Executive Summary
Okmin Resources Inc (OKMN) reported a challenging QQ1 2024, with revenue of approximately $5.99 million and a substantial net loss of about $67.8 million. The quarter featured a negative gross margin of -62.2%, driven by higher cost of revenue relative to revenue, and an EBITDA of -$63.1 million. Operating income stood at -$64.5 million, and net income at -$67.8 million, underscoring the persistent profitability and scale challenges in the current operating environment. On the liquidity front, the company endured a pronounced cash burn, with operating cash flow at -$177.7 million and a minimal liquidity position (current ratio ~0.12). Cash on hand was $144.9 million against total liabilities of $363.9 million and long-term debt of $171.1 million, yielding a net debt position of $26.2 million and a heavily equity-weighted balance sheet (total stockholders’ equity $566.0 million, retained earnings -$947.1 million). The quarter’s performance reflects ongoing cost pressures and a revenue base that remains materially below break-even levels, necessitating significant operating leverage improvements, capital discipline, and potential strategic actions to conserve liquidity and restore profitability. Management commentary is not included in the provided dataset; as such, the analysis relies on the 10-Q disclosures and press-ready metrics to outline the fundamental trajectory and risk factors facing OKMN.
Key Performance Indicators
QoQ: 152.61% | YoY:-73.58%
Key Insights
Revenue: $5.99 million in QQ1 2024, YoY -73.58%, QoQ +152.61% (YoY/QoQ metrics provided in the data). Gross Profit: -$3.73 million, Gross Margin -62.19%. EBITDA: -$63.11 million, EBITDA Margin -10.53%. Operating Income: -$64.46 million, Operating Margin -10.76%. Net Income: -$67.78 million, Net Margin -11.31%. EPS (basic/diluted): -$0.00060 / -$0.00040. Balance sheet highlights: Cash and cash equivalents $144.9 million; Total assets $929.9 million; Total liabilities $363.9 million; Long-term deb...
Financial Highlights
Revenue: $5.99 million in QQ1 2024, YoY -73.58%, QoQ +152.61% (YoY/QoQ metrics provided in the data). Gross Profit: -$3.73 million, Gross Margin -62.19%. EBITDA: -$63.11 million, EBITDA Margin -10.53%. Operating Income: -$64.46 million, Operating Margin -10.76%. Net Income: -$67.78 million, Net Margin -11.31%. EPS (basic/diluted): -$0.00060 / -$0.00040. Balance sheet highlights: Cash and cash equivalents $144.9 million; Total assets $929.9 million; Total liabilities $363.9 million; Long-term debt $171.1 million; Net debt $26.2 million; Shareholders’ equity $566.0 million; Retained earnings -$947.1 million. Liquidity ratios: Current ratio 0.122, Quick ratio 0.122, Cash ratio 0.122 (all approximate). Capital structure and capitalization metrics indicate a high leverage environment with limited near-term liquidity cushions. Cash flow: Net cash provided by operating activities -$177.7 million; Net change in cash -$69.4 million; Ending cash $144.9 million; Financing activities provided $108.3 million through common stock issued.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
5.99K |
-73.58% |
152.61% |
| Gross Profit |
-3.73K |
61.07% |
83.60% |
| Operating Income |
-64.46K |
44.30% |
87.89% |
| Net Income |
-67.79K |
39.39% |
87.64% |
| EPS |
0.00 |
14.29% |
87.50% |
Key Financial Ratios
operatingProfitMargin
-1076%
operatingCashFlowPerShare
$0
Management Commentary
No earnings call transcript data provided in the supplied dataset. Consequently, there are no management-quoted highlights to group by theme. If a transcript is available, the highlights would typically cover strategy (growth / asset monetization), operations (production efficiency / decline curves), and market conditions (oil price sensitivity, hedging, capital allocation).
Forward Guidance
No explicit forward guidance is contained in the provided materials. Given QQ1 2024 results, investors should be mindful of: (1) cash burn trajectory and liquidity runway, (2) sensitivity to commodity prices and realized prices for oil and gas, (3) capex discipline and potential asset monetization or partnerships, and (4) debt maturity management. A credible path to improved outcomes would likely require a meaningful reduction in operating and G&A costs, stable or improving revenue per boe, and potential strategic actions to optimize asset utilization. Monitoring points include quarterly cash burn, working capital evolution, debt maturities, and any announced capital allocation plans or asset monetizations.