Trio Petroleum (TPET) Q2 2026 earnings summary

Executive summary

• Revenue for the quarter rose 795% year-over-year to $208,257, driven by expanded production from Canadian assets, but gross loss was reported due to high workover costs on wells with minimal output.

• Net loss for the quarter was $1,367,356, a 13% improvement from the prior year, with a six-month net loss of $2,379,985, down 25% year-over-year.

• The company completed significant asset acquisitions in Canada, notably in Alberta and Saskatchewan, and shifted operational focus to these regions.

• A major capital raise through an at-the-market (ATM) equity program generated $24.2 million in gross proceeds, improving liquidity and eliminating prior going concern doubts.

Financial highlights

• Revenue for the six months ended April 30, 2026, was $330,450, up 869% year-over-year, with all revenue from Saskatchewan oil sales.

• Gross loss for the quarter was $106,063, compared to a gross profit of $14,009 in the prior year, due to high remediation costs.

• Operating expenses for the quarter increased 47% to $1,298,584, mainly from higher G&A and exploration costs.

• Net cash used in operating activities was $2,154,161 for the six months, up from $1,660,469 in the prior year.

• Cash and cash equivalents at quarter-end were $22.1 million, up from $1.2 million at prior year-end.

Outlook and guidance

• Management expects the expanded ATM program and current cash position to fund operations and capital needs for at least 12 months.

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

• Permitting and joint-venture discussions continue for the South Salinas Project in California.