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)