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Schedule of Basic and Diluted Earnings (Loss) Per Share (Tables) | 6 Months Ended
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Jun. 30, 2025
Earnings (loss) per common share |
Schedule of Basic and Diluted Earnings (Loss) Per Share | Schedule of Basic and Diluted Earnings (Loss) Per Share
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (In thousands, except share amounts) |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Prairie Operating Co. common stockholders |  | $ | 48,503 |  |  | $ | (8,514 | ) |  | $ | (44,971 | ) |  | $ | (17,551 | )
Net income (loss) allocated to participating securities |  |  | (2,621 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) attributable to Prairie Operating Co. common stockholders– basic |  | $ | 45,882 |  |  | $ | (8,514 | ) |  | $ | (44,971 | ) |  | $ | (17,551 | )
Weighted average shares outstanding – basic |  |  | 44,063,281 |  |  |  | 12,000,568 |  |  |  | 35,477,691 |  |  |  | 11,002,778 |
Basic earnings (loss) per share |  | $ | 1.04 |  |  | $ | (3.49 | ) |  | $ | (1.27 | ) |  | $ | (1.60 | )
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Prairie Operating Co. common stockholders – basic |  | $ | 45,882 |  |  | $ | (8,514 | ) |  | $ | (44,971 | ) |  | $ | (17,550 | )
Adjustment for Series F Preferred Stock dividends due to assumption all shares are converted |  |  | (12,820 | ) |  |  | — |  |  |  | — |  |  |  | — |
Reallocated undistributed earnings for participating securities |  |  | 2,621 |  |  |  | — |  |  |  | — |  |  |  | — |
Net income (loss) attributable to Prairie Operating Co. common stockholders– diluted |  | $ | 35,683 |  |  | $ | (8,514 | ) |  | $ | (44,971 | ) |  | $ | (17,551 | )
Weighted average shares outstanding – basic |  |  | 44,063,281 |  |  |  | 12,000,568 |  |  |  | 35,477,691 |  |  |  | 11,002,778 |
Effects of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series D Preferred Stock |  |  | 1,196,336 |  |  |  | — |  |  |  | — |  |  |  | — |
Series F Preferred Stock (1) |  |  | 153,105,590 |  |  |  | — |  |  |  | — |  |  |  | — |
Effects of dilutive securities (1) |  |  | 153,105,590 |  |  |  | — |  |  |  | — |  |  |  | — |
Weighted average shares outstanding – diluted |  |  | 198,365,207 |  |  |  | 12,000,568 |  |  |  | 35,477,691 |  |  |  | 11,002,778 |
Diluted earnings (loss) per share |  | $ | 0.18 |  |  | $ | (3.49 | ) |  | $ | (1.27 | ) |  | $ | (1.60 | )
(1) | Assumes the maximum number of converted shares using the Alternative Conversion at the NASDAQ minimum floor price, as defined in the Series F Certificate of Designation, as of June 30, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.
Schedule of Anti-dilutive securities | Schedule of Anti-dilutive securities
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Anti-dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Merger Options (1) |  |  | 5,166,666 |  |  |  | — |  |  |  | 5,166,666 |  |  |  | — |
Restricted stock and performance stock units (2) |  |  | 928,811 |  |  |  | 1,057,771 |  |  |  | 928,811 |  |  |  | 1,057,771 |
Common stock warrants (3) |  |  | 380,059,188 |  |  |  | 11,939,698 |  |  |  | 380,059,188 |  |  |  | 11,939,698 |
Series D Preferred Stock |  |  | — |  |  |  | 3,301,336 |  |  |  | 1,196,336 |  |  |  | 3,301,336 |
Series E Preferred Stock |  |  | — |  |  |  | 4,000,000 |  |  |  | — |  |  |  | 4,000,000 |
Series F Preferred Stock (4) |  |  | — |  |  |  | — |  |  |  | 153,105,590 |  |  |  | — |
Anti-dilutive securities: |  |  | — |  |  |  | — |  |  |  | 153,105,590 |  |  |  | — |
(1) | The Merger Options became exercisable upon the closing of the Bayswater Acquisition on March 26, 2025. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Merger Options.
(2) | As of June 30, 2025 and 2024, all of the restricted stock and performance stock units presented were unvested. Refer to Note 16 – Long–Term Incentive Compensation for a discussion of the restricted stock units and performance stock units.
(3) | Includes the maximum amount of Series F Preferred Stock Warrants as of June 30, 2025, none of which have been issued. Refer to Note 15 – Common Stock Options and Warrants for a discussion of the Series F Preferred Stock Warrants.
(4) | Assumes the maximum number of converted shares using the Alternative Conversion at the NASDAQ minimum floor price, as defined in the Series F Certificate of Designation, as of June 30, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.

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