Condor Energies (CDR) AI Stock Analysis

• Market Cap: C$129.90M
• Dividend Yield: N/A
• Average Volume (3M): 47.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.64
• Revenue Growth: 82.57%
• EPS Growth: 49.97%
• Country: CA
• Employees: 194
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): >-0.01
• Shares Outstanding: 68,366,780
• 10 Day Avg. Volume: 21,369
• 30 Day Avg. Volume: 47,694
• PEG Ratio: 0.40
• Price to Book (P/B): 7.94
• Price to Sales (P/S): 1.59
• P/FCF Ratio: -36.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$4.00
• Price Target Upside: 143.90% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): <0.01
• Revenue Forecast (FY): C$75.17M

• Rating: 46 Neutral
• Price Target: C$2.00 ▲(21.95% Upside)
• Action: Reiterated Date: 12/18/25
• Date: Action: Reiterated 12/18/25

Condor Energies' overall stock score is primarily impacted by its financial performance challenges, including declining revenue and profit margins, and negative cash flow growth. The technical analysis provides a slightly positive outlook due to some upward momentum indicators, but the valuation remains unattractive due to a negative P/E ratio and lack of dividends. These factors collectively result in a lower overall stock score.

Positive Factors

High EBITDA margin

A 26.81% EBITDA margin indicates the core operations generate significant operating profit before depreciation, interest and tax. That structural margin provides a buffer through commodity cycles, supports reinvestment in projects and improves the likelihood of converting operations into long-term cash generation if cost control persists.

Moderate leverage

A debt-to-equity around 0.89 signals moderate leverage relative to peers, giving the company financial latitude to fund development without extreme refinancing risk. Structurally, manageable debt levels can support project financing and growth in upstream/midstream assets while avoiding immediate solvency pressure if commodity prices remain volatile.

Integrated upstream/midstream model

A business model spanning acquisition, appraisal, development and commercialization plus related infrastructure allows Condor to capture value across the hydrocarbon chain. Vertical integration in Central Asia can reduce third-party dependencies, improve margin capture and support durable asset-level cash flows over multi-year project lifecycles.

Negative Factors

Declining free cash flow

A -25.03% decline in free cash flow growth shows the company is generating materially less excess cash after operations and capex. For an upstream developer, persistent FCF weakness limits ability to self-fund exploration, development and infrastructure, increases reliance on external financing and raises long-term sustainability risks.

Revenue and margin erosion

A TTM revenue decline of -9.13% coupled with a material drop in gross margin signals reduced production efficiency or adverse pricing/cost pressures. Structurally, falling top-line and margin compression undermine ability to reach net profitability, strain reinvestment capacity and heighten exposure to prolonged commodity downturns.

Weak equity base & negative ROE

A low equity ratio (15.97%) and negative ROE indicate a thin shareholder capital base and inability to generate returns for equity holders. This structural weakness limits capacity to raise equity without dilution, increases leverage sensitivity, and elevates financial risk if cashflows deteriorate or capital needs rise.

Condor Energies Business Overview & Revenue Model

Company Description

Condor Energies Inc. (CDR) is a Canadian energy company primarily focused on the development and production of sustainable energy solutions. The company operates in sectors such as renewable energy and oil and gas, with core products and services that include the exploration and production of conventional and unconventional oil resources, as well as investments in renewable energy projects like solar and wind power. With a commitment to transitioning towards cleaner energy, Condor Energies aims to balance its traditional energy operations with innovative, sustainable practices.

How the Company Makes Money

Condor Energies generates revenue through multiple streams, including the production and sale of oil and gas, which remains a significant portion of its earnings. The company capitalizes on its exploration activities to discover and develop new reserves, thereby increasing its output and revenue potential. Additionally, Condor is expanding its portfolio by investing in renewable energy projects, which not only diversifies its revenue sources but also aligns with global trends towards sustainability. Strategic partnerships with other energy companies and stakeholders enhance its operational capabilities and market reach, further contributing to its revenue. The company's ability to adapt to market demands and regulatory changes in the energy sector positions it to benefit financially from both traditional and renewable energy markets.

Condor Energies Financial Statement Overview

Summary

Condor Energies faces significant challenges in achieving profitability and maintaining positive cash flow. The company has shown a decline in revenue and profit margins, coupled with negative free cash flow growth. While the debt-to-equity ratio is moderate, the negative return on equity and low equity ratio indicate potential financial instability. Overall, the company needs to improve operational efficiency and cash flow management to enhance financial health.

Income Statement

Condor Energies has shown a significant decline in revenue growth with a negative rate of -9.13% in the TTM period. The gross profit margin has decreased from 33.40% in 2024 to 25.77% in the TTM, indicating reduced efficiency in managing production costs. The net profit margin remains negative, reflecting ongoing challenges in achieving profitability. Despite a positive EBITDA margin of 26.81%, the EBIT margin has decreased, suggesting increased operational expenses or reduced operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved slightly to 0.89 in the TTM, indicating a moderate level of leverage. However, the return on equity is negative, highlighting the company's struggle to generate profit from shareholders' equity. The equity ratio of 15.97% suggests a relatively low proportion of equity financing compared to total assets, which could pose a risk if debt levels increase.

Cash Flow

Condor Energies experienced a decline in free cash flow growth by -25.03% in the TTM, indicating challenges in generating cash from operations. The operating cash flow to net income ratio is 0.89, suggesting that operating cash flow is not sufficient to cover net losses. The negative free cash flow to net income ratio further emphasizes the company's difficulty in generating positive cash flow relative to its net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	78.70M	66.63M	552.00K	3.61M	883.00K	2.78M
Gross Profit	18.84M	22.26M	-5.21M	1.47M	-3.33M	-6.61M
EBITDA	22.60M	14.95M	-9.06M	-1.98M	-7.78M	-12.41M
Net Income	-5.02M	-4.07M	-11.39M	-3.06M	-11.33M	-2.05M
Balance Sheet
Total Assets	80.59M	66.61M	6.77M	10.06M	8.70M	21.50M
Cash, Cash Equivalents and Short-Term Investments	22.67M	27.84M	5.04M	3.75M	4.62M	12.31M
Total Debt	17.35M	13.19M	5.55M	192.00K	0.00	13.00K
Total Liabilities	55.57M	45.55M	9.30M	3.77M	3.68M	4.40M
Stockholders Equity	12.87M	13.33M	-2.53M	6.30M	5.02M	17.11M
Cash Flow
Free Cash Flow	-8.59M	-2.92M	-5.57M	-4.88M	-6.19M	-6.58M
Operating Cash Flow	34.18M	5.36M	-5.35M	-3.17M	-6.10M	-6.39M
Investing Cash Flow	-38.93M	-7.35M	-1.08M	-1.21M	-2.00M	23.27M
Financing Cash Flow	19.83M	24.11M	7.72M	3.41M	356.00K	-7.08M

Condor Energies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CDR, the sentiment is Positive. The current price of 1.64 is below the 20-day moving average (MA) of 1.88, below the 50-day MA of 1.89, and below the 200-day MA of 1.80, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 51.04 is Neutral, neither overbought nor oversold. The STOCH value of 66.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CDR.

Condor Energies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
YGR	67 Neutral	C$112.34M	6.03	3.18%	―	-12.46%	-49.29%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
TPL	61 Neutral	C$178.22M	-17.44	-28.62%	0.66%	12.23%	-424.88%
BNE	59 Neutral	C$198.60M	-13.68	-2.67%	―	-9.55%	-154.04%
EOG	49 Neutral	C$304.51M	-240.54	-11.95%	―	―	86.19%
QEC	48 Neutral	C$111.41M	-7.88	-10.07%	―	19.15%	43.88%
CDR	46 Neutral	C$129.90M	-25.57	-95.52%	―	82.57%	49.97%

Condor Energies Corporate Events

Condor Energies Advances Record-Setting Uzbek Drilling and Exits Turkish Gas Assets via Royalty Deal

Condor Energies has reported a significant milestone in its Uzbekistan drilling campaign, with its second well, Andakli-21, reaching total depth and setting a national record for the longest horizontal section drilled in the country. The well intersected extensive high-porosity carbonate reservoir with strong gas shows, and the company plans acid stimulation and testing in February 2026 before bringing A-21 and the earlier A-23 well into production. A second rig is drilling the Kumli-45 vertical well in an underdeveloped area of the Kumli gas field, where core analysis and logging are intended to refine development plans for a follow-on program of up to 12 horizontal wells from two pads, underscoring Condor’s push to scale gas output in Uzbekistan. In parallel, Condor has agreed to sell its Turkish gas assets, Poyraz Ridge and Destan, to a third-party buyer in exchange for a ten-year, capped gross overriding royalty and a nominal cash payment, with the buyer assuming operating costs from 60 days after signing and committing to workovers and new drilling. This divestiture reduces Condor’s financial exposure in Türkiye while preserving potential royalty upside, allowing the company to reallocate capital and management focus toward higher-impact growth opportunities in Central Asia.

The most recent analyst rating on (TSE:CDR) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.

Condor Energies Ramps Up Uzbekistan Drilling as Output Edges Higher

Condor Energies reported a 5.6% quarter-on-quarter increase in average daily production to 10,534 boepd in Q4 2025 and a 7.6% month-on-month rise in December output, driven largely by successful well workover programs in Uzbekistan, while full-year 2025 production was broadly flat versus 2024. The company’s first horizontal well in Uzbekistan, featuring the country’s longest lateral, is onstream from a shallower carbonate zone after testing 3.6 MMscf/d of gas with associated condensate, as Condor works to source equipment to fully access the lateral; meanwhile, a second horizontal well from the same pad and a new vertical appraisal well in an under-developed southern gas field are progressing, underpinning a two-rig, multi-well drilling campaign and associated compression and workover initiatives that management believes could materially boost 2026 production and cash flow and unlock material reserves potential.

The most recent analyst rating on (TSE:CDR) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.

Condor Raises $13.65 Million to Fast-Track Uzbekistan Drilling Program

Condor Energies has closed a brokered private placement of convertible debentures, raising gross proceeds of $13.65 million to fund an accelerated drilling and development campaign in Uzbekistan. The capital will be used to mobilize a second drilling rig for a 12-well program in 2026, install in-field compression facilities to boost production and cash flow, and support working capital and general corporate purposes, positioning the company for higher output through continuous drilling and a dedicated workover rig focused on production optimization.

The most recent analyst rating on (TSE:CDR) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.

Condor Energies Upsizes Financing to Boost Uzbekistan Drilling Program

Condor Energies Inc. has increased its brokered financing to $12 million due to strong demand, which will be used to accelerate its 12-well drilling program in Uzbekistan. This move is expected to significantly boost production and cash flow, positioning the company for enhanced operational success and providing potential benefits to stakeholders.

The most recent analyst rating on (TSE:CDR) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.

Condor Energies Secures $10 Million for Uzbekistan Drilling Expansion

Condor Energies Inc. has announced a $10 million brokered financing agreement to accelerate its 12 well drilling program in Uzbekistan. The funds will be used to mobilize a second drilling rig and develop in-field compression facilities, which are expected to significantly increase production and cash flow. This move is part of Condor’s strategy to enhance its operational capabilities and optimize production, potentially strengthening its position in the energy market.

The most recent analyst rating on (TSE:CDR) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.

Condor Energies Boosts Production with Successful Drilling in Uzbekistan

Condor Energies has successfully drilled its first horizontal well in the Andakli field in Uzbekistan, reaching a total depth of 3,775 meters. This development, along with two successful workovers in the North Syuzma field, has increased the company’s daily production to approximately 12,000 boepd, demonstrating significant growth and potential for further expansion in the region.

The most recent analyst rating on (TSE:CDR) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.

Condor Energies Advances Central Asian Projects with Strong Q3 Results

Condor Energies reported its third-quarter 2025 results, highlighting significant progress in its Central Asian projects. The company achieved an average production of 9,978 boe/d in Uzbekistan and is advancing its LNG facility in Kazakhstan, set to commence production in 2026. Condor is also exploring critical minerals, including copper and lithium, in Kazakhstan, aligning with the region’s growing focus on energy security and greenhouse gas reduction.

The most recent analyst rating on (TSE:CDR) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Condor Energies stock, see the TSE:CDR Stock Forecast page.