Prairie Operating Co. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on the acquisition and development of crude oil, natural gas, and natural gas liquids, has seen substantial growth in its financial position compared to the previous fiscal period.

As of September 30, 2024, Prairie Operating Co. reported total assets of $107.2 million, a notable increase from $45.7 million at the end of 2023. This growth was driven by a rise in cash and cash equivalents, which surged to $40.1 million from $13.0 million, and total current assets, which rose to $57.1 million from $13.5 million. The company’s total liabilities also increased significantly to $45.9 million, up from $5.5 million, reflecting the financial obligations associated with recent acquisitions.

The company reported a net loss of $11.4 million for the third quarter of 2024, a decrease from a loss of $34.2 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $29.0 million, compared to $38.6 million for the same period in 2023. The loss per share for continuing operations improved to $(0.68) from $(5.22) year-over-year, indicating a reduction in operational losses.

General and administrative expenses rose significantly, totaling $8.8 million for Q3 2024, compared to $6.3 million in Q3 2023. For the nine-month period, these expenses increased to $24.9 million from $9.2 million, primarily due to higher stock-based compensation and legal costs. Operating costs and expenses for Q3 2024 were $8.8 million, up from $6.3 million in the prior year, while total operating costs for the nine months reached $25.4 million, compared to $9.2 million in 2023.

Strategically, Prairie Operating Co. has made significant acquisitions, including the Genesis Bolt-on Assets in February 2024 and the NRO Acquisition, which closed on October 1, 2024, for $49.6 million. The company has transitioned from cryptocurrency mining, having sold its mining equipment in January 2024, and is now focused on its oil and gas operations in the Denver-Julesburg Basin.

The company has also entered into financing agreements, including a Senior Convertible Note and a Subordinated Note, to support its operations and acquisitions. As of September 30, 2024, Prairie Operating Co. had working capital of $12.1 million, reflecting a strong liquidity position despite the recent acquisition costs.