Greenland Energy Co (NASDAQ: GLND) is an exploration-stage oil and gas company focused on advancing exploration activities in Greenland. The company has not generated revenue from oil and gas production as of March 31, 2026, and is pre-revenue. Greenland Energy completed its business combination with Pelican Acquisition Corporation on March 25, 2026, with the transaction accounted for as a reverse recapitalization, March GL Company treated as the accounting acquirer. As of March 31, 2026, the company held approximately $3.1 million in cash and total assets of approximately $7 million. On April 29, 2026, the company completed a public offering of 16,250,000 shares of common stock, 1,250,000 pre-funded warrants, and 17,500,000 common warrants, raising gross proceeds of approximately $70 million before placement agent fees and offering expenses. Proceeds are directed primarily toward exploration activities, working capital, payment of outstanding obligations, and public company costs. The company reported a material weakness in internal controls over financial reporting as of March 31, 2026, attributable to its recent transition to public company status.

Revenue model

No revenue has been generated from oil and gas production as of March 31, 2026. The company is funded through equity issuances, including a $70 million gross proceeds public offering completed April 29, 2026.

Products and services

Oil and gas exploration activities in Greenland. Planned exploration program includes equipment procurement, logistics, technical studies, field operations, and contractor services. No production or commercial product sales as of March 31, 2026.

Customers and end markets

No customers or production revenues as of March 31, 2026. End market is oil and gas, contingent on future exploration success.

Value-chain role

Upstream exploration-stage operator. The company is in pre-production, focused on planning, procurement, and mobilization for exploration activities in Greenland, relying on third-party contractors, advisors, and service providers.

Geographic exposure

Greenland. All disclosed exploration activities are focused on Greenland, with Arctic operating and logistics risks disclosed in the 10-Q filed May 13, 2026.

Source: SEC 10-Q, filed 2026-05-13

Industry: Drilling Oil & Gas Wells