Trio Petroleum Reports 205.1% Revenue Growth but Faces Net Loss in Latest Quarter

Trio Petroleum Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending July 31, 2025. The company generated revenues of $192,395 for the three months ended July 31, 2025, a substantial increase of 205.1% compared to $63,052 in the same period last year. For the nine months ended July 31, 2025, revenues reached $226,485, up 66.6% from $135,975 in the prior year. Despite this revenue growth, the company reported a net loss of $1,386,723 for the quarter, a 36.3% improvement from a loss of $2,178,571 in the same quarter of 2024. The nine-month net loss also decreased to $4,566,000 from $7,926,554 year-over-year.

The financial performance reflects a strategic shift in operations, particularly following the termination of the McCool Ranch Oil Field leases in May 2025, which had previously contributed to revenue. The company has since focused on its newly acquired assets in Saskatchewan, Canada, which have begun to generate revenue. The total assets of Trio Petroleum increased to $13,031,736 as of July 31, 2025, compared to $11,684,338 at the end of the previous fiscal year, driven by capital expenditures related to oil and gas properties.

Operationally, Trio Petroleum has made significant changes, including the abandonment of the McCool Ranch Oil Field and the acquisition of assets in the Lloydminster region of Saskatchewan. The company also formed a wholly-owned subsidiary, Trio Petroleum Canada, Corp., to manage its Canadian operations. As of July 31, 2025, the company reported a total of seven producing wells in Saskatchewan, with plans to enhance production through workovers. The company’s employee headcount has also increased, reflecting its expansion efforts.

The filing indicates that Trio Petroleum is actively seeking to improve its financial position amid ongoing liquidity challenges. As of July 31, 2025, the company had a working capital deficit of $679,729, although this was an improvement from a deficit of $2,025,480 at the end of the previous fiscal year. The company has funded its operations primarily through equity and debt financing, including a recent private placement of convertible promissory notes that raised $1,020,000 in August 2025. However, management has expressed concerns about the ability to continue as a going concern without securing additional capital.

Looking ahead, Trio Petroleum aims to continue its focus on acquiring projects that generate immediate cash flow and exploring opportunities in favorable economic environments. The company is also pursuing permits for water disposal projects and plans to launch a Carbon Capture and Storage initiative as part of its South Salinas Project. The management remains optimistic about the potential for growth but acknowledges the need for ongoing capital to support its operational and development activities.