Geodrill (GEO) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 saw record revenue of $143.1 million, up 10% year-over-year, driven by strategic expansion into lower-risk, high-potential markets and new multi-year, multi-rig contracts in West Africa, Egypt, Chile, and South America.

• Net income rose to $9.1 million ($0.20/share) from $3.8 million ($0.08/share) in 2023, reflecting improved profitability and operational scale.

• EBITDA increased to $31.1 million (22% margin) from $20.6 million (16%) in 2023, highlighting strong operating leverage.

• Ended 2024 with a fleet of 95 rigs, up from 83, and net cash of $2.8 million, supporting further expansion.

• Maintained strong profitability and record revenues despite inflationary pressures and rising costs.

Financial highlights

• Revenue reached $143.1 million in 2024, up 10% from $130.5 million in 2023.

• Gross profit was $34.7 million (24% margin), up from $30.6 million (23%) in 2023.

• EBITDA rose to $31.1 million (22% margin) from $20.6 million (16%) in 2023.

• Net income was $9.1 million ($0.20/share), compared to $3.8 million ($0.08/share) in 2023.

• Ended the year with net cash of $2.8 million and generated $21 million in operating cash flow.

Outlook and guidance

• Positioned for continued growth in 2025, leveraging ramp-up in core and expanded regions, with a forecasted 10–15% revenue increase.

• Q1 2025 has started strongly, and management is confident in achieving at least 10% annual growth.

• Multi-year contracts, robust gold prices, and geographic diversification underpin a bullish multi-year outlook.

• Established a company in Saudi Arabia to pursue new contracts and actively tendering in South America.