Trio Petroleum

TPET

Oil & Gas Exploration & Production · Energy

Price

$0.33

+0.01 (+2.11%)

Market Cap

$3.4M

Exchange

New York Stock Exchange American

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+689.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.2M (2021) → 9.1M (2025)

Trio Petroleum Corp. is a small oil and gas exploration and production company based in California. It focuses on finding and extracting crude oil from onshore fields, primarily in the San Joaquin Valley region of California. The company targets conventional oil reservoirs and sells its production to refiners and oil purchasers in the regional market.

Trio Petroleum earns revenue by selling crude oil it produces from its California acreage, making its income highly dependent on oil prices. The company is very small, with a market cap near zero, and operates at a significant loss — its operating margin is deeply negative, meaning it spends far more than it earns. The main risk facing Trio is its ability to fund ongoing drilling and operations, as small exploration companies frequently rely on outside capital to survive; California also has some of the strictest environmental regulations in the country, which adds cost and operational uncertainty.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+794.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+93.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

7.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$22M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$22M cash & investments at current burn rate

Revenue accelerating

Trio Petroleum grew revenue 795% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-50.9%

Thin — -50.9% gross margin

Operating Margin

-674.5%

Losing money on operations — -674.5%

ROCE

-4.1%

Weak — -4.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+298.6%

Fast-growing sales (298.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-533.7%

Burning cash (-533.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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