Revenue growth remains inconsistent, fluctuating between a 19.3% contraction in 2024Q4 and a 22.8% expansion in 2025Q2, while gross margins have eroded to a negligible 3.1% as of 2025Q4.
| Sales/Revenue | 275.23M | 273.99M | 242M | 233.91M | 281.89M | 185.18M | 97.23M |
| Revenue Growth % | 11.44% | 13.22% | 3.46% | -17.02% | 52.23% | 90.45% | - |
| Cost of Goods Sold | 176.11M | 222.3M | 169.41M | 142.88M | 118.96M | 58.45M | 109.21M |
| COGS % of Revenue | - | 81.13% | 70% | 61.09% | 42.2% | 31.56% | 112.32% |
| Gross Profit | 31.71M | 51.69M | 72.59M | 91.02M | 162.93M | 126.73M | -11.98M |
| Gross Margin % | 11.52% | 18.87% | 30% | 38.91% | 57.8% | 68.44% | -12.32% |
| Gross Profit Growth % | - | -28.79% | -20.25% | -44.14% | 28.56% | 1157.69% | - |
| Operating Expenses | 35.29M | 34.56M | 31.62M | 56.17M | 9.07M | 72.84M | 21.85M |
| OpEx % of Revenue | - | 12.61% | 13.07% | 24.01% | 3.22% | 39.33% | 22.47% |
| Selling, General & Admin | 18.3M | 34.56M | 31.62M | 56.17M | 9.07M | 11.99M | 8.65M |
| SG&A % of Revenue | - | 12.61% | 13.07% | 24.01% | 3.22% | 6.47% | 8.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 0 | 0 | 0 | 60.85M | 13.2M |
| Operating Income | 17.66M | 17.13M | 40.97M | 34.85M | 153.87M | 53.9M | -33.83M |
| Operating Margin % | 6.42% | 6.25% | 16.93% | 14.9% | 54.58% | 29.11% | -34.8% |
| Operating Income Growth % | - | -58.19% | 17.55% | -77.35% | 185.48% | 259.3% | - |
| EBITDA | 151.7M | 146.54M | 141.28M | 116.6M | 217.6M | 114.74M | 24.47M |
| EBITDA Margin % | 55.12% | 53.48% | 58.38% | 49.85% | 77.19% | 61.96% | 25.17% |
| EBITDA Growth % | 11.05% | 3.72% | 21.17% | -46.42% | 89.64% | 368.84% | - |
| D&A (Non-Cash Add-back) | 134.04M | 129.41M | 100.31M | 81.75M | 63.73M | 60.85M | 58.31M |
| EBIT | 39.91M | 45.28M | 38.71M | 47.48M | 123.06M | 21.32M | -4.18M |
| Net Interest Income | -13.43M | -10.21M | -9.98M | -5.28M | -4.15M | -3.21M | -4.68M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.81M | 10.21M | 9.98M | 5.28M | 4.15M | 3.21M | 4.68M |
| Other Income/Expense | -36.8M | 17.95M | -12.24M | 7.35M | -34.96M | -35.78M | 24.98M |
| Pretax Income | -19.14M | 35.08M | 28.73M | 42.2M | 118.9M | 18.11M | -8.86M |
| Pretax Margin % | -6.95% | 12.8% | 11.87% | 18.04% | 42.18% | 9.78% | -9.11% |
| Income Tax | 19.46M | 9.8M | 7.67M | 61.95M | 0 | 0 | 0 |
| Effective Tax Rate % | -101.71% | 27.93% | 26.7% | 146.78% | 0% | 0% | 0% |
| Net Income | -19.67M | 25.28M | 21.06M | -21.58M | 118.9M | 18.11M | -8.86M |
| Net Margin % | -7.15% | 9.23% | 8.7% | -9.22% | 42.18% | 9.78% | -9.11% |
| Net Income Growth % | -175.91% | 20.02% | 197.61% | -118.15% | 556.41% | 304.52% | - |
| Net Income (Continuing) | -19.67M | 25.28M | 21.06M | -19.74M | 118.9M | 18.11M | -8.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.49 | 0.64 | 0.64 | -0.73 | 0.26 | 0.04 | -0.31 |
| EPS Growth % | -164.65% | 0% | 187.67% | -380.77% | 529.54% | 113.32% | - |
| EPS (Basic) | - | 0.67 | 0.70 | -0.73 | 0.26 | 0.04 | -0.31 |
| Diluted Shares Outstanding | 40.08M | 39.55M | 32.91M | 29.56M | 28.2M | 438.63M | 28.2M |
| Basic Shares Outstanding | 40.08M | 37.65M | 30.04M | 29.56M | 28.2M | 438.63M | 28.2M |
| Dividend Payout Ratio | - | 364.49% | 301.8% | - | 30.28% | 66.25% | - |
Operator dependency and volatility
As reported in recent financial statements, VTS revenue growth has fluctuated significantly, ranging from a 19.3% contraction in 2024Q4 to a 22.8% expansion in 2025Q2, suggesting that the company's top-line performance remains highly sensitive to the timing of operator-led drilling activity rather than internal strategic initiatives.
The inconsistent revenue trajectory appears to reflect the inherent challenges of a non-operated business model where the company lacks control over the timing of well completions. Investors should monitor whether the recent 1.9% growth in 2026Q1 signals a stabilization or merely a temporary pause in the volatility observed over the previous ten quarters.
Based on the provided income statement data, VTS has experienced significant gross margin erosion, falling from a peak of 38.0% in 2023Q4 to a negligible 3.1% by 2025Q4, which indicates that the company is struggling to maintain profitability amidst rising production costs and potential commodity price headwinds.
The sharp decline in gross margins suggests that the company's cost structure is highly vulnerable to the pass-through expenses of its operators. This trend warrants further investigation into whether these margin pressures are driven by structural increases in gathering and transportation costs or if they represent a temporary cyclical downturn in the Bakken basin.
According to the company's quarterly filings, net income has exhibited extreme swings, including a $42.3 million loss in 2026Q1, which suggests that GAAP earnings are heavily impacted by non-operating items and accounting adjustments that may not accurately reflect the core cash-generating capability of the business.
The frequent divergence between operating income and net income implies that investors should focus on cash-based metrics rather than headline EPS. The presence of stock-based compensation, while relatively modest, further complicates the assessment of true operational efficiency and shareholder value creation in the current fiscal environment.
While the non-operated model offers capital efficiency, the income statement data reveals that VTS lacks the pricing power to offset rising operator costs, as evidenced by the 2025Q4 gross margin collapse, which may indicate that the company is effectively a price-taker with limited ability to protect its bottom line.
Short-term observers might argue that the company's inability to control well-site efficiencies leaves it exposed to the operational failures of its partners. This lack of control appears to be a fundamental risk that could lead to sustained margin compression if the current cost environment in the Williston Basin continues to deteriorate.
Quick answers to the most common questions about buying VTS stock.
For fiscal year 2025, Vitesse Energy, Inc. (VTS) reported total revenue of $274.0M. This represents a 181.8% increase compared to $97.2M in 2020.
Vitesse Energy, Inc. (VTS) is profitable, generating $25.3M in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
Vitesse Energy, Inc. (VTS) reported an operating income of $17.1M, resulting in an operating profit margin of 6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Vitesse Energy, Inc. (VTS) generated $51.7M in gross profit for the year, representing a gross profit margin of 18.9%. This demonstrates the company's core pricing power and production efficiency.