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Argeo (ARGEO) investor relations material
Argeo Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 2025 revenue reached USD 11.5M, up from USD 9.5M year-over-year, mainly from a TotalEnergies contract in Namibia.
Net loss was USD 4.2M, compared to a profit of USD 1.9M in Q1 2024, but improved from a USD 8.5M loss in Q4 2024.
EBITDA was negative USD 0.2M, down from USD 2.9M in Q1 2024 but improved from -USD 5.7M in Q4 2024.
CEO transition occurred post-quarter, with the CFO or Executive Chair serving as interim CEO.
Key projects completed included TotalEnergies in Namibia and a multiclient program in Suriname; new contracts secured in Africa and South America.
Financial highlights
Cash at quarter-end was USD 4M, up from USD 1M at the start, with USD 13.3M raised from a share issue.
Backlog at quarter-end was USD 14M, expected to rise to USD 164M with a major South American contract.
Interest-bearing liabilities stood at USD 20M; equity was USD 42M; total assets were USD 99M.
Lease liabilities related to right-of-use assets were USD 23M.
Cost of sales increased to USD 10.2M from USD 5.3M year-over-year, reflecting higher vessel activity.
Outlook and guidance
Backlog expected to increase significantly with the South American contract; active negotiations for USD 150M in contracts.
Oil & gas will be the primary revenue stream in 2025 due to delays in marine minerals and wind energy projects.
Steady project pipeline anticipated into 2026, with focus on long-term contracts and frame agreements.
Market uncertainty is expected to persist in 2025 due to geopolitical and economic factors.
Operational performance remains solid, with ongoing contract execution and active bidding.
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