Prairie Operating Financials
This page shows Prairie Operating (PROP) 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).
FY2025 reveals a capital-heavy operating step-change where cash generation improved but the business still depended on balance-sheet expansion.
The most important shift is that FY2025 moved from an operating cash burn in FY2024 to$153.9M of operating cash inflow, yet year-end cash fell to just$20K . That only makes sense when paired with$655.9M of investing outflow and$496.8M of financing inflow: cash profits were being immediately recycled into a much larger asset base, not stockpiled.
The income statement finally scaled in FY2025: revenue jumped to
The liquidity picture stayed tighter than the profit line implies, with a current ratio of 0.6x and cash of only
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Prairie Operating's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Prairie Operating has an operating margin of 27.1%, meaning the company retains $27 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -334.0% the prior year.
Prairie Operating's revenue surged 2943.8% year-over-year to $241.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Prairie Operating has elevated debt relative to equity (D/E of 5.21), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Prairie Operating's current ratio of 0.63 is below the typical benchmark, resulting in a score of 7/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Prairie Operating generates a 24.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -77.5% the prior year.
Prairie Operating scores 0.37, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Prairie Operating passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Prairie Operating generates $4.80 in operating cash flow ($153.9M OCF vs $32.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Prairie Operating earns $2.3 in operating income for every $1 of interest expense ($65.6M vs $28.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Prairie Operating generated $241.6M in revenue in fiscal year 2025. This represents an increase of 2943.8% from the prior year.
Prairie Operating's EBITDA was $114.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 538.9% from the prior year.
Prairie Operating reported $32.1M in net income in fiscal year 2025. This represents an increase of 178.3% from the prior year.
Prairie Operating earned $-1.35 per diluted share (EPS) in fiscal year 2025. This represents an increase of 49.1% from the prior year.
Cash & Balance Sheet
Prairie Operating held $20K in cash against $0 in long-term debt as of fiscal year 2025.
Prairie Operating had 62M shares outstanding in fiscal year 2025. This represents an increase of 171.2% from the prior year.
Margins & Returns
Prairie Operating's operating margin was 27.1% in fiscal year 2025, reflecting core business profitability. This is up 361.1 percentage points from the prior year.
Prairie Operating's net profit margin was 13.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 528.6 percentage points from the prior year.
Prairie Operating's ROE was 24.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 102.2 percentage points from the prior year.
Capital Allocation
Prairie Operating invested $152.9M in research and development in fiscal year 2025. This represents an increase of 302.4% from the prior year.
Prairie Operating spent $531K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
PROP Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $83.4M+1.4% | $82.2M+5.8% | $77.7M+14.1% | $68.1M+401.1% | $13.6M | N/A | $0 | N/A |
| 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 | $16.9M+3.3% | $16.3M+33.2% | $12.3M-25.4% | $16.4M+196.2% | $5.6M | N/A | $8.8M+3.3% | $8.5M |
| Operating Income | N/A | $17.8M-34.0% | $27.0M+42.8% | $18.9M+980.2% | $1.8M | N/A | -$8.8M-2.9% | -$8.6M |
| Interest Expense | $8.2M | N/A | N/A | $8.1M+575.0% | $1.2M | N/A | N/A | N/A |
| Income Tax | -$38.4M | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Net Income | -$152.7M-6532.2% | -$2.3M-278.9% | $1.3M-96.4% | $35.7M+1463.5% | -$2.6M | N/A | -$11.4M-34.2% | -$8.5M |
| EPS (Diluted) | $-2.16 | N/A | $-0.44-344.4% | $0.18+105.2% | $-3.49 | N/A | $-0.68+80.5% | $-3.49 |
PROP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $958.8M+1.5% | $944.5M+0.5% | $939.8M+9.5% | $858.5M+10.7% | $775.4M+395.3% | $156.6M+46.1% | $107.2M+122.2% | $48.2M |
| Current Assets | $58.3M-26.8% | $79.7M-34.1% | $121.0M+24.2% | $97.4M+35.5% | $71.9M+292.8% | $18.3M-67.9% | $57.1M+1139.6% | $4.6M |
| Cash & Equivalents | $263K+1215.0% | $20K-99.8% | $10.6M-0.1% | $10.7M-28.8% | $15.0M+188.4% | $5.2M-87.0% | $40.1M+1698.9% | $2.2M |
| Inventory | $2.7M-26.4% | $3.6M-26.3% | $4.9M+43.2% | $3.4M+166.6% | $1.3M+25520.0% | $5K | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $836.3M+23.3% | $678.2M-0.2% | $679.3M+13.3% | $599.8M-19.1% | $741.4M+614.4% | $103.8M+126.2% | $45.9M+261.8% | $12.7M |
| Current Liabilities | $239.4M+90.3% | $125.8M-13.3% | $145.0M-10.3% | $161.6M+27.6% | $126.6M+101.0% | $63.0M+40.0% | $45.0M+259.9% | $12.5M |
| Long-Term Debt | N/A | N/A | N/A | $387.0M+2.7% | $377.0M+1246.4% | $28.0M | N/A | N/A |
| Total Equity | $400K-99.7% | $130.2M+27.8% | $101.8M+8.1% | $94.2M+176.6% | $34.0M-35.5% | $52.8M-13.9% | $61.3M+72.4% | $35.5M |
| Retained Earnings | -$240.4M-174.1% | -$87.7M-2.7% | -$85.4M+1.5% | -$86.7M+29.2% | -$122.4M-2.2% | -$119.8M-11.1% | -$107.8M-11.9% | -$96.4M |
PROP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $42.3M-51.1% | $86.5M+50.0% | $57.7M+899.8% | -$7.2M-142.6% | $16.9M+558.9% | -$3.7M-232.3% | $2.8M+154.4% | -$5.1M |
| 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 | -$36.3M+23.3% | -$47.4M+45.1% | -$86.2M-1504.2% | $6.1M+101.2% | -$528.4M-661.1% | -$69.4M-3142.7% | -$2.1M-24.9% | -$1.7M |
| Financing Cash Flow | -$5.7M+88.6% | -$49.8M-274.1% | $28.6M+978.9% | -$3.3M-100.6% | $521.3M+1262.6% | $38.3M+2.9% | $37.2M+641.2% | $5.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $1.2M+1234.8% | $89K+270.8% | $24K-70.7% | $82K-75.6% | $336K | $0 | N/A | N/A |
PROP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | 21.7%-13.1pp | 34.8%+7.0pp | 27.8%+14.9pp | 12.9% | N/A | N/A | N/A |
| Net Margin | -183.0%-180.2pp | -2.8%-4.5pp | 1.7%-50.7pp | 52.4%+71.7pp | -19.3% | N/A | N/A | N/A |
| Return on Equity | -38168.3%-38166.5pp | -1.8%-3.0pp | 1.3%-36.6pp | 37.9%+45.6pp | -7.7% | N/A | -18.6%+5.3pp | -23.9% |
| Return on Assets | -15.9%-15.7pp | -0.2%-0.4pp | 0.1%-4.0pp | 4.2%+4.5pp | -0.3% | N/A | -10.7%+7.0pp | -17.6% |
| Current Ratio | 0.24-0.4 | 0.63-0.2 | 0.83+0.2 | 0.60+0.0 | 0.57+0.3 | 0.29-1.0 | 1.27+0.9 | 0.37 |
| Debt-to-Equity | 2090.74+2085.5 | 5.21-1.5 | 6.67+2.6 | 4.11-7.0 | 11.07+10.5 | 0.53-0.2 | 0.75+0.4 | 0.36 |
| 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 (0.63), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Prairie Operating's annual revenue?
Prairie Operating (PROP) reported $241.6M in total revenue for fiscal year 2025. This represents a 2943.8% 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 Prairie Operating's revenue growing?
Prairie Operating (PROP) revenue grew by 2943.8% year-over-year, from $7.9M to $241.6M in fiscal year 2025.
Is Prairie Operating profitable?
Yes, Prairie Operating (PROP) reported a net income of $32.1M in fiscal year 2025, with a net profit margin of 13.3%.
What is Prairie Operating's EBITDA?
Prairie Operating (PROP) had EBITDA of $114.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Prairie Operating's operating margin?
Prairie Operating (PROP) had an operating margin of 27.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Prairie Operating's net profit margin?
Prairie Operating (PROP) had a net profit margin of 13.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Prairie Operating's return on equity (ROE)?
Prairie Operating (PROP) has a return on equity of 24.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Prairie Operating's operating cash flow?
Prairie Operating (PROP) generated $153.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Prairie Operating's total assets?
Prairie Operating (PROP) had $944.5M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Prairie Operating spend on research and development?
Prairie Operating (PROP) invested $152.9M in research and development during fiscal year 2025.
What is Prairie Operating's current ratio?
Prairie Operating (PROP) had a current ratio of 0.63 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Prairie Operating's debt-to-equity ratio?
Prairie Operating (PROP) had a debt-to-equity ratio of 5.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Prairie Operating's return on assets (ROA)?
Prairie Operating (PROP) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Prairie Operating's Altman Z-Score?
Prairie Operating (PROP) has an Altman Z-Score of 0.37, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Prairie Operating's Piotroski F-Score?
Prairie Operating (PROP) has a Piotroski F-Score of 7 out of 9, indicating strong 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Prairie Operating's earnings high quality?
Prairie Operating (PROP) has an earnings quality ratio of 4.80x, considered cash-backed (high 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. Learn more in our complete guide to financial health indicators.
Can Prairie Operating cover its interest payments?
Prairie Operating (PROP) has an interest coverage ratio of 2.3x, meaning it can adequately 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. Learn more in our complete guide to financial health indicators.
How financially healthy is Prairie Operating?
Prairie Operating (PROP) scores 18 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. Learn more in our complete guide to financial health indicators.