Revenue: As of FY2026 Q1, the actual value is USD 5.103 M.

EPS: As of FY2026 Q1, the actual value is USD -0.18.

EBIT: As of FY2026 Q1, the actual value is USD -5.101 M.

Segment Revenue

Empire Petroleum Corporation reported total product revenue of $7.7 million for Q1-2026, a decrease from $9.0 million in Q1-2025, primarily due to lower overall production volumes and realized prices across all commodities . Oil sales were $7,302 thousand in Q1-2026, down from $8,049 thousand in Q1-2025 . Gas sales were $185 thousand in Q1-2026, compared to $548 thousand in Q1-2025 . Natural Gas Liquids sales were $197 thousand in Q1-2026, down from $395 thousand in Q1-2025 . Total revenue for Q1-2026 was $5,103 thousand, including a loss on derivatives of -$2,591 thousand, compared to $9,002 thousand in Q1-2025 .

Operational Metrics

Empire Petroleum Corporation reported a net loss of -$6.6 million, or -$0.18 per diluted share, for Q1-2026, compared to a net loss of -$4.2 million, or -$0.12 per diluted share, in Q1-2025 . The adjusted net loss was -$3.47 million for Q1-2026, an 18% improvement from -$4.253 million in Q1-2025 . Adjusted EBITDA for Q1-2026 was -$0.7 million, compared to -$0.6 million in Q1-2025 . Operating loss for Q1-2026 was -$5,581 thousand, compared to -$3,956 thousand in Q1-2025 .

Lease operating expenses decreased to $5.2 million in Q1-2026 from $5.8 million in Q1-2025 . Production and ad valorem taxes were $0.5 million in Q1-2026, down from $0.7 million in Q1-2025 . Depreciation, Depletion, and Amortization (DD&A) and Accretion totaled $2.0 million in Q1-2026, a decrease from $2.8 million in Q1-2025 . General and administrative expenses, excluding share-based compensation, were $2.9 million in Q1-2026, down from $3.2 million in Q1-2025 . Total cost and expenses were $10,684 thousand in Q1-2026, compared to $12,958 thousand in Q1-2025 . Interest expense was -$480 thousand in Q1-2026, an increase from -$296 thousand in Q1-2025 .

Net production volumes for Q1-2026 were 1,880 barrels of oil equivalent per day (Boe/d), including 1,248 barrels of oil per day (Bbl/d) . This represents an 8% decrease in net equivalent sales (Boe/d) from 2,049 in Q1-2025 and a 6% decrease in net oil sales (Bbls/d) from 1,329 in Q1-2025 . The realized price per Boe was $45.41 in Q1-2026, a 7% decrease from $48.76 in Q1-2025 .

Cash Flow

Net cash used in operating activities for Q1-2026 was -$970 thousand, compared to net cash provided by operating activities of $1,613 thousand in Q1-2025 . Net cash used in investing activities was -$1,292 thousand in Q1-2026, compared to -$2,762 thousand in Q1-2025 . Net cash provided by financing activities was $9,858 thousand in Q1-2026, compared to -$21 thousand in Q1-2025 .

Unique Metrics

Empire Petroleum Corporation incurred approximately $1.9 million in total additions to oil and natural gas properties in Q1-2026, primarily for its gas development program in Texas . The company successfully completed a subscription rights offering in March 2026, generating approximately $10.0 million in gross proceeds . As of March 31, 2026, Empire Petroleum Corporation had approximately $8.8 million in cash on hand and $2.7 million available on its credit facility . During Q1-2026, a $3.0 million convertible note held by Phil Mulacek was settled through the issuance of 1,003,344 shares of common stock .

Outlook / Guidance

Empire Petroleum Corporation expects Texas gas volumes to increase to approximately 9 MMcfd in Q2-2026 as additional reactivated wells are tied in and booster compression units are installed . The company plans to continue reactivations and recompletions through the remainder of 2026, with the first drilling rig anticipated on site in June 2026 . Empire Petroleum Corporation views its Louisiana program as a source of material production and reserve growth, with three wells expected to be drilled and cased by the end of Q2-2026 .