NYSE: TPET
Trio Petroleum CorpCIK 0001898766 · SIC 1311 · Crude Petroleum & Natural Gas
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Trio Petroleum boosts CEO pay 50% to $600K, awards 1.5M shares and $300K bonus
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Trio Petroleum shareholders approve reverse stock split up to 1-for-10
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Trio Petroleum expands ATM offering to $65M after public float surpasses $75M threshold
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Trio Petroleum extends production deadline to 2028 after missing 40 bpd milestone
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Trio Petroleum discloses $22.9M equity raise through ATM sales, 25.6M shares issued in 3 months
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Trio Petroleum sells $21.9M in stock through ATM offering, 23.6M shares issued in 10 weeks
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TPET: revenue $122,193, net income -$1.0M. TPET, alleviates going-concern doubt; Canadian assets drive revenue growth
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Latest financial statements
From 10-Q filed Sep 9, 2026 (period ending Jul 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
| Description | Three months ended July 31, 2026 | Three months ended July 31, 2025 | Nine months ended July 31, 2026 | Nine months ended July 31, 2025 |
|---|---|---|---|---|
| Revenues, net | 348,581 | 192,395 | 679,031 | 226,485 |
| Cost of goods sold | 240,428 | 98,489 | 623,150 | 107,751 |
| Gross profit | 108,153 | 93,906 | 55,881 | 118,734 |
| Operating expenses: | ||||
| Exploration expense | 37,214 | (266) | 85,330 | 35,616 |
| General and administrative expense | 922,944 | 671,741 | 2,795,174 | 2,138,768 |
| Stock-based compensation expense | 1,254,000 | 96,762 | 1,379,962 | 702,728 |
| Accretion expense | 4,694 | 695 | 10,257 | 2,084 |
| Total operating expenses | 2,218,852 | 768,932 | 4,270,723 | 2,879,196 |
| Loss from operations | (2,110,699) | (675,026) | (4,214,842) | (2,760,462) |
| Other (income) expenses: | ||||
| Interest expense | 2,119 | 147,552 | 161,238 | 496,072 |
| Loss on abandonment of oil and gas properties | - | 37,344 | - | 611,763 |
| (Gain) loss on extinguishment of liabilities | - | - | (8,473) | 90,200 |
| Loss on conversion | - | 535,620 | 84,517 | 616,322 |
| Settlement income | - | - | (43,532) | - |
| Dividend income | (182,883) | - | (203,568) | - |
| Loss (gain) on foreign currency transactions | 41,491 | (8,819) | 41,491 | (8,819) |
| Total other (income) expenses | (139,273) | 711,697 | 31,673 | 1,805,538 |
| Loss before income taxes | (1,971,426) | (1,386,723) | (4,246,515) | (4,566,000) |
| Provision for income taxes | - | - | - | - |
| Net loss | (1,971,426) | (1,386,723) | (4,246,515) | (4,566,000) |
| Basic and Diluted Net Loss per Common Share | ||||
| Basic | (0.39) | (1.57) | (1.36) | (6.17) |
| Diluted | (0.39) | (1.57) | (1.36) | (6.17) |
| Weighted Average Number of Common Shares Outstanding | ||||
| Basic | 5,051,085 | 885,912 | 3,118,731 | 740,563 |
| Diluted | 5,051,085 | 885,912 | 3,118,731 | 740,563 |
| Comprehensive loss: | ||||
| Net loss | (1,971,426) | (1,386,723) | (4,246,515) | (4,566,000) |
| Foreign currency translation adjustment | (36,977) | (4,326) | (1,424) | 30,520 |
| Comprehensive loss | (2,008,403) | (1,391,049) | (4,247,939) | (4,535,480) |
Condensed Consolidated Balance Sheets
| Description | July 31, 2026 (unaudited) | October 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 24,292,784 | 882,162 |
| Prepaid expenses | 228,062 | 128,856 |
| Accounts receivable | 157,392 | 59,970 |
| Total current assets | 24,678,238 | 1,070,988 |
| Oil and gas properties not subject to amortization | 13,137,358 | 12,143,122 |
| Property, plant and equipment | 84,821 | - |
| Total assets | 37,900,417 | 13,214,110 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | 1,055,957 | 1,305,997 |
| Asset retirement obligations current | 14,990 | 2,778 |
| Convertible notes, net of discounts | - | 467,179 |
| Due to operators | 21,620 | 5,668 |
| Other current liabilities | 108,117 | 75,268 |
| Total current liabilities | 1,200,684 | 1,856,890 |
| Long-term liabilities: | ||
| Asset retirement obligations, net of current portion | 210,602 | 53,869 |
| 210,602 | 53,869 | |
| Total liabilities | 1,411,286 | 1,910,759 |
| Commitments and Contingencies (Note 7) | ||
| Stockholders’ Equity: | ||
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at July 31, 2026 and October 31, 2025, respectively | - | - |
| Common stock, $0.0001 par value; 150,000,000 shares authorized; 5,323,926 and 1,005,295 shares issued and outstanding as of July 31, 2026 and October 31, 2025, respectively | 532 | 101 |
| Stock subscription receivable | - | (10,010) |
| Additional paid-in capital | 68,077,879 | 38,654,601 |
| Accumulated other comprehensive income | 13,047 | 14,471 |
| Accumulated deficit | (31,602,327) | (27,355,812) |
| Total stockholders’ equity | 36,489,131 | 11,303,351 |
| Total liabilities and stockholders’ equity | 37,900,417 | 13,214,110 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Nine months ended July 31, 2026 | Nine months ended July 31, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | (4,246,515) | (4,566,000) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Issuance of common shares for services | 86,910 | 28,000 |
| Accretion expense | 10,257 | 2,084 |
| Amortization of debt discounts | 157,825 | 489,792 |
| Stock-based compensation | 1,379,962 | 702,728 |
| Loss on issuance of common shares in lieu of cash for debt payments | 84,517 | 616,322 |
| Loss on abandonment of oil and gas properties | - | 611,763 |
| (Gain) loss on extinguishment of liabilities | (8,473) | 90,200 |
| Depreciation expense | 13,521 | - |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (105,514) | (95,785) |
| Prepaid expenses and other receivables | (99,773) | 75,874 |
| Accounts payable and accrued liabilities | 143,469 | 366,185 |
| Other liabilities | 32,846 | (337,059) |
| Net cash used in operating activities | (2,550,968) | (2,015,896) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Capital expenditures for unproved oil and gas properties | (108,312) | (893,149) |
| Due to operators | 15,952 | (73,406) |
| Net cash used in investing activities | (92,360) | (966,555) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from issuance of common stock under at-the-market offering program, net of offering costs | 26,020,227 | 3,475,648 |
| Proceeds from issuance of convertible notes payable | - | 606,000 |
| Payment of debt issuance costs | - | (43,330) |
| Repayment of promissory notes | - | (588,635) |
| Repayment of notes payable related party | - | (199,332) |
| Net cash provided by financing activities | 26,020,227 | 3,250,351 |
| Effect of foreign currency exchange | 33,723 | 30,520 |
| NET CHANGE IN CASH | 23,410,622 | 298,420 |
| Cash Beginning of period | 882,162 | 285,945 |
| Cash End of period | 24,292,784 | 584,365 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | - | - |
| Cash paid for income taxes | - | - |
| SUPPLEMENTAL CASH FLOW INFORMATION: | ||
| Non-cash investing and financing activities: | ||
| Issuance of common stock upon vesting of RSUs | 159 | - |
| Issuance of shares to executives and directors | - | 21 |
| Issuance of common shares for Capital Land asset acquisition | 104,227 | - |
| Issuance of common shares for Novacor asset acquisition | 748,649 | - |
| ARO liabilities recognized | 162,321 | - |
| Issuance of common shares in settlement of accounts payable | 379,227 | - |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗