FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDEDMARCH 31, 2026 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) Nevada(State or other jurisdiction of (IRS EmployerIdentification No.) 12 Greenway Plaza, Suite 1100 Houston, TX 77046(Address of principal executive offices) (281) 404 4387(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: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated FilerNon-accelerated Filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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☐No☒ APPLICABLE ONLY TO CORPORATE ISSUERS As of May 11, 2026, the registrant had281,786,525 shares of common stock outstanding. CAMBER ENERGY, INC. Part I – Financial Information Item 1Financial Statements3Condensed ConsolidatedBalance Sheets at March 31, 2026and December 31, 2025(unaudited)3Condensed ConsolidatedStatements of Operations for the three months ended March 31, 2026 and 2025(unaudited)4Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and2025 (unaudited)5Condensed ConsolidatedStatements of Cash Flows for the three months ended March 31, 2026 and 2025(unaudited)6Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the threemonths endedMarch 31, 2026 and 2025 (unaudited)7Notes to Condensed Consolidated Financial Statements (unaudited)8Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations19Item 3Quantitative and Qualitative Disclosures about Market Risk28Item 4Controls and Procedures28 Part II – Other Information Item 1Legal Proceedings29Item 1ARisk Factors29Item 2Unregistered Sales of Equity Securities and Use of Proceeds29Item 3Defaults Upon Senior Securities29Item 4Mine Safety Disclosures29Item 5Other Information29Item 6Exhibits30 CAMBER ENERGY, INC.Condensed Consolidated Balance Sheets (Unaudited) STOCKHOLDERS’ DEFICITPreferred stock Series A, $0.001 par value, 50,000 shares authorized, 28,092 shares issued andoutstanding as of March 31, 2026 and December 31, 20252828Preferred stock Series G, $0.001 par value, 25,000 authorized, 5,272 shares issued and outstanding asof March 31, 2026 and December 31, 2025. Liquidation preference of nil55Common stock, $0.001 par value, 500,000,000 shares authorized, 281,686,525 shares issued andoutstanding as of March 31, 2026 and December 31, 2025281,687281,687Additional paid-in capital162,845,423162,845,423Accumulated deficit(214,578,297)(212,901,381)Parent’s stockholders’ deficit in Camber Energy, Inc.(51,451,154)(49,774,238)Non-controlling interest6,365,0606,405,516TOTAL STOCKHOLDERS’ DEFICIT(45,086,094)(43,368,722)TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT$ 30,090,718$ 19,839,460 CAMBER ENERGY, INC.Notes to Condensed Consolidated Financial Statements(Unaudited) Note 1.Company Overview and Operations Camber Energy, Inc. (“Camber”) through its wholly-owned subsidiary, Viking Energy, Inc. (“Viking”), is a growth-orienteddiversifiedcompany with interests in innovative industry-changing technologies.Our existing portfolio of such innovativetechnologies includes: (i) a majority interest in an entity with intellectual property rights to a fully developed, patented, proprietarymedical and bio-hazard waste treatment system using ozone technology, (ii) a majority interest in entities w