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 raises via ATM, alleviates going-concern doubt; Canadian assets drive revenue growth
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Latest financial statements
From 10-Q filed Jun 11, 2026 (period ending Apr 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
| Description | Three months ended April 30, 2026 | Three months ended April 30, 2025 | Six months ended April 30, 2026 | Six months ended April 30, 2025 |
|---|---|---|---|---|
| Revenues, net | 208,257 | 23,271 | 330,450 | 34,090 |
| Cost of goods sold | 314,320 | 9,262 | 382,722 | 9,262 |
| Gross profit | (106,063) | 14,009 | (52,272) | 24,828 |
| Operating expenses: | ||||
| Exploration expense | 28,426 | 11,161 | 48,116 | 35,882 |
| General and administrative expense | 1,225,302 | 755,481 | 1,977,126 | 1,467,027 |
| Stock-based compensation expense | 41,090 | 115,652 | 125,962 | 605,966 |
| Accretion expense | 3,766 | 694 | 5,563 | 1,389 |
| Total operating expenses | 1,298,584 | 882,988 | 2,156,767 | 2,110,264 |
| Loss from operations | (1,404,647) | (868,979) | (2,209,039) | (2,085,436) |
| Other (income) expenses: | ||||
| Interest expense | 22,385 | 30,154 | 159,119 | 348,520 |
| Loss on abandonment of oil and gas properties | - | 574,419 | - | 574,419 |
| (Gain) loss on extinguishment | (8,473) | 90,200 | (8,473) | 90,200 |
| Loss on conversion | 13,014 | - | 84,517 | 80,702 |
| Settlement income | (43,532) | - | (43,532) | - |
| Dividend income | (20,685) | - | (20,685) | - |
| Total other (income) expenses | (37,291) | 694,773 | 170,946 | 1,093,841 |
| Loss before income taxes | (1,367,356) | (1,563,752) | (2,379,985) | (3,179,277) |
| Provision for income taxes | - | - | - | - |
| Net loss | (1,367,356) | (1,563,752) | (2,379,985) | (3,179,277) |
| Basic and Diluted Net Loss per Common Share | ||||
| Basic | (0.05) | (0.22) | (0.12) | (0.53) |
| Diluted | (0.05) | (0.22) | (0.12) | (0.53) |
| Weighted Average Number of Common Shares Outstanding | ||||
| Basic | 28,062,953 | 7,069,202 | 19,228,852 | 6,000,152 |
| Diluted | 28,062,953 | 7,069,202 | 19,228,852 | 6,000,152 |
| Comprehensive loss: | ||||
| Net loss | (1,367,356) | (1,563,752) | (2,379,985) | (3,179,277) |
| Foreign currency translation adjustment | 701 | 34,846 | 35,553 | 34,846 |
| Comprehensive loss | (1,366,655) | (1,528,906) | (2,344,432) | (3,144,431) |
Condensed Consolidated Balance Sheets
| Description | April 30, 2026 (unaudited) | October 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 22,098,186 | 882,162 |
| Prepaid expenses | 252,998 | 128,856 |
| Accounts receivable | 107,016 | 59,970 |
| Total current assets | 22,458,200 | 1,070,988 |
| Oil and gas properties not subject to amortization | 13,172,944 | 12,143,122 |
| Property, plant and equipment | 93,003 | - |
| Total assets | 35,724,147 | 13,214,110 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | 832,423 | 1,305,997 |
| Asset retirement obligations current | 15,039 | 2,778 |
| Convertible notes, net of discounts | - | 467,179 |
| Due to operators | 4,206 | 5,668 |
| Other current liabilities | 147,506 | 75,268 |
| Total current liabilities | 999,174 | 1,856,890 |
| Long-term liabilities: | ||
| Asset retirement obligations, net of current portion | 171,758 | 53,869 |
| 171,758 | 53,869 | |
| Total liabilities | 1,170,932 | 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 April 30, 2026 and October 31, 2025, respectively | - | - |
| Common stock, $0.0001 par value; 150,000,000 shares authorized; 41,187,954 and 9,047,658 shares issued and outstanding as of April 30, 2026 and October 31, 2025, respectively | 4,120 | 906 |
| Stock subscription receivable | (10,010) | (10,010) |
| Additional paid-in capital | 64,244,878 | 38,653,796 |
| Accumulated other comprehensive income | 50,024 | 14,471 |
| Accumulated deficit | (29,735,797) | (27,355,812) |
| Total stockholders’ equity | 34,553,215 | 11,303,351 |
| Total liabilities and stockholders’ equity | 35,724,147 | 13,214,110 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended April 30, 2026 | Six months ended April 30, 2025 |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net loss | (2,379,985) | (3,179,277) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Issuance of common shares for services | 40,950 | 28,000 |
| Accretion expense | 5,563 | 1,389 |
| Amortization of debt discounts | 157,825 | 344,775 |
| Stock-based compensation | 125,962 | 605,966 |
| Loss on issuance of common shares in lieu of cash for debt payments | 84,517 | 80,702 |
| Loss on abandonment of oil and gas properties | - | 574,419 |
| (Gain) loss on extinguishment of liabilities | (8,473) | 90,200 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (52,146) | (31,571) |
| Prepaid expenses and other receivables | (116,835) | 22,223 |
| Accounts payable and accrued liabilities | (83,775) | 98,368 |
| Other liabilities | 72,236 | (295,663) |
| Net cash used in operating activities | (2,154,161) | (1,660,469) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Cash paid for asset acquisition | (55,242) | (397,437) |
| Due to operators | (1,462) | (56,179) |
| Net cash provided by (used in) investing activities | (56,704) | (453,616) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from issuance of common stock under at-the-market offering program | 23,480,763 | 3,475,648 |
| Proceeds from issuance of convertible notes payable | - | 606,000 |
| Payment of debt issuance costs | - | (43,330) |
| Repayment of promissory notes | - | (588,636) |
| Repayment of notes payable related party | - | (199,332) |
| Net cash provided by financing activities | 23,480,763 | 3,250,350 |
| Effect of foreign currency exchange | (53,874) | 34,846 |
| NET CHANGE IN CASH | 21,216,024 | 1,171,111 |
| Cash Beginning of period | 882,162 | 285,945 |
| Cash End of period | 22,098,186 | 1,457,056 |
| 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 |
| ARO liability recognized | 124,201 | - |
| Issuance of common shares for Capital Land asset acquisition | 104,227 | - |
| Issuance of common shares for Novacor asset acquisition | 748,649 | - |
| 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 ↗