Executive Summary

Q1 2025 revenue was $38,000, up modestly year over year (+5.6%) driven by rent ($26,000) and management fees ($12,000); the company reported a net loss of ($20,000) versus net income of $2,000 in Q1 2024 and EPS of ($0.01) versus $0.01 a year ago .
Operating cost pressure persisted: corporate G&A rose to $89,000 from $78,000 YoY, and interest income declined to $43,000 from $57,000, contributing to negative operating leverage and the quarterly loss .
The company provided no formal guidance and did not hold an earnings call or release a transcript; consensus estimates from S&P Global were unavailable for EPS and revenue, limiting beat/miss assessment .
Prior quarter Q4 2024 registered a net loss of ($19,000); combined with rising G&A and falling interest income, near-term catalysts hinge on oil price–linked management fees (10% of third-party oil & gas revenues) and cost control .

What Went Well and What Went Wrong

Revenue mix remained stable: rent $26,000 and management fees $12,000, supporting total revenue of $38,000 in Q1 2025 (vs. $36,000 in Q1 2024) .
Rent revenue consistency across recent quarters (Q2 2024 $25,000; Q3 2024 $26,000; Q1 2025 $26,000) provided baseline cash generation from the West Virginia property .
Management reiterated fee linkage to oil and gas revenues (10% fee), offering some upside if commodity prices recover: “The management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The decrease in management fees is due to a decrease in revenue due to a decline in oil and gas prices.” .

Q1 2025 flipped to loss: net loss ($20,000) vs Q1 2024 net income $2,000; diluted EPS ($0.01) vs $0.01, indicating deterioration in profitability .
G&A rose materially to $89,000 from $78,000 YoY, outweighing modest revenue gains and pressuring operating results (loss from operations of ($63,000) vs ($55,000) a year ago) .
Interest income fell to $43,000 from $57,000 YoY and trended down versus recent quarters (Q2 2024 $56,000; Q3 2024 $52,000), reducing non-operating support to earnings .

Metric	Q2 2024	Q3 2024	Q1 2025
Revenue ($USD)	$37,000	$37,000	$38,000
Net Income ($USD)	$3,000	($4,000)	($20,000)
Diluted EPS ($USD)	$0.01	($0.01)	($0.01)
Interest Income ($USD)	$56,000	$52,000	$43,000
Corporate G&A ($USD)	$78,000	$79,000	$89,000

Revenue Component	Q2 2024	Q3 2024	Q1 2025
Rent ($USD)	$25,000	$26,000	$26,000
Management Fees ($USD)	$12,000	$11,000	$12,000
Total Revenues ($USD)	$37,000	$37,000	$38,000

KPI	Dec 31, 2024	Mar 31, 2025
Cash & Equivalents ($USD)	$363,000	$333,000
Other Current Assets ($USD)	$9,000	$57,000
Total Current Assets ($USD)	$372,000	$390,000
Accounts Payable ($USD)	$20,000	$20,000
Accrued Expenses ($USD)	$37,000	$28,000
Total Liabilities ($USD)	$57,000 (current)	$48,000 (current)
Total Assets ($USD)	$4,594,000	$4,565,000
Shareholders’ Equity ($USD)	$4,537,000	$4,517,000
Related-Party Note Receivable ($USD)	$3,542,000	$3,542,000

Note: Prior quarter (Q4 2024) net loss was ($19,000) .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Quarter	Not provided	Not provided	Maintained (no guidance)
Margins	FY/Quarter	Not provided	Not provided	Maintained (no guidance)
OpEx (G&A)	FY/Quarter	Not provided	Not provided	Maintained (no guidance)
Interest/Other Income	FY/Quarter	Not provided	Not provided	Maintained (no guidance)
Tax rate	FY/Quarter	Not provided	Not provided	Maintained (no guidance)
Dividends	FY/Quarter	Not provided	Not provided	Maintained (no guidance)

No Q1 2025 earnings call transcript was available; commentary is derived from press releases and 8-K filings .

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
Oil price sensitivity/management fee linkage	“Management fee of 10% of oil and gas revenue. The decrease in management fees is due to a decrease in revenue due to a decline in oil and gas prices.” (FY commentary in Q4 release)	No explicit commentary; management fees $12,000	Stable fees QoQ vs Q3; sensitivity persists
Cost discipline (G&A)	Q3 2024 G&A: $79,000	Q1 2025 G&A: $89,000	Rising G&A pressure
Interest income (related party)	Q3 2024: $52,000	Q1 2025: $43,000	Downtrend continuing
Property rent stability	Q3 2024: $26,000	Q1 2025: $26,000	Stable
Regulatory/legal	No notable items disclosed	No notable items disclosed	No change

Business model reminder: “New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third-party oil and gas company.” .
Fee structure and macro driver: “The management agreement has the Company receiving a management fee of 10% of oil and gas revenue. The decrease in management fees is due to a decrease in revenue due to a decline in oil and gas prices.” (FY 2024 vs 2023 commentary) .
Q1 results disclosure: Net loss ($20,000); revenue $38,000; rent $26,000; management fees $12,000; G&A $89,000 .

The company did not publish a Q1 2025 earnings call transcript; no Q&A was available .

Wall Street consensus (S&P Global) for Q1 2025 EPS and revenue was unavailable; no estimate count or mean values were provided, preventing a beat/miss assessment (Values retrieved from S&P Global)*.

Revenue remains small and stable, supported by rent ($26,000) and management fees ($12,000) for total $38,000 in Q1 2025; scale limits operating leverage absent cost reductions .
Rising G&A ($89,000 vs $78,000 YoY) and declining interest income ($43,000 vs $57,000 YoY) drove the swing to a net loss of ($20,000) and EPS of ($0.01) .
Prior quarter Q4 2024 also posted a net loss ($19,000), underscoring a string of soft results as non-operating support (interest income) fades .
Management fees are directly tied to oil and gas revenue (10%), making commodity prices a key external driver for the top line and the revenue mix .
Balance sheet remains modestly liquid: cash $333,000 at March 31, 2025 vs $363,000 at December 31, 2024; current liabilities decreased to $48,000 from $57,000, equity at $4,517,000 .
No guidance and no earnings call transcript limit visibility and external coverage; monitoring quarterly releases for cost actions and interest income trends is critical .
Near-term focus: cost control to offset small revenue base; medium-term thesis depends on stabilization/improvement in interest income and oil-linked management fees to reduce recurring losses .