Permex Petroleum Reports Revenue Surge to $109,931 but Faces Net Loss of $961,176 in Q3 2025

Permex Petroleum Corporation has reported its financial results for the third quarter and nine months ended June 30, 2025, revealing a total revenue of $109,931 for the quarter, a significant increase from $2,671 in the same period last year. For the nine-month period, revenues reached $532,618, compared to $86,656 in the prior year. The company attributed this growth primarily to the resumption of oil production at its Breedlove field, which began in October 2024, resulting in oil sales of $56,862 for the quarter and $302,904 for the nine months.

Despite the increase in revenue, Permex reported a net loss of $961,176 for the quarter, an improvement from a loss of $1,248,755 in the same quarter of 2024. However, the nine-month net loss widened to $4,103,034 from $2,415,991 in the previous year. The increase in losses was largely driven by higher operating expenses, which totaled $3,228,705 for the nine months, up from $1,922,466 in the prior year, and significant interest expenses of $1,305,201 compared to $98,217 in the previous period.

Operationally, the company has made strategic moves, including entering into an agreement to operate 19 wells in the Permian Basin for a monthly fee based on production revenue. As of June 30, 2025, Permex operated 97 oil and gas wells across more than 11,700 net acres, including 66 shut-in opportunities. The company has also seen a reduction in general and administrative expenses, which fell to $373,069 for the quarter from $629,836 in the previous year, due to cost-saving measures and a reduction in personnel.

Permex's financial position remains challenging, with a working capital deficiency of $8,154,874 as of June 30, 2025, compared to $5,857,870 at the end of the previous fiscal year. The company has indicated that it requires additional financing to meet its operational needs and capital expenditures, which are budgeted at approximately $6 million for the upcoming fiscal year. Management is actively seeking equity or debt financing to address these needs and has limited operational activities to manage its working capital deficiency.

Looking ahead, Permex plans to continue its efforts to raise funds to support its operations and development plans. The company has budgeted approximately $2 million in operating expenses and $6.5 million in capital expenditures for the next 12 months, contingent on securing the necessary financing. The outlook remains uncertain, as the company has not yet achieved profitable operations and continues to face significant financial challenges.