PEDEVCO Corp reported its financial results for the quarter ended September 30 2025, announcing the figures on November 17 2025. Revenue for the period was $7.0 million, a 23 % decline year‑over‑year, while production fell to 1,471 barrels of oil equivalent per day, down 13 % from the same quarter in 2024. The company’s net loss was $325,000, compared with a net income of $2.9 million in Q3 2024, and its operating loss widened to $834,000 from an operating loss of $3.7 million in the prior year.
The revenue drop was driven by unfavorable price and volume variances in the company’s core Permian and Denver‑Julesberg operations. Lower realized prices, coupled with a modest decline in well output, reduced top‑line sales, while higher operating expenses offset the modest gains in production efficiency.
Operating expenses rose to $7.8 million, up 12 % from $6.1 million in Q3 2024, reflecting increased drilling and development costs in the Denver‑Julesberg basin and one‑time transaction costs associated with the Juniper Capital Advisors merger that closed on October 31 2025. The higher expense base contributed to the widening operating loss, even as production efficiency improved.
Adjusted EBITDA, a key profitability metric that excludes non‑recurring items, reached $4.3 million, up from $3.8 million in Q3 2024. The improvement was largely due to higher production volumes and better operating leverage, which partially offset the revenue decline and higher operating costs.
Capital expenditures for 2025 remain focused on the Denver‑Julesberg basin, with $1.2 million earmarked for new wells and infrastructure upgrades. The company’s capex plan is designed to accelerate production growth in the coming quarters and to support the expanded acreage acquired through the Juniper merger.
CEO J. Douglas Schick acknowledged the quarter’s challenges, noting that commodity price pressures weighed on realized sales prices. He emphasized that the Juniper merger is a transformative step that will position PEDEVCO as a leading Rockies‑focused operator, and he expects accelerated production growth in Q4 2025 and early 2026 as new wells come online.
Management remains optimistic about the company’s trajectory, citing the expanded asset base and the strategic focus on the Denver‑Julesberg basin as key drivers of future growth. The company’s guidance for 2025 remains unchanged, reflecting confidence in the operational synergies expected from the merger and the anticipated production ramp‑up.
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