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what it is
Abundia Global Impact Group, Inc. (NYSE American: AGIG) is the former Houston American Energy Corp. (name change effective Nov 2025 per SEC history). The story combines legacy oil and gas with the acquired AGIG renewables / waste-to-value platform.
how it gets paid
For the nine months ended Sep 30, 2025, revenue from customers was $225,678 — disaggregated as oil sales ~$97K, natural gas ~$85K, and natural gas liquids ~$43K (Form 10-Q/A, Note 5). That is commodity sales volume, not a plastics-licensing fee stack.
growth snapshot
Q3 2025 diluted EPS was -$0.60; nine-month diluted EPS was -$0.66 (same filing). Reported net loss was very large in Q3 and YTD — dominated by acquisition-period items and non-cash charges, not by the $226K revenue line alone.
what just happened
Jul 1, 2025 closing of the AGIG share exchange reshaped the company. The amended 10-Q/A (filed Feb 6, 2026) restates the picture investors should use for Sep 30, 2025.
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
cash ~$1.5M · Sep 30, 2025 (10-Q/A)
total liabilities ~$12.5M · same date
shareholders' equity ~$16.3M · post-amendment view
xvary composite: 39/100 — weak
What they do
A renamed public shell that now owns the AGIG platform while still carrying legacy oil and gas production economics in the reported numbers.
The investment case is project finance, technology partners, and site development — not operating scale. Filings show a small revenue base and meaningful liabilities; any moat is relational (licenses, sites, counterparties), not yet visible as durable cash margins.
How they make money
$225,678
nine months ended Sep 30, 2025 · revenue from customers (same total as Q3 — post–Jul 1, 2025 consolidation)
Oil sales
$97,401
Natural gas sales
$84,813
Natural gas liquids sales
$43,464
source: SEC Form 10-Q/A, filed Feb 6, 2026 (period ended Sep 30, 2025), Note 5 — disaggregated revenue
The products that matter
licenses fuel-upgrading process
HydroFlex Technology License
~$226K YTD customer revenue (2025 filing)
Process licensing and partner tech matter for the story, but the filing revenue line is still commodity sales at tiny scale. Credibility and cash generation are not the same thing.
core process tech
develops commercial biorefineries
Biorefinery Development
target FID in 2026
management is targeting a 2026 final investment decision. FID means final investment decision — the moment a project stops being mostly slides and starts requiring real capital.
make-or-break milestone
Key numbers
~$74M
market cap
Illustrative only: ~34.2M shares outstanding (Sep 30, 2025) × ~$2.17. The filing revenue base is ~$226K for nine months — scale mismatch is the point.
$226K
nine-month revenue
$225,678 from customers, per amended 10-Q/A. Comparable year-ago customer revenue in the same table was not meaningful (prior-period column shows no comparable).
-$0.60 / -$0.66
diluted EPS
Q3 2025 diluted EPS -$0.60; nine months -$0.66. Net loss dollars are dominated by acquisition-period and non-operating items — read the statements, not the revenue line alone.
~$11.1M
current debt (carrying value)
DebtCurrent ~$11.1M plus non-current convertible ~$6.2M (XBRL tags) — rounded. Cash ~$1.5M. Servicing and rollover risk are central.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- debt / liabilities total liabilities ~$12.5M · cash ~$1.5M (Sep 30, 2025)
C++ — below average. watch convertible/bridge terms and liquidity vs. liabilities (10-Q/A).
Total return vs. market
Total return vs. a benchmark is not shown here — verify with your data vendor (ticker / corporate history changed with the 2025 reorganization).
source: n/a on-page — verify externally
What just happened
filing snapshot
Customer revenue was $225,678 for Q3 and for the nine months ended Sep 30, 2025. Diluted EPS was -$0.60 for the quarter and -$0.66 year-to-date in the amended filing.
vs. prior year revenue growth is not a clean compare: the AGIG acquisition closed Jul 1, 2025, and the revenue footnote shows no prior-year amount in the same disaggregation column. Net loss dollars in Q3 (~$20.4M reported) reflect acquisition-period accounting — use the statements, not headlines.
$226K
customer revenue (Q3 = YTD)
-$0.60 / -$0.66
diluted EPS (Q3 / 9 mo)
n/a
vs. prior year revenue — not comparable
the number that mattered
The filing ties almost all customer revenue to the post-acquisition quarter while reporting very large net losses. For holders, the bridge is whether financing and projects can outrun liabilities — not whether $226K of sales “explains” the market cap.
source: SEC Form 10-Q/A, accession 0001493152-26-005642, filed Feb 6, 2026 · SEC full-text search (10-Q / 10-Q/A)
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What could go wrong
the top risk is funding large-scale projects from a public company that, in filings, still shows only ~$226K of nine-month customer revenue and material debt balances.
med
project finance is the whole ballgame
Commercial fuels and biorefining projects are capital intensive industry-wide; dollar figures vary by technology and site. Verify any project budget, partner, and timeline claims in the company’s own 8-Ks and presentations — do not trust unsourced “typical plant” numbers on third-party pages.
If capital does not show up on acceptable terms, milestones slip and the equity reprices quickly — the 52-week range already shows that volatility.
med
losses still overwhelm the current business
Massive reported net losses on a tiny revenue base mean returns on equity and assets swing wildly with acquisition accounting and one-time items. Treat any third-party ROE/ROA screen as untrusted until reconciled to the latest amended filing.
When valuation is mostly story, a missed milestone can hit the stock fast. The 52-week range of $1–$26 already shows how violent that repricing can be.
med
dilution is not a side risk here
2025–2026 EDGAR history includes multiple registered-direct / PIPE-style agreements (see 8-K items 1.01 and related exhibits). Dollar amounts and share counts differ by transaction — pull the specific filing before repeating a headline number.
If another raise comes before a durable revenue inflection, you are buying more runway, not more certainty.
Filings show ~$226K of nine-month customer revenue, ~$1.5M cash, and ~$12.5M total liabilities (Sep 30, 2025). That mix can fund overhead and development for a time, but not a major build without new capital.
source: SEC Form 10-Q/A (Feb 6, 2026) · selected 8-Ks — verify transaction terms in exhibits
Pay attention to
calendar
2026 final investment decision
Management is targeting a 2026 FID. That is the milestone that tells you whether the plan is graduating from concept to funded execution.
metric
cash vs. disclosed financings
Track cash and current liabilities quarter to quarter against the 10-Q/A baseline (~$1.5M cash / ~$6.3M current liabilities). Pair that with whatever new 8-Ks say about offerings or bridge facilities.
trend
revenue moving above the hundreds-of-thousands level
AGIG is still talking about a commercial future from a tiny revenue base. You need to see operating numbers start moving in the same direction as the ambition.
risk
another equity raise before FID
That would tell you the current capital bought time but not enough progress. For existing holders, that is the catch: more funding can mean less ownership.
Analyst rankings
earnings predictability
35 / 100
This score says the financial model is hard to trust quarter to quarter. In human-speak: expect lumpy numbers, thin visibility, and revisions that matter more than they would at a mature company.
source: institutional data
Institutional activity
institutional ownership data for AGIG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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