$GFR-RI

Greenfire Resources Ltd.

CIK:0001966287|SEC Filings

Consolidated Statements of Comprehensive Income - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenues
Oil sales, net of royalties	$ 584,395	$ 790,949
Gain (loss) on risk management contracts	42,579	(27,489)
Gross profit	626,974	763,460
Expenses
Diluent expense	232,793	327,146
Transportation and marketing	49,924	52,744
Operating expenses	129,010	152,864
General and administrative	22,865	22,758
Stock-based compensation	2,923	6,344
Financing and interest	77,570	61,460
Depletion and depreciation	83,584	81,030
Exploration expenses	2,188	1,811
Other income	(3,378)	(5,032)
Gain on revaluation of warrants	(14,176)	(326)
Foreign exchange (gain) loss	(11,652)	26,129
Total expenses	571,651	726,928
Net income before taxes	55,323	36,532
Income tax (expense) recovery	(7,819)	84,879
Net income and comprehensive income	$ 47,504	$ 121,411
Net income per share
Basic (in Dollars per share)	$ 0.66	$ 1.76
Diluted (in Dollars per share)	$ 0.66	$ 1.7
Oil sales
Revenues
Oil sales, net of royalties	$ 603,303	$ 822,972
Royalties
Revenues
Oil sales, net of royalties	$ (18,908)	$ (32,023)

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income	$ 47,504	$ 121,411
Items not affecting cash:
Income tax expense (recovery)	7,819	(84,879)
Unrealized gain on risk management contracts	(11,264)	(169)
Depletion and depreciation	84,250	80,725
Stock-based compensation	2,923	6,344
Financing expense	36,557	14,554
Foreign exchange (gain) loss	(10,539)	26,529
Gain on revaluation of warrants	(14,176)	(326)
Other income	(294)
Decommissioning costs	(1,133)
Change in non-cash working capital	(5,186)	(19,642)
Cash provided by operating activities	136,461	144,547
Financing activities
Repayment of long-term debt	(329,315)	(84,278)
Debt redemption premium	(19,738)	(4,214)
Proceeds on issuance of common shares	298,653
Share issuance costs	(3,482)
Payment of lease liabilities	(4,299)	(6,934)
Cash used in financing activities	(58,181)	(95,426)
Investing activities
Property, plant and equipment expenditures	(111,766)	(87,404)
Acquisitions		(4,390)
Change in non-cash working capital (accrued additions to PP&E)	11,543	(2,611)
Cash used in investing activities	(100,223)	(94,405)
Exchange rate impact on cash and cash equivalents held in foreign currency	(3,502)	3,178
Change in cash and cash equivalents	(25,445)	(42,106)
Cash and cash equivalents, beginning of year	67,419	109,525
Cash and cash equivalents, end of year	$ 41,974	$ 67,419

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 41,974	$ 67,419
Accounts receivable	66,186	56,417
Inventories	20,596	14,946
Prepaid expenses and deposits	9,422	5,456
Risk management contracts	11,016
Total current assets	149,194	144,238
Non-current assets
Property, plant and equipment	990,094	960,059
Deferred income tax asset	146,156	153,174
Total non-current assets	1,136,250	1,113,233
Total assets	1,285,444	1,257,471
Current liabilities
Accounts payable and accrued liabilities	88,432	61,804
Current portion of long-term debt		248,489
Current portion of lease liabilities and other	3,276	7,014
Warrant liability	4,128	18,304
Risk management contracts		248
Total current liabilities	95,836	335,859
Non-current liabilities
Long-term debt		80,441
Lease liabilities and other	2,829	2,296
Decommissioning liabilities	19,922	17,444
Total non-current liabilities	22,751	100,181
Total liabilities	118,587	436,040
Shareholders’ equity
Share capital	462,935	164,402
Contributed surplus	8,310	8,921
Retained earnings	695,612	648,108
Total shareholders' equity	1,166,857	821,431
Total liabilities and shareholders' equity	$ 1,285,444	$ 1,257,471