Civeo (CVEO) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues were $170.5 million, with a net loss of $0.5 million ($0.04 per share), reflecting improved results from Australian growth and Canadian cost reductions.

• Adjusted EBITDA reached $28.8 million, up year-over-year, driven by the May 2025 acquisition in Australia and aggressive cost-cutting in Canada.

• Share repurchases accelerated, with 1.05 million shares (~8% of shares outstanding) repurchased in Q3 and $52 million returned to shareholders year-to-date, completing 69% of the new authorization.

• Australian business delivered strong growth, integrating four newly acquired villages and expanding integrated services.

• Canadian segment improved profitability despite revenue declines, benefiting from cost-cutting and margin expansion.

Financial highlights

• Q3 2025 revenues: $170.5 million (down from $176.3 million in Q3 2024); net loss: $0.5 million (improved from $5.1 million loss in Q3 2024); Adjusted EBITDA: $28.8 million (up from $18.8 million in Q3 2024).

• Operating cash flow for Q3 2025 was $13.8 million; cash and cash equivalents at September 30, 2025: $12.0 million.

• Australian segment Q3 2025: revenues $124.5 million (+7% YoY), Adjusted EBITDA $26.7 million (+19% YoY), gross margin 26.9%.

• Canadian segment Q3 2025: revenues $46.0 million (down 20% YoY), Adjusted EBITDA $8.0 million (up from $3.4 million), gross margin 22.5%.

• Total liquidity was $70.2 million at September 30, 2025; net leverage ratio at 2.1x; net debt increased to $187.9 million due to share repurchases.

Outlook and guidance

• Full-year 2025 revenue guidance tightened to $640–$655 million; Adjusted EBITDA guidance set at $86–$91 million.

• 2025 capital expenditure guidance maintained at $20–$25 million.

• Australian occupancy expected to soften modestly in Q4 due to seasonality and met coal market softness, but contract position remains strong.

• Canadian lodge occupancy expected to be flat to slightly up in 2026; mobile camp deployment opportunities anticipated in late 2026.

• 2026 outlook calls for modest growth, with Australian integrated services targeting AUD 500 million revenue by 2027.