VAALCO swings to $93.8M Q1 loss on lower volumes, derivative hits; controls remediated

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Q1 2026 net loss of $93.8M vs. $7.7M income in Q1 2025, driven by 43% revenue decline to $62.6M (volumes down 36% to 1,094 MBoe) and $70.6M derivative losses from expanded hedge book under new credit facility covenants.

  MD&A: Financial Results verify on EDGAR →
• high

  Company drew $92M on credit facility in Q1 to fund operations and capital spending after operating cash flow turned negative ($39.2M used vs. $32.7M provided in Q1 2025), signaling liquidity pressure.

  MD&A: Cash Flow verify on EDGAR →
• high

  Material weaknesses in IT and procure-to-pay controls disclosed in 2024 have been remediated; disclosure controls now effective as of March 31, 2026.

  Controls and Procedures verify on EDGAR →