Revenue growth remains highly erratic, oscillating between a 118.2% surge in 2025Q4 and a 41.0% contraction in 2025Q2, while operating margins remain pressured by fixed costs, evidenced by a -28.2% operating margin in 2025Q4.
PEDEVCO Corp. (PED) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 116.38M | 45.75M | 39.55M | 30.78M | 30.03M | 15.86M | 8.06M | 12.97M | 4.52M | 3.02M | 3.97M | 5.33M | 4.81M | 743.66K | 503.15K | 446.53K | 109.44K | 330.91K | 432.01K | 418.47K | 3.24M | 1.16M | 1.45M | 885.44K | 100.01K |
| Revenue Growth % | 229.37% | 15.67% | 28.49% | 2.5% | 89.37% | 96.8% | -37.87% | 186.8% | 50.02% | -24.02% | -25.5% | 10.68% | 547.07% | 47.8% | 12.68% | 308% | -66.93% | -23.4% | 3.24% | -87.1% | 179.74% | -20.22% | 64.14% | 785.39% | - |
| Cost of Goods Sold | 68.93M | 19.12M | 28.37M | 20.71M | 21.55M | 13.32M | 15.78M | 17.85M | 9.34M | 5.1M | 6.77M | 6.97M | 2.63M | 1.09M | 412.44K | 278.81K | 151.24K | 665.52K | 683K | 1.52M | 4.62M | 1.32M | 1.59M | 1.6M | 0 |
| COGS % of Revenue | - | 41.79% | 71.72% | 67.26% | 71.75% | 84% | 195.78% | 137.59% | 206.5% | 169.22% | 170.54% | 130.96% | 54.61% | 145.97% | 81.97% | 62.44% | 138.19% | 201.12% | 158.1% | 363.28% | 142.47% | 113.65% | 109.34% | 181% | - |
| Gross Profit | 47.45M | 26.63M | 11.18M | 10.08M | 8.48M | 2.54M | -7.72M | -4.88M | -4.82M | -2.09M | -2.8M | -1.65M | 2.18M | -341.85K | 90.72K | 167.71K | -41.8K | -334.62K | -250.98K | -1.1M | -1.38M | -158.26K | -135.73K | -717.23K | 100.01K |
| Gross Margin % | 40.77% | 58.21% | 28.28% | 32.74% | 28.25% | 16% | -95.78% | -37.59% | -106.5% | -69.22% | -70.54% | -30.96% | 45.39% | -45.97% | 18.03% | 37.56% | -38.19% | -101.12% | -58.1% | -263.28% | -42.47% | -13.65% | -9.34% | -81% | 100% |
| Gross Profit Growth % | - | 138.12% | 10.97% | 18.79% | 234.41% | 132.87% | -58.31% | -1.22% | -130.81% | 25.44% | -69.74% | -175.5% | 738.88% | -476.82% | -45.91% | 501.24% | 87.51% | -33.32% | 77.22% | 20.02% | -770.49% | -16.6% | 81.08% | -817.18% | - |
| Operating Expenses | 30.95M | 34.49M | 6.47M | 10.28M | 5.85M | 4.4M | 26.1M | 5.35M | 4.19M | 2.53M | 4.14M | 7.66M | 10.02M | 7.15M | 3.73M | 1.62M | 968.85K | 1.18M | 1.96M | 4.2M | 15.09M | 2.98M | 5.34M | 5.89M | 41.98K |
| OpEx % of Revenue | - | 75.38% | 16.35% | 33.38% | 19.49% | 27.77% | 323.9% | 41.25% | 92.57% | 83.95% | 104.41% | 143.88% | 208.19% | 961.35% | 741.23% | 362.05% | 885.26% | 357.32% | 454.22% | 1003.25% | 465.18% | 256.72% | 367.31% | 665.12% | 41.97% |
| Selling, General & Admin | 20.01M | 16.79M | 6.39M | 6.01M | 5.85M | 6.21M | 6.74M | 5.79M | 4.14M | 2.53M | 3.91M | 6.96M | 8.71M | 7.15M | 3.73M | 1.47M | 766.85K | 1.04M | 1.92M | 4.2M | 3.42M | 2.86M | 4.83M | 5.67M | 27.84K |
| SG&A % of Revenue | - | 36.69% | 16.16% | 19.52% | 19.49% | 39.15% | 83.65% | 44.6% | 91.53% | 83.88% | 98.59% | 130.72% | 181.05% | 961.35% | 741.23% | 329% | 700.68% | 313.15% | 445.31% | 1003.25% | 105.35% | 246.43% | 332.04% | 640.31% | 27.84% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 17.7M | 76K | 4.27M | 0 | -1.8M | 19.36M | -434K | 47K | 2K | 1.28M | 701K | -39K | 6.84K | 0 | 147.59K | 202.01K | 146.14K | 38.46K | 0 | 11.67M | 119.31K | 512.71K | 219.69K | 14.14K |
| Operating Income | 16.5M | -7.86M | 4.72M | -198K | 2.63M | -1.87M | -33.82M | -10.23M | -9M | -23.57M | -5.66M | -9.65M | -22.17M | -16.78M | 11.07M | -3.09M | -1.46M | -1.57M | -2.21M | -5.3M | -17.18M | -2.82M | -5.47M | -6.61M | 58.03K |
| Operating Margin % | 14.17% | -17.17% | 11.93% | -0.64% | 8.76% | -11.77% | -419.68% | -78.84% | -199.07% | -781.82% | -142.64% | -181.15% | -460.76% | -2256.45% | 2200.6% | -691.88% | -1338.35% | -474.87% | -512.31% | -1266.53% | -529.76% | -243.07% | -376.65% | -746.12% | 58.03% |
| Operating Income Growth % | - | -266.53% | 2482.32% | -107.53% | 240.87% | 94.48% | -230.71% | -13.58% | 61.8% | -316.47% | 41.34% | 56.49% | -32.13% | -251.55% | 458.4% | -110.92% | 6.79% | 29% | 58.24% | 69.15% | -509.69% | 48.52% | 17.14% | -11484.56% | - |
| EBITDA | 50M | 10.15M | 20.75M | 10.78M | 13.88M | 5.61M | -22.39M | 841K | -2.48M | -19.82M | -580K | -4.5M | -21.22M | -16.34M | 11.2M | -2.94M | -1.26M | -1.43M | -2.17M | -5.21M | -3.24M | -2.58M | -4.9M | -6.39M | 72.17K |
| EBITDA Margin % | 42.96% | 22.19% | 52.45% | 35.01% | 46.23% | 35.37% | -277.81% | 6.48% | -54.94% | -657.31% | -14.62% | -84.57% | -440.94% | -2197.68% | 2226.77% | -658.83% | -1151.16% | -432.73% | -503.41% | -1244.22% | -99.92% | -222.63% | -337.36% | -721.31% | 72.16% |
| EBITDA Growth % | 235.42% | -51.06% | 92.51% | -22.38% | 147.5% | 125.06% | -2762.19% | 133.84% | 87.46% | -3316.9% | 87.12% | 78.77% | -29.83% | -245.87% | 480.85% | -133.51% | 12.02% | 34.16% | 58.23% | -60.65% | -25.56% | 47.35% | 23.23% | -8949.74% | - |
| D&A (Non-Cash Add-back) | 33.5M | 18.01M | 16.03M | 10.97M | 11.26M | 7.48M | 11.43M | 11.07M | 6.52M | 3.75M | 5.08M | 5.14M | 954K | 437.04K | 131.69K | 147.59K | 204.87K | 139.43K | 38.46K | 93.37K | 13.94M | 236.94K | 571.1K | 219.69K | 14.14K |
| EBIT | -13.11M | -273K | 4.79M | 4.07M | 2.84M | -1.3M | -32.69M | -10.28M | 61.31M | -23.57M | -5.66M | -7.42M | -22.71M | -16.55M | -11.03M | -3.09M | -1.46M | -1.55M | -2.21M | -5.3M | -4.23M | -3.13M | -5.47M | -7.72M | -65.2K |
| Net Interest Income | -5.09M | -1.13M | 351K | 422K | 117K | 14K | 38K | -769K | -7.7M | -12.8M | -13.96M | -13.86M | -9.58M | -1.39M | -949.89K | -1.06M | -97.86K | -106.54K | -90.77K | -23.76K | -4.02M | -195.12K | -105.05K | -1.16M | 0 |
| Interest Income | 281K | 274K | 351K | 422K | 117K | 15K | 40K | 55K | 1K | 0 | 0 | 40K | 281K | 196.87K | 36.36K | 0 | 0 | 245 | 22.18K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.38M | 1.41M | 0 | 0 | 0 | 1K | 2K | 824K | 7.7M | 12.8M | 13.96M | 13.9M | 9.86M | 1.59M | 986.25K | 1.06M | 97.86K | 106.78K | 112.95K | 23.76K | 4.02M | 195.12K | 105.05K | 1.16M | 130.8K |
| Other Income/Expense | -24.87M | 5.55M | 321K | 462K | 214K | 568K | 1.13M | -875K | 62.61M | -12.8M | -13.96M | -11.67M | -10.4M | -1.37M | -8.19M | -2.76M | -671.67K | -160.9K | 19.95K | 232.43K | 0 | -43.97K | -116.2K | 367.42K | -130.8K |
| Pretax Income | -8.37M | -2.31M | 5.04M | 264K | 2.84M | -1.3M | -32.69M | -11.1M | 53.61M | -36.37M | -19.62M | -21.32M | -32.57M | -18.15M | -12.01M | -4.15M | -1.91M | -1.63M | -2.19M | -5.07M | -16.47M | -2.35M | -5.49M | -6.2M | -72.77K |
| Pretax Margin % | -7.19% | -5.04% | 12.74% | 0.86% | 9.47% | -8.19% | -405.63% | -85.58% | 1185.21% | -1206.3% | -494.43% | -400.3% | -676.91% | -2440.03% | -2387.55% | -928.36% | -1749.67% | -491.3% | -507.99% | -1210.99% | -507.65% | -202.73% | -377.43% | -700.02% | -72.77% |
| Income Tax | 8.63M | 8.05M | -12.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.49M | 6.93M | 1.64M | 861.61K | 108.48K | -9.36M | 4.32M | 35.19M | -935.32K | 22.39K | -816.88K | 0 |
| Effective Tax Rate % | -103.07% | -349.15% | -253.1% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -19.23% | -57.66% | -39.63% | -45% | -6.67% | 426.32% | -85.21% | -213.7% | 39.79% | -0.41% | 13.18% | 0% |
| Net Income | -17M | -10.36M | 17.79M | 264K | 2.84M | -1.3M | -32.69M | -11.1M | 53.61M | -36.37M | -19.62M | -21.32M | -29.87M | -18.15M | -12.01M | -4.15M | -1.52M | -1.68M | 7.01M | -9.87M | -38.07M | -2.86M | -5.59M | -7.36M | -72.77K |
| Net Margin % | -14.61% | -22.65% | 44.98% | 0.86% | 9.47% | -8.19% | -405.63% | -85.58% | 1185.21% | -1206.3% | -494.43% | -400.23% | -620.82% | -2440.03% | -2387.55% | -929.18% | -1388.81% | -507.06% | 1622.87% | -2359.6% | -1173.81% | -246.86% | -384.65% | -830.78% | -72.77% |
| Net Income Growth % | -232.82% | -158.25% | 6638.26% | -90.72% | 318.94% | 96.03% | -194.45% | -120.71% | 247.39% | -85.38% | 7.96% | 28.65% | -64.64% | -51.05% | -189.54% | -172.97% | 9.41% | -123.93% | 171% | 74.06% | -1230.17% | 48.8% | 24% | -10008.35% | - |
| Net Income (Continuing) | -17M | -10.36M | 17.79M | 264K | 2.84M | -1.3M | -32.69M | -11.1M | 53.61M | -36.37M | -19.62M | -21.32M | -32.57M | -18.14M | -12.01M | -4.15M | -1.56M | -1.71M | -2.29M | -5.09M | -38.07M | -2.86M | -5.59M | -7.36M | -72.77K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -59K | -55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.28 | -2.25 | 4.00 | 0.06 | 0.67 | -0.37 | -9.40 | -4.60 | 94.80 | -124.40 | -80.40 | -102.60 | -211.60 | -213.60 | -387.20 | -3923.60 | -1606.60 | -1832.60 | 6719.60 | -10757.40 | -49654.40 | -5131.80 | -11957.80 | -22287.60 | -157.20 |
| EPS Growth % | -233.06% | -156.25% | 6566.67% | -90.99% | 280% | 96.06% | -104.35% | -104.85% | 176.21% | -54.73% | 21.64% | 51.51% | 0.94% | 44.83% | 90.13% | -144.22% | 12.33% | -127.27% | 162.46% | 78.34% | -867.58% | 57.08% | 46.35% | -14077.86% | - |
| EPS (Basic) | - | -2.25 | 4.00 | 0.06 | 0.67 | -0.37 | -9.40 | -4.60 | 96.00 | -124.40 | -80.40 | -102.60 | -211.60 | -213.60 | -387.20 | -3923.60 | -1606.60 | -1832.60 | 8063.60 | -10757.40 | -49654.40 | -5131.80 | -11957.80 | -22287.60 | -157.20 |
| Diluted Shares Outstanding | 13.3M | 4.62M | 4.46M | 4.35M | 4.28M | 4M | 3.61M | 2.56M | 565.66K | 292.37K | 244.3K | 207.67K | 141.22K | 84.98K | 31.02K | 1.06K | 946 | 916 | 999 | 918 | 767 | 558 | 468 | 330 | 463 |
| Basic Shares Outstanding | 13.3M | 4.62M | 4.46M | 4.35M | 4.28M | 4M | 3.61M | 2.56M | 558.42K | 292.36K | 244.3K | 207.67K | 141.22K | 84.98K | 31.02K | 1.06K | 946 | 916 | 858 | 918 | 767 | 558 | 468 | 330 | 463 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PED stock.
For fiscal year 2025, PEDEVCO Corp. (PED) reported total revenue of $45.8M. This represents a 45648.3% increase compared to $0.1M in 2002.
PEDEVCO Corp. (PED) reported a net loss of $10.4M for the fiscal year ending 2025.
PEDEVCO Corp. (PED) reported an operating income of $-7.9M, resulting in an operating profit margin of -17.2%. This margin reflects the operational efficiency of the business before interest and taxes.
PEDEVCO Corp. (PED) generated $26.6M in gross profit for the year, representing a gross profit margin of 58.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative operating margin scale
Metrics are mathematically derived from official filings.
Volatile Revenue Growth Patterns Observed
According to the provided quarterly income statements, PED's revenue trajectory remains highly erratic, oscillating between a 118.2% surge in 2025Q4 and a 41.0% contraction in 2025Q2, suggesting that production volumes are heavily dependent on intermittent drilling activity rather than a stable, predictable output profile.
The lack of consistent top-line growth indicates that the company struggles to maintain a steady production treadmill, likely due to the natural decline rates of its Permian and D-J Basin assets. Investors should monitor whether future revenue spikes represent sustainable production increases or merely the temporary impact of new well completions.
Gross Margin Volatility Masks Efficiency
As reported in the financial data, PED's gross margins have fluctuated significantly from a low of 4.5% in 2025Q2 to a peak of 38.0% in 2024Q3, reflecting the inherent sensitivity of the company's lifting costs to commodity price realizations and operational downtime across its limited well count.
While the company occasionally achieves gross margins that suggest competitive lifting costs, the inability to maintain these levels consistently points to a lack of operational scale. This margin instability implies that the company is highly vulnerable to localized cost inflation and commodity price differentials.
Operating Leverage Constrained by Overhead
Based on the income statement history, PED exhibits poor operating leverage, as evidenced by the 2025Q4 period where a $23.1M revenue base resulted in a $6.5M operating loss, demonstrating that fixed corporate overhead and G&A expenses currently overwhelm the gross profit generated by the asset base.
The company's inability to scale operating income alongside revenue suggests that its current administrative structure is too heavy for its production volume. Without a significant increase in net well count or production efficiency, the company may continue to struggle to achieve positive operating leverage.
Earnings Distorted by Non-Operating Items
Analysis of the quarterly filings reveals that net income is frequently decoupled from operating performance, highlighted by the 2024Q4 period where a $1.4M operating loss was transformed into a $11.4M net profit, likely due to non-operating adjustments that obscure the underlying cash-generating capability of the business.
Investors should exercise caution when evaluating the company's bottom line, as these non-operating swings suggest that reported net income is not a reliable proxy for operational success. The recurring use of stock-based compensation further complicates the quality of earnings, as it represents a persistent dilutionary pressure on shareholders.
Sustainability of Current Operating Model
Based on the reported figures, the most significant challenge to the investment thesis is the persistent negative net margin, which reached -63.7% in 2026Q1, suggesting that the company's current cost structure is fundamentally incompatible with its existing production scale and market-driven revenue realizations.
Short-term liquidity risks appear elevated given the company's limited cash reserves and the recurring nature of its net losses. The market may be overestimating the value of the company's acreage if the cost to develop those assets continues to exceed the value of the oil and gas produced.