Kolibri Global Energy Inc. (NASDAQ:KGEI) reported a 22% increase in third-quarter 2026 revenue net of royalties to $18.3 million, compared with $15.0 million in the corresponding period of 2025, as higher realised commodity prices offset a decline in oil and gas production.
The energy company reported a 34% increase in average realised prices during the quarter, while average production decreased 9% year over year.
Kolibri also recorded higher adjusted EBITDA and maintained its quarterly net income at $3.6 million. The company reported increased production and revenue for the first nine months of 2026 and provided an update on its borrowing capacity and current production levels.
Kolibri reported third-quarter revenue net of royalties of $18.3 million, an increase of $3.3 million from the $15.0 million recorded a year earlier.
The company attributed the 22% revenue increase primarily to a 34% rise in average realised commodity prices.
The effect of higher prices was partially offset by a 9% decline in average production during the reporting period.
Average production totalled 3,867 barrels of oil equivalent per day (BOEPD), compared with 4,254 BOEPD in the third quarter of 2025.
Kolibri explained that the production decrease was primarily related to the temporary shutdown of certain producing wells during drilling and completion operations involving four new wells.
The temporary interruptions affected quarterly production volumes, although the company subsequently reported an increase in its current production rate following the addition of the new wells.
Kolibri reported third-quarter net income of $3.6 million, equivalent to $0.10 per basic share.
The result was unchanged from the $3.6 million in net income recorded during the corresponding period of 2025.
The latest quarter included an unrealised loss of $2.4 million on commodity contracts, together with a realised loss of $1.0 million on commodity contracts.
These items affected reported earnings during the period.
Adjusted EBITDA, a non-GAAP financial measure, increased 20% to $13.3 million from $11.1 million a year earlier.
The increase in adjusted EBITDA coincided with higher revenue net of royalties, despite the reduction in average production.
The difference between the movements in adjusted EBITDA and net income also reflected the effect of items included in reported earnings, including losses associated with commodity contracts.
Kolibri’s average production decreased to 3,867 BOEPD during the third quarter of 2026, compared with 4,254 BOEPD in the prior-year period.
The company attributed the reduction primarily to temporary well shut-ins associated with drilling and completion activities on four new wells.
These operational interruptions reduced production from certain existing wells while development work was underway.
Production and operating expenses also increased during the quarter.
Kolibri reported average production and operating expenses of $8.39 per barrel of oil equivalent (BOE), compared with $7.37 per BOE in the third quarter of 2025.
The increase of 14% was attributed to higher severance taxes, additional workover costs and increased chemical expenses.
The higher operating costs represented an additional consideration for the company’s quarterly profitability, alongside changes in commodity prices and production volumes.
Kolibri reported higher production, revenue and earnings for the nine months ended September 30, 2026.
Average production increased 15% to 4,412 BOEPD during the period.
Revenue net of royalties rose 43% to $60.4 million, compared with $42.1 million in the first nine months of 2025.
Net income increased to $16.1 million, or $0.45 per basic share, from $12.2 million, or $0.34 per basic share, a year earlier.
Adjusted EBITDA for the nine-month period increased 41% to $44.6 million.
The nine-month figures reflected higher overall production and revenue compared with the previous year, despite the temporary operational interruptions that affected third-quarter output.
The results also showed an increase in adjusted EBITDA over the reporting period.
Kolibri reported that its current production rate had reached approximately 5,700 BOE per day following the commencement of production from all four new wells.
The reported rate was above the third-quarter average of 3,867 BOEPD, which had been affected by temporary well shutdowns during drilling and completion activities.
The increase reflects the contribution of the newly completed wells and the resumption of production following the operational interruptions.
The current production figure represents a rate reported by the company rather than an average for a completed financial reporting period.
Future production volumes will depend on operating conditions and the performance of the company’s producing wells.
Kolibri reported that its credit facility underwent a borrowing-base redetermination in October 2026.
Following the review, the borrowing base remained unchanged at $75 million.
As of September 30, 2026, the company had approximately $19.5 million in available borrowing capacity under the facility.
The unchanged borrowing base maintained the existing credit limit, while the available capacity represented the amount the company could draw under the facility at the reporting date, subject to its terms.
The credit facility provides Kolibri with a source of financing for its operations and development activities.
Kolibri’s third-quarter results showed higher revenue and adjusted EBITDA despite a decline in average production and an increase in operating expenses per barrel of oil equivalent.
Investors will be monitoring whether the company’s reported current production rate of approximately 5,700 BOEPD is sustained following the completion of its four new wells.
Changes in realised commodity prices will also remain relevant, given their contribution to the company’s third-quarter revenue increase.
Further attention will focus on production and operating costs, the financial effects of commodity contracts and the company’s use of its available borrowing capacity.
Kolibri’s nine-month results demonstrated increases in production, revenue and net income compared with 2025, while its latest operational update provided additional information about production levels following the completion of its recent drilling programme.
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