Free cash flow remains deeply negative, with the firm burning $1.6 million in 2026Q2 while maintaining a capital expenditure-to-revenue ratio of 26.5%.
| Cash from Operations | -3.19M | -2.74M | -3.84M | -4.39M | -502.14K | -258.92K |
| Operating CF Margin % | - | -687.04% | -1801.44% | - | - | - |
| Operating CF Growth % | 42.83% | 28.67% | 12.45% | -773.68% | -93.94% | - |
| Net Income | -6.48M | -7.28M | -9.63M | -6.54M | -3.8M | -102.06K |
| Depreciation & Amortization | 648.31K | 603.45K | 2.09M | 2.78K | 80K | 359 |
| Stock-Based Compensation | 222.72K | 2.63M | 1.53M | 0 | 6.2K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 9.45K | 0 |
| Other Non-Cash Items | 2.42M | 1.34M | 1.42M | 2.17M | 2.63M | 38.83K |
| Working Capital Changes | -2.93K | -29.06K | 743.07K | -13.24K | 568.7K | -195.33K |
| Change in Receivables | -80.55K | -59.97K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -83.78K | 267.19K | 0 | 0 | 0 | 0 |
| Cash from Investing | -581.65K | -978.56K | -1.09M | -2.19M | 0 | -300K |
| Capital Expenditures | 331.34K | 0 | 0 | -362.02K | 0 | -300K |
| CapEx % of Revenue | 47.67% | 220.97% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -912.99K | -978.56K | -1.09M | -1.83M | 0 | 0 |
| Cash from Financing | 24.49M | 4.3M | 3.65M | 8.07M | 496.92K | 637.8K |
| Debt Issued (Net) | 1.02M | 838.89K | 2.74M | -1.47M | 1.9M | 0 |
| Equity Issued (Net) | 23.47M | 3.46M | 1.17M | 9.54M | 60.54K | 637.8K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -259.9K | 0 | -1.46M | 0 |
| Net Change in Cash | 20.64M | 596.22K | -1.28M | 1.49M | -5.23K | 78.88K |
| Free Cash Flow | -2.78M | -3.62M | -3.84M | -8.5M | -502.14K | -558.92K |
| FCF Margin % | -400% | -908.01% | -1801.44% | - | - | - |
| FCF Growth % | 58.45% | 5.73% | 54.81% | -1592.47% | 10.16% | - |
| FCF per Share | -0.10 | -0.40 | -1.73 | -7.36 | -0.43 | -0.48 |
| FCF Conversion (FCF/Net Income) | 0.43x | 0.38x | 0.40x | 0.67x | 0.13x | 2.54x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Critical Liquidity and Regulatory Exposure
As reported in recent financial statements, Trio Petroleum's operating cash flow frequently diverges from net income, with the 2026Q2 OCF/NI ratio of 1.18 highlighting that non-cash charges and working capital fluctuations are the primary drivers of the company's reported cash position rather than core operational profitability.
The consistent inability to generate positive operating cash flow suggests that the company's business model remains in a pre-commercial state. Investors should monitor the fact that net income losses are not being offset by meaningful cash generation, indicating that the firm is essentially consuming capital to maintain its exploratory footprint.
Based on the provided quarterly data, Trio Petroleum's free cash flow trajectory is consistently negative, with the company burning $1.6 million in 2026Q2 alone, which underscores the extreme difficulty of achieving self-sustaining operations given the current scale of the South Salinas project's development requirements.
The lack of a positive FCF trend suggests that the company is structurally dependent on external financing to cover its ongoing cash burn. This trajectory implies that without a significant breakthrough in production volume, the firm will continue to face severe liquidity constraints that threaten its long-term viability.
According to historical cash flow filings, Trio Petroleum's capital expenditure as a percentage of revenue reached 26.5% in 2026Q2, a figure that reflects the heavy investment required to maintain exploratory assets despite the company's inability to generate sufficient top-line revenue to cover these essential development costs.
The high capital intensity relative to revenue suggests that the company is forced to prioritize asset maintenance and drilling attempts over operational efficiency. This pattern indicates that the firm is in a high-risk phase where every dollar of capex is a speculative bet on future geological success.
As indicated by the company's cash flow statements, stock-based compensation has been a recurring non-cash adjustment, reaching as high as $504.9K in 2024Q2, which effectively masks the true extent of the company's cash burn by substituting equity dilution for actual cash-based operational expenses.
This reliance on equity-based compensation suggests that management is attempting to preserve the limited cash balance by shifting the cost of operations onto shareholders. Analysts should view this as a potential warning sign regarding the company's ability to attract and retain talent without further diluting existing equity holders.
Quick answers to the most common questions about buying TPET stock.
Trio Petroleum Corp. (TPET) generated $-2.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Trio Petroleum Corp. (TPET) reported negative free cash flow of $3.6M in 2025, indicating capital requirements exceeded cash from operations.
Trio Petroleum Corp. (TPET) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.