Trio Petroleum (TPET) Q4 2025 earnings summary

Executive summary

• Revenue increased 87% year-over-year to $398,734, driven by new production from Saskatchewan assets and the first full year of revenue generation since operations began in 2024.

• Net loss narrowed to $7.3 million from $9.6 million in the prior year, reflecting cost reductions and higher production.

• The company shifted its operational focus from California to Canada and Utah due to more favorable economics and regulatory environments.

• Significant asset acquisitions in Saskatchewan and Alberta, Canada, and the termination of the McCool Ranch Oil Field leases in California.

Financial highlights

• Revenue: $398,734 for FY2025, up from $213,204 in FY2024 (87% increase).

• Net loss: $7,282,133 for FY2025, improved from $9,626,797 in FY2024.

• Cash used in operating activities: $2,604,749 in FY2025, down from $3,840,744 in FY2024.

• Working capital deficit improved to $785,902 from $2,025,480.

• Accumulated deficit as of October 31, 2025: $27,355,812.

Outlook and guidance

• The company expects continued growth from Canadian assets and is seeking joint venture partners for California operations.

• Additional capital is required to advance drilling and development, with no assurance of successful fundraising.

• Management expects positive cash flow from Phases 1 and 2 of the South Salinas Project by 2026 and 2027, respectively, assuming successful permitting and development.