Kolibri Global Energy (KEI) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly production and net revenue in Q1 2026, with production reaching 4,685 BOE per day, up from 4,493 BOE per day in Q4 2025 and 4,077 BOE per day in Q1 2025.

• Compound annual production growth rate over the last three years stands at 35%.

• Adjusted EBITDA reached an all-time high of $14.8 million, a 16% increase from Q1 2025.

• Net income was $4 million ($0.11 per share), down from $5.8 million ($0.16 per share) year-over-year due to a $2.9 million non-cash unrealized loss on commodity contracts.

• Benefited from a timely oil price increase, with only March reflecting the higher prices.

Financial highlights

• Net revenue rose 20% to $19.6 million from $16.4 million in the prior quarter, and gross revenue totaled $24.7 million, up 17% year-over-year.

• Oil revenue rose 21% to $21.8 million, natural gas revenue increased 19%, while NGL revenue fell 24%.

• Operating expense was $8 per BOE, up from $7.07 per BOE year-over-year, mainly due to one-time workover and water hauling costs.

• Netback from operations increased 2% to $38.41 per BOE sequentially; netback including commodity contracts was $37.72 per BOE.

• Capital expenditures dropped 81% to $1.9 million from $10 million in Q1 2025.

Outlook and guidance

• Drilling program for Clifton Mac wells underway, with three new 1.5-mile lateral wells expected to come online in Q3 2026.

• Guidance remains on track, with well performance matching forecasts.

• Debt reduction is a priority, with net debt targeted to fall to $25–$30 million by year-end 2026.

• Three new board members joined, with capital allocation options under review, including drilling, debt repayment, and share buybacks.