Executive Summary
MMEX Resources Corporation reported a QQ1 2025 period with significant negative profitability and an overwhelmed balance sheet. Net income of -$455,222 and EBITDA of -$355,961 accompany operating expenses of $365,058 and a cost of revenue of $9,097, yielding a gross loss of -$9,097. Operating cash flow was -$107,514, while financing activities contributed +$106,876, leaving the company with a net cash decrease of $638 and an ending cash balance of $260. The current ratio is effectively 0.00, and short-term debt stands at $2.1618 million against current assets of only $3.76 thousand, highlighting an acute liquidity squeeze. Total liabilities of $5.2657 million dwarf reported assets of approximately $1.036 million, and equity is negative (-$4.2395 million), signaling substantial balance sheet fragility.
Management has articulated a longer-term transition strategy around solar-powered modular refineries, green/blue hydrogen production, and carbon capture with optional hydrogen conversion to ammonia or methanol. While these strategic initiatives could unlock meaningful upside over time, the QQ1 2025 results underscore a near-term investment risk due to limited revenue visibility, ongoing capex needs, and an outsized debt burden. Investors should weigh the potential upside of the energy-transition thesis against the immediate liquidity hazards and negative equity trajectory. The lack of disclosed quarterly revenue in QQ1 2025 further complicates the near-term profitability outlook, making the path to sustained cash flow contingent on external financing, project milestones, and strategic partnerships.
Key Performance Indicators
QoQ: -15.67% | YoY:-9.58%
Key Insights
Revenue: Not disclosed for QQ1 2025. Four-quarter data lists revenue as null for the QQ1 period used for this analysis; no YoY/QoQ figures are available for revenue.
Gross Profit: -$9,097.00. YoY: 0.00%. QoQ: -120.00%. Rationale: The company reported a gross loss driven by a cost of revenue of $9,097 against negligible or unrecorded revenue in QQ1 2025, resulting in a negative gross margin. Implication: The business has yet to scale operating cash generation; margins remain non-existent as long...
Financial Highlights
Revenue: Not disclosed for QQ1 2025. Four-quarter data lists revenue as null for the QQ1 period used for this analysis; no YoY/QoQ figures are available for revenue.
Gross Profit: -$9,097.00. YoY: 0.00%. QoQ: -120.00%. Rationale: The company reported a gross loss driven by a cost of revenue of $9,097 against negligible or unrecorded revenue in QQ1 2025, resulting in a negative gross margin. Implication: The business has yet to scale operating cash generation; margins remain non-existent as long as revenue remains suppressed.
Operating Income: -$365,058.00. YoY: -9.58%. QoQ: -15.67%. Rationale: Incremental operating expenses (primarily General and Administrative of $350,531 with other operating costs) outpaced any top-line activity, deepening the operating loss. Implication: Structural cost base remains elevated relative to top-line visibility in the near term.
Net Income: -$455,222.00. YoY: 61.60%. QoQ: -6.93%. Rationale: Despite a widening net loss in QQ1 2025 versus the prior quarter, the YoY metric indicates the loss narrowed versus a prior comparable period, driven by changes in operating expenses and other income/expenses in earlier quarters. However, the magnitude of the loss remains material for a company in an exploration/transition phase. Implication: The company remains cash-flow negative and earnings-negative in the near term; profitability hinges on revenue realization and favorable capital structure.
EPS (Diluted): Not disclosed.Weighted average shares outstanding: 9,475,409,652.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Gross Profit |
-9.10K |
0.00% |
-120.00% |
| Operating Income |
-365.06K |
-9.58% |
-15.67% |
| Net Income |
-455.22K |
61.60% |
-6.93% |
Key Financial Ratios
operatingCashFlowPerShare
$-0
priceToBookRatio
-2235.02
priceEarningsRatio
-5203.73
Management Commentary
Transcripts for the QQ1 2025 period are not available. Consequently, there are no management quotes or themes to summarize under the Transcript Highlights section. The analysis references management strategy and public disclosures, but no verbatim earnings-call quotes can be cited for this quarter.
No earnings call transcript available for QQ1 2025.
— MMEX Management
No earnings call transcript available for QQ1 2025.
— MMEX Management
Forward Guidance
No formal revenue guidance was disclosed for QQ1 2025. The company continues to emphasize a strategic pivot toward energy-transition assets: solar-powered modular refineries, green/blue hydrogen production, and carbon capture, with optional conversion to ammonia or methanol. Potential catalysts include: 1) successful licensing/financing agreements enabling project execution; 2) strategic partnerships or off-take agreements for hydrogen and clean fuels; 3) government incentives or tax credits related to hydrogen, carbon capture, and renewables. Achievability depends on capital markets access, project milestones, and counterparty credit risk. Key factors investors should monitor: (a) progress in securing project funding and partner commitments, (b) updates on capex plans and depreciation/impairment trajectories, (c) any revenue recognition from pilot projects or milestones, and (d) covenant compliance and liquidity runway given current debt obligations.