Sable Offshore Corp (SOC) financial statements: income statement, balance sheet and cash flow

Sable Offshore Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Sable Offshore Corp reported revenue of $0 and net income of ($410.2M) (+33.6% year on year).

Income statement

Sable Offshore Corp income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenue	$0	$0	—	—
Operations and maintenance expenses	$219.2M	$87.9M	—	—
Depletion, depreciation, amortization and accretion	$12.9M	$9.7M	—	—
General and administrative expenses	$176.2M	$229.1M	—	—
Total operating expenses	$408.3M	$326.8M	—	—
Loss from operations	($408.3M)	($326.8M)	($4.9M)	($6.2M)
Change in fair value of warrant liabilities	($89.2M)	$227.5M	($27.1M)	$498.0K
Other (income) expense, net	($8.8M)	($4.2M)	—	—
Interest expense	$88.2M	$67.3M	—	—
Total other (income) expense, net	($9.8M)	$290.6M	($26.3M)	$4.3M
Loss before income taxes	($398.5M)	($617.3M)	($31.3M)	($1.8M)
Income tax expense (benefit)	$11.7M	$48.0K	($914.3K)	($757.1K)
Net loss	($410.2M)	($617.3M)	($32.2M)	($2.6M)
Weighted average Common Stock outstanding, basic (in shares)	98.2M	67.0M	18.1M	35.9M
Weighted average Common Stock outstanding, diluted (in shares)	98.2M	67.0M	18.1M	35.9M
Basic net loss per Common Stock (in dollars per share)	-$4.18	-$9.21	-$3.56	-$0.14
Diluted net loss per Common Stock (in dollars per share)	-$4.18	-$9.21	-$3.56	-$0.14

Sable Offshore Corp income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenue	$137.1M	$1.3M	$0	$0
Operations and maintenance expenses	$113.5M	$68.0M	$79.4M	$50.4M
Depletion, depreciation, amortization and accretion	$32.0M	$3.9M	$3.3M	$3.2M
General and administrative expenses	$58.5M	$48.0M	$36.7M	$75.3M
Total operating expenses	$204.0M	$120.0M	$119.4M	$128.9M
Loss from operations	($66.9M)	($118.8M)	($119.4M)	($128.9M)
Change in fair value of warrant liabilities	($72.1M)	$44.2M	($34.8M)	($27.1M)
Other income, net	($665.0K)	($553.0K)	($1.8M)	($2.5M)
Interest expense	$43.1M	$34.7M	$21.0M	$21.0M
Total other (income) expense, net	($29.7M)	$78.3M	($15.6M)	($8.6M)
Loss before income taxes	($37.2M)	($197.0M)	($103.7M)	($120.2M)
Income tax expense	$27.0M	$0	$6.6M	$7.8M
Net loss	($64.2M)	($197.0M)	($110.4M)	($128.1M)
Weighted average Common Stock outstanding, basic (in shares)	153.5M	143.7M	99.5M	91.2M
Weighted average Common Stock outstanding, diluted (in shares)	153.5M	143.7M	99.5M	91.2M
Basic net loss per Common Stock (in dollars per share)	-$0.42	-$1.37	-$1.11	-$1.40
Diluted net loss per Common Stock (in dollars per share)	-$0.42	-$1.37	-$1.11	-$1.40

Balance sheet

Sable Offshore Corp balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$97.7M	$300.4M	—	—
Restricted cash	$0	$35.4M	—	—
Inventory	$12.1M	—	—	—
Materials and supplies	$14.7M	$15.3M	—	—
Prepaid expenses and other current assets	$11.3M	$4.2M	—	—
Total current assets	$135.7M	$355.3M	$364.4K	$188.5K
Oil and gas properties	$1.6B	$1.2B	—	—
Less: Accumulated depreciation, depletion and amortization	($6.0M)	$0	—	—
Total oil and gas properties, net	$1.6B	$1.2B	—	—
Other, net	$44.1M	$33.5M	—	—
Total assets	$1.7B	$1.6B	$63.9M	$290.9M
Accounts payable and accrued liabilities	$99.4M	$119.8M	—	—
Senior Secured Term Loan including paid-in-kind interest, net	$921.6M	—	—	—
Other current liabilities	$2.5M	$918.0K	—	—
Total current liabilities	$1.0B	$120.7M	$16.8M	$6.7M
Warrant liabilities	$37.7M	$126.9M	$39.2M	$12.1M
Asset retirement obligations	$113.2M	$99.7M	—	—
Senior Secured Term Loan including paid-in-kind interest, net	$0	$833.5M	—	—
Deferred tax liability	$12.8M	$1.2M	—	—
Other	$19.3M	$17.0M	—	—
Total liabilities	$1.2B	$1.2B	$56.0M	$18.9M
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024	0	0	—	—
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 144,961,796 and 89,310,996 issued and outstanding at December 31, 2025 and 2024, respectively	15.0K	8.0K	719	719
Additional paid-in capital	$1.6B	$1.1B	—	—
Accumulated deficit	($1.1B)	($698.3M)	($55.6M)	($18.3M)
Total Stockholders’ Equity	$534.3M	$384.2M	($55.6M)	($18.3M)
Total Liabilities and Stockholders’ Equity	$1.7B	$1.6B	$63.9M	$290.9M

Sable Offshore Corp balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$21.6M	$52.2M	$41.6M	$247.1M
Accounts receivable	$50.1M	$1.5M	—	—
Inventory	$11.6M	$6.3M	—	—
Materials and supplies	$14.1M	$14.4M	$25.1M	$20.5M
Prepaid expenses and other current assets	$10.0M	$10.6M	$11.3M	$5.0M
Total current assets	$107.3M	$85.0M	$78.0M	$308.2M
Oil and gas properties	$1.7B	$1.6B	$1.5B	$1.4B
Less: Accumulated depletion, depreciation and amortization	($39.5M)	($9.9M)	($5.4M)	($1.8M)
Total oil and gas properties, net	$1.6B	$1.6B	$1.5B	$1.4B
Other, net	$42.9M	$43.4M	$39.1M	$36.8M
Total assets	$1.8B	$1.7B	$1.6B	$1.8B
Accounts payable and accrued liabilities	$206.7M	$117.3M	$163.7M	$185.8M
Term Loan—current, net	$236.7M	$956.3M	$896.6M	$875.6M
Other current liabilities	$2.9M	$4.2M	$1.4M	$1.1M
Total current liabilities	$446.4M	$1.1B	$1.1B	$1.1B
Term Loan—non-current, net	$732.1M	—	—	—
Warrant liabilities	$9.8M	$81.9M	$86.3M	$121.1M
Asset retirement obligations	$119.8M	$116.5M	$108.6M	$105.5M
Deferred tax liability	$39.8M	$12.8M	$26.5M	$19.9M
Other	$18.7M	$19.0M	$18.5M	$17.5M
Total liabilities	$1.4B	$1.3B	$1.3B	$1.3B
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0	0	0
Common Stock, $0.0001 par value; 500,000,000 shares authorized; 154,531,910 and 144,961,796 issued and outstanding at June 30, 2026 and December 31, 2025, respectively	16.0K	16.0K	10.0K	10.0K
Additional paid-in capital	$1.8B	$1.7B	$1.4B	$1.4B
Accumulated deficit	($1.4B)	($1.3B)	($1.0B)	($935.9M)
Total Stockholders’ Equity	$395.0M	$421.9M	$348.1M	$445.6M
Total Liabilities and Stockholders’ Equity	$1.8B	$1.7B	$1.6B	$1.8B

Cash flow statement

Sable Offshore Corp cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss	($410.2M)	($617.3M)	($32.2M)	($2.6M)
Depreciation, depletion, amortization and accretion	$12.9M	$9.7M	—	—
Share based compensation expense	$42.7M	$91.6M	—	—
Amortization of operating lease right-of-use asset	$1.6M	$1.1M	—	—
Amortization of debt issuance costs	$542.0K	$1.0M	—	—
Paid-in-kind interest	$87.7M	$66.3M	—	—
Effect of amendment to the Senior Secured Term Loan	$0	$5.0M	—	—
Deferred tax expense (benefit)	$11.7M	—	—	—
Change in fair value of warrant liabilities	($89.2M)	$227.5M	$27.1M	($498.0K)
Inventory	($6.1M)	—	—	—
Material and supplies	$428.0K	—	—	—
Prepaid expenses and other assets	($7.5M)	—	—	—
Accounts payable and accrued liabilities	$3.8M	$54.0M	$2.3M	$4.4M
Due to related party	$0	$0	—	—
Net cash used in operating activities	($351.7M)	($163.0M)	($3.8M)	($1.7M)
Payments for capital expenditures	($417.6M)	($72.3M)	—	—
Cash consideration paid	$0	($203.9M)	—	—
Net cash used in investing activities	($417.6M)	($276.2M)	$231.6M	$786.9K
Capital contribution from parent	$0	$0	—	—
Offering proceeds	$545.0M	$590.2M	—	—
Payment of equity issuance costs	($13.8M)	($30.6M)	—	$0
Cash received on warrant exercises, net	$0	$183.5M	—	—
Payment on Senior Secured Term Loan	$0	($18.8M)	—	—
Payment of debt issuance costs	$0	($1.6M)	—	—
Payment of non-convertible promissory notes—related parties	$0	($1.1M)	—	—
Net cash provided by financing activities	$531.2M	$721.7M	($227.6M)	$705.0K
Net change in cash	($238.1M)	$282.4M	$167.6K	($222.5K)
Cash, cash equivalents and restricted cash, beginning of the period	$335.8M	$0	$100.3K	$322.8K
Cash, cash equivalents and restricted cash, end of the period	$97.7M	$335.8M	—	—
Cash and cash equivalents	$97.7M	—	—	—
Restricted cash	$0	—	—	—
Total cash, cash equivalents and restricted cash	$97.7M	—	—	—

Sable Offshore Corp cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss	($261.2M)	($197.0M)	($348.0M)	($237.6M)
Depletion, depreciation, amortization and accretion	$36.0M	$3.9M	$9.5M	$6.2M
Share based compensation expense	$30.4M	$15.0M	$30.0M	$16.5M
Amortization of operating lease right-of-use asset	$730.0K	$369.0K	$1.2M	$820.0K
Amortization of debt issuance costs	$8.6M	$99.0K	$467.0K	$311.0K
Paid-in-kind interest	$69.1M	$34.6M	$62.6M	$41.7M
Deferred tax expense	$27.0M	$0	$25.3M	$18.7M
Change in fair value of warrant liabilities	($27.9M)	$44.2M	($40.7M)	($5.9M)
Accounts receivable	($50.1M)	($1.5M)	—	—
Inventory	($7.0M)	($3.2M)	($4.8M)	($3.5M)
Materials and supplies	$350.0K	$252.0K	—	—
Prepaid expenses and other assets	$3.1M	$892.0K	($9.9M)	($2.7M)
Accounts payable and accrued liabilities	$98.3M	$20.2M	$20.7M	$22.4M
Net cash used in operating activities	($72.8M)	($82.2M)	($253.6M)	($142.9M)
Payments for capital expenditures	($52.6M)	($21.1M)	($323.1M)	($193.0M)
Net cash used in investing activities	($52.6M)	($21.1M)	($323.1M)	($193.0M)
Offering proceeds	$95.0M	$72.4M	$295.0M	$295.0M
Payment of equity issuance costs	($15.0M)	($14.4M)	($12.5M)	($12.1M)
Payment of debt issuance costs	($30.7M)	($203.0K)	$0	$0
Net cash provided by financing activities	$49.3M	$57.8M	$282.5M	$282.9M
Net change in cash and cash equivalents	($76.1M)	($45.5M)	($294.1M)	($53.0M)
Cash, cash equivalents and restricted cash, beginning of the period	$97.7M	$97.7M	$335.8M	$335.8M
Cash, cash equivalents and restricted cash, end of the period	$21.6M	$52.2M	$41.6M	$282.8M
Cash and cash equivalents	$21.6M	$52.2M	$41.6M	$247.1M
Restricted cash	$0	$0	$0	$35.6M
Total cash, cash equivalents and restricted cash	$21.6M	$52.2M	$41.6M	—

Sable Offshore Corp score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.