U.S. Energy | 8-K: FY2026 Q1 Revenue: USD 1.604 M

Revenue: As of FY2026 Q1, the actual value is USD 1.604 M.

EPS: As of FY2026 Q1, the actual value is USD -0.08, missing the estimate of USD -0.04.

EBIT: As of FY2026 Q1, the actual value is USD -3.081 M.

First Quarter 2026 Financial Results

Revenue

Total Revenue for U.S. Energy Corp. was $1.6 million for Q1 2026, compared to $2.2 million for Q1 2025. This decline was primarily due to strategic divestitures and natural production declines .
Oil revenue was $1,376 thousand for Q1 2026, compared to $1,770 thousand for Q1 2025 .
Natural gas and liquids revenue was $228 thousand for Q1 2026, compared to $423 thousand for Q1 2025 .

Production

Production was 34,290 barrels of oil equivalent (“BOE”) (68% oil) for Q1 2026, down from 47,008 BOE for Q1 2025 .

Realized Average Sales Prices

Realized average sales prices averaged $46.78/BOE for Q1 2026, with oil at $63.00/bbl and natural gas at $3.05/mcf .
This compares to an average of $46.65/BOE for Q1 2025, with oil at $59.01/bbl and natural gas at $4.14/mcf .

Operating Expenses

Lease operating expense was $0.9 million for Q1 2026, down from $1.6 million for Q1 2025 .
Production taxes were $130 thousand for Q1 2026, compared to $148 thousand for Q1 2025 .
Depreciation, depletion, accretion and amortization was $559 thousand for Q1 2026, compared to $1,119 thousand for Q1 2025 .
Exploration expense was $101 thousand for Q1 2026, compared to $- thousand for Q1 2025 .
General and administrative expenses were $3.0 million for Q1 2026, up from $1.9 million for Q1 2025, reflecting elevated professional fees and compensation due to strategic transformation .
Total operating expenses were $4,748 thousand for Q1 2026, compared to $5,281 thousand for Q1 2025 .

Profitability

Operating loss was -$3,144 thousand for Q1 2026, compared to -$3,088 thousand for Q1 2025 .
Net loss was -$3.2 million, or -$0.08 per diluted share, for Q1 2026, compared to -$3,111 thousand, or -$0.10 per diluted share, for Q1 2025 .
Net loss before income taxes was -$3,185 thousand for Q1 2026, compared to -$3,111 thousand for Q1 2025 .
Adjusted EBITDA was -$2.1 million for Q1 2026, compared to -$1,498 thousand for Q1 2025 .

Other Income (Expense)

Interest expense, net, was -$63 thousand for Q1 2026, compared to -$47 thousand for Q1 2025 .
Other income, net, was $22 thousand for Q1 2026, compared to $24 thousand for Q1 2025 .
Total other expense was -$41 thousand for Q1 2026, compared to -$23 thousand for Q1 2025 .

Equity Compensation Expense

Equity compensation expense was $0.4 million for both Q1 2026 and Q1 2025 .

Balance Sheet and Liquidity Update (as of April 30, 2026, unless stated otherwise)

Cash Balance was $10.4 million .
Total Available Liquidity was $27.9 million, including $17.5 million of undrawn capacity under the senior secured credit facility .
Total Debt Outstanding was $2,500 thousand as of April 30, 2026, March 31, 2026, and December 31, 2025 .
Net Debt Balance was -$7,860 thousand as of April 30, 2026, and -$7,951 thousand as of March 31, 2026, compared to $2,071 thousand as of December 31, 2025 .
Total Assets were $55,191 thousand as of March 31, 2026, up from $40,630 thousand as of December 31, 2025 .
Total Liabilities were $16,716 thousand as of March 31, 2026, up from $16,435 thousand as of December 31, 2025 .
Total Shareholders’ Equity was $38,475 thousand as of March 31, 2026, up from $24,195 thousand as of December 31, 2025 .

Cash Flows from Operating Activities (Three Months Ended March 31)

Net cash used in operating activities was -$2,452 thousand for 2026, compared to -$4,544 thousand for 2025 .
Net cash used in investing activities was -$4,431 thousand for 2026, compared to -$2,422 thousand for 2025 .
Net cash provided by financing activities was $16,905 thousand for 2026, compared to $9,745 thousand for 2025 .
Net change in cash and equivalents was $10,022 thousand for 2026, compared to $2,779 thousand for 2025 .
Cash and equivalents, end of period, was $10,451 thousand for 2026, compared to $10,502 thousand for 2025 .

Operational Metrics and Unique Metrics

U.S. Energy Corp. achieved Final Investment Decision (FID) and executed a fixed-scope engineering, procurement, and construction (EPC) agreement for its Big Sky Carbon Hub Phase 1 Processing Facility . The plant is designed for approximately 8 MMcf/d of inlet capacity, targeting approximately 14 MMcf of high-purity helium and approximately 125,000 metric tons of refined CO₂ per year at initial operations .
U.S. Energy Corp. signed a five-year, 100% take-or-pay helium sales agreement at a fixed plant-gate price of $285 per Mcf, with CPI-linked escalation beginning March 1, 2028, and a year-three pricing redetermination .
The company amended its senior secured credit agreement, doubling the borrowing base to $20 million, fixing the interest margin at 200 basis points over the alternate base rate, and suspending quarterly financial covenant testing through Q1 2027 . The facility matures May 31, 2029 .
Monitoring, Reporting, and Verification (“MRV”) submissions for Big Rose and Cut Bank are in active EPA review, with approvals expected during summer 2026 . These approvals are necessary to access the Section 45Q tax credit framework, representing approximately $130 million of credit value over the first 12 years of Phase 1 operations .

Outlook / Guidance

U.S. Energy Corp. targets commercial operations for its Big Sky Carbon Hub Phase 1 processing facility in the first quarter of 2027 . The company anticipates its liquidity is sufficient to fund Phase 1 through commercial operations without relying on public equity markets . MRV application approvals, which unlock approximately $130 million in tax credits, are expected during the summer of 2026 .

Revenue: As of FY2026 Q1, the actual value is USD 1.604 M.

EPS: As of FY2026 Q1, the actual value is USD -0.08, missing the estimate of USD -0.04.

EBIT: As of FY2026 Q1, the actual value is USD -3.081 M.

First Quarter 2026 Financial Results

Revenue

Total Revenue for U.S. Energy Corp. was $1.6 million for Q1 2026, compared to $2.2 million for Q1 2025. This decline was primarily due to strategic divestitures and natural production declines .
Oil revenue was $1,376 thousand for Q1 2026, compared to $1,770 thousand for Q1 2025 .
Natural gas and liquids revenue was $228 thousand for Q1 2026, compared to $423 thousand for Q1 2025 .

Production

Production was 34,290 barrels of oil equivalent (“BOE”) (68% oil) for Q1 2026, down from 47,008 BOE for Q1 2025 .

Realized Average Sales Prices

Realized average sales prices averaged $46.78/BOE for Q1 2026, with oil at $63.00/bbl and natural gas at $3.05/mcf .
This compares to an average of $46.65/BOE for Q1 2025, with oil at $59.01/bbl and natural gas at $4.14/mcf .

Operating Expenses

Lease operating expense was $0.9 million for Q1 2026, down from $1.6 million for Q1 2025 .
Production taxes were $130 thousand for Q1 2026, compared to $148 thousand for Q1 2025 .
Depreciation, depletion, accretion and amortization was $559 thousand for Q1 2026, compared to $1,119 thousand for Q1 2025 .
Exploration expense was $101 thousand for Q1 2026, compared to $- thousand for Q1 2025 .
General and administrative expenses were $3.0 million for Q1 2026, up from $1.9 million for Q1 2025, reflecting elevated professional fees and compensation due to strategic transformation .
Total operating expenses were $4,748 thousand for Q1 2026, compared to $5,281 thousand for Q1 2025 .

Profitability

Operating loss was -$3,144 thousand for Q1 2026, compared to -$3,088 thousand for Q1 2025 .
Net loss was -$3.2 million, or -$0.08 per diluted share, for Q1 2026, compared to -$3,111 thousand, or -$0.10 per diluted share, for Q1 2025 .
Net loss before income taxes was -$3,185 thousand for Q1 2026, compared to -$3,111 thousand for Q1 2025 .
Adjusted EBITDA was -$2.1 million for Q1 2026, compared to -$1,498 thousand for Q1 2025 .

Other Income (Expense)

Interest expense, net, was -$63 thousand for Q1 2026, compared to -$47 thousand for Q1 2025 .
Other income, net, was $22 thousand for Q1 2026, compared to $24 thousand for Q1 2025 .
Total other expense was -$41 thousand for Q1 2026, compared to -$23 thousand for Q1 2025 .

Equity Compensation Expense

Equity compensation expense was $0.4 million for both Q1 2026 and Q1 2025 .

Balance Sheet and Liquidity Update (as of April 30, 2026, unless stated otherwise)

Cash Balance was $10.4 million .
Total Available Liquidity was $27.9 million, including $17.5 million of undrawn capacity under the senior secured credit facility .
Total Debt Outstanding was $2,500 thousand as of April 30, 2026, March 31, 2026, and December 31, 2025 .
Net Debt Balance was -$7,860 thousand as of April 30, 2026, and -$7,951 thousand as of March 31, 2026, compared to $2,071 thousand as of December 31, 2025 .
Total Assets were $55,191 thousand as of March 31, 2026, up from $40,630 thousand as of December 31, 2025 .
Total Liabilities were $16,716 thousand as of March 31, 2026, up from $16,435 thousand as of December 31, 2025 .
Total Shareholders’ Equity was $38,475 thousand as of March 31, 2026, up from $24,195 thousand as of December 31, 2025 .

Cash Flows from Operating Activities (Three Months Ended March 31)

Net cash used in operating activities was -$2,452 thousand for 2026, compared to -$4,544 thousand for 2025 .
Net cash used in investing activities was -$4,431 thousand for 2026, compared to -$2,422 thousand for 2025 .
Net cash provided by financing activities was $16,905 thousand for 2026, compared to $9,745 thousand for 2025 .
Net change in cash and equivalents was $10,022 thousand for 2026, compared to $2,779 thousand for 2025 .
Cash and equivalents, end of period, was $10,451 thousand for 2026, compared to $10,502 thousand for 2025 .

Operational Metrics and Unique Metrics

U.S. Energy Corp. achieved Final Investment Decision (FID) and executed a fixed-scope engineering, procurement, and construction (EPC) agreement for its Big Sky Carbon Hub Phase 1 Processing Facility . The plant is designed for approximately 8 MMcf/d of inlet capacity, targeting approximately 14 MMcf of high-purity helium and approximately 125,000 metric tons of refined CO₂ per year at initial operations .
U.S. Energy Corp. signed a five-year, 100% take-or-pay helium sales agreement at a fixed plant-gate price of $285 per Mcf, with CPI-linked escalation beginning March 1, 2028, and a year-three pricing redetermination .
The company amended its senior secured credit agreement, doubling the borrowing base to $20 million, fixing the interest margin at 200 basis points over the alternate base rate, and suspending quarterly financial covenant testing through Q1 2027 . The facility matures May 31, 2029 .
Monitoring, Reporting, and Verification (“MRV”) submissions for Big Rose and Cut Bank are in active EPA review, with approvals expected during summer 2026 . These approvals are necessary to access the Section 45Q tax credit framework, representing approximately $130 million of credit value over the first 12 years of Phase 1 operations .