Revenue has scaled rapidly to $83.4 million in 2026Q1, though bottom-line performance remains pressured by significant SG&A expenses and a net loss of $152.7 million.
| 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 | Jul'09 | Jul'08 | Jul'07 |
|---|
| Sales/Revenue | 312.25M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 157.03M | 121.18M | 4.79M | 0 | 0 | 88.01K | 181.83K | -497K | 2.62M | 9.32K | 6.53M | 5.27M | 8.29M | 4.26M | 2.42M | 950.91K | 842.2K | 0 | 0 | 0 |
| Gross Margin % | 50.29% | 50.15% | 60.36% | - | - | 23.8% | 44.1% | -4.7% | 18.87% | 0.06% | 28.78% | 21.92% | 35.95% | 38.13% | 35.87% | 25.14% | 28.06% | - | - | - |
| Gross Profit Growth % | - | 2428.8% | - | - | -100% | -51.59% | 136.58% | -118.94% | 28061.63% | -99.86% | 24.09% | -36.49% | 94.4% | 76.31% | 154.39% | 12.91% | - | - | - | - |
| Operating Expenses | 63.53M | 52.19M | 31.3M | 16.53M | 461.52K | 18.3M | 2.46M | 1.36M | 3.56M | 5.35M | 7.72M | 8.15M | 6.82M | 3.92M | 2.22M | 4.11M | 1.18M | 17.4K | 18.94K | 71.39K |
| OpEx % of Revenue | - | 21.6% | 394.32% | - | - | 4948.16% | 595.65% | 12.86% | 25.64% | 35.49% | 33.99% | 33.91% | 29.59% | 35.06% | 32.93% | 108.62% | 39.42% | - | - | - |
| Selling, General & Admin | 61.95M | 50.61M | 30.57M | 16.27M | 461.52K | 18.13M | 2.46M | 2.76M | 3.56M | 5.35M | 7.72M | 8.15M | 6.82M | 3.92M | 2.21M | 3.29M | 1.18M | 17.4K | 18.94K | 71.39K |
| SG&A % of Revenue | - | 20.95% | 385% | - | - | 4901.57% | 595.65% | 26.11% | 25.64% | 35.49% | 33.99% | 33.91% | 29.59% | 35.06% | 32.77% | 87.07% | 39.42% | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 93.49M | 68.99M | -26.51M | -16.53M | -461.52K | -18.21M | -2.27M | -1.86M | -941.01K | -5.34M | -1.18M | -2.88M | 1.47M | 343.51K | 197.81K | -3.16M | -341K | -17.4K | -18.94K | -71.39K |
| Operating Margin % | 29.94% | 28.55% | -333.96% | - | - | -4924.36% | -551.75% | -17.56% | -6.77% | -35.42% | -5.21% | -12% | 6.37% | 3.07% | 2.93% | -83.47% | -11.36% | - | - | - |
| Operating Income Growth % | - | 360.2% | -60.36% | -3482.29% | 97.47% | -700.46% | -22.51% | -97.34% | 82.37% | -351.48% | 58.98% | -296.32% | 327.36% | 73.66% | 106.27% | -825.81% | -1860% | 8.15% | 73.47% | - |
| EBITDA | 156.14M | 117.9M | -26.08M | -61.9M | -461.52K | -18.09M | -2.25M | -1.81M | -860.98K | -5.19M | -1.02M | -2.76M | 1.51M | 350.8K | 200.82K | -3.15M | -334.19K | -17.4K | -18.94K | -71.39K |
| EBITDA Margin % | 50% | 48.79% | -328.5% | - | - | -4892.46% | -545.87% | -17.08% | -6.19% | -34.44% | -4.51% | -11.5% | 6.56% | 3.14% | 2.98% | -83.4% | -11.14% | - | - | - |
| EBITDA Growth % | 1206.54% | 552.08% | 57.87% | -13311.99% | 97.45% | -703.84% | -24.57% | -109.86% | 83.41% | -407.24% | 62.97% | -282.54% | 331.44% | 74.68% | 106.37% | -843.85% | -1820.84% | 8.15% | 73.47% | - |
| D&A (Non-Cash Add-back) | 62.64M | 48.92M | 433K | 0 | 0 | 117.94K | 24.23K | 50.14K | 80.04K | 147.83K | 159.1K | 119.21K | 45.49K | 7.3K | 3.01K | 2.75K | 6.81K | 0 | 0 | 0 |
| EBIT | -99.41M | 82.23M | -38.73M | -61.9M | -461.52K | -18.03M | -2.26M | -1.86M | -938.01K | -5.34M | -1.48M | -4.23M | 1.01M | -3.63M | -767K | -1.68M | -1.63M | -17.4K | -18.94K | -71.39K |
| Net Interest Income | -34.46M | -27.76M | -562K | 126K | 0 | -1.18M | -637K | -304K | -1.68M | -395.1K | -26.48K | -2.91K | -11.8K | -10.29K | -252K | -330K | -2.74K | -2.06K | 0 | 0 |
| Interest Income | 883K | 759K | 580K | 248K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 1.23K | 0 | 0 | 0 | 0 |
| Interest Expense | 35.34M | 28.52M | 1.14M | 122K | 0 | 1.18M | 637.04K | 304.45K | 1.68M | 395.1K | 26.48K | 2.91K | 11.8K | 10.29K | 251.97K | 331.03K | 2.74K | 2.06K | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -134.75M | 53.7M | -39.87M | -62.02M | -461.52K | -19.2M | -2.9M | -2.16M | -2.62M | -5.73M | -1.51M | -4.23M | 995.62K | -3.64M | -1.02M | -2.01M | -1.63M | -19.46K | -18.94K | -71.39K |
| Pretax Margin % | -43.15% | 22.22% | -502.17% | - | - | -5192.51% | -703.81% | -20.44% | -18.81% | -38.05% | -6.64% | -17.62% | 4.32% | -32.52% | -15.11% | -53.12% | -54.25% | - | - | - |
| Income Tax | -16.74M | 21.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 187 |
| Effective Tax Rate % | 12.42% | 40.32% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.26% |
| Net Income | -118M | 32.05M | -40.91M | -79.08M | -461.52K | -17.27M | -1.94M | -2.16M | -2.62M | -5.73M | -1.58M | -4.25M | 995.62K | -3.64M | -1.02M | -2.01M | -1.63M | -19.46K | -18.94K | -71.58K |
| Net Margin % | -37.79% | 13.26% | -515.33% | - | - | -4670.23% | -470.5% | -20.44% | -18.81% | -38.05% | -6.94% | -17.7% | 4.32% | -32.52% | -15.11% | -53.12% | -54.25% | - | - | - |
| Net Income Growth % | -242.12% | 178.34% | 48.27% | -17034.69% | 97.33% | -790.24% | 10.27% | 17.34% | 54.38% | -263.9% | 62.95% | -527.07% | 127.37% | -257.02% | 49.28% | -23.4% | -8265.88% | -2.74% | 73.54% | - |
| Net Income (Continuing) | -118M | 32.05M | -39.87M | -62.02M | -461.52K | -19.2M | -2.9M | -2.16M | -2.62M | -5.73M | -1.51M | -4.23M | 995.62K | -3.64M | -1.02M | -2.01M | -1.63M | -19.46K | -18.94K | -71.58K |
| Discontinued Operations | 0 | 0 | -1.04M | -17.06M | -17.74K | 1.93M | 961.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -12.5K | -12.5K | -12.5K | -12.5K | -11.82K | 17.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.00 | -1.35 | -2.65 | -16.51 | -1.08 | -106.00 | -16.57 | -17.61 | -21.70 | -47.80 | -17.06 | -47.31 | 10.24 | -53.60 | -50.91 | -42.76 | -43.70 | -2.57 | -3.09 | -9.47 |
| EPS Growth % | 57.22% | 49.06% | 83.95% | -1428.7% | 98.98% | -539.71% | 5.91% | 18.85% | 54.6% | -180.19% | 63.94% | -562.01% | 119.1% | -5.28% | -19.06% | 2.15% | -1600.39% | 16.83% | 67.37% | - |
| EPS (Basic) | - | -1.35 | -2.65 | -16.51 | -1.08 | -117.61 | -16.57 | -17.71 | -21.71 | -47.80 | -17.06 | -47.31 | 11.09 | -53.60 | -50.91 | -42.76 | -43.70 | -2.57 | -3.09 | -9.47 |
| Diluted Shares Outstanding | 80.59B | 45.23B | 15.45M | 4.79M | 428.61K | 166.43K | 122.74K | 122.74K | 120.52K | 119.94K | 92.36K | 89.89K | 97.27K | 72.39K | 61.66K | 61.33K | 37.38K | 7.56K | 7.56K | 7.56K |
| Basic Shares Outstanding | 80.59M | 45.23M | 15.45M | 4.79M | 428.61K | 146.85K | 122.74K | 122.74K | 120.52K | 119.94K | 92.36K | 89.89K | 89.76K | 72.39K | 61.66K | 61.33K | 37.38K | 7.56K | 7.56K | 7.56K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and regulatory concentration
As reported in recent financial statements, Prairie Operating Co. has achieved a dramatic revenue expansion, reaching $83.4 million in 2026Q1, which underscores the company's aggressive transition from legacy digital asset mining to active hydrocarbon production within the highly competitive DJ Basin energy landscape.
The revenue trajectory reflects a fundamental business model shift rather than organic growth within a single industry. Investors should monitor whether this rapid scaling can be sustained without further dilutive capital raises, as the current production levels appear to be highly sensitive to regional takeaway capacity and commodity price volatility.
Based on the company's reported figures, gross margins have stabilized near 52.1% as of 2026Q1, suggesting that the firm is successfully managing its direct lifting costs despite the operational complexities inherent in its newly acquired DJ Basin acreage and ongoing infrastructure integration requirements.
While the 52.1% gross margin appears competitive, it remains vulnerable to fluctuations in oilfield service costs and potential royalty burdens. The lack of historical consistency in these margins warrants caution, as the company has yet to demonstrate long-term pricing power or cost control in a normalized production environment.
According to recent SEC filings, operating income reached $26.3 million in 2026Q1, yet the company's ability to translate gross profit into bottom-line earnings remains hampered by significant SG&A expenses and non-operating charges that continue to weigh heavily on the firm's overall financial performance.
The disparity between operating income and net income suggests that corporate overhead and potential restructuring costs are consuming a substantial portion of the value generated at the wellhead. This indicates that the company has not yet achieved the necessary scale to leverage its fixed cost base effectively.
As indicated by the 2026Q1 net loss of $152.7 million, the quality of reported earnings appears compromised by significant non-operating items and stock-based compensation, which totaled $5.7 million in the most recent quarter, complicating the assessment of the company's true normalized profitability and cash-generating potential.
The wide variance between operating income and net income suggests that investors should look past headline figures to understand the impact of non-cash charges and financing costs. The reliance on stock-based compensation as a significant expense line item may further dilute shareholder value if production growth does not accelerate.
Based on the provided data, the company's precarious cash position of $20,000 relative to its substantial revenue scale suggests an existential liquidity risk, as the firm appears to be operating with minimal financial buffer to navigate potential regulatory delays or unexpected downturns in commodity prices.
Short-sellers would likely focus on the disconnect between the company's rapid revenue growth and its negligible cash reserves, which may necessitate immediate and dilutive financing. This structural vulnerability suggests that the company's survival is contingent upon continuous access to capital markets, which is far from guaranteed.
Quick answers to the most common questions about buying PROP stock.
Prairie Operating Co. (PROP) is profitable, generating $32.1M in net income for the fiscal year ending 2025 with a net profit margin of 13.3%.
Prairie Operating Co. (PROP) reported an operating income of $69.0M, resulting in an operating profit margin of 28.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Prairie Operating Co. (PROP) generated $121.2M in gross profit for the year, representing a gross profit margin of 50.1%. This demonstrates the company's core pricing power and production efficiency.