Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 41

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 41
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 our interest-bearing cash accounts and interest on our note receivable (in the prior period), which nominally decreased due to additional cash usage for our operations and no interest on the note receivable, which has been fully written-off. Other income in the current period is related to revenue and tax adjustments from a prior period from a third-party operating partner.

Nine Months Ended September 30, 2025 vs. Nine Months Ended September 30, 2024

We reported a net loss for the nine-month period ended September 30, 2025 of $1.9 million, or ($0.02) per share, compared to net income for the nine-month period ended September 30, 2024 of $6.4 million or $0.07 per share. The decrease in net income of $8.2 million, when comparing the current period to the prior year’s period, was primarily due to the recognition of $1.4 million from a note receivable – credit loss related to the full write-off of the Tilloo Note receivable, corresponding accrued interest and posting closing adjustments owed to the Company related to the sale of our EOR subsidiary and other reductions to operating income of 7.9 million (a $6.3 million reduction in revenue, and a $0.9 million impairment to oil and gas properties and a $0.7 million of other operating expenses), offset by a net $0.3 million gain on sale on oil and gas properties when comparing periods and a $0.2 million increase in other income (each discussed in more detail below) and an income tax benefit of $0.6 million (see Note 13 – Income Taxes, in the notes to the consolidated financial statements above under “Part I – Financial Information—Item 1. Financial Statements”). 

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Net Revenues

The following table sets forth the operating results and production data for the periods indicated:

  Nine Months Ended         September 30,   Increase  % Increase   2025  2024  (Decrease)  (Decrease) Sale Volumes:            Crude Oil (Bbls)  299,795   349,185   (49,390) (14%) Natural Gas (Mcf)  414,596   420,182   (5,586) (1%) NGL (Bbls)  58,013