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EON Resources Inc.

For the period ended Dec 31, 2024. Filed Apr 16, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Apr 16, 2025

EONR$0.27+3.7%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31,2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

EON Resources, Inc

(Exact name of registrant as specified in its charter)

Delaware001-4127885- 4359124
(State or other jurisdiction of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification Number)
3730 Kirby Drive, Suite 1200 Houston, TX77098
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code:(713) 834-1145

HNR Acquisition Corp.

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:Trading Symbol:Name of Each Exchange on Which Registered:
Class A Common Stock, par value $0.0001 per shareEONRNYSE American LLC
Warrants, each whole warrant exercisable for three quarters of one share of Class A Common Stock at an exercise price of $11.50 per whole shareEONR.WSNYSE American LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that require a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

The aggregate market value of the voting and non-voting common equity stock held by non-affiliates of the Registrant was approximately $8.3 million based on the last sale price on June 28, 2024.

As of April 15, 2025,18,312,626 shares of Class A Common Stock, par value $0.0001 per share, and 0 shares of Class B Common Stock, par value $0.0001 per share, were issued and outstanding.

TABLE OF CONTENTS

PAGE
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiii
PART I1
Item 1Business1
Item 1.A.Risk Factors25
Item 1.B.Unresolved Staff Comments48
Item 1.C.Cybersecurity48
Item 2.Properties49
Item 3.Legal Proceedings49
Item 4.Mine Safety Disclosures49
PART II50
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities50
Item 6.[Reserved]51
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations52
Item 7A.Quantitative and Qualitative Disclosures About Market Risk61
Item 8.Financial Statements and Supplementary Data61
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure61
Item 9A.Controls and Procedures61
Item 9B.Other Information.62
Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.62
PART III63
Item 10.Directors, Executive Officers and Corporate Governance63
Item 11.Executive Compensation69
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters79
Item 13.Certain Relationships and Related Transactions, and Director Independence80
Item 14.Principal Accountant Fees and Services82
PART IV83
Item 15.Exhibits and Financial Statement Schedules83

i

CERTAIN TERMS

Unless otherwise stated in this Annual Report on Form 10-K (this “Report”), or the context otherwise requires, references to:

●“Class A Common Stock” is to our Class A Common Stock, par value $0.0001 per share;
●“Class B Common Stock” is to our Class B Common Stock, par value $0.0001 per share;
●“founder shares” are to shares of our Class A Common Stock initially purchased by our sponsor in a private placement prior to our Initial Public Offering;
●“initial business combination” or “Purchase” refers to the completion of our initial business combination on November 15, 2023, pursuant to the closing of the transactions contemplated by the MIPA whereby we acquired (through our subsidiaries) 100% of the outstanding membership interests of EON Resources, LLC, a Texas limited liability company (“EON” or the “Target”);
●“Initial Public Offering” refers to the Initial Public Offering closed on February 15, 2022;
●“initial stockholders” are to our holders of our founder shares prior to our Initial Public Offering (or their permitted transferees);
●“management” or our “management team” are to our officers and directors;
●“MIPA” means that that certain Amended and Restated Membership Interest Purchase Agreement, dated August 28, 2023, as amended (the “MIPA”), by and among us, HNRA Upstream, LLC, a newly formed Delaware limited liability company which is managed by us, and is a subsidiary of ours (“OpCo”), and HNRA Partner, Inc., a newly formed Delaware corporation and wholly owned subsidiary of ours (“SPAC Subsidiary”, and together with us and OpCo, “Buyer” and each a “Buyer”), CIC EON LP, a Delaware limited partnership (“CIC”), DenCo Resources, LLC, a Texas limited liability company (“DenCo”), EON Resources Management, LLC, a Texas limited liability company (“EON Management”), 4400 Holdings, LLC, a Texas limited liability company (“4400” and, together with CIC, DenCo and EON Management, collectively, “Seller” and each a “Seller”), and, solely with respect to Section 6.20 of the MIPA, Sponsor.
●“Predecessor” refers to the historical business of EON prior to the Purchase on November 15, 2023.
●“private placement units” are to the units issued to our sponsor in a private placement simultaneously with the closing of our Initial Public Offering;
●“private placement warrants” are to the warrants sold as part of the private placement units, and to any private placement warrants or warrants issued in connection with working capital loans that were sold to third parties, our executive officers, or our directors (or permitted transferees).
●“public shares” are to shares of our Class A Common Stock sold as part of the units in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);
●“public stockholders” are to the holders of our public shares, including our initial stockholders and management team to the extent our initial stockholders and/or members of our management team purchase public shares, provided that each initial stockholder’s and member of our management team’s status as a “public stockholder” shall only exist with respect to such public shares;
●“public warrants” are to our redeemable warrants sold as part of the units in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);
●“Sponsor” refers to HNRAC Sponsors, LLC, a Delaware limited liability company;
●“warrants” are to our redeemable warrants, which includes the public warrants as well as the private placement warrants to the extent they are no longer held by the initial purchasers of the private placement units or their permitted transferees;
●“HNR” and “HNRA” are to the Company prior to the date of the Company’s name change on September 17, 2024.
●“Registrant,” “we,” “us,” “company”, “our company”, “EON”, “EON Resources” and “Successor” are to EON Resources, Inc. (and the business of EON which became the business of the Company after giving effect to the Purchase).

ii

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