Prairie Operating (PROP) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 67% YoY to $129.5M and adjusted EBITDA increased 16% YoY to $65.3M; sales volumes rose 13% YoY and 21% QoQ.

• Net loss attributable to Prairie Operating Co. was $48.9M; derivative losses and preferred-stock remeasurement materially affected reported results.

• All 27 wells drilled YTD across four pads were online by September 30; exit-rate production reached 30,229 Boe/d at September-end and ~32,287 Boe/d by early October.

Financial highlights

• Q3 revenue was $129.5M vs. $77.7M YoY; 9M revenue was $311.8M vs. $158.6M.

• Q3 net loss attributable to common stockholders was $34.0M, or $0.26 basic and $0.28 diluted per share; 9M common-stockholder loss was $14.6M.

• Adjusted EBITDA was $65.3M in Q3 vs. $56.3M YoY and $136.4M for 9M vs. $99.5M.

• 9M operating cash flow was $123.4M; investing cash outflow was $200.6M and financing cash inflow was $84.9M.

Outlook and guidance

• Management is focused on capturing cash returns from 2026 capital investment while managing spending needed to sustain production.

• Capital spending remains discretionary and depends on operating cash flow, commodity prices, permits, costs, working-interest participation, equipment, infrastructure and available capital.

• Management expects wells, credit-facility borrowings and ATM sales to cover liquidity needs and maintain covenant compliance; availability was $3.0M at quarter-end. Refinancing remaining Series F preferred stock is under evaluation.