<span item_type="fundamental" item_id="d08fe51a3f91790a2c76d61bd392348b" counter_id="ST/US/TPET" env="prod"></span><span item_type="announcement" item_id="607076964122166401" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 398.73 K.</p><p>EPS: As of FY2025, the actual value is USD -0.8.</p><p>EBIT: As of FY2025, the actual value is USD -4.667 M.</p><p></p><h4>Net Revenue</h4><p>Net Revenue for Trio Petroleum Corp. increased by $185,230, or 87.0%, to $398,734 in 2025 from $213,204 in 2024, primarily due to higher oil production volumes following property acquisitions in the Lloydminster region of Saskatchewan, Canada.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Oil Sales Volume (Saskatchewan)</h4><p>Oil sales volume from Saskatchewan was approximately 8,400 barrels in fiscal 2025, compared to approximately 2,900 barrels in fiscal 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Gross Profit</h4><p>Gross Profit increased by $9,801, or 4.6%, to $223,005 in 2025 from $213,204 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Cost of Goods Sold</h4><p>Cost of Goods Sold increased to $175,729 in 2025 from $0 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Total Operating Expenses</h4><p>Total Operating Expenses decreased by $935,810, or 14.6%, to $5,495,108 in 2025 from $6,430,918 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Exploration Expenses</h4><p>Exploration Expenses decreased by $131,822, or 74.3%, to $45,594 in 2025 from $177,416 in 2024 due to reduced exploratory, geological, and geophysical costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>General and Administrative Expenses</h4><p>General and Administrative Expenses decreased by $1,898,431, or 40.3%, to $2,817,626 in 2025 from $4,716,057 in 2024, driven by lower salary expenses (approximately $900,000), advertising and marketing fees ($435,000), filing fees ($200,000), consulting fees ($380,000), and legal fees ($170,000).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Stock-based Compensation Expense</h4><p>Stock-based Compensation Expense increased by $1,094,443, or 71.3%, to $2,629,110 in 2025 from $1,534,667 in 2024, primarily due to the grant and immediate recognition of expense for 1,552,500 options issued in Q4 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Accretion Expenses</h4><p>Accretion Expenses remained consistent at $2,778 in both 2025 and 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Total Other Expenses</h4><p>Total Other Expenses decreased by $1,399,053, or 41.0%, to $2,010,030 in 2025 from $3,409,083 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Interest Expense</h4><p>Interest Expense decreased by $1,513,033, or 71.4%, to $605,515 in 2025 from $2,118,548 in 2024 due to lower debt levels.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Loss on Abandonment of Properties</h4><p>Loss on Abandonment of Properties increased to $611,763 in 2025 from $0 in 2024, as capitalized costs totaling $500,614 for McCool Ranch Oil Field were written off and expensed.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Loss on Extinguishment</h4><p>Loss on Extinguishment increased to $89,339 in 2025 from $0 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Loss on Conversion</h4><p>Loss on Conversion decreased by $578,282, or 44.8%, to $712,253 in 2025 from $1,290,535 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Gain on Foreign Currency Translation</h4><p>A gain of - $8,840 from foreign currency translation was reported in 2025, compared to $0 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Net Loss</h4><p>Net Loss decreased by $2,344,664, or 24.4%, to - $7,282,133 in 2025 from - $9,626,797 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Accumulated Deficit</h4><p>Accumulated Deficit totaled - $27,355,812 as of October 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Net Cash Used in Operating Activities</h4><p>Net Cash Used in Operating Activities decreased to - $2,604,749 in 2025 from - $3,840,744 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Net Cash Used in Investing Activities</h4><p>Net Cash Used in Investing Activities decreased to - $978,563 in 2025 from - $1,089,882 in 2024, reflecting slightly lower capital investment.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Net Cash Provided by Financing Activities</h4><p>Net Cash Provided by Financing Activities increased to $4,165,058 in 2025 from $3,654,647 in 2024, primarily from approximately $3.5 million from ATM share issuance and $1.6 million from convertible debt, offset by debt repayments and issuance costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Net Change in Cash</h4><p>Net Change in Cash increased to $596,217 in 2025 from - $1,275,979 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Working Capital Deficit</h4><p>Working Capital Deficit improved to - $785,902 as of October 31, 2025, from - $2,025,480 as of October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Current Assets</h4><p>Current Assets increased to $1,070,988 in 2025 from $565,219 in 2024, driven by a $3.4 million rise in cash from ATM offerings.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Current Liabilities</h4><p>Current Liabilities decreased to $1,856,890 in 2025 from $2,590,699 in 2024, due to reductions in promissory notes, related party notes, and other current liabilities, partially offset by an increase in accounts payable and convertible notes.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>South Salinas Project (California)</h4><p>Trio Petroleum Corp. holds an approximately 85.775% working interest and 68.62% net revenue interest in the 9,300-acre South Salinas project.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>Undeveloped probable (P2) reserves as of April 30, 2024, were 40.2 million stock tank barrels (MMSTB) of oil and 42.4 billion standard cubic feet (BCF) of gas, totaling 47.3 million barrels of oil equivalent (BOE).<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>Possible (P3) reserves were 100.7 MMSTB of oil and 168.5 BCF of gas, totaling 128.7 million BOE.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>Estimated capital expenditures for Phase 1 are $25.8 million, Phase 2 are $43.2 million, and Phase 3 (full development) are $467 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>Net cash flow discounted at 10% for Phases 1-3 combined is $474.5 million for probable (P2) reserves and an additional $2.5 billion for possible (P3) reserves.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Canadian Properties (Saskatchewan and Alberta)</h4><p>In April 2025, Trio Petroleum Corp. acquired heavy oil assets in west-central Saskatchewan for US$650,000 cash and 526,536 shares of common stock, which include all five currently active wells.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>In November 2025, mineral leasehold interests in Alberta were acquired for CAD $150,000 cash and 104,227 restricted shares of common stock.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>An additional acquisition of oil and gas business assets in Lloydminster, Saskatchewan, occurred in December 2025 for CAD $1,000,000 (US$730,300) and 912,875 restricted shares of common stock.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>McCool Ranch Oil Field (California)</h4><p>Trio Petroleum Corp. acquired approximately 22% working interest in certain oil and gas assets in October 2023, but operations were terminated in May 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>Capitalized costs of $500,614 were written off and expensed due to the abandonment of related leases.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Asphalt Ridge Project (Utah)</h4><p>Trio Petroleum Corp. retains a 2.25% working interest in the initial 960 acres of the Asphalt Ridge Project.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>The company holds a non-binding Letter of Intent for potential acquisition of 2,000 acres, contingent on achieving a minimum sustained production rate of 40 barrels per day for 30 days from two wells by May 15, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p><h4>Outlook / Guidance</h4><p>Trio Petroleum Corp. plans to aggressively grow its newly acquired Canadian assets by focusing on projects that generate immediate cash flow or offer workover opportunities, and to pursue transformative growth potential through strategic investments in favorable political and economic environments such as Utah.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>For the South Salinas Project in California, the company’s strategy involves seeking a joint venture partner, securing approvals for a short-term water disposal program, launching a Carbon Capture and Storage Project, and pursuing permits for full field development.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span>The company anticipates requiring additional capital through equity and/or debt financings to fund drilling, development, and ongoing operations, as current revenue levels are insufficient to cover operating costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1898766/000149315226002848/form10-k.htm"></span></p>

Trio Petroleum | 10-K: FY2025 Revenue: USD 398.73 K