Prairie Operating Co. — Form 8-K
Filed August 17, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 62/100
What the filing says
For Q2 2026, Prairie Operating Co. reported total revenues of $98.9M (up 45% YoY), net income attributable to common stockholders of $193.8M ($1.75 basic EPS, $0.23 diluted EPS), and Adjusted EBITDA of $34.0M. YTD 2026 revenue totaled $182.3M (up 125% YoY) with Adjusted EBITDA of $71.1M (up 65% YoY). The company drilled 27 wells YTD, executed a partial Series F preferred stock refinancing in April reducing warrant dilution, and raised 2026 guidance: production 23,000–25,000 Boe/d, capex $185M–$195M, Adjusted EBITDA $180M–$190M. As of June 30, the company had a working capital deficit of $125.5M, $39.0M available under its $475M credit facility, and borrowed $436M on the credit facility.
Why this rating
Revenue/EBITDA growth is strong relative to ~$74M market cap. Warrant refinancing reduces dilution. However, $125.5M working capital deficit and covenant amendment needed signal liquidity stress offsetting operational gains.
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