Trio Petroleum Corp (TPET)
Trio Petroleum Corp. operates primarily as an enterprise focused on the discovery and extraction of oil and natural gas. The company maintains an 85.75% operational stake in the expansive South Salinas project, which encompasses approximately 9,300 acres situated near Monterey, California. Additionally, Trio Petroleum holds the contractual right to acquire a complete 100% working interest in the Union Avenue Field, located within Bakersfield, California. The firm was established in 2021 and manages its principal operations from its headquarters, also in Bakersfield, California.
Sector: Crude Petroleum & Natural Gas
Industry: Oil & Gas Exploration & Production
Trio Petroleum Corp.
NYSE:TPETEnergy · Oil & Gas Exploration & Production
PrePre-market+3.16%$1.63
Close$1.58-8.14%
AH Close$1.56+4.49%since
Close$1.58-8.14%AH Close$1.56+4.49%since
Mkt Cap$8.41M
Float5.16M
O/S5.32M
Inst Own3.9%
SI10.6%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$399K
Net Income-$7.28M
Total Assets$13.21M
Free Cash Flow-$3.62M
Debt & Equity
Debt 4%
Equity 96%
Total Debt$467K
Total Equity$11.3M
Shares Outstanding
Short Interest
Split History2 splits · 2 reverse
2-year cumulative
1:180
Nasdaq bars a compliance period at 1:250
- 1:9Reverse splitAug 31, 20269 shares → 1
- 1:20Reverse splitNov 15, 202420 shares → 1
Balance Sheet Details
Assets$13.21M
Liabilities$1.91M
Accounts Receivable$60K
Accounts Payable$1.31M
Inventory$0
PP&E (Net)$12.14M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 |
| Revenue | $399K | $213K | $0 | $0 | $0 |
| YoY Growth | 87.0% | - | - | - | - |
| Cost of Revenue | $224K | $3K | $3K | $3K | $359 |
| Gross Profit | $175K | $210K | -$3K | -$3K | -$359 |
| Gross Margin | 43.8% | 98.7% | - | - | - |
| Research and Development | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $5.45M | $6.43M | $4.61M | $803K | $64K |
| Other | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $5.45M | $6.43M | $4.61M | $803K | $64K |
| Operating Income (EBIT) | -$5.27M | -$6.22M | -$4.61M | -$806K | -$64K |
| Operating Margin | -1322.2% | -2916.3% | - | - | - |
| Interest Expense | $606K | $2.12M | $792K | $1.66M | $38K |
| Interest Income | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$2.01M | -$3.41M | -$1.93M | -$2.99M | -$38K |
| Income Before Tax (EBT) | -$7.28M | -$9.63M | -$6.54M | -$3.8M | -$102K |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$7.28M | -$9.63M | -$6.54M | -$3.8M | -$102K |
| Net Income Margin | -1826.3% | -4515.3% | - | - | - |
| Supplementary Data | |||||
| EPS | -7.20 | -38.88 | -51.03 | -29.61 | -0.80 |
| Diluted EPS | -7.20 | -38.88 | -51.03 | -29.61 | -0.80 |
| Weighted Average OS | 1.01M | 247,369 | 128,221 | 128,304 | 128,304 |
| EBITDA | -$6.67M | -$7.51M | -$5.75M | -$2.14M | -$64K |
| EBITDA Margin | -1673.8% | -3520.3% | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 |
| Assets | |||||
| Current Assets | |||||
| Cash and Cash Equivalents | $882K | $286K | $1.56M | $74K | $79K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $882K | $286K | $1.56M | $74K | $79K |
| Accounts Receivable | $60K | $0 | $0 | $35K | $21K |
| Inventory | $0 | $0 | $0 | $0 | $169K |
| Other Current Assets | $0 | $0 | $0 | $1.61M | $0 |
| Total Current Assets | $1.07M | $565K | $1.7M | $1.75M | $290K |
| Long-Term Assets | |||||
| Property, Plant & Equipment Net | $12.14M | $11.12M | $9.95M | $5.84M | $7.48M |
| Goodwill | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $10K | $10K | $10K | $51K |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $0 | -$1 | $0 | $1.89M | -$51K |
| Total Long-Term Assets | $12.14M | $11.12M | $9.95M | $7.74M | $7.48M |
| Other Assets | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $13.21M | $11.68M | $11.64M | $9.49M | $7.77M |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | $1.31M | $1.04M | $609K | $1.16M | $16K |
| Short-Term Debt | $467K | $878K | $1.22M | $5.43M | $3.66M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | -$16K |
| Other Current Liabilities | $78K | $458K | $24K | $118K | $3K |
| Total Current Liabilities | $1.86M | $2.59M | $1.85M | $6.71M | $3.68M |
| Long-Term Liabilities | |||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $9K | $0 |
| Other Long-Term Liabilities | $54K | $51K | $48K | $46K | $43K |
| Total Long-Term Liabilities | $54K | $51K | $48K | $55K | $43K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.91M | $2.64M | $1.9M | $6.77M | $3.72M |
| Stockholders' Equity | |||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $906 | $320 | $3K | $2K | $1K |
| Retained Earnings | -$27.36M | -$20.07M | -$10.45M | -$3.9M | -$102K |
| Comprehensive Income & Other | $14K | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $38.66M | $29.12M | $20.19M | $6.62M | $4.15M |
| Total Equity | $11.3M | $9.04M | $9.74M | $2.72M | $4.05M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $13.21M | $11.68M | $11.64M | $9.49M | $7.77M |
| Supplementary Data | |||||
| Total Debt | $467K | $878K | $1.22M | $5.43M | $3.66M |
| Net Debt | -$415K | $592K | -$344K | $5.36M | $3.58M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD |
| Period Ending | 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 |
| Operating Activities | |||||
| Net Income | -$7.28M | -$9.63M | -$6.54M | -$3.8M | -$102K |
| Depreciation & Amortization | $3K | $3K | $3K | $3K | $359 |
| Deferred Income Tax | $0 | $0 | $0 | $9K | $0 |
| Stock-Based Compensation | $2.63M | $1.53M | $0 | $6K | $0 |
| Changes in Working Capital: | |||||
| Accounts Receivable | -$60K | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $267K | $0 | $0 | $0 | $0 |
| Other Working Capital | -$236K | $743K | -$13K | $569K | -$195K |
| Total Working Capital Change | -$29K | $743K | -$13K | $569K | -$195K |
| Other Non-Cash Items | $1.94M | $3.51M | $2.17M | $2.71M | $39K |
| Net Cash from Operating | -$2.74M | -$3.84M | -$4.39M | -$502K | -$259K |
| Investing Activities | |||||
| Capital Expenditures | $0 | -$1.17M | -$362K | $0 | -$300K |
| Acquisitions | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$979K | $81K | -$1.83M | $0 | $0 |
| Net Cash from Investing | -$979K | -$1.09M | -$2.19M | $0 | -$300K |
| Financing Activities | |||||
| Debt Repaid | - | - | - | - | - |
| Common Stock Issuance | $3.46M | $1.17M | $6.74M | $61K | $638K |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | -$260K | $0 | -$1.46M | $0 |
| Net Cash from Financing | $4.3M | $3.65M | $8.07M | $497K | $638K |
| Forex Effect | $14K | $0 | $0 | $0 | $0 |
| Net Change in Cash | $596K | -$1.28M | $1.49M | -$5K | $79K |
| Supplementary Data | |||||
| Operating Cash Flow | -$2.74M | -$3.84M | -$4.39M | -$502K | -$259K |
| Capital Expenditure | -$881K | -$1.17M | -$4.11M | $0 | -$300K |
| Free Cash Flow | -$3.62M | -$5.01M | -$8.5M | -$502K | -$559K |
| Cash at Beginning | $286K | $1.56M | $74K | $79K | $0 |
| Cash at End | $882K | $286K | $1.56M | $74K | $79K |