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In this Form 10-K, references to Empire , the Company , we , our , and us refer to Empire Petroleum Corporation and its wholly-owned subsidiaries, unless context indicates otherwise. Overview Empire Petroleum Corporation is an independent energy company that engages in unlocking value in developed assets.
The business is unprofitable at the operating level (-208.51% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 21.6% YoY. Margins deteriorated 177.2pp alongside, both lines moving the wrong way.
Free cash flow declined 167% versus the prior year, cash generation momentum has weakened. ROIC dropped from -18.50% to -148.01%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$30M
▼ -21.6% YoY
Net Income (TTM)
-$74M
▼ -345.0% YoY
Op. Margin
-240.69%
▼ -177.2pp YoY
ROIC
-157.87%
▼ -129.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$7M
▼ -166.6% YoY
Op. Cash Flow (TTM)
-$7M
▼ -164.1% YoY
Net Debt
-$7M
Net Cash Position
Cash & Equiv.
$9M
5Y CAGR: +34.6%
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