Revenue growth contracted by 16.1% in 2026Q1, while gross margins have deteriorated significantly from 38.7% in 2023Q4 to 19.8% in the most recent quarter.
| Sales/Revenue | 770.99M | 863.36M | 1.07B | 1.11B | 755.69M | 220.12M | 24.62M | 8.12M |
| Revenue Growth % | -25.8% | -19.27% | -3.77% | 47.06% | 243.3% | 793.98% | 203.43% | - |
| Cost of Goods Sold | 642.58M | 684.65M | 692.67M | 628.26M | 285.78M | 101M | 30.41M | 8.09M |
| COGS % of Revenue | - | 79.3% | 64.77% | 56.53% | 37.82% | 45.88% | 123.51% | 99.69% |
| Gross Profit | 128.41M | 178.71M | 376.74M | 483.04M | 469.9M | 119.12M | -5.79M | 25K |
| Gross Margin % | 16.66% | 20.7% | 35.23% | 43.47% | 62.18% | 54.12% | -23.51% | 0.31% |
| Gross Profit Growth % | - | -52.57% | -22.01% | 2.79% | 294.47% | 2157.41% | -23260% | - |
| Operating Expenses | 32.79M | 28.73M | 39.33M | 56.57M | 47.34M | 17.28M | 23.39M | 11.6M |
| OpEx % of Revenue | - | 3.33% | 3.68% | 5.09% | 6.26% | 7.85% | 95% | 142.99% |
| Selling, General & Admin | 25.98M | 25.89M | 33.09M | 42.55M | 45.82M | 15.56M | 23.39M | 8.68M |
| SG&A % of Revenue | - | 3% | 3.09% | 3.83% | 6.06% | 7.07% | 95% | 106.99% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.17M | 2.84M | 6.24M | 14.02M | 1.52M | 1.72M | 0 | 2.92M |
| Operating Income | 95.62M | 149.98M | 337.41M | 426.46M | 422.56M | 101.85M | -29.18M | -11.58M |
| Operating Margin % | 12.4% | 17.37% | 31.55% | 38.38% | 55.92% | 46.27% | -118.51% | -142.69% |
| Operating Income Growth % | - | -55.55% | -20.88% | 0.92% | 314.9% | 449.02% | -152.02% | - |
| EBITDA | 521.67M | 572.83M | 838.16M | 850.89M | 600.68M | 167.22M | -12.78M | -7.24M |
| EBITDA Margin % | 67.66% | 66.35% | 78.38% | 76.57% | 79.49% | 75.96% | -51.9% | -89.19% |
| EBITDA Growth % | -35.12% | -31.66% | -1.5% | 41.65% | 259.22% | 1408.51% | -76.55% | - |
| D&A (Non-Cash Add-back) | 426.05M | 422.85M | 500.75M | 424.42M | 178.11M | 65.37M | 16.4M | 4.34M |
| EBIT | 101.89M | 149.98M | 291.35M | 418.26M | 362.82M | 74.95M | -29.18M | -11.58M |
| Net Interest Income | -140.08M | -143.29M | -160.03M | -144.99M | -50.34M | -2.48M | -2K | 0 |
| Interest Income | 3.99M | 3.85M | 8.69M | 2.91M | 266K | 1K | 6K | 0 |
| Interest Expense | 144.06M | 147.14M | 168.71M | 147.9M | 50.61M | 2.48M | 8K | 0 |
| Other Income/Expense | -270.82M | -123.81M | -206.49M | -144.69M | -110.35M | -29.38M | -76.5M | 0 |
| Pretax Income | -175.21M | 26.17M | 130.92M | 281.77M | 312.21M | 72.46M | -105.69M | -11.58M |
| Pretax Margin % | -22.72% | 3.03% | 12.24% | 25.36% | 41.32% | 32.92% | -429.22% | -142.69% |
| Income Tax | -30.39M | 7.21M | 35.85M | 65.91M | 75.36M | 16.9M | -4.22M | 0 |
| Effective Tax Rate % | 17.34% | 27.53% | 27.38% | 23.39% | 24.14% | 23.33% | 4% | 0% |
| Net Income | -144.82M | 18.96M | 95.07M | 215.87M | 236.85M | 55.56M | -101.46M | -11.58M |
| Net Margin % | -18.78% | 2.2% | 8.89% | 19.42% | 31.34% | 25.24% | -412.07% | -142.69% |
| Net Income Growth % | -215.89% | -80.05% | -55.96% | -8.86% | 326.31% | 154.76% | -776.27% | - |
| Net Income (Continuing) | -144.82M | 18.96M | 95.07M | 215.87M | 236.85M | 55.56M | -101.46M | -11.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.16 | 0.13 | 0.67 | 1.58 | 1.93 | 0.54 | -1.10 | -0.13 |
| EPS Growth % | -230.3% | -80.6% | -57.59% | -18.13% | 257.41% | 149.09% | -746.15% | - |
| EPS (Basic) | - | 0.13 | 0.69 | 1.64 | 2.04 | 0.55 | -1.10 | -0.13 |
| Diluted Shares Outstanding | 125.27M | 125.27M | 129.21M | 123.02M | 111.16M | 94.77M | 91.97M | 91.59M |
| Basic Shares Outstanding | 125.27M | 125.27M | 125.28M | 117.96M | 104.74M | 93.13M | 91.97M | 91.59M |
| Dividend Payout Ratio | - | 121.31% | 23.34% | 6.08% | 4.9% | 22.73% | - | - |
Commodity price volatility exposure
As reported in financial statements, HighPeak Energy has experienced a sustained period of top-line decline, with revenue growth contracting by 16.1% in 2026Q1, marking a multi-quarter trend of negative performance that suggests significant challenges in maintaining production volumes or realizing favorable commodity price benchmarks.
The consistent negative revenue growth over the last several quarters indicates that the company is struggling to offset the natural decline curves of its Midland Basin assets. This trajectory suggests that the current development program may be insufficient to drive organic growth, potentially necessitating a strategic pivot in capital allocation or drilling intensity.
Based on the company's reported figures, gross margins have deteriorated significantly from 38.7% in 2023Q4 to 19.8% in 2026Q1, reflecting a sharp erosion in profitability that appears to be driven by rising production costs or unfavorable shifts in the realized price of crude oil.
The compression of gross margins suggests that the company's cost of extraction is becoming increasingly burdensome relative to the revenue generated per barrel. Investors should monitor whether this trend is a result of localized service cost inflation or if it reflects a fundamental change in the productivity of the company's core acreage.
According to recent SEC filings, the company's net income has exhibited extreme volatility, swinging from a $95.0M profit in 2023Q4 to a $127.4M loss in 2026Q1, which highlights a disconnect between core operating performance and the bottom-line results reported to shareholders.
The significant gap between operating income and net income suggests that non-operating items, such as tax adjustments or financing costs, are heavily influencing the final earnings figures. This lack of consistency in net profitability warrants further investigation into the nature of these non-recurring charges and their potential impact on long-term shareholder value.
While management emphasizes the value of its Midland Basin acreage, the recent financial data, specifically the 2025Q4 gross margin of -7.4%, suggests that the company's operational model may be highly sensitive to price fluctuations and potentially lacks the resilience of larger, more diversified peers.
Short-sellers might focus on the company's inability to maintain positive gross margins during periods of commodity price weakness, which may indicate that the underlying well economics are not as robust as the acreage position implies. The reliance on a single geographic corridor leaves the firm uniquely vulnerable to regional infrastructure bottlenecks and localized service cost spikes.
Quick answers to the most common questions about buying HPK stock.
For fiscal year 2025, HighPeak Energy, Inc. (HPK) reported total revenue of $863.4M. This represents a 10539.1% increase compared to $8.1M in 2019.
HighPeak Energy, Inc. (HPK) is profitable, generating $19.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
HighPeak Energy, Inc. (HPK) reported an operating income of $150.0M, resulting in an operating profit margin of 17.4%. This margin reflects the operational efficiency of the business before interest and taxes.
HighPeak Energy, Inc. (HPK) generated $178.7M in gross profit for the year, representing a gross profit margin of 20.7%. This demonstrates the company's core pricing power and production efficiency.