PEDMEDIUM SIGNALMANAGEMENT10-K

PEDEVCO executed a 1-for-20 reverse stock split in March 2026 while addressing previous accounting restatements related to depletion expense overstatements.

The reverse stock split suggests management is addressing low share price issues, reducing outstanding shares from over 90 million to approximately 13 million shares. The removal of restatement language indicates the company has resolved prior accounting errors related to oil and gas depletion expense that had inflated costs in previous periods.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

The company showed modest growth with revenue increasing 15.7% to $45.8M, while stockholders' equity grew substantially to $207.4M. However, operating cash flow declined moderately to $10.8M and cash position decreased slightly to $3.2M, suggesting some operational headwinds despite the revenue improvement. The overall picture reflects a company working through operational challenges while strengthening its balance sheet position.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+71.2%
$121.1M→$207.4M

Equity base grew 71.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
-19.7%
$4.0M→$3.2M

Cash decreased 19.7% — monitor burn rate and upcoming capital needs.

Revenue
P&L
+15.7%
$39.6M→$45.8M

Revenue growing 15.7% — solid top-line momentum, watch margins for quality of growth.

Operating Cash Flow
Cash Flow
-15.7%
$12.8M→$10.8M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
On March 13, 2026, the Company effected a 20-for-1 reverse stock split of its common stock.
The aggregate market value disclosed above reflects the closing price and shares outstanding as of June 30, 2025 and has not been adjusted to give retroactive effect to the reverse stock split.
As of March 27, 2026, 13,300,621 shares of the registrant s common stock, $0.001 par value per share, were outstanding.
Following effectiveness of the Stockholder Authority, the Company s Board approved an amendment to our Second Amended and Restated Certificate of Formation to effect a reverse stock split of our common stock at a ratio of 1-for-20, and to pay in cash the fair value of fractions of a share of common stock as of the time when those entitled to receive such fractions are determined (the Reverse Stock Split ).
On March 10, 2026, we filed a Certificate of Amendment to our Second Amended and Restated Certificate of Formation (the Certificate of Amendment ) with the Secretary of State of the State of Texas to effect the Reverse Stock Split.
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REMOVED
As of March 28, 2025, 91,339,385 shares of the registrant s common stock, $0.001 par value per share, were outstanding.
Restatement of Previously Issued Consolidated Financial Statements As previously disclosed in the Current Report on Form 8-K filed by the PEDEVCO Corp (the Company ) with the Securities and Exchange Commission on March 25, 2025, in connection with the preparation of the Company s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company concluded that in prior years it had not appropriately accounted for the depletion expense related to its oil and gas properties.
These errors led to an overstatement of depletion expense during the impacted periods.
On March 28, 2025, the Audit Committee (the Audit Committee ) of the Company s Board of Directors, after discussion with senior management and the Company s independent registered public accountants, concluded that the errors were material to the Company's Prior Financial Statements and the Prior Financial Statements as of and for the fiscal years ended December 31, 2023 and December 31, 2022, included in the Company s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, should no longer be relied upon due to the impact of the unintentional error noted above.
This Annual Report on Form 10-K includes restated Consolidated Financial Statements as of and for the years ended December 31, 2023 and 2022.
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