Trio Petroleum (TPET) Q1 2026 earnings summary

Executive summary

• Revenue for the quarter ended January 31, 2026, was $122,193, up from $10,819 year-over-year, driven by production from newly acquired Canadian assets.

• Net loss narrowed to $1,012,629 from $1,615,525 in the prior year, reflecting higher revenues and lower stock-based compensation.

• The company completed two Canadian asset acquisitions and shifted operational focus to Canada and Utah.

• Significant capital was raised post-quarter through an at-the-market (ATM) equity program, improving liquidity.

Financial highlights

• Gross profit for the quarter was $53,791, compared to $10,819 in the prior year.

• Operating expenses decreased to $858,183 from $1,227,276, mainly due to lower stock-based compensation.

• Cash at quarter-end was $684,653, with a working capital deficit of $901,484.

• Net cash used in operating activities was $533,893, an improvement from $920,485 year-over-year.

Outlook and guidance

• Additional $18.6 million raised post-quarter via ATM program is expected to fund operations and capital needs for at least 12 months.

• Focus remains on expanding Canadian production and pursuing further accretive acquisitions.

• South Salinas Project in California remains in permitting and evaluation phase.