Kolibri Global Energy (KEI) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly production of 4,685 BOE per day in Q1 2026, up from 4,493 BOE per day in Q4 2025 and 4,077 BOE per day in Q1 2025, with net revenue reaching $19.6 million, a 20% year-over-year increase.

• Adjusted EBITDA reached an all-time high of $14.8 million, up 16% from both the prior quarter and Q1 2025.

• Net income was $4 million ($0.11 per share), down from $5.8 million ($0.16 per share) year-over-year due to a $2.9 million non-cash unrealized loss on commodity contracts.

• Compound annual production growth rate over the last three years stands at 35%.

• Drilling program for new wells is underway, with three new 1.5-mile lateral wells expected online in Q3 2026.

Financial highlights

• Gross revenue totaled $24.7 million, up 17% year-over-year; oil revenue rose 21% to $21.8 million, natural gas revenue increased 19%, while NGL revenue fell 24%.

• Net revenue rose 20% to $19.6 million from $16.4 million in the prior quarter, driven by higher production.

• Adjusted EBITDA increased to $14.8 million from $12.8 million sequentially and year-over-year.

• Operating expense was $8 per BOE, up from $7.07 per BOE year-over-year, mainly due to workover and water hauling costs.

• Netback from operations per BOE was $38.41, up 2% year-over-year; netback including commodity contracts was $37.72 per BOE.

Outlook and guidance

• Production forecast for the year remains on track, with new wells expected online in Q3 2026.

• Management expects continued benefit from higher oil prices, with every $5 increase in forecasted oil price adding about $2.8 million to annual EBITDA, net of hedges.

• Debt reduction is a priority, with net debt targeted to fall to $25–$30 million by year-end 2026.

• No significant inflationary pressures anticipated on operating costs; water handling costs expected to decline in future quarters.