Trio Petroleum Reports 1,029.4% Revenue Increase and Improved Net Loss in Latest 10-Q

Trio Petroleum Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending January 31, 2026. The company generated revenues of $122,193, a substantial increase from $10,819 in the same period last year, marking a 1,029.4% rise. This revenue was primarily derived from the sale of approximately 3,020 barrels of oil from its recently acquired assets in Saskatchewan, contrasting with the previous year's revenue, which came from the now-discontinued McCool Ranch oil field. The gross profit for the quarter was $53,791, compared to $10,819 in the prior year.

Despite the increase in revenue, Trio Petroleum reported a net loss of $1,012,629, an improvement from the $1,615,525 loss recorded in the same quarter of the previous year. The company attributed this reduction in loss to lower operating expenses, which decreased by 30.1% to $858,183, down from $1,227,276. Notably, stock-based compensation expenses fell significantly by 82.7% to $84,872, reflecting a decrease in the number of options amortized compared to the prior year.

Operationally, Trio Petroleum has shifted its focus towards its Canadian assets, particularly in Saskatchewan, where it has been actively acquiring oil and gas properties. During the quarter, the company completed two asset acquisitions, enhancing its portfolio and operational capacity. The company also entered into an At Market Issuance Sales Agreement with Ladenburg Thalmann & Co. Inc., allowing it to sell up to $3.6 million in common stock, of which approximately $395,000 was raised during the quarter. This capital is expected to support ongoing operations and development plans.

As of January 31, 2026, Trio Petroleum's total assets amounted to $14,165,013, up from $13,214,110 at the end of the previous fiscal period. The company reported a working capital deficiency of approximately $901,484, an increase from $785,902. However, subsequent to the quarter-end, Trio raised an additional $18.6 million through its ATM program, significantly improving its liquidity position and alleviating concerns regarding its ability to continue as a going concern.

Looking ahead, Trio Petroleum aims to leverage its strengthened financial position to accelerate growth through further acquisitions and operational enhancements. The company is focused on optimizing production from its Canadian assets while continuing to evaluate opportunities in California, including the South Salinas Project. Management remains optimistic about the potential for increased production and revenue growth in the coming quarters, contingent on favorable market conditions and successful execution of its strategic initiatives.