MMEX Resources Corporation reported a negative quarterly bottom line for QQ2 2025, with net income of -$471,447 and EBITDA of -$378,182. The quarter shows almost no revenue disclosure (revenue is not reported in the data), while operating expenses remained elevated at $367,269 and interest expense amounted to $84,165. With a gross loss of -$9,100 driven by a cost of revenue of $9,100, the company posted -$367k in operating income and -$471k in income before tax, culminating in -$471k net income. The quarter’s cash flow reflects a meaningful operating cash burn (-$164,071) and only a marginal financing inflow (+$170,724), resulting in a negligible net change in cash (+$6,653) and an ending cash balance of $6,913.
From a balance sheet perspective, MMEX carries a highly leveraged and fragile liquidity position. Total assets are $1.034 million against total liabilities of $5.70 million, yielding a negative stockholders’ equity of -$4.67 million. The company reports a short-term debt of $735,592 and total debt of $735,592, with net debt of $728,679. The current ratio and quick ratio are profoundly distressed at 0.00183, signaling material liquidity risk and limited near-term solvency capacity. The equity base is negative, and key efficiency metrics show limited asset turnover. The company’s cash position is hardly sufficient to cover near-term obligations absent external capital or asset monetization.
Strategically, MMEX remains focused on solar-powered modular refineries, green/blue hydrogen production, and carbon capture. However, in the QQ2 2025 reporting cycle, there is no disclosed management guidance or earnings-call transcript in the provided data. The near-term investment thesis therefore remains highly contingent on capital-raising activity, partnerships, or interim financing to support ongoing operations and to fund the progress of its transition into clean fuels. Investors should treat this as a high-risk, high-uncertainty scenario with potential upside only if liquidity is secured and the strategic plan starts translating into revenue growth and margin improvement.
Key Performance Indicators
Operating Income
-367.27K
QoQ: -0.61% | YoY:-12.40%
Net Income
-471.45K
QoQ: -3.56% | YoY:-8.49%
Revenue Trend
Margin Analysis
Key Insights
Revenue: not disclosed (null) in QQ2 2025 data; cost of revenue = 9,100; gross profit = -9,100; gross margin = not available due to missing revenue base.
Operating expenses: 367,269 (comprising General and Administrative = 358,169; other operating expenses embedded in total).
Interest expense: 84,165; Total other income/expenses net: -104,178; Income before tax: -471,447; Net income: -471,447.
Earnings per share (EPS): not disclosed; Weighted average shares outstanding: 9,692,800,957.
Financial Highlights
Key quarterly metrics (USD, unless noted):
- Revenue: not disclosed (null) in QQ2 2025 data; cost of revenue = 9,100; gross profit = -9,100; gross margin = not available due to missing revenue base.
- Operating expenses: 367,269 (comprising General and Administrative = 358,169; other operating expenses embedded in total).
- EBITDA: -378,182; EBIT (Operating Income): -367,269; Depreciation & Amortization: 9,100.
- Interest expense: 84,165; Total other income/expenses net: -104,178; Income before tax: -471,447; Net income: -471,447.
- Earnings per share (EPS): not disclosed; Weighted average shares outstanding: 9,692,800,957.
- Cash flow from operations: -$164,071; Free cash flow: -$164,075; Net cash provided by financing activities: $170,724; Net change in cash: $6,653; Cash at end of period: $6,913; Cash at beginning: $260.
- Balance sheet highlights: Total assets $1,033,625; Total liabilities $5,699,716; Total stockholders’ equity = -$4,666,091; Cash and cash equivalents $6,913; Property, plant and equipment (net) $1,023,212; Total debt $735,592; Net debt $728,679.
- Liquidity/risk indicators: Current ratio 0.00183; Quick ratio 0.00183; Cash ratio 0.00121; Debt ratio 0.712; Debt-to-equity ratio -0.158 (reflecting negative equity); Interest coverage -4.36; ROA -0.456; ROE 0.101; ROCE 0.0787. Pessimistic liquidity profile given extremely small cash balance and outsized short-term liabilities.
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-9.10K
0.00%
-0.03%
Operating Income
-367.27K
-12.40%
-0.61%
Net Income
-471.45K
-8.49%
-3.56%
Key Financial Ratios
currentRatio
0
returnOnAssets
-45.6%
returnOnEquity
10.1%
debtEquityRatio
-0.16
operatingCashFlowPerShare
$-0
freeCashFlowPerShare
$-0
priceToBookRatio
-2077.28
priceEarningsRatio
-5139.92
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Transcript highlights unavailable in the provided data. No earnings-call transcript (MMEX QQ2 2025) and no management quotes are included in the supplied material. Implication: without direct management commentary, the qualitative assessment relies on the disclosed financials and the company profile. When a transcript becomes available, expect management themes around: strategy execution for modular refineries, hydrogen and CCUS roadmap, capital needs, project timelines, cost-control measures, and partnership development. Investors should monitor for any forward-looking guidance, capital-raising plans, or asset monetization discussions.
Not available in provided transcript data.
— N/A
Not available in provided transcript data.
— N/A
Forward Guidance
No formal forward guidance is disclosed in the provided data for QQ2 2025. Given the liquidity constraint (current ratio of 0.00183), negative equity, and negative net income, near-term guidance would plausibly emphasize capital-raising plans, debt refinancings, working-capital improvements, and milestones for the hydrogen/solar refinery projects. Absent explicit targets, the achievability of any guidance hinges on securing additional liquidity, favorable project economics for the modular refineries, and timely execution of any partnerships or strategic transactions. Key factors investors should monitor include: (1) capital-raising timing and size, (2) progress on project development milestones and capital expenditures, (3) changes in debt covenants or restructuring discussions, (4) any disclosed revenue catalysts or contracts, and (5) updates to 10-Q/10-K with revised guidance.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
MMEX Focus
0.00%
0.00%
10.10%
-5,139.92%
FTXP
50.80%
-2.50%
4.87%
-46.20%
BRLL
0.00%
0.00%
-42.70%
47.10%
CGRA
23.90%
20.00%
2.56%
7.40%
GTLL
40.60%
21.30%
9.45%
3.93%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Given the QQ2 2025 results and the stated financials, MMEX represents a high-risk, high-uncertainty investment. The near-term thesis is contingent on traction in capital formation and strategic execution rather than operating performance. Investors should consider this as a possible distressed or speculative position with potential upside if (1) the company secures timely financing, (2) management clarifies and achieves milestones for its clean-fuels strategy, and (3) liquidity constraints are alleviated through partnerships or asset monetization. Absent such catalysts, the risk of further equity dilution, debt default, or a restructuring event remains material.
Key Investment Factors
Growth Potential
Medium-to-high if MMEX can monetize its modular refinery strategy and scale hydrogen/CCUS initiatives; potential upside from contracts, partnerships, and policy incentives for clean fuels and carbon capture.
Profitability Risk
High risk due to acute liquidity constraints, negative equity, reliance on external financing, and absent near-term revenue visibility; execution risk on strategic pivot and capital adequacy risk remains elevated.
Financial Position
Weak balance sheet with negative equity (-$4.67 million), minimal near-term liquidity (cash $6,913), and a heavy liabilities load ($5.70 million). Negative cash flow from operations and negative profitability signal financing dependence and potential cash shortfalls without external funding.
SWOT Analysis
Strengths
Strategic focus on solar-powered modular refineries with exposure to hydrogen and carbon capture, aligning with energy transition themes.
Longer-term asset category alignment with green fuel production and potential regulatory incentives for clean energy infrastructure.
Weaknesses
Severe liquidity stress: current ratio near zero (0.00183) and cash of only $6,913.
Negative stockholders' equity (-$4.67 million) and reliance on external financing to fund operations.
Absent revenue visibility in QQ2 2025 and negative quarterly profitability metrics.
Opportunities
Hydrogen economy growth and potential project pipelines in modular refinery concepts.
Strategic partnerships, government incentives for clean energy, and carbon capture technology deployment.
Possible asset monetization or debt restructurings to improve balance sheet resilience.
Threats
Liquidity/financing risk with potential adverse effects on covenants and solvency.
Execution risk in scaling modular refineries and hydrogen initiatives amidst capital intensity.
Industry competition, commodity price volatility, and evolving regulatory requirements affecting project economics.