Sunshine Oilsands Ltd. reported its financial results for the first quarter ended March 31, 2025. The company's petroleum sales, net of royalties, saw a significant decrease to CAD0 million from CAD11.2 million for the same period in 2024. This decline is attributed mainly to a loss of revenue resulting from equipment maintenance at the West Ells project in the first quarter of 2025. The net operating income, excluding one-off foreign exchange gains or losses, experienced a shift from a net operating gain of CAD0.1 million in the first quarter of 2024 to a net operating loss of CAD1.7 million for the same period in 2025. Additionally, the operating cash flow for the quarter ended March 31, 2025, showed a net loss of CAD1.9 million, increasing from a net loss of CAD0.5 million in the previous year. All of the company's revenue is derived from customers based in Canada, and the revenue from contracts with customers is recognized at a point in time when control of goods transfers. The significant drop in petroleum sales and the resulting financial losses highlight the challenges faced by Sunshine Oilsands Ltd. during this period.
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