Revenue: As of FY2026 Q1, the actual value is USD 83.42 M.EPS: As of FY2026 Q1, the actual value is USD -2.16.EBIT: As of FY2026 Q1, the actual value is USD 33.85 M.Prairie Operating Co. operates in a single business segment focused on the acquisition, development, and production of crude oil, natural gas, and natural gas liquids (NGLs) primarily in the Denver–Julesburg Basin (DJ Basin).<h4>Revenue</h4>For the three months ended March 31, 2026, total revenue was $83,417 thousand, an increase from $13,590 thousand for the three months ended March 31, 2025. Crude oil sales were $67,838 thousand for Q1 2026, up from $10,788 thousand for Q1 2025. Natural gas sales were $8,956 thousand for Q1 2026, up from $1,223 thousand for Q1 2025. NGL sales were $6,623 thousand for Q1 2026, up from $1,579 thousand for Q1 2025.<h4>Operational Metrics</h4><ul><li>Net loss attributable to Prairie Operating Co. was -$152,673 thousand for Q1 2026, compared to -$2,617 thousand for Q1 2025.</li><li>Total operating expenses were $57,569 thousand for Q1 2026, up from $11,837 thousand for Q1 2025.</li><li>Lease operating expenses (LOE) were $14,841 thousand (or $7.11 per Boe) for Q1 2026, increasing from $2,012 thousand (or $6.82 per Boe) for Q1 2025, primarily due to increased production from the Bayswater Acquisition.</li><li>Transportation and processing expenses were $2,496 thousand (or $1.20 per Boe) for Q1 2026, up from $907 thousand (or $3.07 per Boe) for Q1 2025, also due to increased production from the Bayswater Acquisition.</li><li>Ad valorem and production taxes were $6,792 thousand (or $3.26 per Boe) for Q1 2026, up from $957 thousand (or $3.24 per Boe) for Q1 2025, primarily due to increased production from the Bayswater Acquisition.</li><li>Depreciation, depletion, and amortization totaled $15,844 thousand (or $7.60 per Boe) for Q1 2026, increasing from $2,123 thousand (or $7.20 per Boe) for Q1 2025, largely attributable to increased production from the Bayswater Acquisition.</li><li>General and administrative expenses were $16,886 thousand (or $8.09 per Boe) for Q1 2026, up from $5,551 thousand (or $18.82 per Boe) for Q1 2025, due to incremental non-cash stock-based compensation, employee/benefit expenses, and non-recurring litigation and severance expenses.</li><li>Interest expense was -$8,197 thousand for Q1 2026, up from -$1,378 thousand for Q1 2025, primarily due to interest on the Credit Facility.</li><li>Loss on derivatives, net, was -$177,060 thousand for Q1 2026, compared to -$898 thousand for Q1 2025, driven by increased unrealized and realized losses.</li><li>Loss on adjustment to fair value – embedded derivatives, debt, and warrants was -$31,851 thousand for Q1 2026, compared to -$2,164 thousand for Q1 2025, reflecting losses primarily from Series F Preferred Stock Warrants.</li><li>Income tax benefit was $38,394 thousand for Q1 2026 (20.1% effective rate); there was no benefit/expense for Q1 2025.</li><li>Adjusted EBITDA was $37,203 thousand for Q1 2026, up from $5,200 thousand for Q1 2025.</li></ul><h4>Production Volumes</h4><ul><li>Total production was 2,086 MBoe for Q1 2026, up from 295 MBoe for Q1 2025.</li><li>Average sales volumes per day were 23,182 Boe/d for Q1 2026, up from 3,278 Boe/d for Q1 2025.</li><li>Oil production was 999 MBbls for Q1 2026, up from 161 MBbls for Q1 2025.</li><li>Natural gas production was 3,538 MMcf for Q1 2026, up from 437 MMcf for Q1 2025.</li><li>NGL production was 497 MBbls for Q1 2026, up from 61 MBbls for Q1 2025.</li></ul><h4>Average Realized Price (excluding effects of derivatives)</h4><ul><li>Oil price was $67.91 per MBbl for Q1 2026, up from $67.01 per MBbl for Q1 2025.</li><li>Natural gas price was $2.53 per MMcf for Q1 2026, down from $2.80 per MMcf for Q1 2025.</li><li>NGL price was $13.33 per MBbl for Q1 2026, down from $25.80 per MBbl for Q1 2025.</li><li>Average price per MBoe was $39.99 for Q1 2026, down from $46.07 for Q1 2025.</li></ul><h4>Average Realized Price (including effects of derivatives)</h4><ul><li>Oil price was $56.49 per MBbl for Q1 2026, down from $63.78 per MBbl for Q1 2025.</li><li>Natural gas price was $1.82 per MMcf for Q1 2026, down from $2.20 per MMcf for Q1 2025.</li><li>NGL price was $12.76 per MBbl for Q1 2026, down from $25.80 per MBbl for Q1 2025.</li><li>Average price per MBoe was $33.19 for Q1 2026, down from $43.42 for Q1 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities was $42,268 thousand for Q1 2026, up from $16,932 thousand for Q1 2025, primarily due to increased revenue partially offset by higher operating expenses from the Bayswater Acquisition.</li><li>Net cash used in investing activities was -$36,337 thousand for Q1 2026, compared to -$528,431 thousand for Q1 2025, largely due to the $474,600 thousand cash paid for the Bayswater Acquisition in Q1 2025.</li><li>Net cash used in financing activities was -$5,688 thousand for Q1 2026, compared to $521,279 thousand provided in Q1 2025, with Q1 2025 financing driven by the Bayswater Acquisition.</li></ul><h4>Unique Metrics</h4><ul><li>The Working Capital Deficit was -$181,000 thousand as of March 31, 2026, compared to -$46,100 thousand as of December 31, 2025.</li><li>Cash and cash equivalents were $263 thousand as of March 31, 2026, up from $20 thousand as of December 31, 2025.</li><li>Credit Facility availability was $113,500 thousand as of March 31, 2026, compared to $109,000 thousand as of December 31, 2025.</li><li>Unamortized deferred financing costs for the Credit Facility were $11,700 thousand as of March 31, 2026, down from $12,600 thousand as of December 31, 2025.</li></ul><h4>Future Outlook and Strategy</h4>Prairie Operating Co. plans to grow production through drilling operations and accretive acquisitions, focusing on assets with high rate-of-return drilling inventory and strong well-level economics. Management expects current cash, expected revenues, Credit Facility liquidity, and potential ATM Offering proceeds to be sufficient to fund development programs and operations for the next 12 months. The company’s capital spending is largely discretionary and can be deferred based on factors such as regulatory approvals, costs, commodity prices, and capital availability.

Prairie Operating | 10-Q: FY2026 Q1 Revenue: USD 83.42 M