Camber Energy, Inc. reported a significant net loss of $70.3 million for the fiscal year ending December 31, 2024, compared to a net loss of $18.5 million in the previous year. The company's total revenue decreased by 10% to $28.6 million, down from $32.1 million in 2023. This decline was primarily attributed to a 90% drop in oil and gas revenues, reflecting the impact of divestitures made earlier in the year. The power generation segment, which includes revenues from Simson-Maxwell, saw a slight decrease in unit and parts sales, while service revenues increased by 3%.
The company underwent a merger with Viking Energy Group, Inc. on August 1, 2023, which was treated as a reverse acquisition for accounting purposes. This merger resulted in Camber acquiring Viking's operations, including its intellectual property rights related to clean energy and medical waste treatment technologies. Following the merger, Camber's operational focus shifted towards providing custom energy solutions and exploring new energy-related opportunities. However, the company faced challenges, including a goodwill impairment charge of $34.9 million, which contributed to the overall net loss.
Operationally, Camber's financial health is under scrutiny, as it reported a working capital deficit of $17.7 million and a stockholders' deficit of $37.8 million as of December 31, 2024. The company has no current interests in producing oil and gas properties, having sold its remaining assets in 2024. The divestitures included a working interest in oil and gas properties for gross proceeds of $205,000, which resulted in a net loss on the transaction. The company is now focusing on its power generation segment, which employs approximately 125 people across eight locations in Canada.
Looking ahead, Camber Energy's management expressed uncertainty regarding the company's ability to continue as a going concern, citing the need for additional financing to meet its obligations. The company is exploring various avenues for capital, including potential debt and equity financing, to support its operations and growth strategy. Despite the challenges, management remains optimistic about developing new opportunities and leveraging its existing resources to generate future profitable operations.
About CAMBER ENERGY, INC.
Camber Energy, Inc. is a diversified energy company focused on providing custom energy and power solutions to commercial and industrial clients in North America. Key offerings include patented medical waste treatment systems using ozone technology and innovative electric transmission protection systems. With a strong emphasis on clean energy and carbon capture, Camber targets a growing market for sustainable solutions. The company is actively exploring new technologies to enhance revenue potential.
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