The company's revenue remains highly volatile, with a 2024Q4 gross margin of -65.4% indicating that production costs consistently exceed the market value of extracted crude oil.
Indonesia Energy Corporation Limited (INDO) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 4.43M | 2.01M | 2.67M | 3.53M | 4.1M | 2.45M | 1.98M | 4.18M | 5.86M | 3.7M | 2.45M |
| Revenue Growth % | 35.28% | -24.55% | -24.34% | -13.96% | 67.07% | 23.82% | -52.65% | -28.57% | 58.12% | 51.38% | - |
| Cost of Goods Sold | 4.91M | 3.14M | 3.43M | 3.65M | 4.09M | 3.3M | 2.72M | 3.35M | 3.7M | 4M | 4.26M |
| COGS % of Revenue | - | 155.89% | 128.59% | 103.62% | 99.89% | 134.69% | 137.15% | 80.1% | 63.13% | 107.95% | 174.01% |
| Gross Profit | -475.35K | -1.12M | -762.64K | -127.63K | 4.43K | -850.79K | -735.93K | 832.45K | 2.16M | -294.4K | -1.81M |
| Gross Margin % | -10.73% | -55.89% | -28.59% | -3.62% | 0.11% | -34.69% | -37.15% | 19.9% | 36.87% | -7.95% | -74.01% |
| Gross Profit Growth % | - | -47.5% | -497.53% | -2983.69% | 100.52% | -15.61% | -188.41% | -61.45% | 833.53% | 83.74% | - |
| Operating Expenses | 7.04M | 4.28M | 5.17M | 3.37M | 4.6M | 5.25M | 6.53M | 2.43M | 2.02M | 1.26M | 870.01K |
| OpEx % of Revenue | - | 212.45% | 193.82% | 95.53% | 112.33% | 214.09% | 329.85% | 58.19% | 34.43% | 33.97% | 35.56% |
| Selling, General & Admin | 6.85M | 3.45M | 5.17M | 3.37M | 4.6M | 5.25M | 6.53M | 2.43M | 2.02M | 1.26M | 870.01K |
| SG&A % of Revenue | - | 171.6% | 193.82% | 95.53% | 112.33% | 214.09% | 329.85% | 58.19% | 34.43% | 33.97% | 35.56% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 52.38K | 822.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.68M | -5.4M | -5.93M | -3.5M | -4.6M | -6.1M | -7.27M | -1.6M | 143.38K | -1.55M | -2.68M |
| Operating Margin % | -173.37% | -268.35% | -222.41% | -99.15% | -112.22% | -248.78% | -367.01% | -38.29% | 2.45% | -41.92% | -109.57% |
| Operating Income Growth % | - | 8.97% | -69.72% | 23.98% | 24.64% | 16.07% | -353.88% | -1217.04% | 109.24% | 42.09% | - |
| EBITDA | -5.87M | -4.2M | -4.47M | -2.32M | -3.46M | -5.29M | -6.57M | -667.56K | 1.34M | -349K | -1.74M |
| EBITDA Margin % | -132.45% | -208.82% | -167.61% | -65.83% | -84.41% | -215.72% | -331.73% | -15.96% | 22.9% | -9.42% | -71.12% |
| EBITDA Growth % | -34.13% | 6% | -92.66% | 32.9% | 34.63% | 19.48% | -884.29% | -149.78% | 484.27% | 79.94% | - |
| D&A (Non-Cash Add-back) | 1.81M | 1.2M | 1.46M | 1.17M | 1.14M | 810.86K | 698.85K | 934.09K | 1.2M | 1.2M | 940.87K |
| EBIT | -7.74M | -5.4M | -5.99M | -3.56M | -4.6M | -6.1M | -7.27M | -1.6M | 189.65K | -1.55M | -3.22M |
| Net Interest Income | 0 | 0 | 0 | 0 | -23.84K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 26.22K | 35.27K | 42K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 23.84K | 26.22K | 35.27K | 42K | 0 | 0 | 0 |
| Other Income/Expense | 15.69K | 300.76K | -410.8K | 852.98K | 1.48M | 18.03K | 317.88K | -72.08K | -2.4K | -66.57K | -538.73K |
| Pretax Income | -7.66M | -5.1M | -6.34M | -2.64M | -3.12M | -6.08M | -6.95M | -1.67M | 140.99K | -1.62M | -3.22M |
| Pretax Margin % | -173.01% | -253.4% | -237.81% | -74.96% | -76.21% | -248.04% | -350.96% | -40.01% | 2.41% | -43.71% | -131.59% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.91K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.86% | 0% |
| Net Income | -7.66M | -5.1M | -6.34M | -2.64M | -3.12M | -6.05M | -6.95M | -1.67M | 145.72K | -1.6M | -3.19M |
| Net Margin % | -173.01% | -253.4% | -237.81% | -74.96% | -76.21% | -246.88% | -350.96% | -40.01% | 2.49% | -43.31% | -130.27% |
| Net Income Growth % | -66.52% | 19.61% | -140.04% | 15.37% | 48.43% | 12.9% | -315.34% | -1248.57% | 109.08% | 49.67% | - |
| Net Income (Continuing) | -7.66M | -5.1M | -6.34M | -2.64M | -3.12M | -6.08M | -6.95M | -1.67M | 140.99K | -1.62M | -3.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -158.67K | -166.62K |
| EPS (Diluted) | -0.76 | -0.34 | -0.62 | -0.26 | -0.35 | -0.82 | -0.94 | -0.29 | 0.02 | -0.22 | -0.43 |
| EPS Growth % | -29.92% | 45.16% | -138.46% | 25.71% | 57.32% | 12.77% | -224.14% | -1564.65% | 109% | 48.84% | - |
| EPS (Basic) | - | -0.34 | -0.62 | -0.26 | -0.35 | -0.82 | -0.94 | -0.29 | 0.02 | -0.22 | -0.43 |
| Diluted Shares Outstanding | 10.14M | 14.99M | 10.14M | 10.14M | 8.89M | 7.42M | 7.4M | 6.05M | 7.36M | 7.36M | 7.36M |
| Basic Shares Outstanding | 10.14M | 14.99M | 10.14M | 10.14M | 8.89M | 7.42M | 7.4M | 6.05M | 7.36M | 7.36M | 7.36M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying INDO stock.
For fiscal year 2025, Indonesia Energy Corporation Limited (INDO) reported total revenue of $2.0M. This represents a 17.7% decline compared to $2.4M in 2016.
Indonesia Energy Corporation Limited (INDO) reported a net loss of $5.1M for the fiscal year ending 2025.
Indonesia Energy Corporation Limited (INDO) reported an operating income of $-5.4M, resulting in an operating profit margin of -268.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Indonesia Energy Corporation Limited (INDO) generated $-1.1M in gross profit for the year, representing a gross profit margin of -55.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Negative Operating Margins
Volatile Revenue Amid Production Challenges
According to recent financial filings, INDO's revenue trajectory remains highly erratic, characterized by a 45.4% year-over-year increase in 2024Q4 following periods of significant contraction, suggesting that the company's top-line performance is heavily dependent on the timing of specific drilling outcomes rather than consistent, scalable production growth.
The revenue volatility highlights the inherent risks of relying on a single, mature asset like the Kruh Block. Investors should monitor whether the recent growth reflects sustainable production increases or merely the temporary impact of new well completions that may face rapid natural decline rates.
Structural Deficit in Gross Profitability
As reported in financial statements, INDO's gross margin plummeted to -65.4% in 2024Q4, indicating that the cost of sales, including field operating expenses and depletion, consistently exceeds the value of crude oil produced, which raises concerns regarding the economic viability of the company's current extraction model.
The persistent inability to maintain positive gross margins suggests that the company has not achieved the necessary production scale to cover its fixed lifting costs. This structural margin pressure implies that the current asset base may be fundamentally uncompetitive without a significant increase in output or a favorable shift in realized pricing.
Operating Leverage Constrained by Overhead
Based on reported figures, INDO's operating expenses, particularly SG&A, continue to outpace gross profit, resulting in an operating margin of -268.35% in recent periods, which demonstrates a lack of operational leverage and a heavy reliance on corporate overhead that is not currently supported by production revenue.
The company's inability to scale operating income alongside revenue suggests that administrative and exploration-related costs remain disproportionately high. This indicates that management's current cost structure is misaligned with the company's actual production capacity, necessitating a potential re-evaluation of its operational efficiency.
Dilutive Impact of Stock-Based Compensation
Analysis of the income statement reveals that stock-based compensation reached $1.3 million in 2024Q4, a significant figure that exacerbates net losses and suggests that the company's earnings quality is further diluted by non-cash expenses that do not align with the current lack of operational profitability.
The reliance on equity-based incentives during a period of deep net losses warrants further investigation into management's alignment with shareholder interests. Investors should consider how these non-cash charges impact the overall capital structure and the potential for future equity dilution to fund ongoing operations.
Sustainability of Current Capital Allocation
While management maintains a low debt-to-equity ratio, the company's consistent cash burn and negative net margins, as evidenced by the $4.2 million net loss in 2024Q4, suggest that the current business model may be unsustainable without frequent access to external capital markets or dilutive financing.
Short-sellers would likely focus on the widening gap between cash reserves and the high cost of maintaining mature assets. The lack of a clear path to profitability suggests that the company's survival may depend more on speculative exploration success at the Citarum Block than on operational improvements.