Earnings Per Share

3 Months Ended

Mar. 31, 2026

Note 16 – Earnings Per Share

The Company’s Series D Preferred Stock, unvested RSUs, and unvested PSUs are considered participating securities, as such, basic and diluted earnings (loss) per share is calculated using the two–class method, which proportionally allocates net income (loss) attributable to Prairie Operating Co. common stockholders between the Common Stock and the participating securities on an “as–converted” basis. However, the Series D Preferred Stock, RSU, and PSU holders do not have a contractual obligation to share in the Company’s losses, therefore, in periods of a net loss, no portion of such losses are allocated to the participating securities.

The following table presents the calculations of basic and diluted loss per share for the periods presented:

	Three Months Ended March 31,
	2026			2025
	(In thousands, expect share and per share amounts)
Basic and diluted:
Net loss attributable to Prairie Operating Co. common stockholders	$	(174,397	)	$	(93,474	)
Net loss allocated to participating securities		—			—
Net loss attributable to Prairie Operating Co. common stockholders – basic and diluted	$	(174,397	)	$	(93,474	)

Weighted average shares outstanding – basic and diluted		80,585,148			26,796,704

Basic and diluted loss per share	$	(2.16	)	$	(3.49	)

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

	Three Months Ended March 31,
	2026		2025
Anti–dilutive securities:
Merger Options ⁽¹⁾		4,966,666		5,666,666
Restricted stock and performance stock units ⁽²⁾		6,965,415		1,059,432
Common stock warrants ⁽³⁾		159,438,701		163,975,543
Series D Preferred Stock		1,196,337		1,196,337
Series F Preferred Stock ⁽⁴⁾		103,478,261		155,481,366

⁽¹⁾	The Merger Options became exercisable upon the closing of the Bayswater Acquisition on March 26, 2025. Refer to Note 14 – Common Stock Options and Warrants for a discussion of the Merger Options.

⁽²⁾	As of March 31, 2026 and 2025, all of the restricted stock and performance stock units presented were unvested. Refer to Note 15 – 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 March 31, 2026, which have not been issued as of March 31, 2026. Refer to Note 14 – 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 March 31, 2026. Refer to Note 12 – Mezzanine Equity for a discussion of the Series F Preferred Stock.