Revenue generation remains largely nascent, with the company reporting a nominal $1.3 million in 2026Q1 against a substantial net loss of $197.0 million.
| Sales/Revenue | 1.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 79.12M | 14.51M | 13.43M | 21.02M | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -77.84M | -14.51M | -13.43M | -21.02M | 0 | 0 | 0 |
| Gross Margin % | -6124.7% | - | - | - | - | - | - |
| Gross Profit Growth % | - | -8.03% | 36.09% | - | - | - | - |
| Operating Expenses | 389.4M | 393.77M | 324.98M | 73.46M | 6.15M | 1.68M | 0 |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 201.91M | 176.2M | 324.98M | 12.76M | 0 | 1.68M | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 217.58M | 0 | 60.69M | 6.15M | 0 | 0 |
| Operating Income | -467.24M | -408.28M | -338.41M | -94.47M | -6.15M | -1.68M | 0 |
| Operating Margin % | -36761.68% | - | - | - | - | - | - |
| Operating Income Growth % | - | -20.65% | -258.21% | -1436.11% | -265.47% | - | - |
| EBITDA | -453.84M | -395.39M | -324.98M | -73.46M | -6.15M | -1.68M | -1.66K |
| EBITDA Margin % | -35707.16% | - | - | - | - | - | - |
| EBITDA Growth % | -110.48% | -21.67% | -342.41% | -1094.37% | -265.47% | -101274.46% | - |
| D&A (Non-Cash Add-back) | 13.4M | 12.89M | 13.43M | 21.02M | 0 | 0 | 0 |
| EBIT | -351.35M | -310.25M | -561.8M | -93.67M | -6.15M | -1.68M | -1.66K |
| Net Interest Income | -101.35M | -88.25M | -67.31M | 4.42M | 3.99M | 16.15K | 0 |
| Interest Income | 0 | 0 | 0 | 4.42M | 3.99M | 16.15K | 0 |
| Interest Expense | 101.35M | 88.25M | 67.31M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -29.61M | 9.79M | -290.7M | 801K | 4.32M | 5.96M | -1.66K |
| Pretax Income | -496.86M | -398.49M | -629.12M | -93.67M | -1.83M | 4.27M | -1.66K |
| Pretax Margin % | -39091.74% | - | - | - | - | - | - |
| Income Tax | 788K | 11.67M | -48K | 0 | 757.07K | 0 | 0 |
| Effective Tax Rate % | -0.16% | -2.93% | 0.01% | 0% | -41.28% | 0% | 0% |
| Net Income | -497.64M | -410.16M | -629.07M | -93.67M | -2.59M | 4.27M | -1.66K |
| Net Margin % | -39153.74% | - | - | - | - | - | - |
| Net Income Growth % | 8.98% | 34.8% | -571.56% | -3515.39% | -160.63% | 257980.39% | - |
| Net Income (Continuing) | -497.64M | -410.16M | -629.07M | -93.67M | -2.59M | 4.27M | -1.66K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.07 | -4.18 | -7.04 | -2.11 | -0.07 | 0.12 | -0.00 |
| EPS Growth % | 47.12% | 40.63% | -233.65% | -2826.49% | -160.08% | - | - |
| EPS (Basic) | - | -4.18 | -7.04 | -2.11 | -0.07 | 0.12 | -0.00 |
| Diluted Shares Outstanding | 98.18M | 98.18M | 89.31M | 44.44M | 35.94M | 35.94M | 2.81M |
| Basic Shares Outstanding | 98.18M | 98.18M | 89.31M | 44.44M | 35.94M | 35.94M | 2.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Regulatory and Liquidity Constraints
As indicated by the company's recent financial disclosures, Sable Offshore Corp. reported a nominal $1.3 million in revenue during 2026Q1, marking the first sign of activity after several quarters of zero revenue, which underscores the firm's ongoing transition from a pre-production entity to an operational oil producer.
The emergence of minimal revenue suggests that the company is beginning to test or initiate limited operations, though it remains far from a sustainable commercial scale. Investors should monitor whether this initial figure represents a recurring trend or merely a one-time accounting recognition, as the company's long-term viability depends entirely on the successful restart of the Santa Ynez Unit.
Based on reported income statements, the company continues to incur significant quarterly SG&A expenses, which peaked at $135.4 million in 2024Q1, reflecting the substantial overhead required to maintain dormant offshore assets and navigate the complex regulatory environment inherent to California's energy sector.
The persistent level of SG&A spending, even in the absence of meaningful production, highlights the heavy fixed-cost structure of the Santa Ynez Unit. This expense profile suggests that the company faces a high break-even threshold, and any further delays in regulatory approvals could exacerbate the existing cash burn.
According to the provided financial data, Sable Offshore Corp. has consistently reported deep net losses, including a $197.0 million deficit in 2026Q1, which appears heavily influenced by non-operating items and the significant stock-based compensation charges that reached $22.9 million in 2024Q2.
The quality of earnings is currently poor, as the net income figures are dominated by non-cash charges and the costs of maintaining non-productive assets. Analysts should be wary of these headline losses, as they do not yet reflect the underlying economics of the business once it reaches full operational capacity.
As evidenced by the consistent operating losses and the absence of sustained revenue, the company's financial position appears increasingly precarious, with the $97.7 million cash balance potentially insufficient to cover the ongoing burn rate if regulatory hurdles continue to delay the restart of critical infrastructure.
Short-term investors should focus on the risk that the company may be forced to seek dilutive financing to bridge the gap between current cash reserves and the commencement of meaningful production. The reliance on external capital in a high-interest rate environment may significantly impair future shareholder returns if the restart timeline slips further.
Quick answers to the most common questions about buying SOC stock.
For fiscal year 2025, Sable Offshore Corp. (SOC) reported total revenue of $0.0M.
Sable Offshore Corp. (SOC) reported a net loss of $410.2M for the fiscal year ending 2025.