BNO experienced a dramatic financial deterioration with revenue swinging from $3.0M profit to -$5.2M loss while nearly doubling outstanding shares from 3.1M to 6.05M.
The massive swing from positive to negative revenue (-273%) combined with the 95% increase in outstanding shares suggests significant dilution and potential structural challenges in the fund's ability to track Brent crude oil effectively. The removal of language about contango and backwardation impacts may indicate management is de-emphasizing these risks despite the poor performance.
BNO's financials show across-the-board deterioration with revenue collapsing from $3.0M to -$5.2M (-273%), net income turning negative from $2.7M to -$4.1M, and operating cash flow swinging from positive $7.0M to negative -$3.7M. Total assets declined 12.3% to $100.7M while liabilities decreased modestly by 13.2% to $300K. The combination of negative performance metrics alongside the significant share dilution (nearly doubling outstanding shares) signals fundamental challenges in the fund's operational effectiveness and suggests investors may be experiencing substantial value erosion.
Revenue declined 273.1% — significant demand weakness or market share loss warrants investigation.
Net income declined 251.4% — review whether driven by operations, interest costs, or non-recurring items.
Operating cash flow fell 153.1% — earnings quality concerns; investigate working capital changes and non-cash items.
Liabilities reduced 13.2% — deleveraging improves balance sheet strength and financial flexibility.
Total assets contracted 12.3% — asset sales, write-downs, or balance sheet optimization underway.
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