Empire Petroleum Corporation announced an increased loss for the fourth quarter compared to the same quarter of the previous year.
The company reported a total loss of $4.797 million, translating to a loss of $0.20 per share. This is a significant increase from the loss of $2.289 million, or $0.10 per share, recorded during the same period last year.
After adjusting for certain items, Empire Petroleum Corporation confirmed an adjusted loss of $5.753 million or a loss of $0.24 per share for the period.
However, the firm's revenue witnessed a slight increase for the quarter, rising by 4.1% to $11.167 million from $10.727 million recorded a year earlier.
Here is a quick look at the earnings according to generally accepted accounting principles (GAAP):
The fourth quarter earnings stood at a loss of $4.797 million, a significant increase from the loss of $2.289 million during the same quarter last year. The company's Earnings Per Share (EPS) for the fourth quarter was also in the negative at $0.20, doubling the loss of $0.10 from the previous year. Despite these losses, the company's revenue for the same quarter showed a slight increase to $11.167 million, making a small gain from $10.727 million in the last year.
