MMEX Resources (MMEX) Q3 2025 Earnings Report

MMEX Resources Corporation (MMEX) reported a materially negative quarterly performance for QQ3 2025. The company shows a lack of reported revenue in the quarter, with a negative gross profit of $-9,099 on cost of revenue of $9,099, and an operating loss of $-343,265. Net income for the quarter stood at $-531,555, with EBITDA of $-318,401. The diluted EPS was negative at $-0.0001, and weighted average shares outstanding were approximately 10.21 billion. These results culminate in a fragile liquidity position, as evidenced by an extremely tight current ratio (0.00097) and a balance sheet where total liabilities of $6.16 million vastly exceed total assets of $1.02 million, yielding a negative stockholders’ equity of $-5.14 million. Cash flow analysis shows operating cash flow of $-114,520, and financing activities provided $107,607, resulting in a net cash change of $-6,913 for the period. Beginning cash was $6,913, with ending cash not disclosed in the data. The company carries a total debt load of $2.481 million and a net debt position of $2.481 million, underscoring a financing-intensive path ahead.

Strategically, MMEX remains focused on solar-powered modular refineries and hydrogen (green/blue) production with potential downstream conversions to ammonia or methanol. However, the QQ3 2025 results reveal a near-term disconnect between the strategic ambitions and the current revenue and cash-generation profile. There is no forward-looking guidance disclosed in the provided filing, and no earnings call transcript data to quote management. Investors should weigh MMEX’s long-term hydrogen/clean fuels thesis against the immediate liquidity risk and the need for external financing to sustain operations and fund capital deployment. The near-term investment thesis is highly contingent on successful capital markets access, execution of capex plans, and generation of meaningful offtake agreements or government incentives to accelerate project development.