Quarterly ResultMay 1, 2026, 01:25 PM
Civeo Q1 Revenue $172.7M, Net Loss Narrows to $3.8M; Debt Facility Amended
AI Summary
Civeo Corporation reported a significant improvement in its first-quarter 2026 financial results, with revenue increasing to $172.7 million from $144.0 million in Q1 2025. The company also narrowed its net loss attributable to Civeo Corporation to $3.8 million, or $0.34 per share, compared to a $9.8 million loss, or $0.72 per share, in the prior year. Additionally, Civeo amended its credit agreement, increasing the revolving loan commitments to $285.0 million and extending the maturity to April 2030. The company continued its share repurchase program, buying back $14.4 million in shares, while dividends remained suspended.
Key Highlights
- Q1 2026 Revenue increased to $172.7 million from $144.0 million in Q1 2025.
- Net loss attributable to Civeo Corp narrowed to $3.8 million from $9.8 million in Q1 2025.
- Basic net loss per share improved to $(0.34) from $(0.72) in Q1 2025.
- Credit agreement amended, increasing revolving loan commitments to $285.0 million.
- Maturity of credit facility extended from August 2028 to April 2030.
- Repurchased $14.4 million of common shares in Q1 2026, up from $3.3 million in Q1 2025.
- Dividends per common share were suspended in Q1 2026, compared to $0.25 in Q1 2025.
- Australia segment revenue rose to $123.0 million from $103.6 million in Q1 2025.