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.