CVEO · Civeo Corporation

Civeo Corporation delivered a robust start to 2026 with Q1 revenues of $172.7 million, up 20% from $144.0 million in Q1 2025, and Adjusted EBITDA surging 78% to $22.5 million. Despite a GAAP net loss of $3.8 million or $0.34 per diluted share, this marked improvement over the prior year's $9.8 million loss and $0.72 EPS, driven by operational leverage. The Australian segment led with $123.0 million in revenues (19% YoY growth), bolstered by villages acquired in May 2025 and expanded integrated services, though a stronger AUD added $12.0 million to revenues and $2.1 million to EBITDA. In Canada, revenues rose 23% to $49.6 million, transforming an operating loss from $10.6 million to $4.4 million and flipping Adjusted EBITDA positive to $5.2 million from negative $0.8 million, thanks to higher lodge occupancy and 2025 cost reductions. CEO Bradley Dodson highlighted disciplined execution, cost management, and capital allocation, including $14.4 million in share repurchases (0.5 million shares, 4% of Dec 31, 2025 outstanding), advancing the April 2025 program to 96% complete. Balance sheet shows total debt at $212.3 million and net debt $198.9 million (2.2x leverage), with liquidity at $68.4 million. Post-quarter credit amendment extends maturity to 2030 and boosts revolver to $285 million, enhancing flexibility. Guidance raised FY2026 revenue midpoint to $687.5 million (prior $675 million low-end) while holding Adjusted EBITDA at $85-90 million and capex $25-30 million, signaling confidence amid LNG, power, and data center pipelines in North America.