Revenue performance remains under pressure with a 17.7% year-over-year decline in 2026Q1, while gross margins exhibit extreme volatility, swinging from a negative 7.5% in 2025Q4 to 74.2% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'02 |
|---|
| Sales/Revenue | 157.53M | 164.96M | 193.89M | 220.76M | 359.06M | 285.2M | 148.29M | 224.69M | 226.61M | 377.96M | 418.06M | 550.28M | 1.15B | 999.51M | 247.94M | 102.61M | 111.14M | 87.08M | 182.69M | 81.88M | 68.02M | 0 | 17.98M | 0 |
| Revenue Growth % | -17.74% | -14.92% | -12.17% | -38.52% | 25.9% | 92.33% | -34% | -0.85% | -40.04% | -9.59% | -24.03% | -52.08% | 14.88% | 303.12% | 141.64% | -7.67% | 27.63% | -52.34% | 123.13% | 20.38% | - | -100% | - | - |
| Cost of Goods Sold | 84.11M | 147.14M | 114.65M | 120.58M | 125.18M | 104.92M | 107.87M | 170.56M | 111.18M | 193.69M | 316.84M | 488.66M | 680.85M | 609.11M | 144.65M | 55M | 60.5M | 42.77M | 48.51M | 21.57M | 18.27M | 16.1M | 3.6M | 0 |
| COGS % of Revenue | - | 89.2% | 59.13% | 54.62% | 34.86% | 36.79% | 72.74% | 75.91% | 49.06% | 51.25% | 75.79% | 88.8% | 59.29% | 60.94% | 58.34% | 53.6% | 54.43% | 49.12% | 26.55% | 26.35% | 26.86% | - | 20.03% | - |
| Gross Profit | 73.43M | 17.82M | 79.24M | 100.18M | 233.89M | 180.28M | 40.42M | 54.12M | 115.43M | 184.28M | 101.22M | 61.62M | 467.41M | 375.57M | 103.29M | 49.58M | 50.65M | 44.3M | 144.66M | 60.3M | 49.75M | 50.14M | 14.38M | 0 |
| Gross Margin % | 46.61% | 10.8% | 40.87% | 45.38% | 65.14% | 63.21% | 27.26% | 24.09% | 50.94% | 48.75% | 24.21% | 11.2% | 40.71% | 37.58% | 41.66% | 48.32% | 45.57% | 50.88% | 79.18% | 73.65% | 73.14% | - | 79.97% | - |
| Gross Profit Growth % | - | -77.51% | -20.91% | -57.17% | 29.73% | 346.02% | -25.31% | -53.11% | -37.36% | 82.05% | 64.26% | -86.82% | 24.45% | 263.6% | 108.34% | -2.11% | 14.32% | -69.37% | 139.89% | 21.21% | -0.79% | 248.83% | - | - |
| Operating Expenses | 84.63M | 24.46M | 90.98M | 82.6M | 81.75M | 76.91M | 302.25M | 1.11B | 134.93M | 182.89M | 161.85M | 2.64B | 525.79M | 1.68B | 93.8M | 26.5M | 23.97M | 50.5M | 341.47M | 36.7M | 28.19M | 324.79K | 11.14M | 12.87M |
| OpEx % of Revenue | - | 14.83% | 46.92% | 37.42% | 22.77% | 26.97% | 203.83% | 492.29% | 59.54% | 48.39% | 38.71% | 479.92% | 45.79% | 168.22% | 37.83% | 25.83% | 21.57% | 57.99% | 186.91% | 44.82% | 41.45% | - | 61.96% | - |
| Selling, General & Admin | 14.47M | 14.62M | 18.36M | 19.02M | 17.64M | 16.51M | 18.46M | 41.66M | 62.06M | 111.35M | 125.04M | 87.77M | 116.53M | 132.41M | 111.35M | 20.76M | 17.63M | 18.85M | 20.3M | 11.89M | 11.61M | 324.79K | 6.6M | 0 |
| SG&A % of Revenue | - | 8.86% | 9.47% | 8.62% | 4.91% | 5.79% | 12.45% | 18.54% | 27.38% | 29.46% | 29.91% | 15.95% | 10.15% | 13.25% | 44.91% | 20.23% | 15.87% | 21.64% | 11.11% | 14.52% | 17.07% | - | 36.72% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 9.84M | 72.63M | 63.58M | 64.12M | 60.4M | 283.8M | 1.06B | 72.41M | 40.78M | 36.82M | 40.28M | 409.26M | 951.9M | 166.31M | 21.34M | 27.23M | 31.65M | 318.61M | 23.82M | 16.58M | 0 | 4.54M | 0 |
| Operating Income | -11.2M | -6.64M | -11.74M | 17.58M | 152.14M | 103.37M | -261.83M | -1.05B | 92.14M | 715.42M | -60.63M | -2.74B | -58.39M | -1.29B | -29.72M | 19.8M | 25.72M | -55.78M | 64.55M | 23.61M | 21.56M | 25.24M | 3.24M | -2.69M |
| Operating Margin % | -7.11% | -4.02% | -6.06% | 7.96% | 42.37% | 36.25% | -176.57% | -468.2% | 40.66% | 189.28% | -14.5% | -498.75% | -5.08% | -129.16% | -11.99% | 19.3% | 23.14% | -64.06% | 35.34% | 28.83% | 31.7% | - | 18.01% | - |
| Operating Income Growth % | - | 43.49% | -166.8% | -88.44% | 47.17% | 139.48% | 75.11% | -1241.72% | -87.12% | 1279.98% | 97.79% | -4600.54% | 95.48% | -4244.14% | -250.09% | -23.02% | 146.11% | -186.41% | 173.46% | 9.49% | -14.59% | 679.56% | 220.42% | - |
| EBITDA | 41.33M | 45.51M | 41.18M | 74.21M | 204.05M | 148.78M | -199.78M | -941.07M | 169.67M | 825.63M | 106.82M | -2.38B | 476.03M | -827.29M | 60.57M | 42.78M | 54.47M | -24.13M | 111.07M | 43.5M | 35.8M | 38.72M | 6.59M | 258K |
| EBITDA Margin % | 26.24% | 27.59% | 21.24% | 33.61% | 56.83% | 52.17% | -134.72% | -418.84% | 74.87% | 218.44% | 25.55% | -432.56% | 41.46% | -82.77% | 24.43% | 41.7% | 49.01% | -27.71% | 60.79% | 53.13% | 52.64% | - | 36.66% | - |
| EBITDA Growth % | -7.25% | 10.5% | -44.5% | -63.63% | 37.15% | 174.47% | 78.77% | -654.66% | -79.45% | 672.89% | 104.49% | -600.03% | 157.54% | -1465.91% | 41.56% | -21.45% | 325.72% | -121.73% | 155.33% | 21.51% | -7.55% | 487.71% | 2453.88% | - |
| D&A (Non-Cash Add-back) | 52.54M | 52.14M | 52.93M | 56.62M | 51.91M | 45.41M | 62.05M | 110.91M | 77.53M | 110.21M | 167.45M | 364.2M | 534.42M | 463.65M | 90.28M | 22.99M | 28.75M | 31.65M | 46.51M | 19.89M | 14.24M | 13.48M | 3.35M | 2.95M |
| EBIT | 23.69M | -6.65M | -16.93M | 30.27M | 42.13M | -20.3M | -223.07M | -1.11B | 184.76M | 601.78M | -104.23M | -1.68B | 460.57M | -1.12B | -35.84M | 23.28M | 25.72M | -56.14M | -197.45M | 23.61M | 21.56M | 25.24M | 3.24M | 0 |
| Net Interest Income | -14.56M | -26.57M | -26.89M | -33.32M | -23.59M | -8.02M | -6.63M | -38.88M | -43.02M | -71.1M | -151.11M | -232.88M | -145.69M | -58.2M | -31.22M | -17.88M | -22.31M | -18.51M | -23.97M | 0 | -16.74M | 989.34K | 0 | 0 |
| Interest Income | 0 | 2.26M | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82K | 208K | 0 | 309K | 989.34K | 0 | 0 |
| Interest Expense | 14.56M | 28.84M | 29.01M | 33.32M | 23.59M | 8.02M | 6.63M | 38.88M | 43.02M | 71.1M | 151.11M | 232.88M | 145.69M | 58.2M | 31.22M | 17.88M | 22.31M | 18.59M | 24.18M | 0 | 17.05M | 0 | 0 | 0 |
| Other Income/Expense | -39.42M | 18.52M | -20.14M | -20.63M | -133.6M | -131.69M | 32.13M | -94.96M | 49.61M | -184.74M | -332.26M | 830.97M | 373.27M | -89.43M | -37.35M | -18.59M | -22.31M | -18.95M | -299.01M | -32.71M | -15.05M | -23.89M | 6.57M | 23.92M |
| Pretax Income | -50.62M | 11.88M | -31.88M | -3.05M | 18.54M | -28.32M | -229.71M | -1.15B | 141.75M | 530.69M | -471.16M | -1.91B | 314.88M | -1.38B | -67.07M | 5.4M | 3.41M | -74.73M | -234.46M | -9.1M | 6.51M | 1.35M | 9.81M | 21.23M |
| Pretax Margin % | -32.13% | 7.2% | -16.44% | -1.38% | 5.16% | -9.93% | -154.9% | -510.46% | 62.55% | 140.41% | -112.7% | -347.74% | 27.42% | -138.11% | -27.05% | 5.26% | 3.07% | -85.82% | -128.34% | -11.12% | 9.58% | - | 54.57% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -95.79M | 95.79M | -5M | -3.92M | 9.09M | -1.08M | -157.72M | -13.18M | 6.8M | 995K | -16.35M | -96.39M | -7.85M | 1.47M | 806K | 3.73M | -7.97M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8.35% | 67.58% | -0.94% | 0.83% | -0.47% | -0.34% | 11.43% | 19.65% | 125.99% | 29.16% | 21.87% | 41.11% | 86.27% | 22.49% | 59.75% | 38.06% | -37.56% |
| Net Income | -50.62M | 11.88M | -31.88M | -3.05M | 18.54M | -28.32M | -229.71M | -1.05B | 45.96M | 535.69M | -467.24M | -1.92B | 315.96M | -1.22B | -53.88M | -1.4M | 2.42M | -58.38M | -138.07M | -1.25M | 5.05M | 543K | 6.08M | 2.09M |
| Net Margin % | -32.13% | 7.2% | -16.44% | -1.38% | 5.16% | -9.93% | -154.9% | -467.83% | 20.28% | 141.73% | -111.76% | -349.39% | 27.52% | -122.33% | -21.73% | -1.37% | 2.17% | -67.05% | -75.58% | -1.53% | 7.42% | - | 33.8% | - |
| Net Income Growth % | -1047.25% | 137.26% | -946% | -116.44% | 165.47% | 87.67% | 78.15% | -2387.14% | -91.42% | 214.65% | 75.7% | -708.51% | 125.84% | -2169.02% | -3740.7% | -158.05% | 104.14% | 57.72% | -10945.76% | -124.76% | 829.65% | -91.06% | 191.28% | - |
| Net Income (Continuing) | -50.62M | 11.88M | -31.88M | -3.05M | 18.54M | -28.32M | -229.71M | -1.05B | 45.96M | 535.69M | -467.24M | -1.92B | 315.96M | -1.22B | -53.88M | -1.4M | 2.42M | -58.38M | -138.07M | -1.25M | 5.05M | 543K | 6.08M | 2.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 117.17M | 117.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.91 | -2.24 | -3.90 | -0.92 | 1.12 | -1.74 | -14.18 | -85.30 | 2.90 | 36.50 | -54.20 | -186.60 | 5.90 | -32.50 | -9.10 | -0.18 | 0.90 | -7.50 | -19.50 | -0.30 | 2.00 | 0.46 | 2.00 | 7649.40 |
| EPS Growth % | -131.41% | 42.56% | -323.91% | -182.14% | 164.37% | 87.73% | 83.38% | -3041.38% | -92.05% | 167.34% | 70.95% | -3262.71% | 118.15% | -257.14% | -5012.36% | -119.78% | 112% | 61.54% | -6400% | -115% | 338.6% | -77.2% | -99.97% | - |
| EPS (Basic) | - | -2.24 | -3.90 | -0.92 | 1.14 | -1.74 | -14.18 | -85.30 | 2.90 | 36.70 | -54.20 | -186.60 | 6.80 | -32.50 | -9.10 | -0.18 | 0.90 | -7.50 | -19.50 | -0.30 | 2.10 | 0.46 | 2.00 | 7649.40 |
| Diluted Shares Outstanding | 17.41M | 16.46M | 16.46M | 16.44M | 16.51M | 16.26M | 16.2M | 12.32M | 15.73M | 13.36M | 9.3M | 10.75M | 54.24M | 379.62M | 92.18K | 7.88M | 2.61M | 7.76M | 7.06M | 4.12M | 2.57M | 2.65M | 2.97M | 2.73K |
| Basic Shares Outstanding | 17.41M | 16.46M | 16.46M | 16.44M | 16.33M | 16.26M | 16.2M | 12.32M | 15.7M | 13.28M | 9.3M | 10.75M | 41.58M | 37.96M | 92.13K | 7.88M | 2.61M | 7.76M | 7.06M | 4.12M | 2.43M | 2.65M | 2.97M | 2.73K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 1.57% | - | - | - | - | - | - | - | 9.9% | - | - | - |
Operational scale and liquidity
According to the company's quarterly financial filings, Battalion Oil has experienced a consistent downward trajectory in top-line performance, with the most recent period showing a 17.7% year-over-year revenue decline, signaling that production volumes or realized commodity prices are failing to offset natural asset depletion rates.
The consistent revenue decay suggests that the company is struggling to maintain production levels within its Delaware Basin acreage. Investors should monitor whether this trend reflects a deliberate reduction in capital expenditure or an inability to bring new wells online efficiently.
As reported in historical income statements, Battalion's gross margins have exhibited extreme volatility, swinging from a high of 74.2% in 2026Q1 to a negative 7.5% in 2025Q4, which highlights the sensitivity of the company's cost structure to localized midstream and sour gas processing expenses.
This margin instability implies that the company lacks the pricing power or operational efficiency to absorb fluctuations in commodity realizations. The reliance on specialized infrastructure for H2S treatment appears to create a high fixed-cost burden that disproportionately impacts profitability during periods of lower production.
Based on the provided financial data, Battalion's operating income has frequently dipped into negative territory, including a $2.2 million loss in 2026Q1, indicating that the company is unable to achieve the necessary scale to cover its overhead costs through its current production profile.
The inability to maintain positive operating margins suggests that the company's SG&A and operational costs are not scaling effectively with revenue. This lack of operating leverage warrants further investigation into whether the current cost structure is sustainable without significant external capital support.
While the income statement reflects a company struggling with operational profitability, as evidenced by the persistent net income volatility, some market participants may argue that the underlying Monument Draw acreage holds strategic value that is currently masked by the firm's high-cost, small-scale production profile.
Short-sellers would likely focus on the recurring net losses and the potential for further liquidity constraints as the company navigates its debt obligations. The narrative of a 'strategic asset' remains speculative until management can demonstrate a path to consistent, self-funded operational cash flow.
Quick answers to the most common questions about buying BATL stock.
For fiscal year 2025, Battalion Oil Corporation (BATL) reported total revenue of $165.0M.
Battalion Oil Corporation (BATL) is profitable, generating $11.9M in net income for the fiscal year ending 2025 with a net profit margin of 7.2%.
Battalion Oil Corporation (BATL) reported an operating income of $-6.6M, resulting in an operating profit margin of -4.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Battalion Oil Corporation (BATL) generated $17.8M in gross profit for the year, representing a gross profit margin of 10.8%. This demonstrates the company's core pricing power and production efficiency.