# EDGAR Filing Document

**Accession Number:** 0001309082
**File Stem:** 0001477932-26-002957
**Filing Date:** 2026-5
**Character Count:** 110778
**Document Hash:** 321a3c533a61e77e60d870c322df0353
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-26-002957.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001477932-26-002957

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAMBER ENERGY, INC.
- **CENTRAL INDEX KEY:** 0001309082
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 202660243
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32508
- **FILM NUMBER:** 26964566

**BUSINESS ADDRESS:**
- **STREET 1:** 15915 KATY FREEWAY
- **STREET 2:** SUITE 450
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77094
- **BUSINESS PHONE:** (281) 404-4387

**MAIL ADDRESS:**
- **STREET 1:** 15915 KATY FREEWAY
- **STREET 2:** SUITE 450
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77094

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LUCAS ENERGY, INC.
- **DATE OF NAME CHANGE:** 20060620

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Panorama Investments Corp
- **DATE OF NAME CHANGE:** 20041118

?xml version='1.0' encoding='ASCII'? cei_10q.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

&nbsp;&nbsp;&nbsp;&nbsp;**WASHINGTON, D.C. 20549**

**FORM 10-Q**

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED **<u>MARCH 31, 2026</u>**

OR

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________.

Commission file number: **001-32508**

---

| |
|:---|
| **Camber Energy, Inc.** |
| (Exact name of registrant as specified in its charter) |

---

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| | |
|:---|:---|
| **Nevada** | **20-2660243** |
| (State or other jurisdiction of <br>incorporation or organization) | (IRS Employer <br>Identification No.) |

---

**<u>12 Greenway Plaza, Suite 1100 Houston, TX 77046</u>**

(Address of principal executive offices)

**<u>(281) 404 4387</u>**

(Registrant's telephone number, including area code)

__________________________________________________________

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

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| |
|:---|
| **Title of each class** |
| Common Stock, $0.001 Par Value Per Share<br> NA |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | ☐ | Accelerated Filer | ☐ |
| Non-accelerated Filer | ☒ | Smaller Reporting Company | ☒ |
|  |  | Emerging Growth Company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

**APPLICABLE ONLY TO CORPORATE ISSUERS**

As of May 11, 2026, the registrant had 281,786,525 shares of common stock outstanding.

**CAMBER ENERGY, INC.**

---

| | | |
|:---|:---|:---|
|  | **[Part I – Financial Information](#a1)** |  |
| [Item 1](#a2) | [Financial Statements](#a2) | 3 |
|  | [Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025 (unaudited)](#a3) | 3 |
|  | [Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)](#a4) | 4 |
|  | [Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025 (unaudited)](#a5) | 5 |
|  | [Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)](#a6) | 6 |
|  | [Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three months ended March 31, 2026 and 2025 (unaudited)](#a7) | 7 |
|  | [Notes to Condensed Consolidated Financial Statements (unaudited)](#a8) | 8 |
| [Item 2](#a9) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a9) | 19 |
| [Item 3](#a10) | [Quantitative and Qualitative Disclosures about Market Risk](#a10) | 28 |
| [Item 4](#a11) | [Controls and Procedures](#a11) | 28 |
|  | **[Part II – Other Information](#a12)** |  |
| [Item 1](#a13) | [Legal Proceedings](#a13) | 29 |
| [Item 1A](#a14) | [Risk Factors](#a14) | 29 |
| [Item 2](#a15) | [Unregistered Sales of Equity Securities and Use of Proceeds](#a15) | 29 |
| [Item 3](#a16) | [Defaults Upon Senior Securities](#a16) | 29 |
| [Item 4](#a17) | [Mine Safety Disclosures](#a17) | 29 |
| [Item 5](#a18) | [Other Information](#a18) | 29 |
| [Item 6](#a19) | [Exhibits](#a19) | 30 |

---

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|:---|
| 2 |
| *[**Table of Contents**](#TOCMF)* |

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**PART I—FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**CAMBER ENERGY, INC.**<br>Condensed Consolidated Balance Sheets (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **At**<br> **March 31,** <br>**2026** | **At** <br>**December 31,** <br>**2025** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | $293794 | $279525 |
| Inventory, net | 863469 | 901449 |
| Insurance proceeds receivable | 10286000 |  |
| Prepaids and other current assets | 282559 | 57850 |
| Note receivable from related party | - | 342974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 11725822 | 1581798 |
| Intangible assets - Variable Interest Entities | 15433536 | 15433536 |
| Investment in unconsolidated entity | 2931360 | 2824126 |
| **TOTAL ASSETS** | $30090718 | $19839460 |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable and other accrued expenses | $5546551 | $5061330 |
| Accrued interest | 8592548 | 8187791 |
| Accrued litigation settlement | 10286000 |  |
| Undistributed revenues and royalties | 1637251 | 1637251 |
| Due to related parties | 1338330 | 1338330 |
| Current portion of long-term debt - net of debt discount | 45541300 | 1202956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 72941980 | 17427658 |
| Long-term debt - net of current portion and debt discount | 152715 | 43698407 |
| Contingent obligations | 1435757 | 1435757 |
| Asset retirement obligation | 646360 | 646360 |
| **TOTAL LIABILITIES** | 75176812 | 63208182 |
| Commitments and contingencies (Note 11) |  |  |
| **STOCKHOLDERS' DEFICIT** |  |  |
| Preferred stock Series A, $0.001 par value, 50,000 shares authorized, 28,092 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 28 | 28 |
| Preferred stock Series G, $0.001 par value, 25,000 authorized, 5,272 shares issued and outstanding as of March 31, 2026 and December 31, 2025. Liquidation preference of nil | 5 | 5 |
| Common stock, $0.001 par value, 500,000,000 shares authorized, 281,686,525 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 281687 | 281687 |
| Additional paid-in capital | 162845423 | 162845423 |
| Accumulated deficit | (214578297) | (212901381) |
| Parent's stockholders' deficit in Camber Energy, Inc. | (51451154) | (49774238) |
| Non-controlling interest | 6365060 | 6405516 |
| **TOTAL STOCKHOLDERS' DEFICIT** | (45086094) | (43368722) |
| **TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT** | $30090718 | $19839460 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

---

| |
|:---|
| 3 |
| *[**Table of Contents**](#TOCMF)* |

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**CAMBER ENERGY, INC.**<br>Condensed Consolidated Statements of Operations (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br>**March 31,**  | **Three Months Ended**<br>**March 31,**  |
|  | **2026** | **2025** |
| **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Power generation units and parts | $- | $3759080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service and repairs | - | 2470255 |
| **Total revenue** | - | 6229335 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold |  | 4648824 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 622852 | 3224436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion & amortization | - | 136847 |
| **Total operating expenses** | 622852 | 8010107 |
| **Loss from operations** | (622852) | (1780772) |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (409426) | (493358) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | (793381) | (793381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of investment in unconsolidated entity | 107234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivatives |  | (266891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | 1053 | 142749 |
| **Total other expense, net** | (1094520) | (1410881) |
| **Net loss before income taxes** | (1717372) | (3191653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | - | - |
| **Net loss** | (1717372) | (3191653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interest | (40456) | (474560) |
| **Net loss attributable to Camber Energy, Inc.** | $(1676916) | $(2717093) |
| Loss per common share, basic and diluted | $(0.01) | $(0.01) |
| Weighted average number of common shares outstanding, basic and diluted | 281686525 | 264634588 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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|:---|
| 4 |
| *[**Table of Contents**](#TOCMF)* |

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**CAMBER ENERGY, INC.**<br>Condensed Consolidated Statements of Comprehensive Loss (Unaudited)<br>

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** |
|  | **2026** | **2025**  |
| Net loss | $(1717372) | $(3191653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | - | 84272 |
| Total comprehensive loss | (1717372) | (3110381) |
| Less comprehensive loss attributable to non-controlling interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss attributable to non-controlling interest | (40456) | (474560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment attributable to non-controlling interest | - | 33287 |
| Comprehensive loss attributable to non-controlling interest | (40456) | (441273) |
| Comprehensive loss attributable to Camber Energy, Inc. | $(1676916) | $(2669108) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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|:---|
| 5 |
| *[**Table of Contents**](#TOCMF)* |

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**CAMBER ENERGY, INC.**<br>Condensed Consolidated Statements of Cash Flows (Unaudited)<br>

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(1717372) | $(3191653) |
| Adjustments to reconcile net loss to cash provided by (used) in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of investment | (107234) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative liability |  | 266891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization |  | 136847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets |  | 410832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 793381 | 793381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | 84272 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net |  | 847502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 37980 | 1316401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance proceeds receivable | (10286000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other current assets | (224709) | (218355) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued expenses | 485221 | (260171) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 404757 | 414052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued litigation settlement | 10286000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties |  | 200464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits |  | (167027) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | - | (391476) |
| **Net cash provided by (used in) operating activities** | (327976) | 241960 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of fixed assets |  | (16136) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment received on note receivable from related party | 342974 | - |
| **Net cash used in investing activities** | 342974 | (16136) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | (729) | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from (repayment of) bank credit facility |  | (154676) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of promissory notes, related parties | - | (16170) |
| **Net cash provided by (used in) financing activities** | (729) | (171548) |
| **Net increase in cash** | 14269 | 54276 |
| **Cash and cash equivalents, beginning of period** | 279525 | 114648 |
| **Cash and cash equivalents, end of period** | $293794 | $168924 |
| **Supplemental Cash Flow Information:** |  |  |
| Cash paid for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $4669 | $79306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | $- | $- |
| **Supplemental Disclosure of Non-Cash Investing and Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares on true-up of Series C Preferred Stock | $- | $1063265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of right of use assets through operating lease | $- | $289896 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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| 6 |
| *[**Table of Contents**](#TOCMF)* |

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**CAMBER ENERGY, INC.** <br>Condensed Consolidated Statements of Changes in Stockholders**'** Equity (Deficit) (Unaudited)<br>

**<u>For the three months ended March 31, 2026</u>**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock**  | **Preferred Stock**  | **Preferred Stock**  | **Preferred Stock**  |  |  | | | | |
|  | **Series A**  | **Series A**  | **Series G**  | **Series G**  | **Common Stock**  | **Common Stock**  | | | | |
|  | **Number**  | **Amount**  | **Number**  | **Amount**  | **Number**  | **Amount**  | **Additional** <br> **Paid-in** <br> **Capital**  | <br> **Accumulated** <br> **Deficit**  | <br> **Noncontrolling** <br>&nbsp;&nbsp;&nbsp;&nbsp;**Interest**  | **Total** <br> **Stockholders'**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Deficit**  |
| Balances at December 31, 2025 | 28092 | $28 | 5272 | $5 | 281686525 | $281687 | $162845423 | $(212901381) | $6405516 | $(43368722) |
| Net loss | - | - | - | - | - | - | - | (1676916) | (40456) | (1717372) |
| Balances at March 31, 2026 | 28092 | $28 | 5272 | $5 | 281686525 | $281687 | $162845423 | $(214578297) | $6365060 | $(45086094) |

---

**<u>For the three months ended March 31, 2025</u>**

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Preferred Stock**<br>**Series A** | **Preferred Stock**<br>**Series A** | **Preferred Stock**<br>**Series C** | **Preferred Stock**<br>**Series C** | **Preferred Stock**<br>**Series G** | **Preferred Stock**<br>**Series G** | **Preferred Stock**<br>**Series H** | **Preferred Stock**<br>**Series H** | **Common Stock** | **Common Stock** | **Common Stock** <br>**to be Issued** | **Common Stock** <br>**to be Issued** | | | | | |
|  | **Number** | **Amount** | **Number** | **Amount** | **Number** | **Amount** | **Number** | **Amount** | **Number** | **Amount** | **Number** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** | **Accumulated Other**<br>**Comprehensive**<br>**Loss** | **Accumulated**<br>**Deficit** | **Noncontrolling**<br>**Interest** | **Total**<br>**Stockholders'**<br> **Total**  |
| Balances at December 31, 2024 | 28092 | $28 | 30 | $1 | 5272 | 5 |  | $- | 258136858 | $258137 | 21574679 | $3451949 | $159411262 | $(134916) | $(208492886) | $7686763 | $(37819657) |
| Common shares issued on true-up of Series C preferred stock |  |  |  |  |  |  |  |  | 6645406 | 6645 | (6645406) | (1063265) | 1056620 |  |  |  |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  |  |  |  | 84272 |  |  | 84272 |
| Net loss | - | - | - | - | - | - |  | - | - | - | - | - | - | - | (2717093) | (474560) | (3191653) |
| Balances at March 31, 2025 | 28092 | $28 | 30 | $1 | 5272 | $5 |  | $- | 264782264 | $264782 | 14929273 | $2388684 | $160467882 | $(50644) | $(211209979) | $7212203 | $(40927038) |

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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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| 7 |
| *[**Table of Contents**](#TOCMF)* |

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**CAMBER ENERGY, INC.**<br>Notes to Condensed Consolidated Financial Statements<br>**(Unaudited)**<br>

**Note 1. Company Overview and Operations**

Camber Energy, Inc. ("Camber") through its wholly-owned subsidiary, Viking Energy, Inc. ("Viking"), is a growth-oriented diversified company with interests in innovative industry-changing technologies. Our existing portfolio of such innovative technologies includes: (i) a majority interest in an entity with intellectual property rights to a fully developed, patented, proprietary medical and bio-hazard waste treatment system using ozone technology, (ii) a majority interest in entities with the intellectual property rights to fully developed, patented and patent pending, proprietary electric transmission and distribution broken conductor protection systems, and (iii) a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States. Camber also has an interest in Simson-Maxwell Ltd. ("Simson-Maxwell"), a Canadian corporation, that provides custom energy and power solutions to commercial and industrial clients in North America (see Note 4).

*Medical Waste Disposal System Using Ozone Technology:*

Viking owns a 51% interest in Viking Ozone Technology, LLC ("Viking Ozone"), which owns the intellectual property rights to a patented, proprietary medical and biohazard waste treatment system using ozone technology. The technology is designed to be a sustainable alternative to incineration, chemical, autoclave and heat treatment of bio-hazardous waste, and for the treated waste to be classified as renewable fuel for waste-to-energy ("WTE") facilities in many locations around the world.

*Broken Conductor Protection Technologies:*

Viking owns a 51% interest in three entities, Viking Sentinel Technology, LLC ("Viking Sentinel"), Viking Protection Systems, LLC ("Viking Protection") and Viking Distribution Solutions, LLC ("Viking Distribution"), that own the intellectual property rights to patented and patent pending proprietary electric transmission and distribution broken conductor protection systems.

The broken conductor protection systems are designed to detect a break in a transmission line, distribution line, or coupling failure, and to immediately terminate the power to the line before it reaches the ground. The technology is intended to increase public safety and reduce the risk of causing an incendiary event, and to be an integral component within grid hardening and stability initiatives by electric utilities to improve the resiliency and reliability of existing infrastructure.

*Clean Energy and Carbon-Capture System:*

Viking holds an exclusive intellectual property license from ESG Clean Energy, LLC ("ESG") and Scuderi Group, Inc., to utilize ESG's patent rights and know-how related to stationary electric power generation and heat and carbon dioxide capture. The intellectual property license includes the patents and/or patent applications related to this technology and provides Viking with the right to use the technology at up to 25 sites in the U.S. and an unlimited number of sites in Canada. During 2025, the value of the license was determined to be impaired and was written down to zero in the consolidated financial statements.

The Company intends to sell, lease and/or sub-license the ESG Clean Energy System to third parties.

**Note 2. Going Concern**

The Company's condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company generated a net loss of $(1,717,372) for the three months ended March 31, 2026, as compared to a net loss of $(3,191,653) for the three months ended March 31, 2025. The loss for the three months ended March 31, 2026, was comprised of, among other things, certain non-cash items, including: (i) amortization of debt discount of ($793,381), and; (ii) a gain on change in fair value of investment of $107,234.

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At March 31, 2026, the Company had stockholders' deficit of $45,086,094, long-term debt, net of current, of $152,715 and a working capital deficiency of $61,216,158. The largest components of current liabilities creating this working capital deficiency was current portion of long-term debt of $45,541,300, accrued interest of $8,474,849, amounts due to related parties of $1,338,330, and related party accounts payable of $2,032,000.

These conditions raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to utilize the resources in place to generate future profitable operations, to develop additional acquisition opportunities, and to obtain the necessary financing to meet its obligations and repay its liabilities arising from business operations when they come due. Management believes the Company may be able to continue to develop new opportunities and may be able to obtain additional funds through debt and / or equity financings to facilitate its business strategy; however, there is no assurance of additional funding being available. These condensed consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

**Note 3. Summary of Significant Accounting Policies**

Recently issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures*, which requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company does not expect adoption of this Update to have a significant impact on its financial statements.

a) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and the interim reporting rules of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in Camber's latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

b) Basis of Consolidation

The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial results of the Company, its wholly-owned subsidiary, Viking Energy Group, Inc. ("Viking"), the wholly-owned subsidiary of Viking (Petrodome Energy, LLC), and Viking's majority interest in Simson-Maxwell from January 1 through March 31, 2025.

Viking holds a 51% ownership interest in Viking Ozone, Viking Protection, Viking Sentinel and Viking Distribution. These entities were formed to facilitate the monetization of acquired intellectual properties (see Note 6). These entities are variable interest entities in which the Company owns a controlling financial interest; consequently, these entities are also consolidated.

All significant intercompany transactions and balances have been eliminated.

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c) Foreign Currency

Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations and cash flows of businesses conducted in foreign currency are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of stockholders' equity in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions have been insignificant.

d) Use of Estimates in the Preparation of Condensed Consolidated Financial Statements

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. Significant areas requiring the use of management estimates relate to the determination of the fair value of the Company's various series of preferred stock, investment in Simson-Maxwell, impairment of long-lived assets, goodwill, stock-based compensation, asset retirement obligations, and expected tax rates for future income tax recoveries.

e) Financial Instruments

Accounting Standards Codification, "ASC" Topic 820-10, "Fair Value Measurement" requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measurement. The carrying amounts reported in the condensed consolidated balance sheets for accrued expenses and other current liabilities, accounts payable, amounts due to related parties each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

· Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

· Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

· Level 3: inputs to the valuation methodology are unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort.

At March 31, 2026, the significant inputs to the Company's investment in Simson-Maxwell was a Level 3 input.

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Assets measured at fair value as of and for the three months ended March 31, 2026 are classified below based on the fair value hierarchy described above:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted**<br>**Prices in**<br>**Active**<br>**Markets** <br>**for**<br>**Identical** <br>**Assets**<br>**(Level 1)** | **Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant Unobservable**<br>**Inputs**<br>**(Level 3)** | **Total** <br>**Gain/ (loss)** <br>**(quarter ended** <br>**Mar. 31,** <br>**2026)** |
| Financial assets: | Financial assets: | Financial assets: | Financial assets: | Financial assets: |
| Investment in Simson-Maxwell | $- | $- | $2931360 | $107234 |

---

See Note 4 for the assumptions used in determining the fair value of the investment in Simson-Maxwell.

f) Cash and Cash Equivalents

Cash and cash equivalents include cash in banks and highly liquid investment securities that have original maturities of three months or less. Accounts are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. The Company's cash balances may at times exceed the FDIC insured limits.

g) Inventory

Inventories are stated at the lower of cost or net realizable value, and consist of parts, equipment and work-in-process. Work-in-process and finished goods included the cost of materials, direct labor and overhead. At the closing of each reporting period, the Company evaluates its inventory in order to adjust the inventory balance for obsolete and slow-moving items.

Inventory consisted of the following at March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Units and work-in-process | $686415 | $686415 |
| Parts | 177054 | 215034 |
|  | 863469 | 901449 |
| Reserve for obsolescence | - | - |
|  | $863469 | $901449 |

---

h) Intangible Assets

Intangible assets include amounts related to the Company's patents and intellectual property owned by Viking Ozone, Viking Protection, Viking Sentinel and Viking Distribution.

The Company reviews intangible assets, at least annually, for possible impairment when events or changes in circumstances indicate that the assets carrying amount may not be recoverable. In evaluating the future benefit of its intangible assets, the Company estimates the anticipated undiscounted future net cash flows of the intangible assets over the remaining estimated useful life. If the carrying amount is not recoverable, an impairment loss is recorded for the excess of the carrying value of the asset over its fair value.

i) Investment in Unconsolidated Entity

Since the beginning of the fourth quarter of 2025, the Company accounts for its non-controlling interest in Simson-Maxwell at fair value as the Company is not able to exercise significant influence over this investment. Under the fair value method, the Company adjusts the carrying value of its investment for changes in fair value and records the amount of the change in fair value in the condensed consolidated statement of operations. During the second and third quarters of 2025, the Company accounted for this investment under the equity method. See Note 4 for further details regarding the structure of this investment.

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j) Income (loss) per Share

Basic and diluted income (loss) per share calculations are calculated on the basis of the weighted average number of shares of the Company's common stock outstanding during the year. Diluted earnings per share give effect to all dilutive potential shares of common stock outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted earnings per share, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options and warrants. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive.

k) Stock-Based Compensation

The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.

The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company's stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of the stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.

l) Accounting for Asset Retirement Obligations

Asset retirement obligations ("ARO") primarily represent the estimated present value of the amount the Company will incur to plug, abandon and remediate oil and gas properties at the projected end of their productive lives, in accordance with applicable federal, state and local laws. The Company determined its ARO by calculating the present value of estimated cash flows related to the obligation. The retirement obligation is recorded as a liability at its estimated present value as of the obligation's inception, with an offsetting increase to proved properties.

The Company has no oil and gas assets. The asset retirement obligation balance at March 31, 2026 and December 31, 2025 is in respect of Petrodome's prior working interest in an abandoned offshore well which was the subject of a decommissioning order (the "Order") issued by the Bureau of Safety and Environmental Enforcement ("BSEE") in April 2019 to which Petrodome was a named party. Petrodome filed an appeal with the Interior Board of Land Appeals ("IBLA") in 2019. Petrodome and the BSEE subsequently jointly requested, and received, a stay of the Order from the IBLA that remained in effect at March 31, 2026. The Company understands that decommissioning activity has begun and will retain this obligation pending resolution of the Order.

m) Undistributed Revenues and Royalties

The Company recorded a liability for cash collected from oil and gas sales that is due to royalty and working interest owners. The amounts were distributed in accordance with the working interests of the respective owners. The balance at March 31, 2026 and December 31, 2025 represents the value of payments issued to working interest and royalty owners with respect to the Company's previously owned oil & gas assets that have not been cashed.

n) Subsequent events

The Company has evaluated all subsequent events from March 31, 2026 through the issuance date of these financial statements (Note 13).

**Note 4. Investment in Simson-Maxwell**

Viking acquired a controlling interest in Simson Maxwell in 2021 and consolidated Simson Maxwell's financial statements in the Company's consolidated financial statements.

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On April 1, 2025, Viking entered into a Share Subscription Agreement ("SSA") with T&T Power Group Inc. ("T&T"), Remora EQ LP, Simmax Corp., and Simson-Maxwell. The SSA related to a restructuring of the ownership of Simson-Maxwell that resulted in Camber ceasing to have a controlling interest in Simson-Maxwell. Following the closing of the transaction in the SSA, T&T and Viking are the shareholders of Simson-Maxwell. T&T owns 51% of Simson-Maxwell's outstanding common shares and Viking owns the remaining 49%. Viking did not sell or purchase any shares in connection with the transaction. As a result of the reduction in Viking's ownership interest and ceasing to have control over Simson-Maxwell, Camber deconsolidated the financial statements of Simson-Maxwell on April 1, 2025 and accounted for its investment in Simson-Maxwell under the equity method through September 30, 2025. Under the equity method, the Company recognized its share of earnings (losses) in Simson Maxwell in its consolidated statement of operations. During the quarter ended December 31, 2025, the Company determined that it was not able to exercise significant influence over this investment and, as a result, began accounting for this investment at fair value.

On April 1, 2025, Viking also entered into a shareholders agreement with T&T and Simson-Maxwell which governs the ownership and management of Simson-Maxwell. This agreement contains a call and a put option. Consequently, the fair value of the Company's investment in Simson Maxwell is calculated to be the present value at the reporting date (using a discount rate of 15%) of the call option included in the shareholder agreement under which T&T has the option to purchase the Company's remaining shares in Simson-Maxwell at any time within the 36 months following the transaction date for CAD $5.75 million ($4.2 million). If T&T does not exercise its option above, Viking has the option, exercisable at any time after 36 months, to require T&T to purchase Viking's 49% ownership interest for CAD $7.75 million (approximately $5.7 million).

The adjustment to the fair value of the investment in Simson-Maxwell at March 31, 2026 was as follows:

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| | |
|:---|:---|
| Value of investment at December 31, 2025 | $2824126 |
| Change in the fair value of the investment | 107234 |
| Fair value of investment at March 31, 2026 | $2931360 |

---

**Note 5. Note Receivable from Related Party**

On April 1, 2025, Simson-Maxwell issued two unsecured promissory notes totaling CAD $939,403 ($656,101) to Viking to restructure amounts owed to Viking at the closing date of the Share Subscription Agreement described in Note 1. The promissory notes earn interest at the rate of 20% per annum and matured on December 1, 2025 and May 31, 2026, respectively. If the principal of each promissory note was paid in full on or before the respective maturity date, all interest otherwise owing under each promissory note would be waived.

The Company expected the promissory notes to be paid on or before the maturity date and therefore did not accrue interest income on the notes. The first promissory note was paid at maturity on December 1, 2025. The second promissory note was paid prior to its maturity date on February 27, 2026.

**Note 6. Intangible Assets - Variable Interest Entities ("VIE's")**

The Company holds a 51% interest in four VIE's – Viking Ozone, Viking Protection, Viking Sentinel and Viking Distribution – which were formed in order to acquire and monetize the patents and intellectual property for the Company's medical waste disposal and broken conductor protection technologies.

The initial accounting for these acquisitions was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Viking**<br>**Ozone** | **Viking**<br>**Sentinel** | **Viking**<br>**Protection** | **Viking**<br>**Distribution** | <br>**Total** |
| Purchase price: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of stock or cash at closing | $2000000 | $233334 | $4433334 | $100 | $6666768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value of contingent consideration | 495868 | - | 939889 | - | 1435757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total consideration | $2495868 | $233334 | $5373223 | $100 | $8102525 |
| Purchase price allocation: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible asset | $4916057 | $457518 | $10059765 | $196 | $15433536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | (2420189) | (224184) | (4686542) | (96) | (7331011) |
| &nbsp;&nbsp;&nbsp;&nbsp;Camber ownership interest | $2495868 | $233334 | $5373223 | $100 | $8102525 |

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*Contingent Consideration*

As part of the initial acquisition of Viking Ozone, the Company agreed to issue additional consideration of 3,333,333 common shares upon the sale of 5 units and an additional 1,666,667 shares upon the sale of 10 units.

As part of the initial acquisition of Viking Protection, the Company agreed to issue additional consideration to the seller in either cash or shares of Series H Preferred stock (convertible into common shares at defined conversion prices), at the seller's option, upon the attainment of certain unit sales volumes of the broken conductor technology, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Unit Sales** <br>**Volume** | **Additional** <br>**Purchase Price** | **No. of Series H** <br>**Preferred Shares** | **Conversion Price** <br>**per Share** | **No. Underlying** <br>**Common Shares** |
| 10,000 units | $1000000 | 100 | $0.75 | 1333333 |
| 20,000 units | 2000000 | 200 | 1.00 | 2000000 |
| 30,000 units | 3000000 | 300 | 1.25 | 2400000 |
| 50,000 units | 4000000 | 400 | 1.50 | 2666667 |
| 100,000 units | 6000000 | 600 | 2.00 | 3000000 |
|  | $16000000 | 1600 |  | 11400000 |

---

At March 31, 2026 no additional shares were required to or have been issued.

**Note 7. Related Party Transactions**

The Company's CEO and Director, James Doris, renders professional services to the Company through AGD Advisory Group, Inc., an affiliate of Mr. Doris's. For the three month period ended March 31, 2026 and 2025, the Company paid or accrued $150,000 in fees to AGD Advisory Group, Inc. At March 31, 2026 and December 31, 2025, the total amount due to AGD Advisory Group, Inc. was $1,695,000 and $1,545,000, respectively, and is included in accounts payable.

At March 31, 2026 and December 31, 2025, the Company's CEO and Director, James Doris, has provided advances to the Company in the amount of $1,338,330. The advances are non-interest bearing with no fixed repayment terms and are included in "Due to related parties".

The Company's CFO, John McVicar, renders professional services to the Company through 1508586 Alberta Ltd., an affiliate of Mr. McVicar's. For the three month period ended March 31, 2026 and 2025, the Company paid or accrued $90,000 in fees to 1508586 Alberta Ltd. At March 31, 2026 and December 31, 2025, the total amount due to 1508586 Alberta Ltd. was $150,000 and $105,000, respectively, and is included in accounts payable.

The Company paid or accrued $40,000 in Directors Fees for the three month periods ended March 31, 2026 and 2025. At March 31, 2026 and December 31, 2025, the total amount due to the Directors was $187,000 and $160,000, respectively, and is included in accounts payable.

**Note 8. Non-controlling Interests**

The following discloses the effects of the Company's ownership interest in Viking Ozone, Viking Sentinel, Viking Protection, Viking Distribution and Simson-Maxwell, in the aggregate, and on the Company's equity at March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| Non-controlling interest – beginning | $6405516 | $7686763 |
| Deconsolidation of investment in Simson-Maxwell  |  | (363220) |
| Investment in Viking Distribution |  | 96 |
| Net loss attributable to non-controlling interest | (40456) | (918123) |
| Non-controlling interest – ending | $6365060 | $6405516 |

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**Note 9. Long-Term Debt and Other Short-Term Borrowings**

Long-term debt and other short-term borrowings consisted of the following at March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| **Long-term debt:** |  |  |
| Note payable to Discover, pursuant to a Secured Promissory Note dated December 24, 2021 and funded on January 3, 2022 in the original amount of $26,315,789 with interest and principal due at maturity on January 1, 2027. The note bears interest at a rate of 3.25% as of the effective date and is secured by lien on substantially all of the Company's assets. | $26315789 | $26315789 |
| Note payable to Discover pursuant to a 10.0% Secured Promissory Note dated April 23, 2021 in the original amount of $2,500,000 with interest and principal due at maturity on January 1, 2027. Pursuant to an amendment dated December 24, 2021 the interest rate was adjusted to 3.25% as of the amendment date. The note is secured by a lien on substantially all of the Company's assets. | 2500000 | 2500000 |
| Note payable to Discover, pursuant to a 10.0% Secured Promissory Note dated December 22, 2020 in the original amount of $12,000,000 with interest and principal due at maturity on January 1, 2027. Pursuant to an amendment dated December 24, 2021 the interest rate was adjusted to 3.25% as of the amendment date. The note is secured by a lien on substantially all of the Company's assets. | 12000000 | 12000000 |
| Note payable to Discover, pursuant to a 10.0% Secured Promissory Note dated December 11, 2020 in the original amount of $6,000,000 with interest and principal due at maturity on January 1, 2027. Pursuant to an amendment dated December 24, 2021 the interest rate was adjusted to 3.25% as of the amendment date. The note is secured by a lien on substantially all of the Company's assets. | 6000000 | 6000000 |
| Loan of $150,000 dated July 1, 2020 from the U.S. Small Business Administration. The loan bears interest at 3.75% and matures on July 28, 2050. The loan is payable in monthly installments of $731 with the remaining principal and accrued interest due at maturity. Installment payments were originally due to start 12 months from the date of the note but the date was extended to January 2023. Accrued interest from the original installment due date to January 2023 was capitalized to the loan principal balance. | 155699 | 156428 |
| Convertible promissory note payable to FK Venture, LLC dated April 7, 2025. The note bears interest at a rate of 10% per annum and matures on September 30, 2026. The Company may prepay the note in whole or in part, provided that if prepayment occurs within twelve months of issuance, the Company must pay a minimum of twelve months' interest. At any time prior to the Maturity Date, the investor may elect to convert the outstanding principal and any accrued but unpaid interest into shares of the Company's common stock at a fixed conversion price of $0.15 per share. | 1200000 | 1200000 |
| Total long-term debt | 48171488 | 48172217 |
| Less current portion | (48018773) | (1202956) |
| Debt discount on current portion of note payable to Discover | 2477473 | - |
| Current portion, net of debt discount | (45541300) | (1202956) |
| Long-term debt, net of current portion | 152715 | 46969261 |
| Debt discount on note payable to Discover | - | (3270854) |
| Total long-term debt, net of current portion and debt discount | $152715 | $43698407 |

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Principal maturities of long-term debt for the next five years and thereafter are as follows:

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| | | | |
|:---|:---|:---|:---|
| At March 31, |  |  |  |
|  | **Principal** | **Unamortized** <br>**Discount** | **Net** |
| 2027 | $48018773 | $(2477473) | $45541300 |
| 2028 | 3098 |  | 3098 |
| 2029 | 3216 |  | 3216 |
| 2030 | 3339 |  | 3339 |
| 2031 | 3466 |  | 3466 |
| Thereafter | 139596 | - | 139596 |
|  | $48171488 | $(2477473) | $45694015 |

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**Note 10. Equity**

(a) Common Stock

The Company is authorized to issue 500,000,000 shares of Common Stock, par value $0.001 per share.

(b) Preferred Stock

The Company is authorized to issue 10,000,000 shares of Preferred Stock, par value $0.001 per share (the "Preferred Stock").

*(i) Series A Convertible Preferred Stock*

In 2023, the Company issued 28,092 shares of new Series A Preferred Stock in exchange for 28,092 outstanding shares of old Series C Preferred Stock of Viking Energy Group Inc. Each share of Series A Preferred Stock is convertible into 890 shares of Camber Common Stock (subject to a beneficial ownership limitation of 9.99% of Camber Common Stock), is treated equally with Camber Common Stock with respect to dividends and liquidation, and only has voting rights with respect to voting: (a) on a proposal to increase or reduce Camber's share capital; (b) on a resolution to approve the terms of a buy-back agreement; (c) on a proposal to wind up Camber; (d) on a proposal for the disposal of all or substantially all of Camber's property, business and undertaking; (e) during the winding-up of Camber; and/or (f) with respect to a proposed merger or consolidation in which Camber is a party or a subsidiary of Camber is a party.

*(ii) Series C Redeemable Convertible Preferred Stock*

The Series C Preferred Stock contained an embedded derivative due to the potential conversion into a variable number of shares of common stock. Conversion of the face value of the Series C Preferred Stock was fixed at $162.50 per share of common stock. The Stock also included a Conversion Premium which was convertible into shares of common stock based on a variable that was not an input to the fair value of a fixed-for-fixed option as defined in FASB ASC 815-40 and was therefore a derivative liability recorded at fair value.

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The Company determined the redemption value of the face value of the Series C Preferred Stock to be the fair value of the shares of common stock issuable to satisfy the conversion of the face value of the Series C Preferred Stock. The fair value of the Conversion Premium was determined to be the fair value of the shares required to satisfy the Conversion Premium.

At March 31, 2025 there were 30 shares of Series C Preferred Stock outstanding, which were convertible into 1,846 common shares. The Conversion Premium associated with the outstanding shares at that date was estimated to be 26,689,091 common shares. For the three months ended March 31, 2025, the Company recorded an expense of $266,891 related to the change in the fair value of the Conversion Premium.

During the second quarter of 2025, the holder converted a total of 19 shares of Series C Preferred Stock in exchange for 16,904,261 shares of common stock and agreed to cancel the remaining 11 outstanding shares of Series C Preferred Stock. Additionally, the holder agreed to waive its entitlement to any further additional shares due from prior conversions. At March 31. 2026 and December 31, 2025, no shares of Series C Preferred Stock were outstanding and the balance of common stock to be issued on true-up of prior Series C Preferred stock conversions was nil.

*(iii) Series G Redeemable Convertible Preferred Stock*

The Series G Preferred Stock were created in 2021 with a face value of $10,000 per share. The Series G Preferred Stock may be converted into shares of common stock at any time at the option of the holder at a price per share of common stock equal to one cent above the closing price of the Company's common stock on the date of the issuance of such shares of Series G Preferred Stock, or as otherwise specified in the Stock Purchase Agreement. Upon conversion, the Company will pay the holders of the Series G Preferred Stock being converted a conversion premium equal to the amount of dividends that such shares would have otherwise earned if they had been held through the maturity date.

Each outstanding share of Series G Preferred Stock will accrue cumulative dividends at a rate equal to 10.0% per annum of the Face Value. Dividends will be payable upon any of the following: (a) redemption of shares; (b) conversion of shares; and (c) when, as and if otherwise declared by the board of directors of the Corporation.

In 2022, the Company issued 10,544 shares Series G Preferred Stock for an aggregate price of $100,000,000 representing at a 5% original issue discount. The Purchase Price was paid as follows: $5,000,000 in cash and four Promissory Notes each in the amount of $23,750,000 and payable on March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, respectively.

There are 2,636 shares of Series G Preferred Stock associated with each Note. The shares may not be converted into shares of common stock unless the related Note is paid in full. The Company may, at its discretion, redeem the 2,636 shares of Series G Preferred Stock associated with each Note for consideration of $1,375,000.

In 2022, the Company paid $2,750,000 and redeemed 5,272 shares of Series G Preferred Stock associated with the Notes due March 31, 2022 and June 30, 2022.

At March 31, 2026, none of the outstanding notes had been paid in full and the 5,272 shares which remained outstanding were not convertible.

(c) Warrants

The following table represents stock warrant activity at and for the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number** <br>**of Shares** | **Weighted** <br>**Average**<br>**Exercise**<br>**Price** | **Weighted** <br>**Average**<br>**Remaining**<br>**Contractual Life** | **Aggregate** <br>**Intrinsic**<br>**Value** |
| Warrants Outstanding – December 31, 2025 | 2033334 | $0.83 | 2.01 years | $- |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Forfeited/expired/cancelled | - | - |  | - |
| Warrants Outstanding – March 31, 2026 | 2033334 | $0.83 | 1.77 years | $- |
| Outstanding Exercisable – March 31, 2026 | 2033334 | $0.83 | 1.77 years | $- |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number** <br>**of Shares** | **Weighted** <br>**Average**<br>**Exercise**<br>**Price** | **Weighted** <br>**Average**<br>**Remaining**<br>**Contractual Life** | **Aggregate** <br>**Intrinsic**<br>**Value** |
| Warrants Outstanding – December 31, 2024 | 2341416 | $0.86 | 2.55 years | $- |
| Granted |  |  |  |  |
| Exercised |  |  |  |  |
| Forfeited/expired/cancelled | - | - |  | - |
| Warrants Outstanding – March 31, 2025 | 2341416 | $0.86 | 2.31 years | $- |
| Outstanding Exercisable – March 31, 2025 | 2341416 | $0.86 | 2.31 years | $- |

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**Note 11. Commitments and Contingencies**

*Legal matters*

From time-to-time suits and claims against Camber arise in the ordinary course of Camber's business, including contract disputes and title disputes. Camber records reserves for contingencies when information available indicates that a loss is probable, and the amount of the loss can be reasonably estimated.

On June 15, 2022, a Petition for Damages (*Danny Paul Gastal and Ignatius Hoffpauir v. Petrodome Operating, LLC, et. al.*) was filed in The 15th Judicial District Court for the Parish of Acadia in the State of Louisiana against a wholly-owned subsidiary of Petrodome Energy, LLC ("Petrodome") and two other parties (collectively, the "Defendants") related to a flowline leak on a salt-water disposal well owned by a third party and operated by Petrodome. The owner of the property where the leak occurred and his tenant farmer (collectively, the "Plaintiffs") alleged environmental damage as a result of the leak and sought damages for the cost of remediation, loss of use and loss of income. Subsequently, the suit was amended to name the insurers of both Petrodome and the well owner.

Petrodome and the well owner made a "limited admission" of liability for environmental damage under Louisiana Code of Civil Procedure article 1563 and La. R.S. 30:29 and presented a "most feasible plan" to remediate the property to the Louisiana Department of Conservation & Energy ("LDCE") at a January 6, 2026 public hearing. The LDCE approved the plan which is expected to cost approximately $286,000 to implement.

On or about April 24, 2026, the parties reached a settlement agreement pursuant to which the Defendants agreed to pay the Plaintiffs approximately $10.3 million for damages and to fund and implement the LDCE-approved remediation plan and to diligently perform whatever remediation, restoration, clean-ups, investigation(s), evaluation(s), testing, and/or other work, if any, that the LDCE deems necessary in order to obtain the required no further action letter for the limited admission area. The Company believes that the settlement amount will be fully funded by applicable insurance policies maintained by Petrodome and the well owner. The settlement liability and the insurance proceeds receivable have been recorded in the Company's condensed consolidated financial statements at and for the three months ended March 31, 2026. The settlement of this claim did not have any impact on the Company's consolidated results of operations or net cash flows.

**Note 12. Segmented Information**

The Company operates as one reportable segment. The Company's chief operating decision maker is the Chief Executive Officer, who reviews financial information presented on a consolidated basis. Performance is evaluated and resources allocated based upon the progress and projected financial requirements to advance each technology towards commercialization.

**Note 13. Subsequent Events**

On April 17, 2026, Viking Ozone Technology, LLC ("VOT"), a majority-owned subsidiary of Viking, entered into a loan arrangement with an Investor whereby VOT issued the Investor a promissory note in the principal amount of $500,000 (the "Note"). The Note bears interest at a fixed rate equal to 10% of the principal amount and matures on the earlier of (i) April 15, 2027; or (ii) the receipt by the Company of proceeds from the unconditional sale of the Company's VKIN-300 waste treatment unit identified in the Note.

On May 8, 2026, pursuant to the Unanimous Consent of its Board of Directors, the Company issued a Common Stock Warrant to 1508586 Alberta Ltd. (the "Holder"), an affiliate of the Company's CFO, entitling the Holder to purchase up to 500,000 shares of common stock of the Company at an exercise price of $0.001 per share at any time between May 8, 2026 and May 8, 2031.

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

You should read the following discussion and analysis in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q. In preparing the management's discussion and analysis, the registrant presumes that you have read or have access to the discussion and analysis for the preceding fiscal year.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENT**S

This document includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or the Reform Act. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including, but not limited to, any projections of earning, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions of performance; and statements of belief; and any statements of assumptions underlying any of the foregoing. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: our ability to raise capital and the terms thereof; ability to successfully commercialize our technologies and generate revenues therefrom; competition within our industries; adverse changes in government regulations or policies; dependence on key personnel; and other factors referenced in this Form 10-Q.

The use in this Form 10-Q of such words as "believes", "plans", "anticipates", "expects", "intends", and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements present the Company's estimates and assumptions only as of the date of this Report. Except for the Company's ongoing obligation to disclose material information as required by the federal securities laws, the Company does not intend, and undertakes no obligation, to update any forward-looking statements.

Although the Company believes that the expectations reflected in any of the forward-looking statements are reasonable, actual results could differ materially from those projected or assumed or any of the Company's forward-looking statements. The Company's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties.

**PLAN OF OPERATIONS**

**Overview**

Camber is a growth-oriented diversified company with interests in innovative, industry-changing or industry-leading technologies, as well as an interest in a company that provides custom energy and power solutions to commercial and industrial clients in North America. Our existing portfolio of innovative technologies includes: (i) a majority interest in an entity with intellectual property rights to a fully developed, patented, proprietary medical and bio-hazard waste treatment system using ozone technology; and (ii) a majority interest in entities with the intellectual property rights to fully developed, patented and patent pending, proprietary electric transmission and distribution broken conductor protection systems, and a license to a patented clean energy and carbon-capture system with exclusivity in Canada and for multiple locations in the United States.

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Our interest in the custom energy and power solutions industry consists of a forty-nine percent interest in Simson-Maxwell Ltd., a Canadian corporation.

We are also exploring other energy-related opportunities and/or technologies which are currently generating revenue, or have a reasonable prospect of generating revenue within a reasonable period of time.

*Medical Waste Disposal System Using Ozone Technology:*

In January 2022, Viking acquired a 51% interest in Viking Ozone, which owns the intellectual property rights to a patented (i.e., US Utility Patent No. 11,565,289), proprietary medical and biohazard waste treatment system using ozone technology. The technology is designed to be a sustainable alternative to incineration, chemical, autoclave and heat treatment of bio-hazardous waste, and for the treated waste to be classified as renewable fuel for waste-to-energy ("WTE") facilities in many locations around the world.

In November, 2025, Viking Ozone was advised that its flagship *VKIN-300* medical and bio-hazardous waste pre-treatment unit (the "VKIN-300 Unit") passed the acceptance review by Laboratoire national de métrologie et d'essais ("LNE") in France to obtain official certification of compliance with French Standard NFX 30-503, regarded as one of the world's strictest standards for waste decontamination equipment. On or about November, 7, 2025, the LNE confirmed that Viking Ozone's application for a certificate of conformity for the VKIN 300 pretreatment unit is complete, satisfactory, and compliant with the requirements of standard NF X 20-703-1 of April 2024, and that formal attestation of conformity under the French decree Arrêté du 20 avril 2017 (Ministry of Social Affairs & Health, relating to pretreatment by disinfection of regulated medical care waste – DASRI) is expected to be issued once the decree is updated to reference French Standard NFX 30-503 and LNE's own certification framework is amended accordingly. Given the conclusion of the evaluation report received from the LNE it is likely the certification will be obtained but there are no assurances of such result.

*Broken Conductor Protection Technologies:*

In February 2022, Viking acquired a 51% interest in two entities, Viking Sentinel and Viking Protection, that own the intellectual property rights to patented and patent pending proprietary electric transmission and distribution broken conductor protection systems. On August 1, 2025, Viking acquired a 51% interest in Viking Distribution which owns the intellectual property rights to patented and patent pending proprietary electric distribution broken conductor protection systems.

The broken conductor protection systems are designed to detect a break in a transmission line, distribution line, or coupling failure, and to immediately terminate the power to the line before it reaches the ground. The technology is intended to increase public safety and reduce the risk of causing an incendiary event, and to be an integral component within grid hardening and stability initiatives by electric utilities to improve the resiliency and reliability of existing infrastructure.

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A summary of the applicable patents, pending patents and/or patent applications associated with the intellectual property owned by Viking Sentinel, Viking Protection and/or Viking Distribution as at the date hereof is as follows:

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| **Application #** | **Description** | **Application Filed** | **Notice of Allowance Received** | **Patent Issued** |
| U.S. No. 17/672,422 | Electric Transmission Line Ground Fault Prevention Methods Using Dual, High Sensitivity Monitoring | Yes | Yes | Yes |
| U.S. No. 17/693,504 | Electric Transmission Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring | Yes | Yes | Yes |
| U.S. No. 17/821,651 | Electric Transmission Line Ground Fault Prevention systems using dual parameter monitoring with high sensitivity relay devices in parallel with low sensitivity relay devices | Yes | Yes | Yes |
| U.S. No. 18/227,670 | Electric Transmission Line Ground Fault Prevention Methods Using Multi-Parameter High Sensitivity Monitoring | Yes | Yes | Yes |
| U.S. No. 17/300,485 | End of Line Protection with Trip-Signal Engaging  | Yes | Yes | Yes |
| U.S. No. 17/628,545 | End of Line Protection with Blocking | Yes | Yes | Yes |
| International Application No. PCT/US2024/010627 | Electric Transmission Line Ground Fault Prevention Methods Using Multi-Parameter High Sensitivity Monitoring | Yes | No | No  |
| US No. 18/064,152 | Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices | Yes | Yes | Yes |
| PCT INT'L Application PCT/US23/83181 | Electric Distribution Line Ground Fault Prevention Systems Using Dual, High Sensitivity Monitoring With High Sensitivity Relay Devices | Yes | No | No  |
| US No. 12,407,184 B2 | Distribution Line Ground Fault Prevention With Blown Fuse Protection on Single Phase | Yes | Yes | Yes |
| US Application SN 18/920,865 | Electric Distribution Line Ground Fault Prevention Device Using Dual Parameter High Sensitivity Monitoring Small Current Reduction With Small Increase in Negative Sequence Current | Yes | Yes | Yes |
| US Application 19/362,887 | Electric Distribution Line Ground Fault Prevention Systems Using Dual Parameter High Sensitivity Relay | Yes | No | No |

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*Clean Energy and Carbon-Capture System:*

In August 2021, Viking entered into an Exclusive Intellectual Property License Agreement (the "IPLA") with ESG Clean Energy, LLC ("ESG"), to utilize ESG's patent rights and know-how related to stationary electric power generation and heat and carbon dioxide capture (the "ESG Clean Energy System"). The intellectual property licensed by Viking includes certain patents and/or patent applications, including the following:

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| No. | Reference No. | Details | Status | Directed To |
| 1 | 5874.001A | U.S. Patent No.: 10,774,733, File date: October 24, 2018, Issue date: September 15, 2020, Titled: "Bottoming Cycle Power System."  | Issued<br>| Systems for generating bottoming cycle power and producing distilled water |
| 2 | 5874.001AEP | European Patent No.: EP3728891, Issue Date: April 12, 2023; Validated in the United Kingdom, France and Germany; European Patent Application No.: EP18870699.8, International File date: October 24, 2018, PCT Publication No.: WO2019084208, European Publication No.: EP3728801A1; Titled: "Bottoming Cycle Power System." | Issued | Systems for generating bottoming cycle power and producing distilled water |

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| 3 | 5874.004 | U.S. Patent No.: 11286832, Issue Date: March 29, 2022; U.S. Patent Application No.: 17/224,200, File date: April 7, 2021, Titled: "Bottoming Cycle Power System." | Issued | Systems for generating bottoming cycle power and capturing carbon dioxide |
| 4 | 5874.004A | U.S. Patent No.: 11415052, Issue Date: August 16, 2022; U.S. Patent Application No.: 17/448,943, File date: September 27, 2021, Titled: "Systems and Methods Associated With Bottoming Cycle Power Systems for Generating Power and Capturing Carbon Dioxide." | Issued | Systems and Methods for generating bottoming cycle power and capturing carbon dioxide |
| 5 | 5874.004B | US Patent No.: 11624307, Issue Date: April 11, 2023; U.S. Patent Application No.: 17/580,777, File date: January 21, 2022, Titled: "Systems and Methods Associated With Bottoming Cycle Power Systems for Generating Power and Capturing Carbon Dioxide." | Issued | Systems and Methods for generating bottoming cycle power and capturing carbon dioxide |
| 6 | 5874.004WO | PCT International Patent Application No.: PCT/US2022/022827, File date: March 31, 2022, Titled: "Bottoming Cycle Power Systems." | Pending | Systems and Methods for generating bottoming cycle power and capturing carbon dioxide |
| 7 | 5874.004AWO | PCT International Patent Application No.: PCT/US2022/076635, File date: September 19, 2022, Titled: "Systems And Methods Associated With Bottoming Cycle Power Systems For Generating Power And Capturing Carbon Dioxide; Published on October 13, 2022 with Publication No.: WO 2022/216519 | Pending | Systems and Methods for generating bottoming cycle power and capturing carbon dioxide |
| 8 | 5874.005 | U.S. Patent No.: 11,339,712, Issue Date: May 24, 2022; U.S. Patent Application No.: 17/358,197, File date: June 25, 2021, Titled: "Bottoming Cycle Power System."<br>| Issued | Systems for generating bottoming cycle power, capturing carbon dioxide and producing associated products such as distilled water |
| 9 | 5874.005A | U.S. Patent No.: 11,346,256, Issue Date: May 31, 2022; U.S. Patent Application No.: 17/448,938, File date: September 27, 2021, Titled: "Systems and Methods Associated With Bottoming Cycle Power Systems for Generating Power, Capturing Carbon Dioxide and Producing Products." | Issued | Systems and Methods for generating bottoming cycle power, capturing carbon dioxide and producing associated products such as distilled water and diesel exhaust fluid (DEF) |
| 10 | 5874.005B | U.S. Patent Application No.: 17/661,382, File date: April 29, 2022, Titled: "Systems and Methods Associated With Bottoming Cycle Power Systems for Generating Power, Capturing Carbon Dioxide and Producing Products." | Issued | Systems and Methods for generating bottoming cycle power, capturing carbon dioxide and producing associated products such as distilled water and diesel exhaust fluid (DEF). |
| 11 | 5874.005AWO | PCT International Patent Application No.: PCT/US2022/034298, File date: June 21, 2022, Titled: "Systems and Methods Associated With Bottoming Cycle Power Systems for Generating Power, Capturing Carbon Dioxide and Producing Products."; Published on December 29, 2022 with Publication No.: WO 2022/271667<br>| Pending | Systems and Methods for generating bottoming cycle power, capturing carbon dioxide and producing associated products such as distilled water and diesel exhaust fluid (DEF). |
| 12 | 5874.006 | U.S. Patent No.: 11639677, Issue Date: May 2, 2023; U.S. Patent Application No.: 17/934,279, File date: September 22, 2022, Titled: "System And Method For Capturing Carbon Dioxide From A Flow Of Exhaust Gas From A Combustion Process." | Issued | Systems and Methods of Capturing Carbon Dioxide Utilizing The Exhaust Gas From An Internal Combustion Engine |
| 13 | 5874.007A | U.S. Non-Provisional Patent Application No.: 18/312930, Filing date: May 5, 2023; Converted to a non-provisional from provisional case no: 5874.007P1; U.S. Provisional Patent Application No.: 63/371546, File date: August 16, 2022, Titled: "Absorption Chiller System With A Transport Membrane Heat Exchanger." | Pending | Systems and Methods for removing water from air or exhaust gas using an absorption chiller system having a transport membrane heat exchanger as an evaporator |

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The ESG Clean Energy System is designed to, among other things, generate clean electricity from internal combustion engines and utilize waste heat to capture approximately 100% of the carbon dioxide (CO2) emitted from the engine without loss of efficiency, and in a manner to facilitate the production of certain commodities. Patent No. 11,286,832, for example, covers the invention of an "exhaust-gas-to-exhaust-gas heat exchanger" that efficiently cools – and then reheats – exhaust from a primary power generator so greater energy output can be achieved by a secondary power source with safe ventilation. Another key aspect of this patent is the development of a carbon dioxide capture system that utilizes the waste heat of the carbon dioxide pump to heat and regenerate the absorber that enables carbon dioxide to be safely contained and packaged.

The Company intends to sell, lease and/or sub-license the ESG Clean Energy System to third parties.

On August 13, 2025, Viking, ESG and Scuderi Group, Inc. signed an Amendment to the IPLA pursuant to which Scuderi was added, effective as of such date, as an additional licensor or grantor, as applicable, under the IPLA, and was vested with all future rights and obligations of ESG thereunder, and Scuderi assumed all remaining duties, liabilities and benefits of ESG under the IPLA, to the same extent as ESG. Further, all general references to ESG in the IPLA are deemed to read "*ESG and Scuderi"* and all provisions containing obligations of ESG are deemed to be obligations of ESG and Scuderi, jointly and severally. Scuderi is the owner of the intellectual property licensed to Viking by ESG.

In July 2025, ESG filed a voluntary bankruptcy petition under Chapter 11 with the Massachusetts Bankruptcy Court. At the time of filing, ESG had not yet constructed and put into commercial operation the carbon capture or water removal systems at its power generation facility in Massachusetts. There is currently significant uncertainty as to whether ESG and/or Scuderi will be able to fully complete and commercialize its technology, which is necessary for the Company to market the technology and practically benefit from rights and entitlements under the license. During 2025, the value of the license was determined to be impaired and was written down to zero in the consolidated financial statements.

*Custom Energy and Power Solutions:*

On August 6, 2021, Viking acquired approximately 60.5% of the issued and outstanding shares of Simson-Maxwell Ltd., a Canadian federal corporation, for $7,958,159 in cash. Simson-Maxwell manufactures and supplies power generation products, services and custom energy solutions. Simson-Maxwell provides commercial and industrial clients with efficient, flexible, environmentally responsible and clean-tech energy systems involving a wide variety of products, including CHP (combined heat and power), tier 4 final diesel and natural gas industrial engines, solar, wind and storage. Simson-Maxwell also designs and assembles a complete line of electrical control equipment including switch gear, synchronization and paralleling gear, distribution, Bi-Fuel and complete power generation production controls. Operating for over 80 years, Simson-Maxwell's branches assist with servicing a large number of existing maintenance arrangements and meeting the energy and power-solution demands of the Company's other customers.

On April 1, 2025, Viking entered into a Share Subscription Agreement with T&T Power Group Inc., Remora EQ LP, Simmax Corp., and Simson-Maxwell. The SSA relates to a restructuring of the ownership of Simson-Maxwell that resulted in Camber ceasing to have a controlling interest in Simson-Maxwell.

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Under the SSA, T&T agreed to (i) subscribe for 952 Class A Common Shares of Simson-Maxwell for an aggregate subscription price of approximately CAD $2.28 million; (ii) purchase 903 Class A Common Shares from Remora for an agreed purchase price; and (iii) purchase 681 Class A Common Shares from Simmax for an agreed purchase price. T&T also agreed to provide up to CAD $3.0 million in additional working capital to Simson-Maxwell on closing or at such time as is reasonably required to meet the cash requirements of Simson-Maxwell, and to repay on or within a reasonable period following the closing amounts owing under Simson-Maxwell's then outstanding senior secured credit facilities. T&T acquired the Subscription Shares by paying the subscription price in cash. T&T acquired the Remora Shares by paying approximately 3.5% of the purchase price in cash and issuing a promissory note for the remaining balance, maturing on December 1, 2025. T&T acquired the Simmax Shares by issuing a promissory note to Simmax, also maturing on December 1, 2025.

Following the closing of the transactions described above, T&T and Viking are the only remaining shareholders of Simson-Maxwell. T&T owns 51% of Simson-Maxwell's issued and outstanding Class A Common Shares, and Viking owns the remaining 49%. Viking did not sell or purchase any shares in connection with the Simson Share Transactions; however, Viking's ownership decreased from approximately 60.5% to 49%. As a result of the reduction in Viking's ownership interest and ceasing to have control over Simson-Maxwell, Camber no longer consolidates Simson-Maxwell's financial results in its consolidated financial statements. The Company instead accounts for its investment in Simson-Maxwell at fair value.

Viking also entered into a Unanimous Shareholders Agreement ("USA") on April 1, 2025 with T&T and Simson-Maxwell. The USA governs the ownership and management of Simson-Maxwell and provides that T&T is entitled to nominate two members to Simson-Maxwell's board of directors, and Viking is entitled to nominate one member. The USA also contains a call and a put option. Under the call option, T&T has the option, exercisable at any time within the first 36 months, to purchase Viking's 49% ownership interest for CAD $5.75 million (approximately $4.2 million). Under the put option, Viking has the option, exercisable at any time after 36 months, to require T&T to purchase Viking's 49% ownership interest for CAD $7.75 million (approximately $5.7 million).

**<u>Going Concern Qualification</u>**

The Company's condensed consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company generated a net loss of $(1,717,372) for the three months ended March 31, 2026, as compared to a net loss of $(3,191,653) for the three months ended March 31, 2025. The loss for the three months ended March 31, 2026, was comprised of, among other things, certain non-cash items, including: (i) amortization of debt discount of ($793,381), and; (ii) a gain on change in fair value of investment of $107,234.

At March 31, 2026, the Company had stockholders' deficit of $45,086,094, long-term debt, net of current, of $152,715 and a working capital deficiency of $61,216,158. The largest components of current liabilities creating this working capital deficiency was current portion of long-term debt of $45,541,300, accrued interest of $8,474,849, amounts due to related parties of $1,338,330, and related party accounts payable of $2,032,000.

These conditions raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to utilize the resources in place to generate future profitable operations, to develop additional acquisition opportunities, and to obtain the necessary financing to meet its obligations and repay its liabilities arising from business operations when they come due. Management believes the Company may be able to continue to develop new opportunities and may be able to obtain additional funds through debt and / or equity financings to facilitate its business strategy; however, there is no assurance of additional funding being available. These condensed consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

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**RESULTS OF CONTINUING OPERATIONS**

The following discussion of the financial condition and results of operation of the Company for the three months ended March 31, 2026 and 2025, should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026.

*Liquidity and Capital Resources*

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| **Working Capital:** | **At March 31,** | **At March 31,** |
|  | **2026** | **2025** |
| Current assets | $11725822 | $11788105 |
| Current liabilities | 72941980 | 31609755 |
| Working capital deficit | $(61216158) | $(19821650) |

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| **Cash Flows:** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net cash provided by (used in) operating activities | $(327976) | $241960 |
| Net cash provided by (used in) investing activities | 342974 | (16136) |
| Net cash (used in) financing activities | (729) | (171548) |
| Increase in cash during the period | 14269 | 54276 |
| Cash and cash equivalents, beginning of period | 279525 | 114648 |
| Cash and cash equivalents, end of period | $293794 | $168924 |

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Net cash flows from operating activities were $(327,976) during the three months ended March 31, 2026, as compared to $241,960 in the comparable period in 2025. The decrease was the result of a lower net positive change in operating assets and liabilities, partially offset by lower cash operating losses.

Net cash flows from investing activities increased to $342,974 during the three months ended March 31, 2026, as compared to $(16,136) in the comparable period in 2025 due primarily to the payment of the note receivable from Simson-Maxwell and no fixed asset additions.

Net cash flows from financing activities improved to $(729) during the three months ended March 31, 2026, as compared to $(171,548) in the comparable period in 2025 due to lower debt repayments.

**Three months ended March 31, 2026, compared to the three months ended March 31, 2025**

The Company operates as one reportable segment. The Company's chief operating decision maker is the Chief Executive Officer, who reviews financial information presented on a consolidated basis. Performance is evaluated and resources allocated based upon the progress and projected financial requirements to advance each technology towards commercialization.

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Summary information on our consolidated results for the three months ended March 31, 2026 and 2025 is presented below.

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|  | **Three Months ended March 31,** | **Three Months ended March 31,** |
|  | **2026** | **2025** |
| Revenue | $- | $6229335 |
| Operating expenses | 622852 | 8010107 |
| Loss from operations | (622852) | (1780772) |
| Other income (expense) | (1094520) | (1410881) |
| Net loss before income taxes | (1717372) | (3191653) |
| Income taxes | - | - |
| Net loss | $(1717372) | $(3191653) |

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*Revenue*

The Company did not generate any revenue in the three months ended March 31, 2026. In the prior period, the Company consolidated the revenues of Simson-Maxwell.

*Expenses*

The Company's operating expenses decreased to $622,852 for the three-month period ended March 31, 2026, from $8,010,107 in the corresponding prior year three-month period. The significant decrease reflects the impact of the deconsolidation of Simson-Maxwell's results. Excluding Simson-Maxwell, operating expenses were 10% lower than the prior year.

*Loss from Operations*

The loss from operations decreased by $1,157,920 for the three-month period ended March 31, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

*Other Income (Expense)*

The Company had other expense, net, of $(1,094,520) for the three months ended March 31, 2026, as compared to other expense, net of $(1,410,881) for the three months ended March 31, 2025. The lower expense was due primarily to a decrease in expense related to the change in fair value of derivative liability.

*Net Loss*

The net loss decreased by $1,474,281 for the three-month period ended March 31, 2026 as compared to the corresponding prior year three-month period due to the factors noted above.

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**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

We prepare our condensed consolidated financial statements in conformity with U.S. GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed consolidated financial statements are prepared and actual results could differ from our estimates and such differences could be material. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation of our condensed consolidated financial statements, as well as the sufficiency of the disclosures pertaining to our accounting policies in the footnotes accompanying our condensed consolidated financial statements. Described below are the most significant policies we apply in preparing our condensed consolidated financial statements, some of which are subject to alternative treatments under GAAP. We also describe the most significant estimates and assumptions we make in applying these policies. See "Note 3 - Summary of Significant Accounting Policies" to our condensed consolidated financial statements.

*Consolidation of Variable Interest Entities*

The Company consolidates the financial results of its subsidiaries, defined as entities in which the Company holds a controlling financial interest.

Several of the Company's subsidiaries are considered to be Variable Interest Entities ("VIE's") which are defined as an entity for which any of the following conditions exist:

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| 1. | The total equity is not sufficient to permit the entity to finance its activities without additional subordinated financial support. | The total equity is not sufficient to permit the entity to finance its activities without additional subordinated financial support. |
| 2. | The equity holders as a group have one of the following four characteristics: | The equity holders as a group have one of the following four characteristics: |
|  | i. | Lack the power to direct activities that most significantly impact the entity's economic performance. |
|  | ii. | Possess non-substantive voting rights. |
|  | iii. | Lack the obligation to absorb the entity's expected losses. |
|  | iv. | Lack the right to receive the entity expected residual returns. |

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The Company consolidates the financial results of a VIE when it is determined that the Company is the primary beneficiary of the VIE.

*Intangible Assets*

Intangible assets include the Company's investments in Viking Ozone, Viking Sentinel, Viking Protection and Viking Distribution.

The Company reviews these intangible assets, at least annually, for possible impairment when events or changes in circumstances that the assets carrying amount may not be recoverable. In evaluating the future benefit of its intangible assets, the Company estimates the anticipated discounted future net cash flows of the intangible assets over the remaining estimated useful life. If the carrying amount is not recoverable, an impairment loss is recorded for the excess of the carrying value of the asset over its fair value.

*Investment in Unconsolidated Entity*

The Company accounted for its non-controlling interest in Simson-Maxwell, an unconsolidated entity, under the equity method of accounting from April 1 through September 30, 2025. During the quarter ended December 31, 2025, the Company determined that it was not able to exercise significant influence over this investment and as a result, beginning with the quarter ended December 31, 2025, accounts for this investment at fair value. Under the fair value method, the Company adjusts the carrying value of its investment for changes in fair value and records the amount of the change in fair value in the condensed consolidated statement of operations.

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**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The Company, as a smaller reporting company (as defined by Rule 12b-2 of the Exchange Act), is not required to furnish the information required by this item.

**ITEM 4. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

The Company does not currently maintain controls and procedures that are designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act are recorded, processed, summarized, and reported within the time periods specified by the Commission's rules and forms. Disclosure controls and procedures would include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of management, including the Company's Chief Executive Officer, the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2026, have been evaluated, and, based upon this evaluation, the Company's Chief Executive Officer has concluded that these controls and procedures were not effective.

**Material Weaknesses and Changes in Internal Control over Financial Reporting**

Management has identified the following material weaknesses in the Company's system of internal control over financial reporting:

1. The Company does not have sufficient staff to maintain a proper segregation of duties;

2. The Company lacks sufficient internal resources to analyze, interpret, and monitor compliance with complex accounting issues; and

3. The Company has not designed controls to ensure that financial information is reviewed and approved by an individual at the same or higher level than the preparer of the financial information. Specifically, the CFO is the primary preparer of most of the financial information, including the complex accounting areas such as equity transactions, derivative liabilities, impairment and business combinations. There is no review or approval of this information.

Management of the Company is addressing the second material weakness by seeking the assistance of subject matter experts for accounting advice on complex matters but is not presently able to remediate the lack of segregation of duties or the lack of review and approval of financial information prepared by the CFO. Management will continue to monitor and evaluate the effectiveness of the Company's internal controls and procedures and the Company's internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

There were no changes in Internal Control Over Financial Reporting during the quarter ended March 31, 2026.

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| *[**Table of Contents**](#TOCMF)* |

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**PART II—OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, the Company may be involved in litigation relating to claims arising out of commercial operations in the normal course of business. As of March 31, 2026, other than the matter described below, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the Company's results of operations.

On June 15, 2022, a Petition for Damages (*Danny Paul Gastal and Ignatius Hoffpauir v. Petrodome Operating, LLC, et. al.*) was filed in The 15th Judicial District Court for the Parish of Acadia in the State of Louisiana against a wholly-owned subsidiary of Petrodome Energy, LLC ("Petrodome") and two other parties (collectively, the "Defendants") related to a flowline leak on a salt-water disposal well owned by a third party and operated by Petrodome. The owner of the property where the leak occurred and his tenant farmer (collectively, the "Plaintiffs") alleged environmental damage as a result of the leak and sought damages for the cost of remediation, loss of use and loss of income. Subsequently, the suit was amended to name the insurers of both Petrodome and the well owner.

Petrodome and the well owner made a "limited admission" of liability for environmental damage under Louisiana Code of Civil Procedure article 1563 and La. R.S. 30:29 and presented a "most feasible plan" to remediate the property to the Louisiana Department of Conservation & Energy ("LDCE") at a January 6, 2026 public hearing. The LDCE approved the plan which is expected to cost approximately $286,000 to implement.

On or about April 24, 2026, the parties reached a settlement agreement pursuant to which the Defendants agreed to pay the Plaintiffs approximately $10.3 million for damages and to fund and implement the LDCE-approved remediation plan and to diligently perform whatever remediation, restoration, clean-ups, investigation(s), evaluation(s), testing, and/or other work, if any, that the LDCE deems necessary in order to obtain the required no further action letter for the limited admission area. The Company believes that the settlement amount will be fully funded by applicable insurance policies maintained by Petrodome and the well owner. The settlement liability and the insurance proceeds receivable have been recorded in the Company's condensed consolidated financial statements at and for the three months ended March 31, 2026. The settlement of this claim did not have any impact on the Company's consolidated results of operations or net cash flows.

**ITEM 1A. RISK FACTORS**

As a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, the Company is not required to provide the information under this item.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

During the three months ended March 31, 2026, the Company did not issue any unregistered equity securities.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

None.

**ITEM 5. OTHER INFORMATION**

*Rule 10b5-1 Trading Arrangements*

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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**ITEM 6. EXHIBITS**

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| | |
|:---|:---|
| **[10.1](http://www.sec.gov/Archives/edgar/data/1309082/000147793226002493/cei_ex101.htm)** | **[Form of Promissory Note, dated April 17, 2026, issued by Viking Ozone Technology, LLC. (Filed as Exhibit 10.1 to Camber's Current Report on Form 8-K, filed with the Commission on April 23, 2026 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1309082/000147793226002493/cei_ex101.htm)** |
| **[31.1\*](cei_ex311.htm)** | **[Certification of Principal Executive Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](cei_ex311.htm)** |
| **[31.2\*](cei_ex312.htm)** | **[Certification of Principal Financial and Accounting Officer required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](cei_ex312.htm)** |
| **[32.1\*](cei_ex321.htm)** | **[Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63](cei_ex321.htm)** |
| **[32.2\*](cei_ex322.htm)** | **[Certification of Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63](cei_ex322.htm)** |
| **101.INS\*\***  | **Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)** |
| **101.SCH\*\***  | **Inline XBRL Taxonomy Extension Schema Document** |
| **101.CAL\*\***  | **Inline XBRL Taxonomy Extension Calculation Linkbase Document** |
| **101.DEF\*\***  | **Inline XBRL Taxonomy Extension Definition Linkbase Document** |
| **101.LAB\*\***  | **Inline XBRL Taxonomy Extension Label Linkbase Document** |
| **101.PRE\*\***  | **Inline XBRL Taxonomy Extension Presentation Linkbase Document** |
| **104**  | **Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)** |

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_______________

\* Filed herewith

\*\* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

**OFF BALANCE-SHEET ARRANGEMENTS**

None.

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| *[**Table of Contents**](#TOCMF)* |

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**SIGNATURES**

In accordance with the requirements of Section 13 or 15(d) of the Securities Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **CAMBER ENERGY, INC.**<br>(Registrant) |  |
| */s/ James Doris* | Date: May 11, 2026 |
| Principal Executive Officer |  |

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| | |
|:---|:---|
| */s/ John McVicar* | Date: May 11, 2026 |
| Principal Financial and Accounting Officer |  |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CAMBER ENERGY, INC.**

**Certification Pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, James Doris, Principal Executive Officer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Camber Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that was materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

(a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 11, 2026

---

| |
|:---|
| */s/ James Doris*  |
| James Doris  |
| Principal Executive Officer  |

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## Exhibit 31.2

**EXHIBIT 31.2**

**CAMBER ENERGY, INC.**

**Certification Pursuant to**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, John McVicar, Principal Financial and Accounting Officer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Camber Energy, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that was materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:

(a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 11, 2026

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| |
|:---|
| */s/ John McVicar*  |
| John McVicar  |
| Principal Financial and Accounting Officer |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CAMBER ENERGY, INC.**

**Certification Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of Camber Energy, Inc. (the Company) on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, James Doris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| */s/ James Doris*  |
| James Doris<br> Principal Executive Officer<br>May 11, 2026  |

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## Exhibit 32.2

**EXHIBIT 32.2**

**CAMBER ENERGY, INC.**

**Certification Pursuant to**

**18 U.S.C. Section 1350, as Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Quarterly Report of Camber Energy, Inc. (the Company) on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, John McVicar, Principal Financial and Accounting Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| */s/ John McVicar*  |
| John McVicar<br> Principal Financial and Accounting Officer<br>May 11, 2026  |

---