PEDEVCO CORP

Loss-making micro-cap E&P with weak liquidity, negative returns, and ongoing reliance on credit and equity.

Strengths

• Positive operating cash margin (23.5%) and double-digit revenue growth (67th pct)
• Recently expanded reserves/acreage via merger and a $120M borrowing base

Risks

• Negative operating and net margins, negative interest coverage (-5.6x), negative ROE/ROA
• Weak liquidity (current ratio 0.59) and only ~$3.2M cash, dependent on debt/ATM financing

Notable findings

• No interest coverageInterest coverage -5.58 (cannot cover interest)
• RestatementAmended and Restated Credit Agreement On October 31, 2025, the Company entered into an Amended and Restated Credit Agreement (the “ A&R Credit Agreement ”), which amended and restated that prior se 8-K ↗
• Weak liquidityCurrent ratio 0.59 (<1)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -22.6%)
• Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$288,724, last 6mo) Form 4 ↗
• Buying back stockNet buyback — share count -62%/yr over 3y
• Pending mergerMerger Agreement On October 31, 2025 (the “ Closing ”), we entered into the Agreement and Plan of Merger with NP Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of