Sable Offshore Corp. SOC
Sable Offshore Corp. ("Sable") (formerly known as Flame Acquisition Corp. or "Flame") was a blank check company originally incorporated on October 16, 2020 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities. On March 1, 2021, Flame consummated an initial public offering (the "Flame IPO"), after which its securities began trading on the New York Stock Exchange ("NYSE"). On November 2, 2022, Flame entered into that certain Agreement and Plan of Merger (the "Merger Agreement"), dated November 2, 2022 (amended on December 22, 2022 and June 30, 2023), by and among Flame, Sable Offshore Holdings LLC, a Delaware limited liability company ("Holdco"), and Sable Offshore Corp., a Texas corporation and a wholly owned subsidiary of Holdco ("Legacy Sable").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $0 | — | $0 | — | — | — |
| SG&A | $176.2M | — | $12.8M | — | — | — |
| Total operating expenses | $408.3M | — | $94.5M | — | — | — |
| Operating income | -$408.3M | — | -$94.5M | -$6.2M | -$1.7M | — |
| Interest expense | $88.2M | — | $0 | — | — | — |
| Pre-tax income | -$398.5M | — | -$93.7M | -$1.8M | $4.3M | — |
| Income tax | $11.7M | — | $0 | $757.1K | $0 | $0 |
| Net income | -$410.2M | — | -$93.7M | -$2.6M | $4.3M | — |
| EPS, basic | -4.18 | — | — | — | — | — |
| EPS, diluted | -4.18 | — | — | — | — | — |
| Shares, diluted (wtd. avg.) | 98.2M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $97.7M | $300.4M | $0 | $0 | $322.8K | $9.0K |
| Inventory | $12.1M | $0 | — | — | — | — |
| Total current assets | $135.7M | $355.3M | $16.2M | $188.5K | $844.6K | $304.2K |
| Total assets | $1.74B | $1.58B | $711.6M | $290.9M | $288.4M | $304.2K |
| Accounts payable | $25.2M | $16.8M | $3.2M | — | — | — |
| Short-term debt | $921.6M | $0 | — | — | — | — |
| Total current liabilities | $1.02B | $120.7M | $17.9M | $6.7M | $1.2M | $280.9K |
| Long-term debt | $0 | $833.5M | $0 | — | — | — |
| Total liabilities | $1.21B | $1.20B | $372.6M | $18.9M | $13.9M | $280.9K |
| Retained earnings | -$1.11B | -$698.3M | $0 | -$18.3M | -$12.9M | -$1.7K |
| Total equity | $534.3M | $384.2M | -$19.1M | -$18.3M | -$12.9M | $23.3K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$351.7M | — | -$70.1M | -$1.7M | -$2.0M | — |
| Depreciation and amortisation | $12.9M | — | $21.0M | — | — | — |
| Stock-based compensation | $42.7M | — | $0 | — | — | — |
| Capital expenditure | $417.6M | — | $0 | — | — | — |
| Investing cash flow | -$417.6M | — | $0 | $786.9K | -$287.5M | — |
| Financing cash flow | $531.2M | — | $70.1M | $705.0K | $289.8M | — |
| Buybacks | — | — | $230.1M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001831481-26-000026.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | — | $0 |
| Gross profit | — | — | — | — | — | — |
| Net income | — | $4.3M | -$2.6M | -$93.7M | — | -$410.2M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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