The going concern doubt and continued cash burn make this a high-risk holding. Monitor the K-29 well spudding expected in late May 2026 for potential production upside, but the company will likely need additional dilutive financing. The $14.1M ATM availability provides near-term liquidity runway, but negative operating cash flow and no debt capacity are concerning.
Price Chart
Executive Summary
Indonesia Energy Corp's FY2025 20-F reveals a deteriorating financial position with revenue down 24.5% to $2.01M, a net loss of $5.1M, and negative operating cash flow of $5.4M. The auditor issued a going concern opinion, production fell 14% to 38,973 barrels, and the average ICP declined 14% to $65.52/bbl. The company has material internal control weaknesses and relies on ATM financing for liquidity.
Key Facts
- Revenue decreased 24.55% from $2,667,508 in 2024 to $2,012,543 in 2025
- Net loss of $5,099,805 for FY2025 vs $6,343,541 in FY2024
- Oil production declined 13.94% to 38,973 barrels in 2025 from 45,287 barrels in 2024
- Average ICP fell 14.33% to $65.52/bbl in 2025 from $76.48/bbl in 2024
- Auditor's report includes going concern explanatory paragraph
- Material weaknesses in internal control over financial reporting identified
- Cash from operations used $5,434,852 in FY2025
- Working capital of $6,035,883 may not be sufficient to fund planned operations
- Raised $6.56M via ATM offerings in 2025; $14.1M available as of April 27, 2026
- CEO/Chairman Dr. Wirawan Jusuf owns 34.66% of outstanding shares
Financial Impact
Revenue decline of $654,965 (24.55%) and net loss of $5.1 million driven by lower production and oil prices; cash burn from operations of $5.4 million
Risk Factors
- Going concern risk with substantial doubt about ability to continue as a going concern
- Declining oil production and reserves without successful new drilling
- Dependence on ATM equity financing for liquidity
- Material weaknesses in internal controls over financial reporting
- Concentration risk with 100% of revenue from Kruh Block and reliance on Pertamina
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001493152-26-019641 |
| Exhibit: ex4-1.htm | 0001493152-26-019641 |
| Exhibit: ex12-1.htm | 0001493152-26-019641 |
| Exhibit: ex12-2.htm | 0001493152-26-019641 |
| Exhibit: ex13-2.htm | 0001493152-26-019641 |
| Exhibit: ex13-1.htm | 0001493152-26-019641 |
| Exhibit: ex23-1.htm | 0001493152-26-019641 |
| Document: 0001493152-26-019641-index-headers.html | 0001493152-26-019641 |
| Document: 0001493152-26-019641-index.html | 0001493152-26-019641 |
| Document: 0001493152-26-019641.txt | 0001493152-26-019641 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 6-K | $2.77 | awaiting T+20 | — | $2.64 (−4.69%) |
Sep 24, 2026 4w ago | 6-K | $2.81 $2.73 | ▲ +2.85% | ▲ +1.37% | $2.64 (+6.05%) |
Sep 2, 2026 7w ago | 6-K | $3.11 $2.67 | ▼ −14.15% | ▼ −12.96% | $2.64 (−15.11%) |
Aug 13, 2026 10w ago | 6-K | $2.98 $3.07 | ▲ +3.02% | ▲ +5.01% | $2.64 (−11.41%) |
May 28, 2026 21w ago | 6-K | $2.87 $2.80 | ▼ −2.44% | ▼ −0.65% | $2.64 (−8.01%) |
Apr 29, 2026 25w ago | 20-F | $3.37 $2.87 | ▲ +14.84% | ▲ +19.80% | $2.64 (+21.66%) |
Apr 27, 2026 26w ago | 424B5 | $3.27 $2.91 | ▲ +11.01% | ▲ +16.48% | $2.64 (+19.27%) |
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