Every 10-Q that US Enrgy (USEG) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow USEG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full USEG filings page.
U.S. Energy Corp. posted a Q1 2026 net loss of $3.2 million as it pivots toward industrial gases. Revenue fell to $1.6 million from $2.2 million, mainly because prior divestitures reduced oil and gas production volumes by 27%.
The company ended the quarter with $10.5 million in cash, up sharply from $0.4 million, after raising about $17.2 million through an underwritten offering and issuances under a committed equity facility. It invested $4.4 million in industrial gas capital expenditures, largely tied to its Big Sky Carbon Hub project.
Management reached a final investment decision on building the Big Sky processing plant, targeting initial helium and carbon management operations in 2027. After quarter-end, the borrowing base on its credit facility doubled to $20 million, and a five-year helium sales agreement was signed with fixed pricing of $285 per MCF and a 100% take-or-pay commitment on up to 14.4 MMCF annually.
U.S. Energy Corp. (USEG) reported a weaker Q3 2025. Revenue was $1.74 million, down from $4.96 million a year ago, driven by lower oil volumes/prices and asset sales. The company recorded a net loss of $3.34 million versus a $2.25 million loss last year, as impairments and operating costs outweighed reduced sales.
For the nine months, revenue was $5.96 million (from $16.39 million) with a net loss of $12.51 million. Operating cash flow was negative $6.28 million. Cash and equivalents were $1.42 million, and shareholders’ equity was $25.04 million at September 30, 2025. The company recorded a $0.9 million ceiling test write-down in Q3 and expects an additional $0.8–$1.8 million write-down in Q4 due to lower commodity prices.
USEG raised approximately $11.9 million net in an underwritten offering in January and extended its credit facility maturity to May 31, 2029 while the borrowing base was reduced to $10.0 million; there were no borrowings outstanding at quarter-end. Subsequent to quarter-end, the company borrowed $1.0 million and established a discretionary equity facility of up to $25.0 million, with a 4.99% beneficial-ownership blocker and a 19.99% issuance cap.
U.S. Energy Corp. reported weaker oil and natural gas results in the first half of 2025 driven by lower production and commodity prices. Total revenue for the six months ended June 30, 2025 was $4.22 million versus $11.44 million in the prior year period, producing a net loss of $9.17 million for six months and $6.06 million in the second quarter. Production declined about 56% year-over-year for the quarter to 48,816 BOE, and realized oil prices fell to about $55.14 per barrel in Q2.
The company preserved liquidity through an equity offering that generated approximately $11.9 million net proceeds in January 2025 and ended the period with $6.73 million in cash and $27.96 million of shareholders' equity. U.S. Energy completed a related-party acquisition of 24,000 net acres in Kevin Dome, Montana (consideration totaling about $4.7 million), drilled two industrial gas wells in Q2, recorded a $2.8 million ceiling-test impairment in Q2, and disclosed an expected additional write-down of $0.5 million to $1.5 million in Q3 2025. The company had no borrowings under its credit facility as of June 30, 2025.