PEDEVCO (US:PED)2025-11-17 13:08Financial Performance - PEDEVCO reported a net loss of $0.3 million for Q3 2025, compared to a net income of $2.9 million in Q3 2024, marking a decrease of $3.2 million[5]. - Q3 2025 revenue was $7.0 million, down $2.1 million or 23% from $9.1 million in Q3 2024[11]. - Adjusted EBITDA decreased by 24% to $4.3 million in Q3 2025, compared to $5.7 million in Q3 2024[8]. - The company reported a net loss of $1,834,000 for the three months ended September 30, 2025, compared to a net income of $735,000 for the same period in 2024[33]. - Net loss for the nine months ended September 30, 2025, was $1,861,000 compared to a net income of $6,369,000 for the same period in 2024[36]. - Operating income for the current period was a loss of $834,000, while the previous period reported an operating income of $2,831,000[34]. - EBITDA for the nine months ended September 30, 2025, was $8,876,000, down from $17,151,000 in 2024[38]. - Total other income for the current period was $345,000, compared to $489,000 in the previous period[34]. Production and Sales - Average production for Q3 2025 was 1,471 BOEPD, a decrease of 13% from 1,698 BOEPD in Q3 2024[5]. - The company’s current production stands at over 6,500 BOEPD, with over 88% being oil and liquids[22]. - Oil and gas sales for the three months ended September 30, 2025, were $6,961,000, a decrease of 23.1% compared to $9,050,000 for the same period in 2024[33]. - The average realized sales price for crude oil in Q3 2025 was $63.76 per barrel, a decrease of 11% from $57.97 per BOE in Q3 2024[10]. Expenses and Liabilities - Total operating expenses for Q3 2025 were $7.8 million, an increase of 12% from Q3 2024[5]. - Total operating expenses for the nine months ended September 30, 2025, were $25,240,000, an increase of 6.8% from $23,638,000 for the same period in 2024[33]. - Current liabilities rose to $14,636,000 as of September 30, 2025, from $6,908,000 as of December 31, 2024, indicating an increase of 112.5%[31]. - Share-based compensation expense increased to $1,486,000 for the nine months ended September 30, 2025, from $1,401,000 in 2024[36]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $13.7 million, an increase from $6.6 million as of December 31, 2024[8]. - Cash and cash equivalents increased to $10,922,000 as of September 30, 2025, from $4,010,000 as of December 31, 2024, representing a significant increase of 172.5%[31]. - Cash and restricted cash at the end of the period was $13,669,000, compared to $7,164,000 at the end of the previous year[37]. - As of September 30, 2025, total assets increased to $135,888,000 from $128,349,000 as of December 31, 2024, reflecting a growth of approximately 5.4%[30]. Strategic Initiatives - The company participated in the drilling of eight non-operated wells in the D-J Basin, with first production expected in Q4 2025[20]. - On October 31, 2025, PEDEVCO announced a transformative merger with portfolio companies controlled by Juniper Capital Advisors, significantly increasing its production capacity and acreage[22]. - The company plans to integrate Juniper assets into its operations following the recent transaction, which includes a $35 million private placement of preferred stock[29]. - The company anticipates future production and cash flow improvements, contingent on oil and natural gas price stability and operational efficiencies[27]. Financial Metrics - PEDEVCO emphasizes the importance of EBITDA and Adjusted EBITDA as financial metrics, although they are not recognized under GAAP, to provide additional insights into operational performance[26]. - The company experienced an impairment of oil and gas properties amounting to $907,000 in the current period, with no impairment reported in the previous period[36]. - The company reported a gain on the sale of oil and gas properties of $2,923,000 for the current period, compared to $1,115,000 in the previous period[36]. - The weighted average number of common shares outstanding for the current period was 92,161,635, compared to 89,428,310 in the previous period[34].