0001140361-26-021301
SEC filingRevenue surged to $83.4M, reflecting the scale impact of the Bayswater Acquisition closed in March 2025; however, net loss widened to -$152.7M due to significant unrealized derivative losses and preferred stock remeasurement — underscoring how strategic growth amplifies accounting volatility.
Revenue for Q1 FY2026 totaled $83.4M, a 513.8% increase from $13.6M in Q1 FY2025. This growth was primarily attributable to the Bayswater Acquisition, which closed on March 26, 2025, and added substantial production volume and associated revenue streams. The acquisition’s contribution is evident across multiple expense categories — including LOE, transportation, taxes, and DD&A — confirming its operational integration into Prairie’s cost structure.
Net cash provided by operating activities rose to $42.3M from $16.9M, demonstrating robust cash generation from core operations. This performance occurred alongside elevated GAAP losses, highlighting the divergence between accrual-based earnings and cash flow — a dynamic common in capital-intensive, acquisition-led energy companies. Management expects that cash balance, expected revenues from producing wells, and liquidity available under the Credit Facility, proceeds from the ATM Offering, and potential offerings under the effective Form S-3 registration statement will be sufficient to fund the development program and operations.
Drilling activities at the Opal Coalbank pad completed early in April 2026, and completion activities are expected to continue throughout Q2 2026, with first production anticipated toward the beginning of Q3 2026. This timeline aligns with management’s broader expectation that organic ramp-up complements acquisition-driven scale — reinforcing the company’s transition toward consolidated, multi-basin operations.