Zenith Energy: Revenue up, but strategic shift leads to operating loss

Zenith Energy Ltd. announced its interim results for the six months ended September 30, 2025, reporting total revenue from oil and natural gas of CAD$1,090k, up from CAD$911k in 2024. This growth was primarily fueled by Italian assets, which saw electricity sales of 6,062 MWh (up from 5,303 MWh in 2024) and natural gas sales of 5,231 mcf (down from 6,357 mcf in 2024). However, the company reported no oil or condensate production or sales from its Tunisian assets during the period, compared to 1,471 barrels of oil produced in the prior year.

The company's strategic shift toward renewable energy is evident, with several solar energy projects in Italy announced or acquired since May 2025, contributing to a total solar development portfolio of 110.5 MWp as of November 17, 2025. Despite these advancements, the financial statements highlight an operating loss of CAD$(7,555)k, a significant decrease from CAD$60k profit in 2024, attributed to a sharp rise in administrative expenses, which reached CAD$7,563k (up from CAD$277k in 2024). This includes substantial non-recurring expenses related to arbitration and acquisition costs.