Civeo Corp reported second-quarter 2026 results with revenue rising to $180.02M from $162.69M a year earlier, while the company recorded a diluted loss per share of ($0.23) versus ($0.25) in the prior-year quarter.
Financial Highlights
| MetricCurrent quarterPrior year quarterYoY change | Revenue¹$180.02M$162.69M10.6% | Net income²($2.52M)($3.31M)23.9% | Diluted EPS³($0.23)($0.25)8% |
¹ Reported as “Revenue”. ² Reported as “Net loss attributable to Civeo Corporation”. ³ Reported as “Diluted loss per share attributable to Civeo Corporation common shareholders”.
Business Highlights
- Revenue growth of roughly 11% in the quarter (and 15% year-to-date) was driven by Australia following the Qantac acquisition and by higher billed rooms in Canada.
- Integration of Qantac expanded the Australian footprint by 1,368 rooms and supported higher average daily rates.
- Shift toward integrated services in Queensland and Canada increased the service revenue mix, which weighed on overall gross margins.
- Operational milestones included LNG Canada Phase 1 reaching commercial status in June 2025; Coastal GasLink completion reduced near-term demand at Sitka Lodge.
- Inflation, labor shortages and higher fuel and food costs pressured margins despite improved occupancy and operational efficiencies.
Original SEC Filing:
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