SOC Sable Offshore Corp.

Overview and Growth

Sable Offshore Corp. generated $0.00 of revenue in fiscal 2025, with net loss of $410.16M and an operating cash outflow of $351.70M. The company reported diluted EPS of -$4.18, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 98.18M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 67.02M diluted shares in fiscal 2024, the current 98.18M base was 46.5% higher. The company employed $1.74B of total assets, the balance-sheet base supporting its current operating and cash-flow results.

Profitability

The company recorded an operating loss of $408.28M after the reported operating expense base. The company ended the period with a net loss of $410.16M, extending the operating result through all remaining items. Before income taxes, the company recorded a loss of $398.49M, bridging the operating result to the final net loss. The reported income-tax provision was $11.67M, the amount recognized between pretax income and the final net-income result. Relative to period-end equity, the net loss represented 76.8%. The loss-to-assets relationship was 23.6%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $617.28M in fiscal 2024 to $410.16M.

Liquidity and Capital Structure

The company held $1.74B of assets against $1.21B of liabilities and $534.30M of equity, revealing how the asset base was financed. The near-term balance sheet paired $135.70M of current assets with $1.02B of current liabilities at the reporting date. The current ratio was 0.13x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Reported cash and equivalents were $97.68M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 9.5% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $921.58M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 1.72x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 52.9% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented 30.7% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 69.3% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 5.6%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 10.0% from $1.58B in fiscal 2024, leaving current total assets higher year over year. Book equity was 39.1% higher than fiscal 2024 equity of $384.19M, showing how shareholder capital changed year over year. Cash and equivalents were 67.5% lower than fiscal 2024 cash of $300.38M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $351.70M, showing that operations absorbed cash during the period. The company spent $417.62M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $769.33M, leaving a cash deficit after capital spending and reducing financial flexibility. The cash deficit after capital spending represented 44.2% of the period-end asset base. Cash absorbed by operations increased from $162.97M in fiscal 2024 to $351.70M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.