10-Q · May 14, 2026
PEDEVCO Corp. reported substantial revenue growth in Q1 2026, with actual revenues of $40.2 million compared to $8.7 million in Q1 2025, marking a 360% increase. However, the company posted a net loss of $25.6 million…
Earnings analysis · 10-Q
PED earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
PEDEVCO delivered a strong Q2, with $46.1 million of revenue and $1.31 diluted EPS versus consensus of $38.0 million and $0.36, respectively; revenue rose from $40.0 million in Q1 2026 and $7.0 million in Q2 2025.…
Read full summary
PEDEVCO delivered a strong Q2, with $46.1 million of revenue and $1.31 diluted EPS versus consensus of $38.0 million and $0.36, respectively; revenue rose from $40.0 million in Q1 2026 and $7.0 million in Q2 2025. Management expects production to increase in late 2026 and continue into 2027, supported by plans to drill or participate in over 20 gross wells, but provided no formal numerical guidance. The positive operating trajectory is offset by unremediated material weaknesses, derivative losses of $26.3 million for the first six months, and material lease and geopolitical risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.31
What stood out
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Revenue materially beat consensus
Q2 revenue was $46.1 million, $8.1 million above the $38.0 million consensus estimate, a 21.4% beat. Revenue also increased from $40.0 million in Q1 2026 and $7.0 million in Q2 2025.
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Earnings turned sharply positive
Diluted EPS was $1.31 versus the $0.36 consensus estimate, a $0.95 beat. EPS improved from a loss of $3.28 in Q1 2026 and a loss of $0.40 in Q2 2025.
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Expanded asset base drove scale
Production increased 348% year over year and Adjusted EBITDA increased 516% year over year, supported by the expanded asset base.
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Development activity points to growth
Management plans to drill or participate in over 20 gross wells over the next several months, with production expected to increase in late 2026 and continue into 2027.
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Phoenix settlement adds cash proceeds
The Phoenix settlement provides for $6.75 million of payments, including $2.0 million on June 26, 2026, $2.0 million on July 6, 2026, $1.75 million on July 30, 2026, and $1.0 million due September 30, 2026; the first three payments had been received.
What to watch
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Unremediated material weaknesses
Management concluded as of June 30, 2026 that disclosure controls were not effective because material weaknesses reported in the 2025 Form 10-K had not been remediated. The filing also states there were no material changes to internal control during the three months ended June 30, 2026.
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Geopolitical energy-market volatility
The company added geopolitical exposure tied to Middle East conflicts and Strait of Hormuz disruption; approximately 20% of global oil supply flows through the chokepoint. The filing warns of commodity volatility, supply-chain disruption, higher costs, and reduced financing access.
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Hedging creates earnings volatility
Approximately 61% of forecast production is hedged for the second half of 2026, 58% for 2027, and 39% for 2028. Despite a $5.0 million derivative gain in Q2, the company recorded a $26.3 million derivative loss for the first six months of 2026, creating basis, counterparty, and upside-limitation risk.
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PRB lease-cancellation exposure
The Montana District Court ruling could ultimately cancel leases covering approximately 43,670 net acres in the Powder River Basin, although the company would receive reimbursement of approximately $40.2 million for leasehold purchase amounts if all such leases were cancelled.
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Lease expirations may trigger write-offs
Lease expirations create potential impairment risk: 3,310 net D-J Basin acres and 720 net PRB acres expired during the first half of 2026, while a further 34,999 PRB acres are scheduled to expire in 2027.
Management's outlook
No numerical revenue or EPS guidance was provided. Management plans to drill or participate in over 20 gross wells over the next several months, with production expected to increase in late 2026 and continue into 2027.
Earlier filings 4
10-K · March 31, 2026
PEDEVCO Corp. experienced significant changes in its operational scale following the recent mergers, resulting in a substantial increase in revenue but a continued net loss. The company reported Q4 2025 revenue of $23…
10-Q · November 14, 2025
In Q3 2025, PEDEVCO reported a revenue decrease to $6.9 million from $9.1 million in Q3 2024, and an EPS of $0.00, down from $0.03 last year. Segment performance showed declines primarily in crude oil and NGL sales…
10-Q · August 14, 2025
In Q2 2025, PEDEVCO Corp. reported a net loss of $1.7 million, or ($0.02) EPS, down from a profit of $2.7 million or $0.03 EPS a year ago, influenced by significant revenue decline of 41% to $7 million. The company's…
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