Granite Ridge Reports Q1 Net Loss Driven by Non-Cash Items, 18% Production Growth, and Updates 2026 Guidance
GRNT sits 28% above its 52-week low of $4.18.
Summary
Granite Ridge Resources reported a Q1 2026 net loss of $47.0 million, largely due to non-cash items, despite an 18% increase in daily production and a maintained quarterly dividend, alongside updated 2026 guidance.
Key Events · Earnings and Guidance · GRNT
-
Q1 2026 Financial Results
Reported a net loss of $47.0 million ($0.36 per share) for Q1 2026, compared to net income of $9.8 million in the prior year. This loss was primarily driven by a $60.2 million non-cash mark-to-market loss on the hedge portfolio and an $11.2 million non-cash impairment. Adjusted Net Income (non-GAAP) was $3.1 million ($0.02 per share), and Adjusted EBITDAX (non-GAAP) totaled $71.0 million, down from $91.4 million in Q1 2025.
-
Production Growth
Daily production grew 18% year-over-year to 34,467 barrels of oil equivalent (Boe) per day (48% oil) in Q1 2026. Oil production increased 11% and natural gas production increased 24% from Q1 2025.
-
Updated 2026 Guidance
The company updated its 2026 guidance, projecting annual production of 34,000 - 36,000 Boe per day (50%-52% oil) and total capital expenditures between $345 million and $385 million.
-
Dividend Declaration
Granite Ridge declared a regular quarterly cash dividend of $0.11 per share, payable on June 12, 2026, to shareholders of record as of May 29, 2026.
Analysis · GRNT · Energy & Transportation
Granite Ridge Resources reported a significant net loss for Q1 2026, primarily due to non-cash mark-to-market losses on its hedge portfolio and an impairment charge. While the adjusted net income was positive, the GAAP loss and a decline in Adjusted EBITDAX are notable. However, the company achieved strong production growth and maintained a healthy balance sheet with ample liquidity and low leverage. The updated 2026 guidance provides a forward-looking view for investors, who will likely focus on the company's ability to translate production growth into improved profitability and cash flow in future quarters, especially given the dynamic commodity environment.
At the time of this filing, GRNT was trading at $5.33 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $738.7M. The 52-week trading range was $4.18 to $6.72. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.