Trio Petroleum Reports 794.9% Revenue Growth but Faces Gross Loss in Latest Quarter

Trio Petroleum Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending April 30, 2026. The company generated net revenues of $208,257 for the three months ended April 30, 2026, a substantial increase of 794.9% compared to $23,271 in the same period last year. For the six months, revenues reached $330,450, up 869.3% from $34,090 in the prior year. Despite this revenue growth, the company reported a gross loss of $106,063 for the quarter, compared to a gross profit of $14,009 in the previous year, primarily due to increased costs associated with well workovers and operational expenses.

The company's total operating expenses for the three months ended April 30, 2026, were $1,298,584, reflecting a 47.1% increase from $882,988 in the same period last year. This rise was driven by higher general and administrative expenses, which increased by 62.2% to $1,225,302, and exploration expenses, which rose by 154.7% to $28,426. The net loss for the quarter was $1,367,356, a 12.6% improvement from a net loss of $1,563,752 in the prior year. For the six-month period, the net loss was $2,379,985, down 25.1% from $3,179,277 in the previous year.

Trio Petroleum has made strategic moves to enhance its operational footprint, particularly in Canada. The company completed two significant asset acquisitions in the Lloydminster region of Saskatchewan, which are expected to contribute to future production and revenue growth. Additionally, the company has been actively utilizing its At Market Issuance Sales Agreement (ATM Agreement) with Ladenburg Thalmann & Co. Inc., raising approximately $24.2 million through the sale of 28,013,007 shares of common stock during the six months ended April 30, 2026. This capital infusion has improved the company's liquidity position, allowing it to transition from a working capital deficit of $785,902 as of October 31, 2025, to a positive working capital of $21,459,026 by April 30, 2026.

Operationally, Trio Petroleum has shifted its focus towards jurisdictions with favorable economic conditions, including ongoing workover and optimization programs on its Canadian assets. The company is also advancing permitting efforts for its South Salinas Project in California and evaluating potential joint ventures to support development activities. The company’s management believes that the recent capital raises and operational strategies will be sufficient to fund its activities for at least the next twelve months, alleviating previous concerns regarding its ability to continue as a going concern.

Looking ahead, Trio Petroleum aims to leverage its expanded capital capacity to pursue larger, high-impact oil and gas acquisitions, particularly in Canada and the U.S. The company is optimistic about its growth potential, driven by its recent acquisitions and ongoing operational improvements, which are expected to enhance production levels and cash flow in the near future.