Laredo Oil Reports $5.5M Net Loss on Minimal Revenue in Nine Months Ending February 2026

Laredo Oil, Inc. (OTC: LRDC), a small oil and gas exploration company, reported a net loss of $5.48 million for the nine months ending February 28, 2026, more than tripling the $1.70 million loss posted in the same period a year earlier. The company generated minimal revenue of $3,141 during the nine-month period, down from $9,423 in the prior-year period. Read more earnings reports.

Operating expenses surged to $4.71 million for the nine months, up sharply from $1.98 million a year earlier. Selling, general and administrative expenses climbed to $3.81 million from $1.37 million in the prior-year period. The company reported an operating loss of $4.71 million, compared to a $1.97 million operating loss in the nine months ending February 28, 2025.

For the three months ending February 28, 2026, Laredo Oil posted a net loss of $1.22 million, nearly triple the $415,751 loss reported in the same quarter a year earlier. The company reported no revenue for the most recent quarter, compared to $1,735 in the prior-year quarter. Operating expenses for the quarter totaled $1.07 million, up from $609,866 a year earlier.

Interest expense climbed to $735,422 for the nine-month period, more than double the $355,901 reported a year earlier. For the most recent quarter, interest expense totaled $151,100, up from $116,750 in the prior-year quarter.

Cash flow from operations was negative $1.77 million for the nine months ending February 28, 2026, compared to negative $1.59 million in the prior-year period. The company raised $1.79 million from financing activities during the nine-month period, down from $3.14 million a year earlier.

The company's balance sheet showed cash and cash equivalents of $264,166 as of February 28, 2026, up from $63,294 as of May 31, 2025. Total assets declined to $1.42 million from $1.45 million at the prior fiscal year-end. Property, plant and equipment stood at $1.06 million, down from $1.11 million as of May 31, 2025.

Total liabilities increased to $15.65 million as of February 28, 2026, from $14.02 million at the end of the prior fiscal year. Accounts payable rose to $2.28 million from $2.03 million. The company reported a stockholders' deficit of $14.24 million as of February 28, 2026, compared to a deficit of $12.57 million as of May 31, 2025. Retained deficit widened to $31.39 million from $25.91 million.

The company had 77.64 million common shares outstanding as of February 28, 2026, up from 74.77 million shares at the end of the prior fiscal year.

Financial Summary

Balance Sheet Highlights