GRAN TIERRA ENERGY INC.

International E&P that posted a $193M net loss on a large ceiling-test impairment despite strong operating cash flow.

Strengths

• Operating cash flow up 31% to $313M (OCF margin 67th pct); low leverage (debt/equity 25th pct)
• Production grew 38% with diversified Colombia/Canada/Ecuador asset base

Risks

• Net loss $193M, ROE -0.84 (6th pct) and net margin -32% driven by impairments; reserves down 17%
• Weak liquidity (current ratio 0.60) and commodity-price/country-risk exposure

Notable findings

• Customer concentration~93% of revenue from one customer/distributor — Our Colombian properties represented 46%, our Canadian properties represented 38%, and our Ecuadorian properties represented 16% of our proved reserves NAR at December 31, 2025, and for the year ended
• Net lossNet loss (net margin -32.4%)
• Weak liquidityCurrent ratio 0.60 (<1)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Insider buyingInsider buying — 17 open-market buy(s) by 1 insider(s) (~$4M, last 6mo) Form 4 ↗
• Buying back stockNet buyback — share count -45%/yr over 4y
• Insider sellingInsider selling — 3 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$415,873, last 6mo) Form 4 ↗