Revenue contraction and structural margin pressure are evident, with gross margins plummeting to 8.8% in 2026Q1 from historical highs near 50%.
| Sales/Revenue | 563.2M | 573.87M | 790.95M | 675.97M | 998.85M | 0 | 0 |
| Revenue Growth % | -22.92% | -27.45% | 17.01% | -32.33% | - | - | - |
| Cost of Goods Sold | 400.9M | 490.34M | 532.75M | 396.5M | 486.11M | 131.24M | 0 |
| COGS % of Revenue | - | 85.44% | 67.36% | 58.66% | 48.67% | - | - |
| Gross Profit | 127.92M | 83.53M | 258.19M | 279.47M | 512.74M | 139.44M | 0 |
| Gross Margin % | 22.71% | 14.56% | 32.64% | 41.34% | 51.33% | - | - |
| Gross Profit Growth % | - | -67.65% | -7.61% | -45.5% | 267.72% | - | - |
| Operating Expenses | 112.3M | 25.32M | 30.91M | 337.28M | 242.25M | 716.33K | 360K |
| OpEx % of Revenue | - | 4.41% | 3.91% | 49.9% | 24.25% | - | - |
| Selling, General & Admin | 46.65M | 25.32M | 30.91M | 77.02M | 78.86M | 716.33K | 360K |
| SG&A % of Revenue | - | 4.41% | 3.91% | 11.39% | 7.9% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 0 | 260.26M | 163.39M | 0 | 0 |
| Operating Income | 60.41M | 58.21M | 227.28M | -57.81M | 270.49M | -716.33K | -360K |
| Operating Margin % | 10.73% | 10.14% | 28.74% | -8.55% | 27.08% | - | - |
| Operating Income Growth % | - | -74.39% | 493.14% | -121.37% | 37860.09% | -98.98% | - |
| EBITDA | 144.39M | 58.21M | 322.26M | 10.08M | 338.36M | -709.58K | 0 |
| EBITDA Margin % | 25.64% | 10.14% | 40.74% | 1.49% | 33.87% | - | - |
| EBITDA Growth % | -20.05% | -81.94% | 3096.69% | -97.02% | 47784.05% | - | - |
| D&A (Non-Cash Add-back) | 83.12M | 0 | 94.98M | 67.89M | 67.87M | 0 | 360K |
| EBIT | 82.05M | 58.21M | 118.76M | -69.6M | 120.35M | -709.58K | -360K |
| Net Interest Income | -39.28M | -74.37M | -56.43M | -46.68M | -76.33M | -25.05M | 0 |
| Interest Income | 0 | 0 | -7.91M | 0 | 0 | 0 | 0 |
| Interest Expense | 36.32M | 74.37M | 48.52M | 46.68M | 76.33M | 25.05M | 0 |
| Other Income/Expense | -111.2M | -3.88M | -190.75M | -58.47M | -226.47M | 6.75K | 0 |
| Pretax Income | -54.98M | 54.33M | 36.53M | -116.28M | 44.02M | -709.58K | -360K |
| Pretax Margin % | -9.76% | 9.47% | 4.62% | -17.2% | 4.41% | - | - |
| Income Tax | -11.88M | 7.68M | -84.88M | 19.39M | -87.68M | 2.04K | 0 |
| Effective Tax Rate % | 21.61% | 14.13% | -232.34% | -16.67% | -199.2% | -0.29% | 0% |
| Net Income | -100.69M | 46.65M | 121.41M | -135.67M | 131.7M | -711.62K | -360K |
| Net Margin % | -17.88% | 8.13% | 15.35% | -20.07% | 13.18% | - | - |
| Net Income Growth % | -149.76% | -61.58% | 189.49% | -203.02% | 18606.84% | -97.67% | - |
| Net Income (Continuing) | -43.1M | 46.65M | 121.41M | -135.67M | 131.7M | 661.44M | -360K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.80 | 0.64 | 1.70 | -2.49 | 1.92 | 17.64 | -0.01 |
| EPS Growth % | -133.92% | -62.35% | 168.27% | -229.69% | -89.12% | - | - |
| EPS (Basic) | - | 0.64 | 1.76 | -2.49 | 1.92 | 17.64 | -0.01 |
| Diluted Shares Outstanding | 125.41M | 72.48M | 71.61M | 54.43M | 68.64M | 37.5M | 37.5M |
| Basic Shares Outstanding | 125.41M | 72.39M | 71.42M | 54.43M | 68.64M | 37.5M | 37.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Commodity price volatility exposure
As reported in recent financial filings, Greenfire Resources experienced a significant -20.8% year-over-year revenue decline in 2026Q1, reflecting a broader trend of top-line erosion that has persisted since 2024, largely driven by the company's high sensitivity to Western Canadian Select benchmark pricing and regional production constraints.
The consistent downward trajectory in revenue suggests that the company is struggling to maintain production volumes or realized pricing in a challenging heavy-oil environment. Investors should monitor whether this contraction is a temporary byproduct of operational maintenance or a more structural limitation of the Hangingstone asset base.
Based on the latest income statement data, Greenfire Resources' gross margin plummeted to 8.8% in 2026Q1, a sharp departure from the 40-50% range observed in mid-2024, indicating that the company's thermal recovery operations are increasingly vulnerable to rising input costs and unfavorable bitumen-netback dynamics.
The collapse in gross profitability appears to stem from the energy-intensive nature of SAGD extraction, where natural gas costs and diluent requirements exert significant pressure on unit economics. This margin volatility suggests that the company lacks the pricing power to offset commodity price swings, leaving profitability highly exposed to external market factors.
According to quarterly income statements, Greenfire Resources' operating margin narrowed to 4.9% in 2026Q1, demonstrating that the company is failing to achieve the necessary operating leverage to protect its bottom line as gross profits decline in the face of persistent fixed-cost obligations.
The inability to scale operating income alongside revenue fluctuations implies that the company's fixed-cost structure is rigid and potentially burdensome during periods of lower production. This lack of operational flexibility warrants further investigation into whether management can optimize facility utilization to improve efficiency in future quarters.
As evidenced by the -$74.2M net loss reported in 2026Q1, Greenfire Resources' bottom-line performance remains highly erratic, with net margins swinging violently between positive and negative territory, suggesting that reported earnings are heavily influenced by non-operating items and significant fluctuations in asset valuation or tax adjustments.
The extreme variance in net income, including the sharp swing from a $78.6M profit in 2024Q4 to recent losses, indicates that investors should focus on cash-based metrics rather than GAAP net income. The lack of consistent profitability suggests that the company's current business model may struggle to generate sustainable shareholder value without a sustained recovery in heavy oil pricing.
Quick answers to the most common questions about buying GFR stock.
For fiscal year 2025, Greenfire Resources Ltd. (GFR) reported total revenue of $573.9M.
Greenfire Resources Ltd. (GFR) is profitable, generating $46.6M in net income for the fiscal year ending 2025 with a net profit margin of 8.1%.
Greenfire Resources Ltd. (GFR) reported an operating income of $58.2M, resulting in an operating profit margin of 10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Greenfire Resources Ltd. (GFR) generated $83.5M in gross profit for the year, representing a gross profit margin of 14.6%. This demonstrates the company's core pricing power and production efficiency.