The company's operating margins remain deeply negative, frequently exceeding -150% due to SG&A expenses that consistently dwarf the quarterly revenue of $39,000.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 156K | 155K | 146K | 152K | 212K | 101K | 101K | 98K | 682K | 791K | 764K | 3.82M | 4.36M | 4.22M | 3.94M | 3.9M | 4.21M | 4.1M | 3.56M | 2.98M | 4.27M | 5.82M | 11.05M | 5.03M | 4.42M | 30.86M | 41.26M | 41.26M | 53.5M | 39M | 29.8M |
| Revenue Growth % | 5.41% | 6.16% | -3.95% | -28.3% | 109.9% | 0% | 3.06% | -85.63% | -13.78% | 3.53% | -79.98% | -12.51% | 3.34% | 7.05% | 1.1% | -7.41% | 2.81% | 15.11% | 19.3% | -30.08% | -26.68% | -47.32% | 119.49% | 13.84% | -85.67% | -25.21% | 0% | -22.88% | 37.18% | 30.87% | 259.04% |
| Cost of Goods Sold | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 61K | 844K | 1.03M | 1.18M | 3.48M | 3.47M | 3.42M | 3.29M | 2.72M | 2.52M | 3.81M | 2.7M | 2.16M | 4M | 4.35M | 7.18M | 4.33M | 4.62M | 22.62M | 29.66M | 24.84M | 45.5M | 31M | 23.2M |
| COGS % of Revenue | - | - | - | - | - | - | - | 62.24% | 123.75% | 129.84% | 154.58% | 91.3% | 79.51% | 81.05% | 83.29% | 69.73% | 59.74% | 92.92% | 75.87% | 72.39% | 93.7% | 74.73% | 65.03% | 86.09% | 104.57% | 73.31% | 71.89% | 60.19% | 85.05% | 79.49% | 77.85% |
| Gross Profit | 129K | 155K | 146K | 152K | 212K | 101K | 101K | 37K | -162K | -236K | -417K | 332K | 894K | 800K | 659K | 1.18M | 1.7M | 290K | 859K | 824K | 269K | 1.47M | 3.86M | 700K | -202K | 8.24M | 11.6M | 16.42M | 8M | 8M | 6.6M |
| Gross Margin % | 82.69% | 100% | 100% | 100% | 100% | 100% | 100% | 37.76% | -23.75% | -29.84% | -54.58% | 8.7% | 20.49% | 18.95% | 16.71% | 30.27% | 40.26% | 7.08% | 24.13% | 27.61% | 6.3% | 25.27% | 34.97% | 13.91% | -4.57% | 26.69% | 28.11% | 39.81% | 14.95% | 20.51% | 22.15% |
| Gross Profit Growth % | - | 6.16% | -3.95% | -28.3% | 109.9% | 0% | 172.97% | 122.84% | 31.36% | 43.41% | -225.6% | -62.86% | 11.75% | 21.4% | -44.2% | -30.37% | 484.83% | -66.24% | 4.25% | 206.32% | -81.71% | -61.93% | 452% | 446.53% | -102.45% | -28.98% | -29.38% | 105.3% | 0% | 21.21% | -15.38% |
| Operating Expenses | 382K | 420K | 383K | 395K | 374K | 437K | 468K | 418K | 353K | 408K | 352K | 1.58M | 1.78M | 1.44M | 1.57M | 748K | 854K | 1.32M | 1M | 796K | 1.09M | 1.19M | 7.8M | 1.44M | 2.65M | 9.56M | 16.65M | 13.49M | 9.7M | 9M | 8.7M |
| OpEx % of Revenue | - | 270.97% | 262.33% | 259.87% | 176.42% | 432.67% | 463.37% | 426.53% | 51.76% | 51.58% | 46.07% | 41.52% | 40.89% | 34.15% | 39.78% | 19.17% | 20.27% | 32.31% | 28.12% | 26.68% | 25.56% | 20.46% | 70.59% | 28.65% | 59.93% | 30.96% | 40.35% | 32.69% | 18.13% | 23.08% | 29.19% |
| Selling, General & Admin | 352K | 364K | 335K | 338K | 317K | 360K | 396K | 418K | 353K | 408K | 352K | 1.58M | 1.78M | 1.44M | 1.5M | 619K | 731K | 1.21M | 1M | 796K | 1.09M | 1.19M | 5.34M | 1.11M | 2.33M | 6.76M | 12.91M | 9.51M | 5.3M | 5.7M | 6.7M |
| SG&A % of Revenue | - | 234.84% | 229.45% | 222.37% | 149.53% | 356.44% | 392.08% | 426.53% | 51.76% | 51.58% | 46.07% | 41.52% | 40.89% | 34.15% | 38.06% | 15.87% | 17.35% | 29.45% | 28.12% | 26.68% | 25.56% | 20.46% | 48.37% | 22.07% | 52.67% | 21.91% | 31.29% | 23.05% | 9.91% | 14.62% | 22.48% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -253K | -265K | -237K | -243K | -162K | -336K | -367K | -381K | -515K | -3.27M | -769K | -3.97M | -890K | -842K | -1.82M | -1.86M | -44K | -2.73M | -142K | 28K | -822K | -652K | -3.09M | -777K | -2.35M | -2.67M | -5.05M | 2.94M | -1.7M | -1M | -4.9M |
| Operating Margin % | -162.18% | -170.97% | -162.33% | -159.87% | -76.42% | -332.67% | -363.37% | -388.78% | -75.51% | -413.4% | -100.65% | -104.01% | -20.4% | -19.94% | -46.2% | -47.71% | -1.04% | -66.59% | -3.99% | 0.94% | -19.26% | -11.2% | -27.98% | -15.43% | -53.03% | -8.64% | -12.24% | 7.12% | -3.18% | -2.56% | -16.44% |
| Operating Income Growth % | - | -11.81% | 2.47% | -50% | 51.79% | 8.45% | 3.67% | 26.02% | 84.25% | -325.23% | 80.63% | -346.07% | -5.7% | 53.79% | 2.1% | -4129.55% | 98.39% | -1821.83% | -607.14% | 103.41% | -26.07% | 78.91% | -297.94% | 66.87% | 12.07% | 47.19% | -271.94% | 272.76% | -70% | 79.59% | -202.08% |
| EBITDA | -239K | -251K | -224K | -230K | -150K | -323K | -355K | -363K | -268K | -2.96M | -275K | -3.25M | -158K | -79K | -1.04M | -1.45M | 319K | -2.37M | 29K | 75K | -453K | -159K | -1.48M | -447K | -2.02M | -338K | -1.31M | 6.91M | 2.7M | 2.3M | -2.9M |
| EBITDA Margin % | -153.21% | -161.94% | -153.42% | -151.32% | -70.75% | -319.8% | -351.49% | -370.41% | -39.3% | -373.7% | -35.99% | -85.12% | -3.62% | -1.87% | -26.45% | -37.04% | 7.57% | -57.83% | 0.81% | 2.51% | -10.61% | -2.73% | -13.39% | -8.88% | -45.77% | -1.1% | -3.17% | 16.76% | 5.05% | 5.9% | -9.73% |
| EBITDA Growth % | -3.02% | -12.05% | 2.61% | -53.33% | 53.56% | 9.01% | 2.2% | -35.45% | 90.93% | -974.91% | 91.54% | -1956.33% | -100% | 92.43% | 27.82% | -552.98% | 113.46% | -8272.41% | -61.33% | 116.56% | -184.91% | 89.26% | -231.1% | 77.92% | -498.82% | 74.2% | -118.95% | 156.07% | 17.39% | 179.31% | -158% |
| D&A (Non-Cash Add-back) | 14K | 14K | 13K | 13K | 12K | 13K | 12K | 18K | 247K | 314K | 494K | 721K | 732K | 763K | 779K | 416K | 363K | 359K | 171K | 47K | 369K | 493K | 1.61M | 330K | 321K | 2.33M | 3.74M | 3.98M | 4.4M | 3.3M | 2M |
| EBIT | -210K | -265K | -237K | -21K | 181K | 75K | -24K | 75K | -247K | -3.22M | 82K | -2.89M | -779K | 540K | 376K | -11.66M | 113K | -2.09M | 17.54M | 28K | -297K | -693K | -1.14M | 1.03M | 529K | -739K | -5.05M | 2.94M | -1.68M | -1.18M | -2.1M |
| Net Interest Income | 163K | 169K | 213K | 222K | 212K | 215K | 246K | 242K | 19K | 1K | -15K | -50K | -86K | -105K | -208K | 229K | 373K | 451K | 515K | 112K | 447K | -489K | 44K | -109K | 412K | 265K | 406K | 0 | 0 | 0 | 0 |
| Interest Income | 163K | 169K | 213K | 222K | 212K | 220K | 258K | 257K | 37K | 25K | 23K | 12K | 5K | 9K | 0 | 360K | 497K | 574K | 785K | 112K | 447K | 700K | 44K | 304K | 412K | 265K | 406K | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -40K | -46K | -18K | -21K | 181K | 70K | -52K | 60K | -484K | -3.24M | 44K | -2.62M | -779K | 426K | 168K | -11.79M | -11K | -2.21M | 17.27M | 959K | 1.28M | -974K | -2.56M | 222K | -3M | 9.24M | -5.27M | 5.12M | -10.6M | -10.3M | -8M |
| Pretax Margin % | -25.64% | -29.68% | -12.33% | -13.82% | 85.38% | 69.31% | -51.49% | 61.22% | -70.97% | -409.73% | 5.76% | -68.69% | -17.85% | 10.09% | 4.26% | -302.31% | -0.26% | -53.93% | 485.08% | 32.14% | 30.11% | -16.73% | -23.21% | 4.41% | -67.75% | 29.95% | -12.77% | 12.4% | -19.81% | -26.41% | -26.85% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 0 | 0 | 30K | 288K | 0 | 0 | 0 | 0 | 0 | 1.77M | 270K | 437K | 1.2M | 32K | -963K | 749K | 2.82M | 5.57M | 2.85M | -1.9M | -4.1M | -2.4M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -10.12% | 0% | 0% | -1.14% | -36.97% | 0% | 0% | 0% | 0% | 0% | 10.27% | 28.15% | 34.01% | -123.31% | -1.25% | -433.78% | -25% | 30.56% | -105.75% | 55.82% | 17.92% | 39.81% | 30% |
| Net Income | -40K | -46K | -18K | -21K | 181K | 70K | 1.92M | -2.35M | -484K | -3.25M | 48K | -2.62M | -779K | 426K | 168K | -11.79M | -11K | -2.21M | 15.49M | 62K | 1.3M | -986K | -2.17M | 222K | -8.37M | 6.42M | -10.62M | 82K | -8.9M | -5.7M | -4.8M |
| Net Margin % | -25.64% | -29.68% | -12.33% | -13.82% | 85.38% | 69.31% | 1897.03% | -2400% | -70.97% | -410.37% | 6.28% | -68.69% | -17.85% | 10.09% | 4.26% | -302.31% | -0.26% | -53.93% | 435.25% | 2.08% | 30.48% | -16.94% | -19.59% | 4.41% | -189.35% | 20.8% | -25.75% | 0.2% | -16.64% | -14.62% | -16.11% |
| Net Income Growth % | 0% | -155.56% | 14.29% | -111.6% | 158.57% | -96.35% | 181.46% | -385.95% | 85.09% | -6862.5% | 101.83% | -236.59% | -282.86% | 153.57% | 101.42% | -107109.09% | 99.5% | -114.26% | 24891.94% | -95.23% | 231.95% | 54.46% | -1075.23% | 102.65% | -230.46% | 160.42% | -13054.88% | 100.92% | -56.14% | -18.75% | -182.76% |
| Net Income (Continuing) | -40K | -46K | -18K | -21K | 181K | 70K | -52K | 60K | -265K | -3.24M | 44K | -2.95M | -1.08M | 426K | 168K | -11.79M | -11K | -2.21M | 15.49M | 689K | 1.81M | -558K | -987K | 622K | 597K | 6.74M | -10.62M | 82K | -8.7M | -6.2M | -5.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 1.97M | -2.41M | 0 | 0 | 4K | 332K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 337K | -184K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.01 | -0.01 | -0.00 | -0.00 | 0.10 | -0.02 | -0.04 | -0.48 | -0.09 | -1.59 | 0.02 | -1.35 | -0.40 | 0.22 | 0.09 | -6.06 | -0.01 | -1.14 | 8.92 | 0.06 | 1.32 | -1.01 | -2.22 | 0.31 | -11.66 | 15.53 | -14.14 | -6.20 | -12.09 | -8.66 | -9.14 |
| EPS Growth % | 0% | - | - | -104.1% | 506.5% | 43.19% | 90.98% | -409.01% | 94.07% | -8050% | 101.48% | -237.5% | -281.82% | 144.44% | 101.49% | - | 99.51% | -112.78% | 14766.67% | -95.45% | 230.69% | 54.5% | -816.13% | 102.66% | -175.08% | 209.83% | -128.06% | 48.72% | -39.61% | 5.25% | -158.22% |
| EPS (Basic) | - | -0.01 | -0.00 | -0.00 | 0.10 | -0.02 | -0.04 | -0.48 | -0.09 | -1.59 | 0.02 | -1.35 | -0.40 | 0.22 | 0.09 | -6.06 | -0.01 | -1.14 | 8.92 | 0.06 | 1.32 | -1.01 | -2.22 | 0.31 | -11.66 | 15.53 | -14.14 | -6.20 | -12.23 | -8.66 | -9.14 |
| Diluted Shares Outstanding | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 2.04M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.74M | 987K | 987K | 977K | 977K | 706K | 718K | 806K | 751.4K | 751.4K | 735.85K | 658.2K | 525.25K |
| Basic Shares Outstanding | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 5.13M | 2.04M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.95M | 1.74M | 987K | 987K | 977K | 977K | 706K | 718K | 806K | 751.4K | 751.4K | 727.5K | 658.2K | 525.25K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.49% | - | 1987.8% | - | - | - |
Operational scale and liquidity
According to the provided quarterly income statements, New Concept Energy's revenue remains trapped in a narrow range, with recent figures showing only marginal growth of 2.6% in 2026Q1, highlighting the company's inability to scale its advisory and rental business beyond its current limited footprint.
The revenue trajectory appears largely flat, suggesting that the company's advisory contracts and land leases are not currently benefiting from any meaningful expansion or pricing power. Investors should monitor whether this lack of growth is a result of structural constraints within the management agreements or a deliberate choice to maintain a minimal operational profile.
As reported in financial statements, the company's SG&A expenses consistently dwarf its quarterly revenue, with 2026Q1 SG&A of $77,000 against only $39,000 in revenue, indicating that the cost of maintaining a public listing significantly exceeds the income generated by its underlying real estate and advisory assets.
The cost structure is heavily weighted toward fixed administrative expenses, which appear to be disconnected from the actual revenue-generating activity. This suggests that the company may be operating as a holding vehicle rather than an active business, where the primary cost is the maintenance of the corporate entity itself.
Based on the historical data, gross margins fluctuate between 63.9% and 100%, reflecting the inconsistent nature of direct costs associated with its advisory services, while operating margins remain deeply negative, frequently exceeding -150% due to the heavy burden of fixed corporate overhead costs.
The inconsistency in gross margins suggests that the company occasionally incurs direct costs for its advisory work, which complicates the narrative of a pure, high-margin land-holding business. The persistent negative operating margin implies that the current business model is structurally incapable of achieving profitability without a significant increase in revenue scale or a reduction in corporate overhead.
Analysis of the income statement and cash position reveals that with only $383,000 in cash and persistent quarterly operating losses, the company faces a narrowing runway, suggesting that the current model may be unsustainable without an eventual asset sale or a capital injection from external sources.
Short-sellers would likely focus on the company's inability to generate positive operating cash flow, which forces a reliance on existing cash reserves to fund ongoing administrative costs. The lack of a clear path to operational break-even warrants further investigation into whether the 190-acre West Virginia land parcel can be monetized to provide the necessary liquidity to sustain the company's future operations.
Quick answers to the most common questions about buying GBR stock.
For fiscal year 2025, New Concept Energy, Inc. (GBR) reported total revenue of $0.2M. This represents a 99.5% decline compared to $29.8M in 1996.
New Concept Energy, Inc. (GBR) reported a net loss of $0.0M for the fiscal year ending 2025.
New Concept Energy, Inc. (GBR) reported an operating income of $-0.3M, resulting in an operating profit margin of -171.0%. This margin reflects the operational efficiency of the business before interest and taxes.
New Concept Energy, Inc. (GBR) generated $0.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.