Phoenix Energy One, LLC

What they do

The company is an exploration and production (E&P) business operating under the Phoenix Energy name, formerly Phoenix Capital Group Holdings, LLC. It is a Delaware limited liability company whose common shares are entirely owned by Phoenix Equity Holdings, LLC, with 100,000,000 common shares outstanding as of August 7, 2026. Its operations are supported by a wholly-owned financing subsidiary, Adamantium Capital LLC, which issues bonds and lends the proceeds to the parent and PhoenixOp under loan agreements.

Revenue drivers

• Oil and natural gas production — As an E&P company, revenue is generated from selling crude oil and other liquid hydrocarbons and natural gas, measured in Bbl and Boe. Quarterly revenue rose from $189.0M in 2025-09-30 to $405.9M in 2026-06-30, with no additional segment breakdown provided in the excerpts.
• Adamantium Bonds funding — Adamantium, a wholly-owned subsidiary, offers unsecured bonds under Rule 506(c) of Regulation D and loans the proceeds to the Company and PhoenixOp under the Adamantium Loan Agreement. This is a financing channel rather than a revenue line, but it funds operations and is the largest named source of capital in the filings.
• Reg D / Reg A bonds and exchange notes — The company has issued unsecured bonds under Rule 506(c), including the December 2022 506(c) Bonds and August 2023 506(c) Bonds, referenced as part of its capital structure. These are debt instruments, not revenue-generating products, but they reflect how the company raises capital alongside production.

Recent performance

Revenue grew sharply from $118.1M in 2023 to $281.2M in 2024 and $687.2M in 2025, with quarterly revenue reaching $405.9M in the period ended June 30, 2026. Net income went from a loss of $16.2M in 2023 to a loss of $24.8M in 2024, then turned positive at $66.1M in 2025. Operating cash flow has been positive and rising, from $101.2M in 2024 to $301.1M in 2025, after a small negative $1.0M in 2023. At June 30, 2026, total assets were $2.22B against total liabilities of $2.18B, leaving shareholder equity of just $40.7M, with cash of $37.0M and long-term debt of $1.48B.

Strategy

Management's stated direction, based on the filings, centers on funding E&P activity through affiliated debt issuance. Adamantium issues unsecured bonds under Regulation D and lends the proceeds to the Company and PhoenixOp, with additional outstanding instruments including the Adamantium Secured Note and the Reg D / Reg A bonds and exchange notes. The company also reports active corporate activity, with multiple 8-K filings since late 2025 noting material agreements and officer changes. No specific production targets, drilling programs, or capital expenditure plans are described in the excerpts.

Risks

• High leverage — Total liabilities of $2.18B against $2.22B of assets leave only $40.7M of shareholder equity, so small asset value declines could impair the balance sheet.
• Debt maturity and refinancing — Long-term debt was $1.48B at June 30, 2026, and the company has raised capital through multiple affiliated Adamantium bond offerings and exchange notes, creating refinancing exposure.
• Commodity price exposure — As a crude oil and natural gas producer, revenue is tied to hydrocarbon prices, which the filings do not quantify or hedge against in the excerpts.
• Related-party structure — Adamantium Capital LLC is a wholly-owned subsidiary that lends bond proceeds to the Company and PhoenixOp, creating intercompany financing dependence.

Outlook

The excerpts do not include specific forward guidance from management. The company has continued to file agreements and report quarterly revenue growth through June 30, 2026, but no commentary on production targets, capital budgets, or debt reduction plans is present in the provided material. Investors should consult the full 10-Q MD&A and 10-K for management's stated outlook.