Total Revenue

Declined from $1.34M in Q1 2024 to $1.26M in Q1 2025 (≈6% drop)

Q1 2025 revenue dipped by approximately 6% YoY, reflecting reduced operational activity compared to Q1 2024. This decline is notable even as the revenue mix remained similar, with Services providing the majority share, indicating a contraction in overall demand. " "

Segment Revenue

Remains weighted toward Services (Services: $0.937M, Jet Fuel: $0.297M, Other: $0.027M in Q1 2025)

The revenue mix continues to be dominated by Services, with Jet Fuel and Other Revenue contributing much less. While the total revenue declined, the relative composition mirrors previous periods, suggesting that the downturn is broad-based across segments rather than unique to one revenue source. "

Operating Income

Reversed from a positive $201K in Q1 2024 to a negative $496K in Q1 2025

Operating Income swung dramatically into negative territory. The decline is driven by a combination of increased operating expenses—such as a 133.7% rise in SG&A due to one-time charges and litigation-related costs—and a mild decrease in gross profit, reflecting operational challenges unseen in the prior quarter. " "

Net Income

Dropped from $187K in Q1 2024 to a loss of $515K in Q1 2025 (a decline exceeding 275%)

Net Income deteriorated sharply, mirroring the reversal in operating income. The loss is attributable to the compounded effects of lower top-line performance, higher operating expenses, and additional charges that were absent during the previous period, thus exacerbating the decline in profitability. " "

Basic EPS

Fell from $0.19 in Q1 2024 to –$0.52 in Q1 2025

Basic EPS dropped significantly following the plunge in net income and the slight dilution from an increased number of weighted average shares. This metric underscores the impact of turning operationally unprofitable, turning earnings per share from a small profit to a marked loss. " "

Operating Cash Flow

Contracted from $193K in Q1 2024 to $35K in Q1 2025

Operating Cash Flow shrank substantially due to the reduced net earnings coupled with less favorable working capital changes (evidenced by shifts in prepaid expenses, deferred liabilities, and accrued payables). This steep decline indicates that cash generation from core activities has been severely impacted compared to Q1 2024. " "

Balance Sheet

Remains robust (Cash & Equivalents: $5.30M; Current Assets: $10.16M; Liabilities: $975K)

Despite the operational downturn, liquidity remains healthy with high cash reserves and current assets relative to low liabilities. This resilience in the balance sheet reflects solid financial management, even though operating performance has worsened compared to the previous period. "