Electromagnetic Geoservices (EMGS) Q3 2025 earnings summary

Executive summary

• Revenues for Q3 2025 were $0.1 million, a sharp decline from $1.1 million in Q3 2024, with no multi-client revenue recognized this quarter.

• Net loss for Q3 2025 was $6.5 million, compared to a net loss of $5.1 million in Q3 2024.

• The Atlantic Guardian completed its Norwegian multi-client campaign and was redelivered to its owner after quarter end.

• The Siem Day vessel transaction was terminated without financial consequence, leaving the company without a vessel under charter and unable to generate new acquisition revenues.

Financial highlights

• Q3 2025 revenues: $0.1 million (Q3 2024: $1.1 million); YTD 2025: $19.7 million (YTD 2024: $15.0 million).

• EBITDA for Q3 2025: negative $4.5 million; Adjusted EBITDA: negative $6.3 million.

• Operating loss for Q3 2025: $5.8 million (Q3 2024: $4.9 million).

• Net cash flow from operating activities in Q3 2025: $3.3 million (Q3 2024: $10.8 million).

• Cash and cash equivalents as of 30 September 2025: $3.7 million.

Outlook and guidance

• No vessel under charter or active survey operations as of the reporting date; company is evaluating strategic alternatives to restore operational capacity.

• Additional funding is expected to be required in the near term to sustain operations; any new financing may be highly dilutive.

• Market conditions remain challenging with subdued near-term demand, but gradual improvement is anticipated if new contracts are secured.