Strong operational turnaround with revenue up 20% and operating income swinging to positive, though net loss persists due to higher interest and tax expenses.
Key takeaways
Revenue +20% to $172.7M, driven by Qantac acquisition in Australia and higher Canadian oil sands activity.
Operating income swung from -$5.5M to +$3.1M on gross margin expansion in Canada from cost cuts.
Net loss narrowed 61% to -$3.8M, but interest expense doubled to $3.8M on higher debt from acquisition and buybacks.
Free cash flow -$13.9M as operating cash outflow widened to -$9.7M on working capital build.
Full analysis
Qantac Acquisition and Canadian Oil Sands Drive Revenue Growth
Gross Margin Expansion in Canada Fuels Operating Profitability