GBR earnings analysis
What we found in GBR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
New Concept Energy’s Q2 2026 revenue was broadly flat at $41,000 versus $40,000 a year earlier, but the net loss widened to $66,000 from $18,000 as G&A expense rose to $129,000 from $85,000. Cash declined by $79,000 to $304,000, although the company reported no outstanding interest-bearing debt and current assets remained above current liabilities. The filing provides no quantitative guidance and continues to highlight financing, operating, property, and execution risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue edged higher year over year
- Second-quarter revenue increased to $41,000 from $40,000 in Q2 2025, with management fees rising to $15,000 from $14,000 while rental income remained $26,000.
- Debt-free balance sheet
- The company reported a net loss of $66,000 versus a $18,000 loss in Q2 2025. Corporate general and administrative expense increased to $129,000 from $85,000.
- All interest-bearing debt extinguished
- The company stated that it had extinguished all outstanding interest-bearing debt obligations, leaving only a variable-rate note receivable exposed to interest-rate changes.
- Current assets exceed liabilities
- Current assets of $369,000 exceeded current liabilities of $116,000 at June 30, 2026, representing approximately $253,000 of reported current-asset coverage.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cash balance declined
- Cash and cash equivalents declined to $304,000 at June 30, 2026 from $383,000 at December 31, 2025, a decrease of $79,000, while the company reported a quarterly net loss of $66,000.
- Corporate costs remain disproportionate
- Operating expenses outpaced revenue materially: revenue was $41,000 while corporate general and administrative expense was $129,000, implying an operating margin of approximately negative 214.6% before other operating items.
- Working-capital cushion narrowed
- Current liabilities rose to $116,000 from $69,000 at December 31, 2025, while current assets fell to $369,000 from $396,000, reducing the current ratio from approximately 5.7x to 3.2x.
- Financing and execution risks persist
- Management identified potential exposure to interest-rate fluctuations, financing availability, demand, pricing, competition, construction and permitting delays, and property disposition or restructuring risks; the company also reported a 100% valuation allowance against its deferred tax asset because realization was not more likely than not.
What they reported.
What the company itself reported, taken out of the document.
- Operating margin
- -214.6%
- Segment
- Rental income: $26,000, unchanged from $26,000 in Q2 2025
- Segment
- Management fees: $15,000, up from $14,000 in Q2 2025
What they said about what is next.
No quantitative revenue or EPS guidance was provided. The filing contains only general forward-looking risk disclosures; outlook may be deferred to the earnings release or call.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 7, 2026
- In its latest 10-Q filing for Q1 2026, New Concept Energy, Inc. reported revenues of $39,000, a slight increase from $38,000 in Q1 2025. While the company managed to reduce its net loss to $14,000 from $20,000…
- 10-K · March 31, 2026
- New Concept Energy (GBR) is a very small landlord and service provider whose 2025 operations consist of West Virginia real estate leasing, management services for oil & gas (10% fee) and interest income from notes…
- 10-Q · November 12, 2025
- New Concept Energy reported third-quarter revenue of $39,000 and diluted EPS of $(0.01) for the quarter ended September 30, 2025 (vs. $37,000 and $(0.01) in Q3 2024). Operating loss widened to $63,000 (operating margin…
- 10-K · March 24, 2025
- New Concept Energy (GBR) is a very small, asset-light company whose 2024 operations consist of leasing 16,000 sq. ft. of its Parkersburg, WV property (rent $101,000) and providing management services to a third‑party…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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