Altex Industries, Inc. reported a small loss and continued cash burn for the quarter and six months ended March 31, 2026. For the quarter, revenue from oil and gas sales was only $4,000 against operating expenses of $72,000, partly offset by $21,000 of interest income, resulting in a net loss of $47,000.
For the six-month period, revenue totaled $11,000 and other income $46,000, versus operating expenses of $134,000, leading to a net loss of $77,000 and operating cash use of $67,000. Cash and cash equivalents were $2,478,000 and total assets $2,651,000, while a significant related-party accrual of $1,235,000 is owed to the president and may be called for payment at any time.
Management notes that at current production, cash balances, interest rates, and oil and gas prices, revenue is unlikely to exceed expenses, and the company expects continued net losses unless it invests in producing oil and gas interests or other cash-generating ventures. The company states that climate change regulations are not expected to have a material impact and that its disclosure controls and procedures are considered effective.
Altex Industries, Inc. reported a small net loss of $30,000 for the three months ended December 31, 2025, an improvement from a $116,000 loss a year earlier. Revenue from oil and gas sales was $7,000, up slightly from $5,000.
General and administrative expense fell sharply to $60,000 from $150,000, mainly because the prior-year quarter included $94,000 of bonus and related payroll tax expense under the president’s employment agreement. Cash and cash equivalents were $2,513,000 at period end.
The balance sheet shows $1,235,000 of related-party accrued expenses for unpaid salary, bonus, and payroll taxes owed to the president, which he can require the company to pay at any time. Management states the company is likely to continue experiencing negative cash flow and net losses unless it invests a substantial portion of its cash in producing oil and gas interests or other revenue-generating ventures. The company reports no material capital expenditure commitments and does not expect climate change regulations to materially affect its financial condition or results.
Altex Industries, Inc., a tiny oil and gas royalty-focused company, reported a net loss of $192,000 for the year ended September 30, 2025, compared with net income of $437,000 a year earlier. The swing mainly reflects the absence of a prior-year $525,000 gain on the sale of Utah mineral interests and higher general and administrative expenses of $320,000, which rose from $233,000 after recognizing a $94,000 bonus under the CEO’s employment agreement.
Oil and gas sales remained small at $18,000 in 2025 versus $23,000 in 2024, with net production of 300 barrels of oil and 400 Mcf of gas. Cash and cash equivalents were $2.545 million and total stockholders’ equity was $1.342 million, while related-party accrued compensation owed to the president reached $1.235 million, which he may demand at any time. The company repurchased and retired 41,880 shares at an average of $0.29 per share, and the CEO beneficially owned 64.7% of the 11,187,640 shares outstanding as of November 28, 2025.