Business Overview
Trio Petroleum Corp is an oil and gas exploration and development company focused on acquiring, financing, and operating projects in the United States and Canada, with current portfolio including the South Salinas Project in California, PR Spring Project in Utah, and heavy-oil assets in Saskatchewan, Canada. During the first half of fiscal 2026, the Company shifted operational emphasis toward more favorable jurisdictions including Utah and Canada, while discontinuing McCool Ranch operations in California and completing two additional asset acquisitions in Canada through its wholly owned subsidiary Trio Petroleum Canada Corp. The Company utilized an At-the-Market offering program to raise $24.2 million in gross proceeds during the six months ended April 30, 2026, significantly improving its liquidity position.
Segment Performance
The Company generated total revenue of $330,450 for the six months ended April 30, 2026 compared to $34,090 for the prior year period, representing a significant increase driven entirely by Saskatchewan asset revenues from the Novacor transaction acquisition in April 2025. However, revenues generated from California's McCool Ranch operations (discontinued May 2025) were not repeated in the current period. For the three months ended April 30, 2026, revenue was $208,257 versus $23,271 in the prior year period, with net loss of $1,367,356 compared to net loss of $1,563,752 in the prior year quarter. Six-month net loss was $2,379,985 compared to $3,179,277 in the prior year period.
Forward Guidance
The Company stated that capital raises and expanded ATM capacity "are expected to be sufficient to fund the Company s operating and capital requirements for at least twelve months from the date these condensed consolidated financial statements are issued." Management concluded that "substantial doubt does not exist as of the date of the condensed consolidated financial statements are issued" regarding going concern. The Company intends to use ATM proceeds "to fund ongoing operations, development activities, and general corporate purposes," and Amendment No. 10 to the prospectus supplement reflected that "the aggregate amount of shares available for sale under the ATM Agreement is $65,000,000."
