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what it is
U.S. Energy buys and develops oil, natural gas, industrial gas, and carbon assets in the U.S.
how it gets paid
FY2025 revenue was $7.4M vs $20.6M in 2024, reflecting planned divestitures and lower production—not a surprise “operating” decline in isolation.
why revenue fell
The company monetized legacy oil and gas assets to fund the Big Sky / industrial gas platform; production dropped to 164,752 BOE in 2025 vs 415,887 BOE in 2024, per the Mar 2026 release.
what just happened
Q4 2025 revenue was $1.4M; diluted EPS was $(0.06). FY2025 Adjusted EBITDA was $(4.5M).
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
FY2025 net loss $14.4M · $(0.43) diluted EPS (GAAP, Mar 13, 2026 release)
$2.5M credit facility drawn at 12/31/25
xvary composite: 41/100 — below average
What they do
U.S. Energy buys and develops oil, natural gas, industrial gas, and carbon assets in the U.S.
proved developed producing reserves → wells already flowing → so what: you are betting on cash, not geology. The company has 1.5 million BOE of proved reserves, and roughly 75% is oil. That is a tiny base, but it is real.
How they make money
$7M
annual revenue · revenue declined -64.3% last year
total revenue
$7M
64.3%
The products that matter
produces and sells hydrocarbons
Oil & Gas Production
$7.4M · 100% of FY2025 revenue
Legacy oil and gas is still the only revenue line in the GAAP statements; industrial gas revenue is still effectively pre-revenue while the platform is built out.
legacy cash flow
helium and CO2 project development
Industrial Gas Platform
$0 · target start 2027
management is aiming for platform-scale revenue beginning in 2027, but the contribution in FY 2025 was $0. you are underwriting development risk, not buying current cash flow.
speculative pivot
Key numbers
$7.4M
FY2025 revenue
Tiny sales vs the capital going into Big Sky—so dilution and balance-sheet choices matter as much as commodity prices.
64.3%
sales change
A 64.3% drop says the business is shrinking fast, not cruising.
$(0.43)
FY2025 diluted EPS
Net loss of $14.4M on $7.4M revenue (Mar 13, 2026 release)—legacy impairments and divestitures are embedded in the GAAP loss.
$2.5M
credit facility
$2.5M was outstanding on the credit facility at 12/31/25 (per the Mar 2026 release tables)—small, but not zero.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $2.5M credit facility at 12/31/25 (see release)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for USEG right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY 2025 reported
Q4 2025 revenue $1.4M; diluted EPS $(0.06). FY2025 net loss $(0.43) per share.
The release ties the sequential Q4 decline to the West Texas divestiture and weaker prices. FY2025 included non-cash impairments and legacy asset sales as the company winds down conventional E&P in favor of the industrial gas platform.
$1.4M
Q4 revenue
$(0.06)
Q4 diluted EPS
1.5M BOE
proved reserves (YE25)
the bridge metric
Adjusted EBITDA was $(0.5M) in Q4 and $(4.5M) for the year—losses are still funded by equity and strategic asset sales, not operating cash.
P0: U.S. Energy Corp. Q4/FY 2025 results (Mar 13, 2026) — Nasdaq (Globe Newswire)
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What could go wrong
the #1 risk is shareholder-funded execution risk on a zero-revenue industrial gas pivot.
high
the pivot stays a slide deck
The company is winding down a legacy oil and gas book that did $20.6M in FY2024 revenue before the divestiture program, while industrial gas revenue was still effectively $0 in FY 2025.
If that new platform slips, 100% of current revenue still comes from the shrinking legacy side.
high
dilution becomes the business model
The Mar 2026 release notes a March 2026 equity offering that lifted pro forma cash to about $15.4M and liquidity to about $22.9M—dilution is a recurring funding tool for this story.
If project spend rises before revenue arrives, more share issuance is the cleanest path — and your slice gets smaller again.
med
legacy revenue erodes faster than expected
Oil and gas revenue fell 64.3% from the prior year, and the company recorded impairment charges on related properties.
That means the cash source funding the transition is already under pressure.
med
thin trading profile, wide swings
The stock traded between $1 and $3 in the last 52 weeks and has a price stability score of 10 / 100.
Even if the thesis survives, the path can still be violent enough to shake out holders before the story resolves.
A failed pivot would leave you with a smaller legacy business, more shares outstanding, and little evidence yet that the replacement engine works.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the metric
industrial gas revenue moving above $0
This is the cleanest scoreboard on the whole page. Until the new platform produces revenue, the pivot is still pre-commercial.
the risk
whether dilution becomes recurring
One 8.8M-share offering can fund progress. Repeated offerings would tell you the project is consuming capital faster than the business can support.
the calendar
next earnings and project timeline updates
Management has pointed to revenue beginning in 2027. Each quarterly update should narrow the gap between that promise and actual milestones.
the trend
legacy oil and gas decline rate
A 64.3% drop is not background noise. If the old business keeps shrinking that fast, the company has less internal support for the new one.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not have a clean line of sight into future earnings here.
wall street coverage
1 analyst
The $3.50 target exists, but it comes from a sample size of one. Treat it as a data point, not consensus gravity.
source: institutional data
Institutional activity
institutional ownership data for USEG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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