints, management guidance on revenue visibility or timing of cash flow positive operations remains critical to monitor. investors should watch for (a) debt maturity schedules, (b) any asset monetization or partnership announcements, and (c) government or industry incentives that could improve project economics for hydrogen and CCUS initiatives.