Battalion Oil Corp Financials

BATL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Battalion Oil Corp (BATL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$193.9M

YoY-12.2%

10Y CAGR-16.3%

Battalion Oil Corp generated $193.9M in revenue in fiscal year 2024. This represents a decrease of 12.2% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$31.9M

YoY-946.0%

Battalion Oil Corp reported -$31.9M in net income in fiscal year 2024. This represents a decrease of 946.0% from the prior year.

EPS (Diluted)

$-3.90

YoY-323.9%

Battalion Oil Corp earned $-3.90 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 323.9% from the prior year.

Cash & Debt

$19.7M

YoY-65.7%

5Y CAGR+28.2%

10Y CAGR-7.7%

Battalion Oil Corp held $19.7M in cash against $145.5M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

16M

YoY+0.0%

5Y CAGR+0.3%

10Y CAGR-15.2%

Battalion Oil Corp had 16M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Gross Margin

N/A

Operating Margin

-6.1%

YoY-14.0pp

10Y CAGR-1.0pp

Battalion Oil Corp's operating margin was -6.1% in fiscal year 2024, reflecting core business profitability. This is down 14.0 percentage points from the prior year.

Net Margin

-16.4%

YoY-15.1pp

10Y CAGR-44.0pp

Battalion Oil Corp's net profit margin was -16.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 15.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BATL Income Statement

Metric	FY24	FY24	FY23	FY22	FY20	FY20
Revenue	$193.9M-12.2%	$220.8M-38.5%	$359.1M+25.9%	$285.2M+92.3%	$148.3M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$18.4M-3.5%	$19.0M+7.9%	$17.6M+6.8%	$16.5M-10.5%	$18.5M	N/A
Operating Income	-$11.7M-166.8%	$17.6M-88.4%	$152.1M+47.2%	$103.4M+139.5%	-$261.8M	N/A
Interest Expense	$29.0M-20.5%	$36.5M+576.1%	$5.4M+1250.0%	$400K	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$31.9M-946.0%	-$3.0M-116.4%	$18.5M+165.5%	-$28.3M+87.7%	-$229.7M	N/A
EPS (Diluted)	$-3.90-323.9%	$-0.92-182.1%	$1.12+164.4%	$-1.74+87.7%	$-14.18	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q3'24
Revenue	$43.5M+1.6%	$42.8M-9.8%	$47.5M-4.4%	$49.7M+9.7%	$45.3M-7.8%	$49.1M-1.5%	$49.9M+5.6%	$47.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.1M+20.2%	$2.6M-41.8%	$4.4M-37.8%	$7.1M+84.0%	$3.9M+15.4%	$3.3M-18.0%	$4.1M-25.3%	$5.5M
Operating Income	$826K+639.9%	-$153K-104.5%	$3.4M+118.9%	-$17.9M-1802.3%	$1.1M-79.4%	$5.1M+22160.9%	$23K+103.4%	-$668K
Interest Expense	$7.3M-0.3%	$7.3M+2.1%	$7.2M+17.2%	$6.1M-10.7%	$6.9M-9.7%	$7.6M-9.3%	$8.4M	N/A
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$735K-115.3%	$4.8M-20.4%	$6.0M+127.1%	-$22.2M-202.7%	$21.6M+20698.1%	-$105K+99.7%	-$31.2M-195.5%	$32.7M
EPS (Diluted)	$-0.91-333.3%	$-0.21+40.0%	$-0.35+76.2%	$-1.47-532.4%	$0.34+164.2%	$-0.53+76.3%	$-2.24-235.8%	$1.65

BATL Balance Sheet

Metric	FY24	FY24	FY23	FY22	FY20	FY20
Total Assets	$431.0M-11.2%	$485.3M0.0%	$485.4M+24.4%	$390.3M+12.6%	$346.5M-40.7%	$584.7M
Current Assets	$54.1M-40.3%	$90.5M+2.7%	$88.2M+0.3%	$87.9M+83.8%	$47.8M-32.8%	$71.2M
Cash & Equivalents	$19.7M-65.7%	$57.5M+75.8%	$32.7M-30.2%	$46.9M+991.1%	$4.3M-24.7%	$5.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$26.3M+14.2%	$23.0M-39.4%	$38.0M+3.2%	$36.8M+14.2%	$32.2M-33.5%	$48.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$426.9M+2.3%	$417.3M+4.1%	$400.7M+22.7%	$326.6M+27.3%	$256.5M-4.3%	$268.0M
Current Liabilities	$77.7M-42.2%	$134.4M-18.5%	$165.0M+35.7%	$121.6M+46.2%	$83.2M-21.9%	$106.4M
Long-Term Debt	$145.5M+3.7%	$140.3M-23.2%	$182.7M+0.6%	$181.6M+14.6%	$158.5M+10.1%	$144.0M
Total Equity	$4.1M-93.9%	$68.0M-19.6%	$84.6M+32.8%	$63.7M-29.2%	$90.0M-71.6%	$316.6M
Retained Earnings	-$284.9M-12.6%	-$253.0M-1.2%	-$249.9M+6.9%	-$268.5M-11.8%	-$240.2M-2196.1%	-$10.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q3'24
Total Assets	$491.7M-1.4%	$498.8M-1.5%	$506.2M+17.4%	$431.0M-5.9%	$458.0M-6.0%	$487.3M-0.3%	$488.6M+0.7%	$485.3M
Current Assets	$84.3M+1.0%	$83.5M-25.1%	$111.4M+106.2%	$54.1M-6.1%	$57.6M-33.1%	$86.1M+3.0%	$83.6M-7.7%	$90.5M
Cash & Equivalents	$50.5M+13.1%	$44.6M-39.3%	$73.6M+273.2%	$19.7M-33.9%	$29.8M-45.2%	$54.4M+11.2%	$48.9M-14.9%	$57.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$17.9M-26.6%	$24.5M+15.5%	$21.2M-19.5%	$26.3M+24.9%	$21.1M-15.4%	$24.9M-4.2%	$26.0M+12.9%	$23.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$511.9M+1.6%	$504.0M-0.8%	$508.0M+19.0%	$426.9M+0.9%	$423.0M-8.9%	$464.6M+1.6%	$457.3M+9.6%	$417.3M
Current Liabilities	$88.2M-2.1%	$90.0M-6.3%	$96.1M+23.7%	$77.7M-36.4%	$122.0M-21.4%	$155.3M+5.2%	$147.6M+9.8%	$134.4M
Long-Term Debt	$186.2M-2.7%	$191.5M-2.7%	$196.8M+35.2%	$145.5M+57.0%	$92.7M-8.4%	$101.2M-20.2%	$126.8M-9.6%	$140.3M
Total Equity	-$20.3M-286.7%	-$5.2M-197.2%	-$1.8M-142.8%	$4.1M-88.2%	$35.0M+54.3%	$22.7M-27.6%	$31.3M-54.0%	$68.0M
Retained Earnings	-$274.8M-0.3%	-$274.1M+1.7%	-$278.9M+2.1%	-$284.9M-8.5%	-$262.7M+7.6%	-$284.3M0.0%	-$284.2M-12.3%	-$253.0M

BATL Cash Flow Statement

Metric	FY24	FY24	FY23	FY22	FY20	FY20
Operating Cash Flow	$35.4M+101.0%	$17.6M-77.7%	$78.8M+14.9%	$68.6M+36.6%	$50.2M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$65.4M-26.2%	-$51.8M+58.9%	-$126.1M-143.0%	-$51.9M+28.3%	-$72.4M	N/A
Financing Cash Flow	-$7.7M-113.1%	$59.1M+85.8%	$31.8M+16.0%	$27.4M+69.4%	$16.2M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q3'24
Operating Cash Flow	N/A	N/A	$12.7M	N/A	N/A	N/A	$3.9M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	-$20.1M	N/A	N/A	N/A	-$31.8M	N/A
Financing Cash Flow	N/A	N/A	$61.2M	N/A	N/A	N/A	$19.3M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BATL Financial Ratios

Metric	FY24	FY24	FY23	FY22	FY20	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-6.1%-14.0pp	8.0%-34.4pp	42.4%+6.1pp	36.3%+212.8pp	-176.6%	N/A
Net Margin	-16.4%-15.1pp	-1.4%-6.5pp	5.2%+15.1pp	-9.9%+145.0pp	-154.9%	N/A
Return on Equity	N/A	N/A	21.9%	N/A	N/A	N/A
Return on Assets	-7.4%-6.8pp	-0.6%-4.5pp	3.8%+11.1pp	-7.3%+59.0pp	-66.3%	N/A
Current Ratio	0.70+0.0	0.67+0.1	0.53-0.2	0.72+0.1	0.58-0.1	0.67
Debt-to-Equity	35.32+33.3	2.06-0.1	2.16-0.7	2.85+1.1	1.76+1.3	0.45
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	1.9%+2.3pp	-0.4%-7.5pp	7.1%+43.3pp	-36.1%-38.5pp	2.3%-8.1pp	10.4%+10.4pp	0.1%+1.5pp	-1.4%
Net Margin	-1.7%-12.9pp	11.2%-1.5pp	12.7%+57.4pp	-44.7%-92.5pp	47.8%+48.0pp	-0.2%+62.4pp	-62.6%-131.8pp	69.2%
Return on Equity	N/A	N/A	N/A	N/A	61.8%	N/A	N/A	48.1%
Return on Assets	-0.1%-1.1pp	1.0%-0.2pp	1.2%+6.3pp	-5.1%-9.9pp	4.7%+4.7pp	-0.0%+6.4pp	-6.4%-13.1pp	6.7%
Current Ratio	0.96+0.0	0.93-0.2	1.16+0.5	0.70+0.2	0.47-0.1	0.55-0.0	0.57-0.1	0.67
Debt-to-Equity	-9.20+27.4	-36.57+75.1	-111.71-147.0	35.32+32.7	2.65-1.8	4.46+0.4	4.05+2.0	2.06
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.70), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Financial Health Signals

Financial Profile 2/100

Profitability

Growth

Leverage

Liquidity

Cash Flow

N/A

Returns

N/A

Based on FY2024 annual data. Scores normalized against common benchmarks.

Piotroski F-Score Neutral

4/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

-1.11x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage At Risk

-0.4x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Battalion Oil Corp's annual revenue?

Battalion Oil Corp (BATL) reported $193.9M in total revenue for fiscal year 2024. This represents a -12.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Battalion Oil Corp's revenue growing?

Battalion Oil Corp (BATL) revenue declined by 12.2% year-over-year, from $220.8M to $193.9M in fiscal year 2024.

Is Battalion Oil Corp profitable?

No, Battalion Oil Corp (BATL) reported a net income of -$31.9M in fiscal year 2024, with a net profit margin of -16.4%.

What is Battalion Oil Corp's earnings per share (EPS)?

Battalion Oil Corp (BATL) reported diluted earnings per share of $-3.90 for fiscal year 2024. This represents a -323.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Battalion Oil Corp have?

As of fiscal year 2024, Battalion Oil Corp (BATL) had $19.7M in cash and equivalents against $145.5M in long-term debt.

What is Battalion Oil Corp's operating margin?

Battalion Oil Corp (BATL) had an operating margin of -6.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Battalion Oil Corp's net profit margin?

Battalion Oil Corp (BATL) had a net profit margin of -16.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Battalion Oil Corp's operating cash flow?

Battalion Oil Corp (BATL) generated $35.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Battalion Oil Corp's total assets?

Battalion Oil Corp (BATL) had $431.0M in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Battalion Oil Corp have outstanding?

Battalion Oil Corp (BATL) had 16M shares outstanding as of fiscal year 2024.

What is Battalion Oil Corp's current ratio?

Battalion Oil Corp (BATL) had a current ratio of 0.70 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Battalion Oil Corp's debt-to-equity ratio?

Battalion Oil Corp (BATL) had a debt-to-equity ratio of 35.32 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Battalion Oil Corp's return on assets (ROA)?

Battalion Oil Corp (BATL) had a return on assets of -7.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Battalion Oil Corp's Piotroski F-Score?

Battalion Oil Corp (BATL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Battalion Oil Corp's earnings high quality?

Battalion Oil Corp (BATL) has an earnings quality ratio of -1.11x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Battalion Oil Corp cover its interest payments?

Battalion Oil Corp (BATL) has an interest coverage ratio of -0.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Battalion Oil Corp?

Battalion Oil Corp (BATL) scores 2 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.