GFR

MKT CAP:$443M

Greenfire Resources Ltd.

Market Cap

$443M

Energy·Oil & Gas Exploration & Production·🇨🇦 Canada·NYSE

Energy·Oil & Gas Exploration & Production·🇨🇦·NYSE

Stock Price

$5.98+$1.17 (+24.32%)

Apr 23, 2026

Company Details

Greenfire Resources Ltd., together with its subsidiaries, engages in the development, exploration, and operation of oil and gas properties in the Athabasca oil sands region of Alberta. The company operates the Tier-1 oil sands assets locate...

CEO

Adam R. Waterous

IPO Date

Dec 13, 2021

Website

www.greenfireres.com

Key Metrics TTM

Revenue

$496M

-11.9% YoY

Net Income

$98M

EPS (Diluted)

$1.39

Free Cash Flow

$67M

Revenue / Share

$6.27

Gross Margin

44.7%

Operating Margin

10.6%

Net Margin

19.9%

FCF Margin

13.6%

P/S

0.9x

P/E

4.5x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Mar 13, 2026

$419M-27.4%EPS $0.47

Q3 2025

Nov 4, 2025

$103M-27.1%EPS -$0.08

Q2 2025

Aug 7, 2025

$106M-34.1%EPS $0.50

Q1 2025

May 7, 2025

$134M-8.6%EPS $0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$0	$0	-$475
Q2 21	$0	$0	-$2.8K
Q3 22	$153M	$86M	$45M
Q4 22	$132M	$51M	$5M
Q1 23	$131M	$38M	-$6M
Q2 23	$127M	$56M	$17M
Q3 23	$118M	$64M	-$64M
Q4 23	$114M	$22M	$19M
Q1 24	$147M	$62M	$21M
Q2 24	$160M	$79M	$38M
Q3 24	$142M	$73M	$29M
Q4 24	$153M	$66M	$17M
Q1 25	$134M	$59M	$13M
Q2 25	$106M	$47M	$10M
Q3 25	$103M	$49M	$13M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 22	—	—
Q4 22	1.8x	3.9x
Q1 23	1.2x	4.3x
Q2 23	0.9x	3.7x
Q3 23	0.7x	—
Q4 23	0.8x	—
Q1 24	0.8x	—
Q2 24	0.9x	—
Q3 24	0.9x	18.5x
Q4 24	0.8x	5.6x
Q1 25	0.7x	3.1x
Q2 25	0.6x	2.1x
Q3 25	0.7x	3.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$36M	$25M
Q4 22	$13M	$4M
Q1 23	-$3M	-$5M
Q2 23	$17M	$16M
Q3 23	$31M	$24M
Q4 23	$19M	$4M
Q1 24	$12M	-$11M
Q2 24	$62M	$46M
Q3 24	-$13M	-$29M
Q4 24	$44M	$35M
Q1 25	$25M	$5M
Q2 25	$13M	$5M
Q3 25	$36M	$23M

Capital Expenditures

Quarter	CapEx
Q3 22	$10M
Q4 22	$9M
Q1 23	$2M
Q2 23	$1M
Q3 23	$7M
Q4 23	$14M
Q1 24	$23M
Q2 24	$16M
Q3 24	$15M
Q4 24	$9M
Q1 25	$20M
Q2 25	$8M
Q3 25	$13M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	—	+28840207.7%
Q2 23	—	+3848013.0%
Q3 23	-23.2%	+67.7%
Q4 23	-13.9%	-25.9%
Q1 24	+11.9%	-8.1%
Q2 24	+26.4%	+11.8%
Q3 24	+20.3%	-37.7%
Q4 24	+34.2%	+43.9%
Q1 25	-8.6%	-3.4%
Q2 25	-34.1%	-21.9%
Q3 25	-27.1%	-20.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$0	0.0%
Q4 22	$864.5K	0.7%
Q1 23	$237.5K	0.2%
Q2 23	$237.5K	0.2%
Q3 23	$7M	5.7%
Q4 23	$0	0.0%
Q1 24	$622.6K	0.4%
Q2 24	$2M	1.2%
Q3 24	$2M	1.2%
Q4 24	$408.5K	0.3%
Q1 25	$914.9K	0.7%
Q2 25	$290.9K	0.3%
Q3 25	$866.7K	0.8%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 21	—	—	$475
Q2 21	—	—	$2.8K
Q3 22	$2M	$11M	—
Q4 22	$2M	$12M	—
Q1 23	$2M	$12M	—
Q2 23	$2M	$10M	—
Q3 23	$9M	$9M	—
Q4 23	$2M	$10M	—
Q1 24	$4M	$10M	—
Q2 24	$5M	$10M	—
Q3 24	$5M	$9M	—
Q4 24	$7M	$10M	—
Q1 25	$7M	$1M	—
Q2 25	$4M	$9M	—
Q3 25	$4M	$8M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$0	$0
Q2 22	$842.7K	$0	$842.7K
Q3 22	$687.4K	$0	$687.4K
Q4 22	$26M	$0	$26M
Q1 23	$180.5K	$0	$180.5K
Q2 23	$364.0K	$0	$364.0K
Q3 23	$48M	$0	$48M
Q4 23	$80M	$0	$80M
Q1 24	$66M	$0	$66M
Q2 24	$117M	$0	$117M
Q3 24	$28M	$0	$28M
Q4 24	$49M	$0	$49M
Q1 25	$53M	$0	$53M
Q2 25	$51M	$0	$51M
Q3 25	$84M	$0	$84M
Q4 25	$31M	$0	$31M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	38M	—	—
Q2 21	38M	0.0%	—
Q3 22	69M	+83.0%	—
Q4 22	69M	0.0%	—
Q1 23	69M	0.0%	+83.0%
Q2 23	69M	0.0%	+83.0%
Q3 23	51M	-25.6%	-25.6%
Q4 23	69M	+34.4%	0.0%
Q1 24	69M	+0.1%	+0.1%
Q2 24	72M	+5.0%	+5.1%
Q3 24	72M	+0.2%	+41.5%
Q4 24	72M	-0.4%	+4.8%
Q1 25	70M	-2.0%	+2.6%
Q2 25	70M	-0.4%	-2.6%
Q3 25	79M	+12.6%	+9.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$3M	39
Q1 24	$4M	39
Q2 24	$4M	39
Q3 24	$4M	39
Q4 24	$4M	39
Q1 25	$3M	39
Q2 25	$3M	39
Q3 25	$3M	39

Revenue / Employee