CoJax Oil & Gas Reports 85.8% Revenue Growth but Net Loss Improves in Q1 2025

CoJax Oil & Gas Corporation reported significant financial developments in its latest 10-Q filing for the first quarter of 2025. The company generated revenues of $338,222, marking an 85.8% increase from $182,052 in the same period last year. This revenue growth was primarily attributed to increased production from the Buckley and Liberty assets. Despite the rise in revenue, CoJax reported a net loss of $144,806, a notable improvement from the net loss of $303,486 recorded in the first quarter of 2024, reflecting a 52.3% reduction in losses.

The company's operating costs remained relatively stable, with total operating expenses slightly decreasing to $482,545 from $485,460 year-over-year. Lease operating expenses surged by 105.4% to $97,240, driven by the acquisition of the Liberty and Pine Grove assets in 2024. General and administrative expenses decreased by 22.5% to $274,330, indicating improved cost management. The overall loss from operations decreased significantly, from $303,408 in Q1 2024 to $144,323 in Q1 2025, highlighting the company's efforts to enhance operational efficiency.

In terms of strategic developments, CoJax did not execute any acquisitions during the first quarter of 2025, maintaining its focus on optimizing existing assets. The company continues to operate through its subsidiary, Barrister Energy LLC, which manages its oil and gas properties in the Southeastern U.S. As of March 31, 2025, CoJax reported total assets of $10,459,620, a slight decrease from $10,513,436 at the end of 2024. The company’s cash position improved to $77,021, up from $46,738, reflecting a positive cash flow from operations.

Operationally, CoJax reported an increase in oil production volumes, with 4,340 barrels produced in Q1 2025 compared to 2,948 barrels in Q1 2024. The average sales price for oil remained stable at $75.42 per barrel, slightly down from $75.69 in the previous year. The company’s total production for the quarter was 4,340 barrels of oil equivalent (Boe), indicating a focus on enhancing production capabilities. The company’s employee headcount remained stable, supporting its operational needs.

Looking ahead, CoJax acknowledges the challenges posed by market volatility and the need for additional capital to fund future operations. The company is actively pursuing funding opportunities to support its growth strategy, which includes the acquisition of additional oil and gas properties. Management remains optimistic about the potential for increased production and revenue generation, although it recognizes the inherent risks associated with the oil and gas industry, including fluctuating commodity prices and regulatory challenges.