PED · PEDEVCO Corp.

PEDEVCO's 2025 results mark a transformative shift post-Juniper Merger on October 31, 2025, which expanded its Rocky Mountain footprint to over 310,000 net acres, boosted proved reserves nearly twofold to 32.1 MMBoe (PV-10 $357.7 million), and introduced debt of $87 million on a $120 million borrowing base. Q4 revenue doubled to $23.1 million from higher volumes (5,310 Boe/d, +143%), with acquired assets contributing ~303,000 Boe in November-December, driving Adjusted EBITDA to $15.4 million (+203%). Full-year revenue grew 16% to $45.8 million on 35% higher production (910,068 Boe), though offset by 19% lower realized oil prices ($59.78/bbl); Adjusted EBITDA rose 18% to $27.0 million. GAAP net loss of $10.4 million stemmed from $7.5 million merger costs, $8.1 million deferred tax expense, $2.8 million accelerated share-based comp, $1.4 million interest, and a $1.4 million note write-off. LOE rose sharply with acquired assets, G&A reflected integration expenses and 12 new employees, DD&A increased with volumes. Management highlights disciplined 2025 drilling (36 gross wells) and 2026 priorities: $16-20 million capex (D-J Basin and optimization), targeting $60-70 million Adjusted EBITDA at $65/bbl oil, with potential budget expansion post-asset reviews. CEO Schick emphasizes cost optimization, earnings demonstration, and accretive acquisitions for consolidation.