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Prairie Operating (PROP) investor relations material

Prairie Operating Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary14 Nov, 2025

Executive summary

  • Closed major acquisitions: Bayswater (March 2025), Edge (July 2025), and NRO (October 2024), significantly expanding asset base in the DJ Basin, Colorado.

  • Achieved record production of 23,029 Boe/d in Q3 2025, up 10% quarter-over-quarter, with current rates at 27,000 Boe/d due to successful development and acquisitions.

  • Completed transition of Bayswater assets, closed two bolt-on acquisitions, and expanded hedging program through 2028.

  • Launched new drilling programs and brought multiple wells online, with further production expected in Q4 2025.

  • Sold all cryptocurrency mining operations in January 2024, fully exiting that business line.

Financial highlights

  • Total revenues for the nine months ended September 30, 2025, were $158.6 million, up from $0 in the prior year due to acquisitions.

  • Q3 2025 revenue was $77.7 million, with $64.9 million from oil sales; net loss attributable to common stockholders was $22.5 million ($0.44 per share).

  • Net loss attributable to common stockholders was $67.5 million for the nine months, compared to a $29.0 million loss in the prior year.

  • Adjusted EBITDA for the nine months was $99.5 million, with Q3 Adjusted EBITDA at $56.3 million, up over 45% quarter-over-quarter.

  • Cash and cash equivalents at September 30, 2025, were $10.6 million, with a working capital deficit of $24.0 million.

Outlook and guidance

  • Full-year 2025 guidance reaffirmed: average daily production of 24,000–26,000 Boe/d, capital expenditures of $260–$280 million, and Adjusted EBITDA of $240–$260 million.

  • Management expects current cash, revenues from producing wells, and available credit to be sufficient to fund operations and development over the next 12 months.

  • Ongoing drilling and completion activities are expected to drive further production growth in Q4 2025.

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Frequently asked questions

Prairie Operating Co. is an independent energy company focused on the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company primarily operates in the Denver-Julesburg (DJ) Basin in Colorado, targeting the Niobrara and Codell formations, which are known for their oil and liquids-rich resources. The company is headquartered in Houston, Texas, and its shares are listed on the NASDAQ.

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