The company's capital structure appears heavily reliant on equity-linked financing, with retained earnings deteriorating to -$29.7 million by 2026Q2.
| Total Current Assets | 22.46M | 1.07M | 565.22K | 1.7M | 1.75M | 290.33K |
| Cash & Short-Term Investments | 22.1M | 882.16K | 285.94K | 1.56M | 73.65K | 78.88K |
| Cash Only | 22.1M | 882.16K | 285.94K | 1.56M | 73.65K | 78.88K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 107.02K | 59.97K | 0 | 0 | 35K | 21.15K |
| Days Sales Outstanding | 40.04 | 54.9 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 169.14K |
| Days Inventory Outstanding | - | - | - | - | - | 171.97K |
| Other Current Assets | 0 | 128.86K | 0 | 0 | 1.61M | 0 |
| Total Non-Current Assets | 13.27M | 12.14M | 11.12M | 9.95M | 7.74M | 7.48M |
| Property, Plant & Equipment | 93K | 12.14M | 11.12M | 9.95M | 5.84M | 7.48M |
| Fixed Asset Turnover | 0.11x | 0.03x | 0.02x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 40.04K | 10.01K | 10.01K | 10.01K | 10.01K | 50.55K |
| Other Non-Current Assets | 13.16M | -10.01K | -1 | 0 | 1.89M | -50.55K |
| Total Assets | 35.72M | 13.21M | 11.68M | 11.64M | 9.49M | 7.77M |
| Asset Turnover | 0.04x | 0.03x | 0.02x | - | - | - |
| Asset Growth % | 191.18% | 13.09% | 0.35% | 22.7% | 22.06% | - |
| Total Current Liabilities | 999.17K | 1.86M | 2.59M | 1.85M | 6.71M | 3.68M |
| Accounts Payable | 832.42K | 1.31M | 1.04M | 609.36K | 1.16M | 16.12K |
| Days Payables Outstanding | 794.66 | 2.13K | 136.16K | 80.06K | 152.94K | 16.39K |
| Short-Term Debt | 0 | 467.18K | 877.85K | 1.22M | 5.43M | 3.66M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | -16.12K |
| Other Current Liabilities | 166.75K | 83.71K | 457.74K | 24.43K | 117.66K | 2.78K |
| Current Ratio | 22.48x | 0.58x | 0.22x | 0.92x | 0.26x | 0.08x |
| Quick Ratio | 22.48x | 0.58x | 0.22x | 0.92x | 0.26x | 0.03x |
| Cash Conversion Cycle | -754.62 | - | - | - | - | - |
| Total Non-Current Liabilities | 171.76K | 53.87K | 51.09K | 48.31K | 54.98K | 42.76K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 9.45K | 0 |
| Other Non-Current Liabilities | 171.76K | 53.87K | 51.09K | 48.31K | 45.53K | 42.76K |
| Total Liabilities | 1.17M | 1.91M | 2.64M | 1.9M | 6.77M | 3.72M |
| Total Debt | 0 | 467.18K | 877.85K | 1.22M | 5.43M | 3.66M |
| Net Debt | -22.1M | -414.98K | 591.91K | -344.33K | 5.36M | 3.58M |
| Debt / Equity | 0.00x | 0.04x | 0.10x | 0.12x | 1.99x | 0.90x |
| Debt / EBITDA | -0.00x | - | - | - | - | - |
| Net Debt / EBITDA | 4.10x | - | - | - | - | - |
| Interest Coverage | -14.58x | -11.03x | -3.54x | -7.27x | -1.29x | -1.68x |
| Total Equity | 34.55M | 11.3M | 9.04M | 9.74M | 2.72M | 4.05M |
| Equity Growth % | 272.9% | 25% | -7.19% | 257.8% | -32.77% | - |
| Book Value per Share | 1.23 | 1.24 | 4.06 | 8.44 | 2.36 | 3.51 |
| Total Shareholders' Equity | 34.55M | 11.3M | 9.04M | 9.74M | 2.72M | 4.05M |
| Common Stock | 4.12K | 906 | 320 | 3.1K | 1.7K | 1.1K |
| Retained Earnings | -29.74M | -27.36M | -20.07M | -10.45M | -3.9M | -102.06K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 50.02K | 14.47K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Critical Liquidity and Regulatory Exposure
As reported in recent financial statements, Trio Petroleum's total assets surged to $35.7 million in 2026Q2 from $14.2 million in 2026Q1, a shift that appears driven by equity-linked financing rather than organic asset growth, signaling a precarious trajectory for long-term shareholder value and operational stability.
The rapid expansion of the balance sheet suggests the company is aggressively raising capital to offset persistent operational losses. Investors should monitor whether this asset inflation translates into tangible production capacity or merely serves to sustain administrative overhead.
Based on the company's 2026Q2 filings, the current ratio improved to 22.48, yet this figure is heavily skewed by a recent cash infusion, masking the underlying reality that the firm has historically struggled with liquidity, as evidenced by the 0.50 current ratio reported in 2026Q1.
While the current cash position provides a temporary reprieve, the historical trend of sub-1.0 current ratios indicates a structural inability to cover short-term obligations through operations. The reliance on periodic capital raises to maintain liquidity suggests that the company remains vulnerable to market sentiment and financing availability.
According to the provided balance sheet data, net property, plant, and equipment (PPE) remains negligible at $93,000 in 2026Q2, which, as noted in financial disclosures, highlights a significant disconnect between the company's 9,300-acre leasehold valuation and its actual investment in productive oilfield infrastructure.
The minimal PPE investment suggests that the company has yet to transition into a capital-intensive development phase, leaving the asset base largely speculative. This lack of tangible infrastructure may limit the company's ability to generate the cash flow necessary to justify its current valuation.
As indicated by the company's historical balance sheets, retained earnings have deteriorated to -$29.7 million by 2026Q2, a trend that underscores the cumulative impact of years of operating losses and the ongoing challenge of achieving a self-sustaining business model in the California energy sector.
The consistent decline in retained earnings serves as a primary indicator of value destruction, suggesting that the company's exploratory efforts have not yet yielded a return on invested capital. This erosion of equity highlights the necessity for management to demonstrate a clear path toward operational profitability.
Based on an analysis of the company's financial position, the near-zero debt levels reported in 2026Q2 may be misleading, as they likely reflect an inability to access traditional credit markets rather than a lack of leverage, forcing reliance on potentially dilutive equity-linked financing instruments.
The absence of debt on the balance sheet should not be interpreted as financial strength, but rather as a constraint on the company's ability to finance growth through non-dilutive means. Investors should remain cautious regarding the potential for future equity offerings that could significantly dilute existing ownership stakes.
Quick answers to the most common questions about buying TPET stock.
As of 2025, Trio Petroleum Corp. (TPET) had total assets of $13.2M including $1.1M in current assets.
Trio Petroleum Corp. (TPET) carries total debt of $0.5M, offset by $0.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Trio Petroleum Corp. (TPET) has total shareholders' equity (book value) of $11.3M ($1.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Trio Petroleum Corp. (TPET) reported a current ratio of 0.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.