Electromagnetic Geoservices (EMGS) Q2 2025 earnings summary

Executive summary

• Completed two proprietary surveys in India and began a multi-client campaign in Norway, with the Atlantic Guardian transitioning to Norwegian projects.

• Revenues for Q2 2025 were USD 9.6 million, down from USD 13.8 million in Q2 2024, mainly due to lower multi-client sales and higher contract sales.

• Net income for Q2 2025 was USD 0.5 million, a decrease from USD 3.7 million in Q2 2024.

• The company is reviewing its operational model and working to close the Siem Day vessel acquisition.

• CMD/Siem Day transaction remains pending, with ongoing efforts to close.

Financial highlights

• Q2 2025 revenue was USD 9.6 million, with USD 9.4 million from India/contracts and USD 0.2 million from late/multi-client sales.

• EBITDA was USD 2.8 million; adjusted EBITDA was USD 2.1 million.

• Operational cost base was USD 7.5 million, down from USD 8 million in Q1 2025.

• Free cash decreased by USD 2.5 million, ending at USD 3.5 million.

• Operating profit for Q2 2025 was USD 1.2 million, down from USD 5.1 million in Q2 2024.

Outlook and guidance

• Multi-client campaign in Norway expected to complete within Q3 2025, targeting APA licensing rounds, with secured pre-funding of USD 3.5 million.

• The company is optimizing its operational model to reduce costs during idle periods and align spending with market demand.

• Good potential for future late sales from pre-funded surveys.

• Efforts continue to finalize the Siem Day vessel transaction.