Revenue has entered a sustained downward trajectory, evidenced by a 14.5% year-over-year decline in 2026Q1 and a net margin of -86.3%.
| 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'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 32.9M | 34.2M | 44.04M | 40.14M | 53.27M | 27.68M | 5.99M | 5.83M | 352.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.79K | 21.15K | 10.36K | 102.48K | 57.59K | 82.14K | 163.63K | 0 | 12.41K | 3.08K | 890K |
| Revenue Growth % | -23.14% | -22.34% | 9.71% | -24.65% | 92.48% | 362.15% | 2.81% | 1553.2% | - | - | - | - | - | - | - | - | -100% | -53.7% | 104.27% | -89.89% | 77.95% | -29.89% | -49.8% | - | -100% | 302.92% | -99.65% | - |
| Cost of Goods Sold | 20.09M | 40.81M | 40.57M | 34.77M | 29.48M | 17.89M | 3.46M | 3.73M | 36.72K | 757.07K | 378.08K | 9.28K | 35.89K | 36.76K | 14.75K | 22.06K | 178.17K | 120.25K | 188.04K | 89.52K | 161.47K | 0 | 92.09K | 161.26K | 157.43K | 30.91K | -2.08K | -2.08M |
| COGS % of Revenue | - | 119.32% | 92.13% | 86.61% | 55.33% | 64.63% | 57.84% | 64.05% | 10.42% | - | - | - | - | - | - | - | - | 1227.8% | 888.91% | 864.44% | 157.57% | - | 112.11% | 98.56% | - | 249.1% | -67.5% | -233.6% |
| Gross Profit | 12.8M | -6.61M | 3.47M | 5.38M | 23.8M | 9.79M | 2.52M | 2.09M | 315.65K | 0 | 0 | -9.28K | -35.89K | -36.76K | -14.75K | -22.06K | -178K | -110K | -167K | -79.17K | -58.99K | 57.59K | -9.95K | 2.36K | -157K | -18.5K | 5.16K | 2.97M |
| Gross Margin % | 38.91% | -19.32% | 7.87% | 13.39% | 44.67% | 35.37% | 42.16% | 35.95% | 89.58% | - | - | - | - | - | - | - | - | -1123.14% | -789.45% | -764.44% | -57.57% | 100% | -12.11% | 1.44% | - | -149.1% | 167.5% | 333.6% |
| Gross Profit Growth % | - | -290.55% | -35.49% | -77.41% | 143.1% | 287.72% | 20.56% | 563.45% | - | - | 100% | 74.15% | 2.36% | -149.26% | 33.16% | 87.61% | -61.82% | 34.13% | -110.95% | -34.2% | -202.44% | 678.89% | -520.81% | 101.51% | -748.51% | -458.65% | -99.83% | - |
| Operating Expenses | 31.86M | 13.42M | 17.13M | 17M | 15.01M | 10.26M | 20.11M | 8.25M | 1.23M | 757.07K | 196.6K | 165.65K | 186.08K | 191.07K | 230.69K | 222.13K | 232K | 209.67K | 274.18K | 1.42M | 252.42K | 24.8K | 129.64K | 272.1K | 229.76K | -262K | 140.18K | 186.93M |
| OpEx % of Revenue | - | 39.23% | 38.9% | 42.35% | 28.18% | 37.08% | 335.75% | 141.54% | 349.63% | - | - | - | - | - | - | - | - | 2140.84% | 1296.1% | 13711.86% | 246.32% | 43.07% | 157.83% | 166.3% | - | -2111.2% | 4551.2% | 21003.26% |
| Selling, General & Admin | 12.03M | 11.99M | 14.74M | 15.18M | 12.33M | 8.46M | 7.37M | 3.63M | 1.23M | 757.07K | 196.6K | 165.65K | 186.08K | 191.07K | 198.94K | 222.13K | 232K | 209.67K | 274.18K | 240.38K | 252.35K | 247.36K | 159.26K | 271.08K | 223.74K | 219.85K | 138.1K | 184.85M |
| SG&A % of Revenue | - | 35.07% | 33.46% | 37.81% | 23.15% | 30.57% | 123.12% | 62.4% | 347.93% | - | - | - | - | - | - | - | - | 2140.84% | 1296.1% | 2321.13% | 246.26% | 429.54% | 193.89% | 165.67% | - | 1771.54% | 4483.7% | 20769.66% |
| 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 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.54M | 1.42M | 2.4M | 1.82M | 2.68M | 1.8M | 12.73M | 4.61M | 5.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18M | 64 | -82.87K | 0 | 1.03K | 6.02K | -482K | 2.08K | 2.08M |
| Operating Income | -19.06M | -20.03M | -13.66M | -11.63M | 8.78M | -473.37K | -17.58M | -6.15M | -916K | -757K | -197K | -175K | -222K | -228K | -245K | -244.19K | -2.63M | -320K | -441K | -1.5M | -311.34K | -155.72K | -169.21K | -537K | -6.88M | 243.61K | -135.02K | -977.23M |
| Operating Margin % | -57.94% | -58.55% | -31.03% | -28.96% | 16.49% | -1.71% | -293.59% | -105.59% | -259.95% | - | - | - | - | - | - | - | - | -3267.31% | -2084.71% | -14484.36% | -303.82% | -270.41% | -206% | -328.19% | - | 1963.04% | -4383.7% | -109800.67% |
| Operating Income Growth % | - | -46.55% | -17.55% | -232.34% | 1955.63% | 97.31% | -185.86% | -571.51% | -21% | -284.26% | -12.57% | 21.17% | 2.63% | 6.94% | -0.33% | 90.72% | -722.19% | 27.44% | 70.6% | -381.78% | -99.94% | 7.97% | 68.49% | 92.2% | -2924.97% | 280.43% | 99.99% | - |
| EBITDA | -7.86M | -6.82M | -3.87M | -8.11M | 11M | 2.17M | -14.44M | -2.8M | -898.54K | 69 | -397 | -76 | -31.79K | -177 | -31.32K | -244.18K | 1.81M | -214.26K | -445.41K | -1.82M | -311.54K | 182.81K | -169.38K | -535.97K | -6.88M | 248.88K | -132.94K | -975.15M |
| EBITDA Margin % | -23.88% | -19.95% | -8.78% | -20.19% | 20.64% | 7.83% | -241.11% | -48.05% | -255% | - | - | - | - | - | - | - | - | -2187.7% | -2105.55% | -17574.35% | -304.01% | 317.44% | -206.2% | -327.56% | - | 2005.44% | -4316.2% | -109567.08% |
| EBITDA Growth % | -190.34% | -76.38% | 52.27% | -173.7% | 407.72% | 115% | -415.83% | -211.54% | -1302337.68% | 117.38% | -422.37% | 99.76% | -17858.76% | 99.43% | 87.17% | -113.48% | 945.69% | 51.9% | 75.53% | -484.2% | -270.42% | 207.93% | 68.4% | 92.21% | -2863.58% | 287.21% | 99.99% | - |
| D&A (Non-Cash Add-back) | 11.21M | 13.2M | 9.8M | 3.52M | 2.21M | 2.64M | 3.14M | 3.35M | 17.46K | 757.07K | 196.6K | 174.92K | 190.21K | 227.82K | 213.68K | 11 | 4.44M | 105.74K | -4.41K | -320K | -192 | 338.53K | -166 | 1.03K | 4.15K | 5.26K | 2.08K | 2.08M |
| EBIT | -69.59M | -20.03M | -14.68M | -11.6M | 7.8M | -10.01M | -16.31M | -6.15M | -916K | -757K | -197K | -175K | -233K | -228K | -245K | -244.18K | -2.63M | -320K | -437K | -320K | -311.41K | 32.78K | -169.21K | -270K | -19.81M | 243.61K | -135.02K | -183.96M |
| Net Interest Income | -1.73M | -1.55M | -1.52M | -1M | -509.54K | -8.6M | -521.19K | -503.61K | -101K | 0 | 0 | 0 | 0 | 0 | -7.92K | -3.24K | 0 | 1.51K | 0 | -3.45K | -6.75K | -6.9K | -6.9K | -27.05K | 0 | -555 | -26.02K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 3.56K | 1.51K | 0 | 0 | 148 | 0 | 0 | 0 | 0 | 6.92K | 0 | 0 |
| Interest Expense | 1.73M | 1.55M | 1.52M | 1M | 509.54K | 8.6M | 521.19K | 503.61K | 101.18K | 73K | 3.84K | 0 | 3.15K | 0 | 7.92K | 3.25K | 3.56K | 0 | 0 | 3.45K | 6.9K | 6.9K | 6.9K | 27.05K | 62.68K | 7.47K | 26.02K | 0 |
| Other Income/Expense | -55.44M | -52.05M | -2.53M | -977K | -1.49M | -18.14M | 747.57K | -503.61K | -101K | -73K | -185K | 156.37K | -14.62K | 154.31K | -7.92K | -3.24K | -2.22M | 104.22K | 4.41K | 117.85K | -6.69K | -2.47K | -22.48K | -21.57K | -60.81K | -244K | 0 | 977.23M |
| Pretax Income | -74.5M | -72.07M | -16.2M | -12.6M | 7.29M | -18.61M | -16.84M | -6.65M | -1.02M | -830K | -382K | -175K | -237K | -228K | -253K | -247.43K | -4.85M | -216K | -437K | -1.28M | -311.22K | -158.19K | -191.69K | -558K | -6.94M | -244K | 0 | 0 |
| Pretax Margin % | -226.46% | -210.72% | -36.78% | -31.39% | 13.69% | -67.26% | -281.11% | -114.23% | -288.61% | - | - | - | - | - | - | - | - | -2205.43% | -2065.8% | -12350.33% | -303.7% | -274.69% | -233.37% | -341.02% | - | -1966.16% | - | - |
| Income Tax | 0 | 0 | 0 | -132K | 208.9K | 0 | 0 | 0 | 0 | 0 | 0 | -175K | 0 | -228K | 0 | 0 | -2.23M | 0 | 0 | 103.02K | 6.82K | 0 | 0 | 0 | -1.25M | 692.18K | 26.02K | 806.94M |
| Effective Tax Rate % | 0% | 0% | 0% | 1.05% | 2.86% | 0% | 0% | 0% | 0% | 0% | 0% | 100% | 0% | 100% | 0% | 0% | 45.85% | 0% | 0% | -8.05% | -2.19% | 0% | 0% | 0% | 18% | -283.68% | - | - |
| Net Income | -74.5M | -72.07M | -16.2M | -12.47M | 7.08M | -18.61M | -16.84M | -6.65M | -1.02M | -830K | -382K | -175K | -237K | -228K | -253K | -247.43K | -2.63M | -216K | -437K | -1.38M | -318.03K | -158.19K | -191.69K | -558K | -5.69M | -244K | -161.03K | -990.9M |
| Net Margin % | -226.46% | -210.72% | -36.78% | -31.06% | 13.3% | -67.26% | -281.11% | -114.23% | -288.61% | - | - | - | - | - | - | - | - | -2205.43% | -2065.8% | -13344.92% | -310.35% | -274.69% | -233.37% | -341.02% | - | -1966.16% | -5228.34% | -111337.3% |
| Net Income Growth % | -353.01% | -344.96% | -29.9% | -276.03% | 138.06% | -10.57% | -152.99% | -554.34% | -22.53% | -117.28% | -118.29% | 26.16% | -3.95% | 9.88% | -2.25% | 90.58% | -1116.67% | 50.57% | 68.38% | -334.55% | -101.04% | 17.48% | 65.65% | 90.2% | -2233.2% | -51.52% | 99.98% | - |
| Net Income (Continuing) | -74.5M | -72.07M | -16.2M | -12.47M | 7.08M | -18.61M | -16.84M | -6.65M | -1.02M | -830K | -382K | -175K | -237K | -228K | -253K | -247.43K | -2.63M | -216K | -437K | -1.38M | -318.03K | -158.19K | -191.69K | -558K | -5.69M | -244K | -161.03K | -990.9M |
| 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 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.07 | -2.12 | -0.54 | -0.55 | 0.30 | -5.09 | -2.96 | -1.30 | -0.31 | -0.31 | -0.18 | -0.08 | -0.12 | -0.12 | -0.13 | -0.14 | -1.57 | -0.17 | -0.37 | -1.23 | -0.33 | -0.19 | -0.29 | -0.78 | -11.43 | -0.57 | -0.53 | -3406.41 |
| EPS Growth % | -317.31% | -292.59% | 1.82% | -283.33% | 105.89% | -71.96% | -127.69% | -319.35% | 0% | -72.22% | -124.16% | 33.08% | 0% | 7.69% | 7.14% | 91.08% | -823.53% | 54.05% | 69.92% | -272.73% | -73.68% | 34.48% | 62.82% | 93.18% | -1905.26% | -7.55% | 99.98% | - |
| EPS (Basic) | - | -2.12 | -0.54 | -0.55 | 0.33 | -5.09 | -2.96 | -1.30 | -0.31 | -0.31 | -0.18 | -0.08 | -0.12 | -0.12 | -0.13 | -0.14 | -1.57 | -0.17 | -0.37 | -1.23 | -0.33 | -0.19 | -0.29 | -0.78 | -11.43 | -0.57 | -0.53 | -3406.41 |
| Diluted Shares Outstanding | 36M | 34.06M | 30.07M | 22.73M | 23.82M | 3.66M | 5.68M | 4.97M | 3.29M | 2.71M | 2.18M | 2.18M | 1.91M | 1.91M | 1.91M | 1.75M | 1.68M | 1.27M | 1.19M | 1.12M | 954.38K | 847.93K | 788.13K | 717.98K | 497.85K | 433K | 312.21K | 296.3K |
| Basic Shares Outstanding | 36M | 34.06M | 30.07M | 22.73M | 21.39M | 3.66M | 5.68M | 4.97M | 3.29M | 2.71M | 2.18M | 2.15M | 1.91M | 1.91M | 1.91M | 1.75M | 1.68M | 1.27M | 1.19M | 1.12M | 954.38K | 847.93K | 788.13K | 717.98K | 497.85K | 433K | 312.21K | 296.3K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As indicated by the most recent quarterly data, Empire Petroleum's revenue has experienced a sustained downward trajectory, with a 14.5% year-over-year decline in 2026Q1, reflecting the inherent challenges of managing a portfolio of mature, low-decline conventional assets in a volatile commodity price environment.
The consistent revenue erosion suggests that the company's acquisition-led growth strategy is failing to offset the natural production decline of its legacy wellbore interests. Investors should monitor whether this trend represents a structural inability to replace reserves or merely a temporary pause in capital deployment for new workover projects.
Based on the reported financial statements, Empire Petroleum's gross margin profile has been highly erratic, swinging from a peak of 92% in 2025Q3 to a negative 55.2% in 2025Q4, which highlights the extreme sensitivity of its cost structure to production volume fluctuations.
The inability to maintain positive gross margins consistently suggests that the direct costs of maintaining aging infrastructure are currently outpacing the market value of the hydrocarbons produced. This volatility implies that the company lacks the pricing power or operational efficiency required to absorb even minor shifts in commodity pricing.
According to historical income statement filings, Empire Petroleum consistently reports operating losses despite varying revenue levels, with SG&A expenses frequently consuming a disproportionate share of gross profit, thereby preventing the realization of any meaningful operating leverage across the firm's multi-state asset footprint.
The persistent gap between gross profit and operating income suggests that the company's administrative burden is too heavy for its current production scale. This structure indicates that the firm may be trapped in a cycle where it must maintain high fixed costs to manage geographically fragmented assets, regardless of the revenue generated.
As reported in recent financial disclosures, the company's net income remains deeply negative, with a net margin of -86.3% in 2026Q1, a figure that is further complicated by non-operating items and the ongoing impact of stock-based compensation on an already diluted equity base.
The recurring net losses suggest that the company is currently unable to generate sustainable shareholder value from its core operations. Analysts should investigate whether the reported net income figures are being significantly impacted by non-cash impairment charges related to the long-term viability of its aging wellbore portfolio.
Based on the provided financial data, a critical challenge to the investment thesis is the company's negative gross margin profile, which suggests that the core business of oil and gas extraction is currently value-destructive rather than value-accretive for the firm's stakeholders.
Short-sellers would likely focus on the disconnect between the company's aggressive acquisition strategy and its inability to achieve positive operating margins. The reliance on external financing to cover these operational deficits warrants further investigation into the long-term solvency of the business model.
Quick answers to the most common questions about buying EP stock.
For fiscal year 2025, Empire Petroleum Corporation (EP) reported total revenue of $34.2M. This represents a 3743.0% increase compared to $0.9M in 1999.
Empire Petroleum Corporation (EP) reported a net loss of $72.1M for the fiscal year ending 2025.
Empire Petroleum Corporation (EP) reported an operating income of $-20.0M, resulting in an operating profit margin of -58.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Empire Petroleum Corporation (EP) generated $-6.6M in gross profit for the year, representing a gross profit margin of -19.3%. This demonstrates the company's core pricing power and production efficiency.