Research Reports

Key takeaways

FY2025 GAAP Operating Income was $65.6M, a 347.3% year-over-year improvement from a $26.5M operating loss in FY2024, delivering a 27.1% operating margin for the year.

FY2025 GAAP Net Income was $32.1M, a 178.3% year-over-year reversal from a $40.9M net loss recorded in FY2024.

Net cash provided by operating activities for FY2025 was $153.9M, a material year-over-year improvement from $9.3M of net cash used in operating activities in FY2024.

All FY2024 production volumes and revenue were derived from assets acquired in the October 1, 2024 NRO Acquisition.

Full analysis

Transformative Acquisition-Driven FY2025 Performance

Fiscal 2025 performance was defined by strategic acquisitions that reversed prior year losses and delivered outsized top- and bottom-line growth. All FY2024 revenue and production were tied to the NRO Acquisition, which closed October 1, 2024, while the March 26, 2025 close of the Bayswater Acquisition drove the sharp year-over-year improvement in 2025 results. GAAP revenue grew nearly 30x year-over-year, operating income flipped from a $26.5M loss to a $65.6M profit for a 27.1% operating margin, net income turned positive at $32.1M, and operating cash flow reversed from a $9.3M use to $153.9M of cash provided during the year.

PROP · Prairie Operating Co.

Summary

Key takeaways

Full analysis

Transformative Acquisition-Driven FY2025 Performance

Operational and Financial Performance Drivers

Investing Activity and Disclosure Context