Executive Summary

Q3 2025 revenue was $6.961M, down 23% year over year, with a net loss of $0.325M ($0.00 diluted EPS), and an operating loss of $0.834M; Adjusted EBITDA was $4.325M. Sequentially, operating loss improved versus Q2 despite continued price and volume headwinds .
Management flagged commodity price pressure and back-end weighted 2025 development, but highlighted numerous D-J Basin wells coming online in Q4 2025 and early 2026, plus the Oct 31 closing of a transformative Rockies-focused merger, bringing >6,500 BOEPD of current production and ~320K+ net acres .
Lease Operating Expenses fell year over year to $2.095M (from $2.556M), but DD&A rose to $4.010M; an impairment of $0.165M was recorded. Working capital surplus decreased to $1.5M on higher drilling payables tied to the current capital program .
No Wall Street consensus (S&P Global) EPS or revenue estimates were available for Q3 2025; therefore, beats/misses versus consensus cannot be assessed. The merger/reset of capital structure (borrowing base increased to $120M; ~$87M drawn) is the key stock narrative catalyst near term .

What Went Well and What Went Wrong

What Went Well

LOE declined by $0.461M YoY to $2.095M due to lower direct and variable expenses amid reduced volumes; sequential operating loss narrowed to $0.834M vs $2.244M in Q2 .
Numerous D-J Basin wells reached or are nearing first production (32 wells completed or to be completed across Q4 2025–Q1 2026), setting up material near-term production growth; four operated horizontal San Andres wells continued to perform to expectations .
Strategic transformation: closed merger with Juniper portfolio companies, positioning PED as a premier Rockies operator with >6,500 BOEPD of current production and a large, oil-weighted acreage footprint; increased Citibank RBL borrowing base to $120M .

Quote: “While Q3 was a challenging quarter… we are very excited about the Company’s future… with significant flush production expected to come online in Q4 2025 and early 2026, we believe that PEDEVCO is well-positioned to become the leading pure play public oil and gas company focused on the Rockies region.” — J. Douglas Schick, President & CEO .

What Went Wrong

Revenue fell 23% YoY (to $6.961M) driven by an unfavorable price variance (~~$1.1M) and volume variance (~~$1.0M), with average realized price down 11% to $51.46/Boe; liquids mix fell to 84% with lower overall volumes .
Production decreased (135,266 Boe) due to the April sale of 17 operated D-J wells and natural declines; no new development came online in Q3 2025 .
Operating expenses rose YoY to $7.795M on higher DD&A and accretion tied to lift conversions and increased ARO liability; impairment of $0.165M was recorded for expiring/undrilled D-J leases .

Financial Results

Consolidated Metrics

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$9.050	$8.736	$6.972	$6.961
Net Income (Loss) ($USD Millions)	$2.915	$0.140	$(1.676)	$(0.325)
Diluted EPS ($USD)	$0.03	$0.00	$(0.02)	$(0.00)
Operating Income (Loss) ($USD Millions)	$2.831	$0.150	$(2.244)	$(0.834)
Total Operating Expenses ($USD Millions)	$6.954	$8.586	$8.859	$7.795
Adjusted EBITDA ($USD Millions)	$5.699	$4.269	$3.032	$4.325

Notes:

Q3 revenue also referenced as ~$7.0M in highlights (rounding) .
Sequentially, Q3 operating loss narrowed vs Q2 .

Production and Pricing KPIs

KPI	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Average BOEPD	1,698	1,707	1,517	1,471
Total Production (Boe)	N/A	153,631	138,028	135,266
Liquids Mix (%)	84%	82%	86%	84%
Combined Realized Price ($/Boe)	$57.97	$56.87	$50.51	$51.46
LOE ($USD Millions)	$2.556	$3.412	$2.799	$2.095
DD&A ($USD Millions)	$3.055	$3.346	$3.857	$4.010
Impairment ($USD Millions)	$0.000	$0.232	$0.510	$0.165
Cash & Restricted Cash ($USD Millions, period-end)	N/A	$13.160	$11.214	$13.669
Debt ($USD Millions)	N/A	$0.0	$0.0	$0.0

Q3 2025 Actual vs Wall Street Consensus

Metric	Actual	Consensus (S&P Global)	Surprise
Revenue ($USD Millions)	$6.961	N/A	N/A
Diluted EPS ($USD)	$(0.00)	N/A	N/A

Note: Wall Street consensus estimates via S&P Global were unavailable for PED for Q3 2025; as a result, beats/misses cannot be determined.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Production trajectory	Q4 2025–Q1 2026	Not provided	32 wells completed or scheduled; material production growth expected next several months	Raised (qualitative)
Rockies scale	Post-close (Nov 2025)	Not applicable	>6,500 BOEPD of current production; >328K net acres; oil-weighted	New baseline
Capital structure (RBL)	Post-close (Nov 2025)	$20M borrowing base	Borrowing base increased to $120M; ~$87M drawn	Raised leverage capacity
Cash balance (post-close)	Post-close (Nov 2025)	Not applicable	~$10M cash after Transaction & Equity Raise	New baseline
Dividend/Tax/OI&E/OpEx guidance	Q3/Q4 2025	Not provided	Not provided in releases	Maintained (no guidance)

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was found; the company scheduled a conference call on Nov 5, 2025 related to the merger, with replay access noted, but no transcript is available in our document set .

Topic	Previous Mentions (Q2 2025 and Q1 2025)	Current Period (Q3 2025)	Trend
Commodity price environment	“Challenging commodity price environment” impacting Q2 results	“Commodity price pressure” cited; realized price down 11% YoY	Continued headwind
Operations cadence (D-J Basin)	Participation in 18 non-operated wells; completions slated mid-Aug–Sep with production in Q4	Multiple pads and laterals across 1.5–3.0 mile lengths; several wells online Q4 2025; more in early 2026	Acceleration to online volumes
Permian (San Andres) wells	4 operated horizontals turned-in-line in May; early results positive	Wells continue to meet expectations; lift conversions to reduce costs	Stable execution; cost focus
Liquids mix	82% in Q1; 86% in Q2	84% liquids in Q3	Stable high-liquids profile
M&A/Strategic consolidation	Seeking accretive M&A; RBL untouched	Transformative merger closed; focus on integration and consolidation in Rockies	Strategic shift to scaled Rockies platform
Regulatory/Controls	N/A	Prior 8-K: restatement of FY2024 tax benefit; material weaknesses identified, remediation in process	Control environment under remediation

Management Commentary

Prepared remarks emphasized a back-half weighted development program and confidence in near-term production additions: “significant flush production expected to come online in Q4 2025 and early 2026” and positioning as a Rockies pure play post-merger .
Strategic message on consolidation and growth: “transformative step… accelerate a consolidation and growth strategy centered in the Rockies… build a leading oil and gas company in the region” — J. Douglas Schick, President & CEO .
Juniper’s perspective: extensive remaining drilling inventory and organic/consolidation growth opportunities proximal to large operators, underpinning a multi-year value creation path .

Q&A Highlights

No Q3 2025 earnings call transcript available. The company hosted a conference call on Nov 5, 2025 related to the Transaction; replay was offered via webcast, but a transcript is not present in our source set .
As a result, specific analyst Q&A themes, guidance clarifications, or tone changes cannot be documented.

Estimates Context

S&P Global consensus EPS and revenue estimates for Q3 2025 were unavailable for PED; we queried EPS, revenue, and number of estimates, but no data was returned, preventing a beat/miss assessment relative to the Street. This is common for micro-cap E&Ps with limited coverage [GetEstimates result].
Given the production additions expected in Q4 2025–Q1 2026, Street models (where they exist) may need to reflect higher near-term volumes, updated DD&A and LOE trajectories, and post-merger interest expense and capital structure impacts .

Key Takeaways for Investors

Near-term inflection: numerous D-J Basin wells are coming online across Q4 2025–Q1 2026, setting up sequential production and revenue growth; monitor realized price trends and LOE discipline as volumes ramp .
Strategic reset: the Juniper merger scales PED to >6,500 BOEPD and >328K net acres in the Rockies; focus will be on integrating operations, capturing economies of scale, and pursuing accretive consolidation .
Cost structure: LOE improved YoY and lift conversions aim to reduce operating costs; DD&A rose with recent capital spending—watch margin normalization as new production stabilizes .
Balance sheet transition: from zero debt pre-close to ~$87M RBL draw post-close; liquidity supported by a $120M borrowing base and ~$10M cash; track interest expense and leverage metrics going forward .
Control remediation: FY2024 tax restatement and identified material weaknesses are being addressed; any updates in 10-K/A and future filings bear monitoring for risk mitigation progress .
Trading setup: stock narrative likely driven by production ramp visibility, integration progress, and capital discipline post-merger; absence of consensus estimates reduces near-term “beat/miss” catalysts but heightens focus on reported KPIs and operational updates .
Medium-term thesis: scaled, oil-weighted Rockies platform with identified inventory and consolidation opportunities could support multi-year growth, contingent on execution, commodity prices, and cost control .

PEDEVCO CORP (PED)·Q3 2025 Earnings Summary