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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Calculation of Basic and Diluted Loss Per Share

The following table presents the calculations of basic and diluted loss per share for the years indicated:

	Year Ended December 31,
	2025			2024
	(In thousands, expect share and per share amounts)
Basic and diluted:
Net loss attributable to Prairie Operating Co. common stockholders	$	(60,907	)	$	(40,912	)
Net loss allocated to participating securities		—			—
Net loss attributable to Prairie Operating Co. common stockholders – basic and diluted	$	(60,907	)	$	(40,912	)

Weighted average shares outstanding – basic and diluted		45,232,756			15,453,502

Basic and diluted loss per share	$	(1.35	)	$	(2.65	)

Computation of Diluted Loss Per Share Anti-dilutive Securities

The following table presents the potentially dilutive securities which were not included in the computation of diluted loss per share for the years indicated because their inclusion would be anti–dilutive:

	Year Ended December 31,
	2025		2024
Anti–dilutive securities:
Merger Options ⁽¹⁾		4,966,666		—
Restricted stock and performance stock units ⁽²⁾		11,086,313		1,337,631
Common stock warrants ⁽³⁾		186,009,872		8,494,177
Series D Preferred Stock		1,196,336		2,891,336
Series F Preferred Stock ⁽⁴⁾		127,816,770		—
Senior Convertible Note ⁽⁵⁾		—		1,444,353

⁽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 December 31, 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 December 31, 2025, which have not been issued as of December 31, 2025. 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 December 31, 2025. Refer to Note 13 – Mezzanine Equity for a discussion of the Series F Preferred Stock.

⁽⁵⁾	Reflects the conversion option of the $15.0 million Senior Convertible Note at 105% principal amount, pursuant to the SEPA. Refer to Note 10 – Debt for a discussion of the Senior Convertible Note and Note 12 – Common Stock for a discussion of the SEPA.