T
Trio Petroleum Corp
Period
FY 2025
Revenue
$398.7K
Net Income
$-7.28M
Total Assets
$13.21M
Equity
$11.30M
Shares Out
44.27M
Op. Cash Flow
$-2.60M
Business
Trio Petroleum Corp is a California-based oil and gas exploration and development company with operations in Monterey County, California; Uintah County, Utah; and Lloydminster, Saskatchewan. The company acquires and operates oil and gas properties including the South Salinas Project in California, the Asphalt Ridge Project in Utah, and heavy oil assets in Saskatchewan, Canada. Recent acquisitions include producing heavy oil wells from Novacor and mineral leasehold interests from Capital Land in Alberta, Canada, generating revenue from Canadian operations beginning in 2025.
Summary from 10-K filed 2026-01-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-10-31 | FY 2024 2024-10-31 | FY 2023 2023-10-31 | FY 2022 2022-10-31 |
|---|---|---|---|---|---|
| Revenue | 398,734 | 213,204 | — | — | |
| Cost of goods sold | 175,729 | — | — | — | |
| Gross profit | 223,005 | 213,204 | — | — | |
| Exploration expense | 45,594 | 177,416 | — | — | |
| General and administrative expenses | 3 | 5 | 3 | 768,379 | |
| Stock-based compensation expense | 3 | 2 | 1 | — | |
| Accretion expense | 2,778 | 2,778 | 2,778 | 2,778 | |
| Total operating expenses | 5 | 6 | 5 | 806,028 | |
| Loss from operations | −5 | −6 | −5 | −806,028 | |
| Interest expense | 605,515 | 2 | 791,811 | — | |
| Settlement fees | — | — | — | — | |
| Loss on abandonment of oil and gas properties | 611,763 | — | — | — | |
| Loss on extinguishment | 89,339 | — | — | — | |
| Loss on conversion | 712,253 | 1 | — | — | |
| Gain on foreign currency translation | −8,840 | — | — | — | |
| Total other expenses | 2 | 3 | 2 | 3 | |
| Loss before income taxes | −7 | −10 | −7 | −4 | |
| Provision for income taxes | — | — | — | — | |
| Net loss | −7 | −10 | −7 | −4 | |
| Basic (per share) | −0.8 | −4.32 | −5.67 | −0.26 | |
| Diluted (per share) | −0.8 | −4.32 | −5.67 | −0.26 | |
| Basic (shares) | 9 | 2 | 1 | 15 | |
| Diluted (shares) | 9 | 2 | 1 | 15 | |
| Foreign currency translation adjustment | 14,471 | — | — | — | |
| Comprehensive loss | −7 | −10 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-10-31 | FY 2024 2024-10-31 | FY 2023 2023-10-31 | FY 2022 2022-10-31 | FY 2021 2021-10-31 |
|---|---|---|---|---|---|---|
| Cash | 882,162 | 285,945 | 2 | 73,648 | — | |
| Prepaid expenses and other receivables | 128,856 | 279,274 | 133,417 | 35,000 | — | |
| Accounts receivable | 59,970 | — | — | — | — | |
| Total current assets | 1 | 565,219 | 2 | 2 | — | |
| Oil and gas properties - not subject to amortization | 12 | 11 | 10 | 6 | — | |
| Total assets | 13 | 12 | 12 | 9 | — | |
| Accounts payable and accrued liabilities | 1 | 1 | 609,360 | 1 | — | |
| Asset retirement obligations current | 2,778 | 2,778 | 2,778 | 2,778 | — | |
| Convertible notes, net of discounts | 467,179 | — | 1 | — | — | |
| Due to operators | 5,668 | 103,146 | 21,651 | — | — | |
| Promissory notes, net of discounts | — | 742,852 | — | — | — | |
| Other current liabilities | 75,268 | 454,966 | — | — | — | |
| Total current liabilities | 2 | 3 | 2 | 7 | — | |
| Asset retirement obligations, net of current portion | 53,869 | 51,091 | 48,313 | 45,535 | — | |
| Total non-current liabilities | 53,869 | 51,091 | 48,313 | 54,985 | — | |
| Total liabilities | 2 | 3 | 2 | 7 | — | |
| Commitments and Contingencies (Note 7) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized; -0- shares issued and outstanding at October 31, 2025 and 2024, respectively | — | — | — | — | — | |
| Common stock, $0.0001 par value; 150,000,000 shares authorized; 9,047,568 and 3,203,068 shares issued and outstanding as of October 31, 2025 and 2024, respectively | 906 | 320 | 155 | 1,697 | — | |
| Stock subscription receivable | −10,010 | −10,010 | −10,010 | −10,010 | — | |
| Additional paid-in capital | 39 | 29 | 20 | 7 | — | |
| Accumulated other comprehensive income | 14,471 | — | — | — | — | |
| Accumulated deficit | −27 | −20 | −10 | −4 | — | |
| Total stockholders equity | 11 | 9 | 10 | 3 | 4 | |
| Total liabilities and stockholders equity | 13 | 12 | 12 | 9 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-10-31 | FY 2024 2024-10-31 | FY 2023 2023-10-31 | FY 2022 2022-10-31 |
|---|---|---|---|---|---|
| Debt discount - OID | — | −347,968 | −140,000 | — | |
| Amortization of debt discounts | 603,447 | 2 | 473,240 | 1 | |
| Issuance of common shares for services | 58,692 | 738,300 | — | — | |
| Stock-based compensation | 3 | 2 | 1 | — | |
| Loss on issuance of common shares in lieu of cash for debt payments | 711,312 | 1 | — | — | |
| Accounts receivable | −59,970 | — | — | — | |
| Prepaid expenses and other receivables | 143,418 | −145,857 | −123,417 | — | |
| Other liabilities | −379,699 | 454,966 | — | — | |
| Accounts payable and accrued liabilities | 267,194 | 433,962 | 110,180 | 582,543 | |
| Net cash used in operating activities | −3 | −4 | −4 | −502,144 | |
| Capital expenditures for unproved oil and gas properties | −881,085 | −1 | −362,022 | — | |
| Due to operators | −97,478 | 81,495 | — | — | |
| Net cash used in investing activities | −978,563 | −1 | −2 | — | |
| Proceeds from issuance of notes payable from related parties | — | 250,666 | — | 5 | |
| Proceeds from issuance of convertible notes payable | 2 | 550,000 | 2 | — | |
| Proceeds from issuance of promissory notes | — | 2 | — | — | |
| Proceeds from issuance of common stock under at-the-market offering program | 3 | 1 | 738,659 | 60,543 | |
| Repayment of notes payable from related parties | −198,471 | — | −1 | −3 | |
| Repayment of convertible notes payable | — | −154,717 | — | — | |
| Repayment of promissory notes | −588,635 | −198,050 | — | — | |
| Payments of debt issuance costs | −134,730 | −259,903 | −350,320 | −575,438 | |
| Net cash provided by financing activities | 4 | 4 | 8 | 496,915 | |
| Effect of foreign currency exchange | 14,471 | — | — | — | |
| NET CHANGE IN CASH | 596,217 | −1 | 1 | −5,229 | |
| Cash paid for interest | — | — | — | — | |
| Cash paid for income taxes | — | — | — | — | |
| Issuance of warrants in connection with financing arrangement | — | 409,191 | — | — | |
| Issuance of common stock upon vesting of RSUs | 21 | 134,550 | — | — | |
| Issuance of commitment shares in connection with financing arrangement | — | 667,500 | — | — |
Filings
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Frequently asked questions
What is Trio Petroleum Corp's CIK number?
Trio Petroleum Corp's SEC CIK number is 0001898766 (1898766). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Trio Petroleum Corp's SEC filings?
All of Trio Petroleum Corp's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.