Quarterly ResultMay 14, 2026, 04:17 PM
PEDEVCO Q1 Production +374%, Adjusted EBITDA +404% to $21.5M
AI Summary
PEDEVCO Corp. reported strong unaudited financial results for the first quarter ended March 31, 2026, with average daily production increasing 374% and Adjusted EBITDA surging 404% to $21.5 million, exceeding internal expectations. This performance was driven by the full quarter contribution from the Juniper Merger assets and stronger-than-expected well performance. However, the company recorded a net loss of $25.6 million, primarily due to a $31.3 million non-cash net loss on derivative contracts.
Key Highlights
- Q1 2026 average daily production increased 374% year-over-year to 8,091 Boe/d.
- Revenue for Q1 2026 rose 360% year-over-year to $40.2 million.
- Adjusted EBITDA surged 404% year-over-year to $21.5 million in Q1 2026.
- The company reported a net loss of $25.6 million, primarily due to a $31.3 million net loss on derivative contracts.
- Net cash provided by operating activities increased 78% to $10.5 million.
- Lease operating expense per Boe remained steady year-over-year at approximately $22.46.
- PEDEVCO reaffirmed full-year guidance of 6,500-7,000 Boe/d production and $60-70 million Adjusted EBITDA.
- Cash and restricted cash totaled $11.3 million, with $22.0 million available under its credit facility.