Trio Petroleum (TPET) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended July 31, 2026 increased 199.8% year-over-year to $679,031, driven by expanded Canadian operations and new well production in Alberta and Saskatchewan.

• Net loss for the nine months was $4,246,515, a 7% improvement from the prior year, reflecting higher revenues but also increased operating and compensation expenses.

• The company raised $26,994,847 in gross proceeds through an at-the-market (ATM) equity offering, significantly improving liquidity and eliminating prior working capital deficits.

• A one-for-nine reverse stock split was effected on August 28, 2026 to support continued NYSE American listing compliance.

Financial highlights

• Gross profit for the nine months was $55,881, down 52.9% year-over-year due to higher workover and remediation costs in Q2.

• Operating expenses rose 48.3% to $4,270,723, mainly from a $1,254,000 one-time stock-based compensation grant and increased executive compensation.

• Cash and cash equivalents at July 31, 2026 were $24,292,784, up from $882,162 at October 31, 2025.

• All convertible notes were fully converted or extinguished by February 2026, reducing interest expense and liabilities.

Outlook and guidance

• Management expects the improved liquidity from the ATM offering to fund operating and capital requirements for at least twelve months.

• Focus remains on expanding Canadian production and pursuing additional acquisitions and drilling opportunities.

• No material impairments or changes to critical accounting policies are anticipated in the near term.