Gran Tierra Posts $141M Q4 Loss, Secures $284M EBITDA and Debt Extension
Gran Tierra reported a Q4 GAAP loss of $141.1M ($4/share) on $129.9M revenue, while adjusted loss was $0.14 per share. The company posted 2025 Adjusted EBITDA of $284M, net cash from operations of $313M (up 31%), and completed a bond exchange reducing 2029 debt maturities.
1. Q4 Financial Results
Gran Tierra reported a GAAP loss of $141.1 million in the fourth quarter, equating to a $4.00 loss per share, on revenue of $129.9 million. After adjusting for asset impairment costs, the quarterly loss narrowed to $0.14 per share.
2. 2025 Full-Year Performance
For the full year, the company posted a net loss of $193.1 million, or $5.45 per share, on $596.7 million of revenue. It generated $284 million of Adjusted EBITDA, $313 million of net cash from operations (up 31% year-over-year), $178 million of funds flow from operations, and achieved over 100% 2P reserve replacement.
3. Bond Exchange and Debt Reduction
The company completed an exchange of its 9.500% senior secured amortizing notes due 2029 with approximately 88% participation, extending maturities and reducing total debt outstanding. Combined with non-core asset sales and a new prepayment facility, this enhanced liquidity and supports accelerated deleveraging.
4. Operational Developments
Average working interest production rose 32% year-over-year to 45,709 boepd in 2025, including 46,344 boepd in the fourth quarter, driven by positive exploration results and full-year Canadian output. The Raju-2 well in Suroriente has started at ~790 barrels per day, on track to surpass initial 30-day targets, with three wells remaining under the capital carry program.