Geodrill (GEO) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $185 million in 2025, a 29% increase year-over-year, driven by robust drilling activity and strong market conditions in West Africa and Chile.

• Maintained a strong operational presence in West Africa and expanded the Chilean rig fleet from 8 to 18 rigs, ending the year with a total fleet of 100 rigs.

• Secured long-term contracts, expanded operating capacity, and maintained a robust safety and operational culture.

• Ended the year with net cash of $7.8 million, reflecting disciplined cash management.

Financial highlights

• Record annual revenue of $185 million, up 29% year-over-year from $143 million in 2024.

• Gross profit for 2025 was $33.4 million (18% margin), down from $34.7 million (24% margin) in 2024 due to currency appreciation, ramp-up costs, and inflation.

• EBITDA was $35.2 million (19% of revenue); net loss of $1.9 million, impacted by an $8.4 million additional tax expense in Q4.

• Net cash at year-end was $7.8 million; shareholders' equity stood at $117 million.

• Repurchased 91,700 shares during the year and over 55,800 shares after year-end.

Outlook and guidance

• Entered 2026 with strong momentum, supported by high gold and copper prices and healthy activity levels.

• Margins anticipated to improve as South America reaches full utilization and pricing strengthens.

• Secured $150 million in new long-term contracts, providing revenue visibility for the next three years.

• CapEx for 2026 expected to add 5–10 rigs, financed through operating cash flow.

• Actively participating in large-scale tenders and expanding into new jurisdictions, including Saudi Arabia.