Earnings wrap: Woodside, West African Gold, Bubs, and Pentanet

Let’s dive into an ASX speedrun this morning, looking at some earnings report takeaways and market reactions released on Wednesday.

Woodside (ASX:WDS)

Type of report: December quarter 2024

Revenue: Down -6% QoQ due to lower seasonal demand from Bass Strait

Production: Full-year production of 194MMboe matching top-end full-year guidance

Notes: Wheatstone asset swap with Chevron boosted position in WA’s North West Shelf; Trion project set for 2028; Scarborough project “78% complete” with first LNG cargo for 2026

Market reaction: WDS is down -2% at 10.40am Sydney time; overnight Brent Crude has slipped below US$80/bbl and revenue blow of -6% likely missed expectations

West African Resources (ASX:WAF)

Type of report: Quarterly cashflow + activities (separate)

Revenue: 47.95Koz unhedged sales “at average price of US$2,690/oz”; $76M cash flow

Production: Q4 output of 51.17Koz at AISC of US$1,216/oz; full-year guidance achieved

Notes: WAF to release Toega underground scoping study in Q2 of CY2025

Market reaction: Slight sell-off (-0.6%) to $1.63 per CBOE live pricing at 10.55am Sydney time despite gold price uptick overnight (+1.25%)

Bubs Ltd (ASX:BUB)

Type of report: Q2 FY25 quarterly

Revenue: Group gross revenue of $32.9M (net $28.7M) up 42% QoQ

EBITDA: “H1 FY25 positive of $2.9M” vs -$6.8M loss QoQ

Notes: $17.2M in cash; “Bubs continues to follow the FDA’s guidelines and make meaningful progress on its USA clinical trials”; FY25 outlook of $102M revenue reinstated with a gross margin over 40%

Market reaction: Up +17.3% as EBITDA shows return to cash positive and market cap brought just above $100M

Pentanet (ASX:5GG)

Type of report: Q2 FY25 quarterly report

Revenue: Consolidated revenue increased 7% QoQ to $11.1M

EBITDA: “Positive for H1FY25 with $1M QoQ improvement from a Q1 loss of $0.4M”

Notes: Gaming revenue growth up 31%; 5G subscribers up 17%; net operating cash flow increased to $900K.

Market reaction: Very favourable – up over +65% to 5cps; market cap $21.6M as at 11am Sydney time though relatively thin trades (turnover of $490K)