Earnings Per Share

6 Months Ended

Jun. 30, 2026

Note 16 – Earnings Per Share

The Company’s Series D Preferred Stock and unvested RSUs 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 and RSU 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 Company’s calculation of basic earnings (loss) per share for the periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(In thousands, except share amounts)
Net income (loss) attributable to Prairie Operating Co. common stockholders	$	193,794		$	48,503		$	19,397		$	(44,971	)
Net income allocated to participating securities		(6,218	)		(2,621	)		(1,130	)		—
Net income (loss) attributable to Prairie Operating Co. common stockholders – basic	$	187,576		$	45,882		$	18,267		$	(44,971	)

Weighted average shares outstanding – basic		107,141,123			44,063,281			87,711,102			35,477,691

Basic earnings (loss) per share	$	1.75		$	1.04		$	0.21		$	(1.27	)

The following table presents the Company’s calculation of diluted earnings (loss) per share for the periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(In thousands, except share amounts)
Net income (loss) attributable to Prairie Operating Co. common stockholders – basic	$	187,576		$	45,882		$	18,267		$	(44,971	)
Adjustment for Series F Preferred Stock (if-converted method)		(145,008	)		(10,199	)		(93,837	)		—
Net income (loss) attributable to Prairie Operating Co. common stockholders – diluted	$	42,568		$	35,683		$	(75,570	)	$	(44,971	)

Weighted average shares outstanding – basic		107,141,123			44,063,281			87,711,102			35,477,691
Effects of dilutive securities:
Series F Preferred Stock ⁽¹⁾		77,790,767			153,105,590			95,289,419			—
Series D Preferred Stock		—			1,196,336			—			—
Common Stock equivalents ⁽²⁾		659,001			—			—			—
Weighted average shares outstanding – diluted		185,590,890			198,365,207			183,000,521			35,477,691

Diluted earnings (loss) per share	$	0.23		$	0.18		$	(0.41	)	$	(1.27	)

⁽¹⁾

For the periods presented, assumes the maximum number of Common Shares which would be issued under the Alternative Conversion at the Nasdaq minimum floor price, as defined in the Series F Preferred Stock Certificate of Designation. Refer to Note 12 – Mezzanine Equity for a discussion of the Series F Preferred Stock.

⁽²⁾

For the three months ended June 30, 2026, Common Stock equivalent shares consist of unexercised options and unvested performance stock units using the treasury stock method in accordance with ASC Topic 260, Earnings per Share. Refer to Note 14 – Common Stock Options and Warrants for a discussion of the Company’s options and Note 15 – Long–Term Incentive Compensation for a discussion of the Company’s performance-based stock units.

The following table presents the Common Stock equivalent shares of any potentially dilutive securities which were not included in the computation of diluted earnings (loss) per share for the periods presented because their inclusion would be anti–dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Merger Options		300,000		5,166,666		300,000		5,166,666
Restricted stock and performance stock units ⁽¹⁾		4,020,972		928,811		4,020,972		928,811
Common stock warrants ⁽²⁾		110,490,929		380,059,188		110,490,929		380,059,188
Series D Preferred Stock		—		—		—		1,196,336
Series F Preferred Stock ⁽³⁾		—		—		—		153,105,590

⁽¹⁾	As of June 30, 2026 and 2025, all of the restricted stock and performance stock units presented are unvested. Refer to Note 15 – Long–Term Incentive Compensation for a discussion of the restricted stock units and performance stock units.

⁽²⁾

For the period presented, includes the maximum number of Series F Preferred Stock Anniversary Warrants which could be issued, none of which have been issued as of June 30, 2026. Additionally, the three and six months ended June 30, 2026, includes the Second Series F Preferred Stock Penny Warrants, which would only be issued if the Series F Preferred Stock Anniversary Warrants are not issued. Refer to Note 14 – Common Stock Options and Warrants for a discussion of the Series F Preferred Stock Anniversary Warrants and the Second Series F Preferred Stock Penny Warrants.

⁽³⁾	For the periods presented, assumes the maximum number of Common Shares under the Alternative Conversion at the Nasdaq minimum floor price, as defined in the Series F Preferred Stock Certificate of Designation. Refer to Note 12 – Mezzanine Equity for a discussion of the Series F Preferred Stock.