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Empire Petroleum Corporation reported a challenging FY 2025 with a net loss of $72.1 million, driven by a significant $51.3 million impairment charge on oil and gas properties. Total revenue declined to $34.2 million from $44.0 million in FY 2024, primarily due to lower average realized prices for oil and NGLs and decreased oil production volumes. The company generated negative operating cash flow of $3.9 million and ended the year with negative working capital of $16.2 million, raising substantial doubt about its ability to continue as a going concern. Management's plans to alleviate this doubt rely on continued financial support from its two largest stockholders, Phil Mulacek and Energy Evolution Master Fund, Ltd.
EPS
-$2.00
Revenue
$34.2M
Net Income
-$72.1M
free cash flow
-$8.6M