The EPS beat and strong revenue growth are positive, but the massive GAAP loss from non-cash derivative and fair-value adjustments clouds the picture. Monitor the next quarter for continued production growth and progress on further preferred stock refinancing.
Price Chart
Executive Summary
Prairie Operating Co. reported Q1 2026 EPS of $0.10, beating the $0.09 consensus by 11.1%, with total revenue of $83.4M (up >500% QoQ). The company reaffirmed full-year 2026 guidance and highlighted a partial refinancing of Series F Preferred stock to reduce dilution, but reported a GAAP net loss of $174.4M to common stockholders ($2.16 per share) driven by large non-cash derivative and fair-value losses.
Key Financial Metrics
Key Facts
- EPS of $0.10 beat consensus of $0.09 by 11.1%
- Total revenue of $83.4M, up >500% QoQ
- Adjusted EBITDA of $37.2M, up >600% QoQ from $5.2M
- GAAP net loss attributable to common stockholders of $174.4M ($2.16 per share) due to $162.9M unrealized derivative loss and $31.9M fair-value loss on embedded derivatives/debt/warrants
- Reaffirmed full-year 2026 guidance: 25,500-27,500 Boe/d production, $200-220M capex, $240-260M Adjusted EBITDA
- Executed partial refinancing of Series F Preferred stock in April, reducing outstanding balance and potential dilution
- Quarterly production of 2.1 MMBoe (23,200 Boe/d), 72% liquids (48% oil)
- Operating cash flow of $42.3M
- Credit facility borrowing base of $475M with $361.5M drawn as of March 31, 2026
Financial Impact
EPS beat of $0.01 (11.1%) on $83.4M revenue; GAAP net loss of $174.4M to common stockholders driven by non-cash mark-to-market losses; Adjusted EBITDA of $37.2M
Risk Factors
- Large unrealized derivative losses ($162.9M) could reverse if commodity prices move unfavorably
- Significant debt ($361.5M drawn on credit facility) and preferred stock overhang ($122M mezzanine equity)
- GAAP net loss of $174.4M to common stockholders despite operational improvements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3295412 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 5w ago | Institutional Cluster | $0.4002 $0.4210 | ▲ +5.20% | ▲ +6.38% | $0.3615 (−9.67%) |
Aug 31, 2026 8w ago | 8-K | $0.5090 $0.4679 | ▼ −8.07% | ▼ −7.93% | $0.3615 (−28.98%) |
Aug 17, 2026 10w ago | 8-K | $0.7100 $0.5111 | ▲ +28.01% | ▲ +26.82% | $0.3615 (+49.08%) |
Aug 17, 2026 10w ago | Press Release | $0.7100 $0.5111 | ▲ +28.01% | ▲ +26.82% | $0.3615 (+49.08%) |
Aug 17, 2026 10w ago | 8-K | $0.7100 $0.5111 | ▲ +28.01% | ▲ +26.82% | $0.3615 (+49.08%) |
Aug 10, 2026 11w ago | 8-K | $0.8150 $0.7100 | ▼ −12.88% | ▼ −12.84% | $0.3615 (−55.64%) |
Jul 22, 2026 13w ago | 8-K | $0.8153 $0.7002 | ▼ −14.12% | ▼ −11.72% | $0.3615 (−55.66%) |
Jul 9, 2026 15w ago | 8-K | $0.7290 $0.7175 | ▲ +1.58% | ▲ +1.02% | $0.3615 (+50.41%) |
Jun 11, 2026 19w ago | Institutional Cluster | $0.8092 $0.6582 | ▼ −18.66% | ▼ −19.09% | $0.3615 (−55.33%) |
Jun 11, 2026 19w ago | Press Release | $0.8092 $0.6582 | ▼ −18.66% | ▼ −19.09% | $0.3615 (−55.33%) |
US Market Status
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