- Total revenue of
$98.9 million , an increase of approximately 45% year-over-year - Net income attributable to
Prairie Operating Co. common stockholders of$193.8 million - Quarterly production of 21,866 Boe/d, an increase of approximately 4% year-over-year (50% oil)
- Adjusted EBITDA of
$34.0 million
SECOND QUARTER 2026 RESULTS SUMMARY
- Produced 2.0 MMBoe, or approximately 21,866 Boe/d, with 72% liquids (50% oil).
- Revenue of
$98.9 million , an increase of approximately 45% year-over-year. - Reported net income attributable to
Prairie Operating Co. common stockholders of$193.8 million , or$1.75 basic earnings per share and$0.23 diluted earnings per share. - Generated Adjusted EBITDA(1) of
$34.0 million . - Capital expenditures of
$98.5 million . - Net cash provided by operating activities of
$52.0 million .
KEY HIGHLIGHTS FOR YEAR-TO-DATE 2026
- Total production of 4.1 MMBoe, or approximately 22,500 Boe/d, with 72% liquids (49% oil).
- Daily production of approximately 27,000 Boe/d throughout the month of August.
- Total revenue of
$182.3 million , an increase of 125% year-over-year. - Adjusted EBITDA(1) of
$71.1 million , an increase of 65% year-over-year. - Continued execution with recently drilled wells coming in below AFE.
- Active hedging program, securing commodity price protection through the second quarter of 2029.
- Executed partial refinancing of the Series F Preferred Stock in April, reducing outstanding balance and significantly lowering warrant-related dilution, while extending the Anniversary warrant date to
August 31, 2026 .
(1) Adjusted EBITDA is a Non-GAAP measure, refer to “Non-GAAP Financial Measures” for reconciliations of GAAP to non-GAAP financial measures used throughout this press release.
“Prairie delivered strong operational progress during the second quarter and throughout the first half of 2026. Our team continued to improve drilling performance, execute within budget and advance our development program across multiple pads in the
“These achievements reflect the continued improvement of our operating capabilities. As we move into the second half of the year, we remain focused on safe and consistent execution, applying proven efficiencies across our development program and allocating capital to the opportunities that generate the strongest returns. We believe this disciplined approach will support sustainable production growth, improved capital efficiency and long-term value creation for our shareholders.”
“Prairie continued to strengthen its financial position and generated meaningful operating cash flow while continuing to fund an active capital program, expanded our commodity hedge portfolio to provide greater visibility and coverage of our future cash flows and made important progress simplifying our capital structure and reducing potential shareholder dilution.”
“As we move through the remainder of the year, our financial priorities remain centered on disciplined capital allocation, building liquidity and strengthening the balance sheet. We will continue to align capital spending with operating performance, pursue opportunities to enhance financial flexibility and support the Company’s development program in a manner designed to generate sustainable free cash flow through a range of commodity-price environments.”
“During the second quarter, Prairie took several important steps to strengthen its leadership, governance and financial position. We added key members to the management team and reinvigorated the Board by welcoming a new director whose experience and perspectives will enhance our oversight and strategic decision-making.”
“These actions reflect the Board’s commitment to a strong alignment with management and shareholders. Together, we remain focused on disciplined execution, prudent capital allocation and continued cost improvement, all with the objective of creating sustainable, long-term shareholder value.”
Operations Update
Prairie maintained strong drilling execution during the second quarter of 2026, drilling 12 wells, including two Codell and ten Niobrara wells. Eight of the 12 wells were drilled in a single run, and all wells were completed below AFE. The wells consisted of two- and three-mile laterals and averaged approximately 19,100 feet in measured depth, with an average rate of penetration of 390 feet per hour and an average spud-to-rig-release time of 6.65 days.
During the quarter, Prairie successfully drilled its first three-mile lateral, a Niobrara B well, in a single run and completed drilling operations at the Burnett Pad. Drilling operations at the Castor pad were subsequently completed during the first month of the third quarter. Second-quarter drilling activity included a planned pause between the Opal Coalbank and Burnett pads to accommodate seasonal restrictions associated with Colorado Parks and Wildlife.
On the Castor pad, Prairie completed two successful trials utilizing a 7-7/8-inch hole design, compared with the Company’s standard 8-1/2-inch design. The trials generated realized savings and utilized the same 5-1/2-inch production casing. As such, it does not alter the delivered well configuration for completion or production purposes. Based on these results, Prairie plans to deploy the smaller hole design across a significant portion of its upcoming Niobrara development program.
Year to date, Prairie has drilled 27 wells, including six Codell and 21 Niobrara wells, with 19 wells drilled in a single run. On average, the wells were delivered below AFE. Year-to-date wells averaged approximately 18,700 feet in measured depth, an average rate of penetration of 377 feet per hour and an average spud-to-rig-release time of 6.2 days. Prairie has completed drilling operations at the Elder,
| SECOND QUARTER 2026 RESULTS | ||||
| Key Financial Highlights | ||||
| Three Months Ended | ||||
| (In thousands, except per share amounts) | ||||
| Total revenues | $ | 98,859 | ||
| Net income attributable to | $ | 193,794 | ||
| Earnings per share – basic | $ | 1.75 | ||
| Earnings per share – diluted | $ | 0.23 | ||
| Adjusted EBITDA | $ | 34,010 | ||
| Capital expenditures (1) | $ | 98,489 | ||
(1) Excludes
Revenue and Production
Revenue for the second quarter of 2026 was
| Three Months Ended | |||||
| Revenues (in thousands) | |||||
| Oil revenue | $ | 93,458 | |||
| Natural gas revenue (1) | (4,292 | ) | |||
| NGL revenue | 9,693 | ||||
| Total revenues | $ | 98,859 | |||
| Production: | |||||
| Oil (MBbls) | 992 | ||||
| Natural gas (MMcf) | 3,299 | ||||
| NGL (MBbls) | 448 | ||||
| Total production (MBoe) (2) | 1,990 | ||||
| Average sales volumes per day (Boe/d) | 21,866 | ||||
| Average realized price (excluding effects of derivatives): | |||||
| Oil (per Bbl) | $ | 94.21 | |||
| Natural gas (per Mcf) (1) | $ | (1.30 | ) | ||
| NGL (per Bbl) | $ | 21.64 | |||
| Average realized price (per Boe) | $ | 49.68 | |||
| Average sales price (including effects of derivatives): | |||||
| Oil (per Bbl) | $ | 59.79 | |||
| Natural gas (per Mcf) (1) | $ | (0.20 | ) | ||
| NGL (per Bbl) | $ | 16.72 | |||
| Average price (per Boe) | $ | 33.25 | |||
| Average NYMEX prices: | |||||
| WTI (per Bbl) | $ | 84.29 | |||
| $ | 3.81 | ||||
| (1) | For the three months ended | |
| (2) | MBoe is calculated using six MMcf of natural gas equivalent to one MBbl of oil. | |
Operating Costs
For the second quarter of 2026, lease operating expenses were
| (In thousands, except per Boe amounts) | Three Months Ended | |||
| Lease operating expenses | $ | 13,628 | ||
| Lease operating expenses per Boe | $ | 6.85 | ||
| Gathering, transportation, and processing | $ | 2,426 | ||
| Gathering, transportation, and processing per Boe | $ | 1.22 | ||
| Ad valorem and production taxes | $ | 7,983 | ||
| Ad valorem and production taxes per Boe | $ | 4.01 | ||
| General and administrative expenses (1) | $ | 11,952 | ||
| General and administrative expenses per Boe | $ | 6.01 | ||
| (1) | General and administrative expenses for the three months ended |
Liquidity and Capital Resources
As of
During the six months ended
On
Adjusting 2026 Guidance
Prairie adjusts full-year guidance for 2026 as follows:
- Average Daily Production: 23,000 – 25,000 Boe/d.
- Capital Expenditures:
$185.0 million –$195.0 million . - Adjusted EBITDA(1):
$180.0 million –$190.0 million .
(1) Adjusted EBITDA is a Non-GAAP measure, refer to “Non-GAAP Financial Measures” for reconciliations of GAAP to non-GAAP financial measures used throughout this press release.
Commodity Hedges
As of
| Settling through | Settling through | Settling through | Settling through | |||||||||||||
| Crude Oil Swaps: | ||||||||||||||||
| Notional volume (Bbls) | 2,651,848 | 4,662,503 | 2,862,307 | 210,000 | ||||||||||||
| Weighted average price ($/Bbl) | $ | 63.09 | $ | 62.51 | $ | 62.17 | $ | 61.57 | ||||||||
| Natural Gas Swaps: | ||||||||||||||||
| Notional volume (MMBtus) | 7,584,322 | 14,082,126 | 5,606,357 | 400,000 | ||||||||||||
| Weighted average price ($/MMBtu) | $ | 4.08 | $ | 4.08 | $ | 4.02 | $ | 4.11 | ||||||||
| Ethane Swaps: | ||||||||||||||||
| Notional volume (Bbls) | 215,747 | 400,675 | 220,109 | — | ||||||||||||
| Weighted average price ($/Bbl) | $ | 11.22 | $ | 10.70 | $ | 9.96 | $ | — | ||||||||
| Propane Swaps: | ||||||||||||||||
| Notional volume (Bbls) | 293,113 | 522,684 | 199,160 | — | ||||||||||||
| Weighted average price ($/Bbl) | $ | 28.69 | $ | 26.85 | $ | 25.93 | $ | — | ||||||||
| Iso Butane Swaps: | ||||||||||||||||
| Notional volume (Bbls) | 41,114 | 74,572 | 35,088 | — | ||||||||||||
| Weighted average price ($/Bbl) | $ | 35.41 | $ | 31.77 | $ | 30.77 | $ | — | ||||||||
| Normal Butane Swaps: | ||||||||||||||||
| Notional volume (Bbls) | 103,276 | 184,140 | 74,903 | — | ||||||||||||
| Weighted average price ($/Bbl) | $ | 35.81 | $ | 31.95 | $ | 30.36 | $ | — | ||||||||
| Pentane Plus Swaps: | ||||||||||||||||
| Notional volume (Bbls) | 86,958 | 160,242 | 78,806 | — | ||||||||||||
| Weighted average price ($/Bbl) | $ | 55.12 | $ | 53.31 | $ | 52.81 | $ | — | ||||||||
Non-GAAP Financial Measures
This press release contains Adjusted EBITDA which is a financial measure not presented in accordance with
Adjusted EBITDA is derived from net income (loss) attributable to
The following table presents the reconciliation of Net income (loss) attributable to
| Three Months Ended | Six Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025(1) | |||||||||||||
| (In thousands) | ||||||||||||||||
| Net income (loss) attributable to | $ | 109,017 | $ | 35,683 | $ | (43,656 | ) | $ | 33,066 | |||||||
| Adjustments: | ||||||||||||||||
| Depreciation, depletion, and amortization | 17,075 | 12,265 | 32,919 | 14,386 | ||||||||||||
| Abandonment and impairment of unproved properties (2) | 196 | — | 608 | — | ||||||||||||
| Non-cash stock-based compensation | 3,307 | 2,419 | 9,040 | 3,786 | ||||||||||||
| Interest expense, net | 9,805 | 9,030 | 17,935 | 10,336 | ||||||||||||
| Unrealized (gain) loss on derivatives | (77,779 | ) | (23,206 | ) | 85,104 | (23,090 | ) | |||||||||
| Non-cash (gain) loss on adjustment to fair value – financial instrument liabilities (3) | (48,233 | ) | 2,373 | (16,382 | ) | 4,537 | ||||||||||
| Litigation and severance settlement expense | 808 | — | 4,154 | — | ||||||||||||
| Income tax expense (benefit) (4) | 19,814 | — | (18,580 | ) | — | |||||||||||
| Adjusted EBITDA | $ | 34,010 | $ | 38,564 | $ | 71,142 | $ | 43,021 | ||||||||
| (1) | Net income (loss) attributable to |
| (2) | Reflects the abandonment of unproved locations which we have deemed non–core and allowed to expire. |
| (3) | Reflects the changes in the fair values of the financial instruments measured at fair value on a recurring basis. |
| (4) | Reflects the deferred income tax expense and benefit recognized for the three and six months ended |
The following table presents the reconciliation of expected full-year 2026 Net income attributable to
| Full-year 2026 | ||||||||
| (In thousands) | ||||||||
| Net income attributable to | $ | 18,000 | $ | 28,000 | ||||
| Adjustments: | ||||||||
| Depreciation, depletion, and amortization | 52,000 | 52,000 | ||||||
| Non-cash stock-based compensation | 18,000 | 18,000 | ||||||
| Interest expense, net | 36,000 | 33,000 | ||||||
| Unrealized (loss) on derivatives | (60,000 | ) | (60,000 | ) | ||||
| Non-cash loss on adjustment to fair value – financial instrument liabilities (1) | 96,000 | 96,000 | ||||||
| Income tax expense (2) | 20,000 | 23,000 | ||||||
| Adjusted EBITDA | $ | 180,000 | $ | 190,000 | ||||
| (1) | Reflects the changes in the fair values of the financial instruments measured at fair value on a recurring basis. |
| (2) | Reflects deferred income tax expense. |
Cautionary Statement about Forward-Looking Statements
The information included in this press release and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks are not exhaustive. Other sections of this press release could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our
All forward-looking statements expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement.
Regulation FD Disclosure
The Company announces material information to the public through a variety of means, including filings with the
In addition to these traditional channels, the Company also uses its official social media accounts as a means of disclosing information about Prairie and its business, and to comply with its disclosure obligations under Regulation FD. The Company’s official social media accounts currently include @PrairieOpCo on X (formerly Twitter) and linkedin.com/company/prairie-operating-co on LinkedIn. Information the Company posts through these social media channels may be deemed material. Accordingly, investors, the media, and others interested in the Company should monitor these accounts in addition to following the Company’s press releases,
About
More information about the Company can be found at www.prairieopco.com.
Investor Relations Contact:
Wobbe Ploegsma
info@prairieopco.com
720-716-5415
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (In thousands, except share amounts) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 21 | $ | 20 | ||||
| Oil, natural gas, and NGL accrued revenue | 28,737 | 22,728 | ||||||
| Joint interest and other receivables | 7,234 | 23,106 | ||||||
| Derivative assets, net | — | 28,812 | ||||||
| Inventory | 4,220 | 3,604 | ||||||
| Prepaid expenses and other current assets | 1,689 | 1,452 | ||||||
| Total current assets | 41,901 | 79,722 | ||||||
| Property and equipment: | ||||||||
| Oil and natural gas properties, successful efforts method of accounting including | 1,007,985 | 852,732 | ||||||
| Other property and equipment | 21,604 | 21,067 | ||||||
| Less: Accumulated depreciation, depletion, and amortization | (82,098 | ) | (49,343 | ) | ||||
| Total property and equipment, net | 947,491 | 824,456 | ||||||
| Derivative assets, net | — | 24,627 | ||||||
| Debt issuance costs, net | 12,688 | 12,642 | ||||||
| Operating lease assets | 2,966 | 2,966 | ||||||
| Other non–current assets | 167 | 133 | ||||||
| Total assets | $ | 1,005,213 | $ | 944,546 | ||||
| Liabilities, Mezzanine Equity, and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 92,729 | $ | 62,792 | ||||
| Oil, natural gas, and NGL revenue payable | 21,115 | 30,300 | ||||||
| Ad valorem and production taxes payable | 35,074 | 31,385 | ||||||
| Derivative liabilities, net | 16,954 | — | ||||||
| Operating lease liabilities | 1,543 | 1,300 | ||||||
| Total current liabilities | 167,415 | 125,777 | ||||||
| Long–term liabilities: | ||||||||
| Credit facility | 436,000 | 366,000 | ||||||
| Subordinated note – related party | 1,458 | 1,458 | ||||||
| Series F convertible preferred stock embedded derivatives, at fair value | 12,262 | 15,853 | ||||||
| Series F convertible preferred stock warrants, at fair value | 9,492 | 90,134 | ||||||
| Incremental share right liability, at fair value | 15,264 | — | ||||||
| Derivative liabilities, net | 14,711 | — | ||||||
| Oil, natural gas, and NGL revenue payable | 39,582 | 27,402 | ||||||
| Ad valorem and production taxes payable | 33,411 | 22,751 | ||||||
| Deferred tax liability | 3,072 | 21,652 | ||||||
| Asset retirement obligation | 3,781 | 4,019 | ||||||
| Operating lease liabilities | 1,544 | 1,792 | ||||||
| Other long-term liabilities | 1,026 | 1,398 | ||||||
| Total long–term liabilities | 571,603 | 552,459 | ||||||
| Total liabilities | 739,018 | 678,236 | ||||||
| Commitments and contingencies | ||||||||
| Mezzanine equity: | ||||||||
| Series F convertible preferred stock; | 43,224 | 136,146 | ||||||
| Stockholders’ equity: | ||||||||
| Series D convertible preferred stock; | — | — | ||||||
| Common stock; | 1,060 | 625 | ||||||
| (1,778 | ) | (531 | ) | |||||
| Additional paid–in capital | 355,060 | 217,785 | ||||||
| Accumulated deficit | (131,371 | ) | (87,715 | ) | ||||
| Total stockholders’ equity | 222,971 | 130,164 | ||||||
| Total liabilities, mezzanine equity, and stockholders’ equity | $ | 1,005,213 | $ | 944,546 | ||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands, except share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||||
| Crude oil, natural gas, and NGL revenues | $ | 98,859 | $ | 68,100 | $ | 182,276 | $ | 80,915 | ||||||||
| Operating expenses: | ||||||||||||||||
| Lease operating expenses | 13,628 | 11,348 | 28,469 | 13,361 | ||||||||||||
| Transportation and processing expenses | 2,426 | 2,234 | 4,922 | 2,367 | ||||||||||||
| Ad valorem and production taxes | 7,983 | 6,416 | 14,775 | 7,374 | ||||||||||||
| Depreciation, depletion, and amortization | 17,075 | 12,265 | 32,919 | 14,386 | ||||||||||||
| Exploration expenses | 243 | 458 | 541 | 745 | ||||||||||||
| Abandonment and impairment of unproved properties | 196 | — | 608 | — | ||||||||||||
| General and administrative expenses | 11,952 | 16,443 | 28,838 | 21,995 | ||||||||||||
| Total operating expenses | 53,503 | 49,164 | 111,072 | 60,228 | ||||||||||||
| Other income (expenses): | ||||||||||||||||
| Interest expense | (10,033 | ) | (9,124 | ) | (18,230 | ) | (10,502 | ) | ||||||||
| Gain (loss) on derivatives, net | 45,079 | 28,150 | (131,981 | ) | 27,252 | |||||||||||
| Gain (loss) on adjustment to fair value – financial instrument liabilities | 48,233 | (2,373 | ) | 16,382 | (4,537 | ) | ||||||||||
| Interest income and other | 196 | 94 | 389 | 166 | ||||||||||||
| Total other income (expenses) | 83,475 | 16,747 | (133,440 | ) | 12,379 | |||||||||||
| Income (loss) from operations before income taxes | 128,831 | 35,683 | (62,236 | ) | 33,066 | |||||||||||
| Income tax (expense) benefit | (19,814 | ) | — | 18,580 | — | |||||||||||
| Net income (loss) attributable to | 109,017 | 35,683 | (43,656 | ) | 33,066 | |||||||||||
| Series F preferred stock declared dividends | (2,598 | ) | (3,289 | ) | (6,268 | ) | (3,289 | ) | ||||||||
| Series F preferred stock undeclared dividends | 186 | (1,402 | ) | (780 | ) | (1,647 | ) | |||||||||
| Remeasurement of Series F preferred stock | 87,189 | 17,511 | 70,101 | (73,101 | ) | |||||||||||
| Net income (loss) attributable to | $ | 193,794 | $ | 48,503 | $ | 19,397 | $ | (44,971 | ) | |||||||
| Earnings (loss) per common share | ||||||||||||||||
| Basic earnings (loss) per share | $ | 1.75 | $ | 1.04 | $ | 0.21 | $ | (1.27 | ) | |||||||
| Diluted earnings (loss) per share | $ | 0.23 | $ | 0.18 | $ | (0.41 | ) | $ | (1.27 | ) | ||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 107,141,123 | 44,063,281 | 87,711,102 | 35,477,691 | ||||||||||||
| Diluted | 185,590,890 | 198,365,207 | 183,000,521 | 35,477,691 | ||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Six Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income attributable to | $ | (43,656 | ) | $ | 33,066 | |||
| Adjustments to reconcile net (loss) income attributable to Prairie Operating Co.to net cash provided by operating activities: | ||||||||
| Depreciation, depletion, and amortization | 32,919 | 14,386 | ||||||
| Abandonment and impairment of unproved properties | 608 | — | ||||||
| Stock–based compensation | 9,040 | 3,722 | ||||||
| Unrealized loss (gain) on derivatives | 85,104 | (23,090 | ) | |||||
| (Gain) loss on adjustment to fair value – financial instrument liabilities | (16,382 | ) | 4,537 | |||||
| Deferred income taxes | (18,580 | ) | — | |||||
| Amortization of deferred financing costs | 1,899 | 2,940 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Oil, natural gas, and NGL accrued revenue | (6,010 | ) | (43,699 | ) | ||||
| Joint interest and other receivables | 15,872 | 1,152 | ||||||
| Inventory, prepaid expenses, and other current assets | (531 | ) | (3,461 | ) | ||||
| Accounts payable, accrued expenses, and other current liabilities | 16,630 | 16,175 | ||||||
| Revenue, ad valorem, and production taxes payable | 17,343 | 3,994 | ||||||
| Net cash provided by operating activities | 94,256 | 9,722 | ||||||
| Cash flows from investing activities: | ||||||||
| Development of oil and natural gas properties | (132,563 | ) | (53,973 | ) | ||||
| Other asset and leasehold purchases | (11,336 | ) | (950 | ) | ||||
| Cash paid for Bayswater asset purchase, net of cash received | — | (467,461 | ) | |||||
| Cash received from payment on note receivable | — | 95 | ||||||
| Net cash used in investing activities | (143,899 | ) | (522,289 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings on the Credit Facility | 134,000 | 359,000 | ||||||
| Repayments on the Credit Facility | (64,000 | ) | — | |||||
| Debt issuance costs associated with the Credit Facility | (1,945 | ) | (15,670 | ) | ||||
| Proceeds from the issuance of Common Stock | 1,841 | 43,817 | ||||||
| Financing costs associated with the issuance of Common Stock | (46 | ) | (3,311 | ) | ||||
| Proceeds from the issuance of Series F Preferred Stock | — | 148,250 | ||||||
| Financing costs associated with the issuance of Series F Preferred Stock | — | (11,059 | ) | |||||
| Redemption of Series F Preferred Stock | (18,999 | ) | — | |||||
| Payments of the Subordinated Note – related party | — | (3,214 | ) | |||||
| Proceeds from option exercises | 40 | 633 | ||||||
| (1,247 | ) | (418 | ) | |||||
| Net cash provided by financing activities | 49,644 | 518,028 | ||||||
| Net increase in cash and cash equivalents | 1 | 5,461 | ||||||
| Cash and cash equivalents, beginning of the period | 20 | 5,192 | ||||||
| Cash and cash equivalents, end of the period | $ | 21 | $ | 10,653 | ||||
Supplemental Disclosures of Cash Flow Information
The following table presents non–cash investing and financing activities for the periods presented:
| Six Months Ended | ||||||||
| 2026 | 2025 | |||||||
| (In thousands) | ||||||||
| Non–cash investing activities: | ||||||||
| Increase in capital expenditure accrued liabilities and accounts payable | $ | 12,441 | $ | 15,692 | ||||
| Non–cash financing activities: | ||||||||
| Common Stock issued upon conversion of Series F Preferred Stock | $ | 45,858 | $ | 4,772 | ||||
| Common Stock issued for Series F Preferred Stock dividends (1) | $ | 6,014 | $ | 3,289 | ||||
| Common Stock issued to Bayswater as part of Bayswater Acquisition purchase price (2) | $ | — | $ | 16,000 | ||||
| Common Stock issuance costs included in accrued liabilities | $ | — | $ | 292 | ||||
| Bayswater transaction costs included in accrued liabilities | $ | — | $ | 6,035 | ||||
| Series F Preferred Stock agreement amendment fees and issuance costs included in accrued liabilities and accounts payable | $ | 381 | $ | 1,113 | ||||
| Common Stock issued upon conversion of Series D Preferred Stock | $ | 33 | $ | 8,475 | ||||
| Common Stock issued upon option exercise | $ | 42 | $ | — | ||||
| Common Stock issued upon conversion of Senior Convertible Note (3) | $ | — | $ | 18,164 | ||||
| (1) | The Company elected to issue shares of the Company’s common stock, par value |
| (2) | The Company issued approximately 3.7 million shares of Common Stock to |
| (3) | During the six months ended |
