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Winner, Winner: The Chicken McNugget Story
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Black Diamond Group
Black Diamond Group (BDI) investor relations material
Black Diamond Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Oct, 2026
Executive summary
Record Q3 revenue of CAD 159.9 million, up 52% YoY, and Adjusted EBITDA of CAD 42.3 million, up 33%; growth included a significant Royal Camp contribution and continued LodgeLink expansion.
Basic Adjusted EPS was CAD 0.19, up 19% YoY; reported EPS was CAD 0.16 versus CAD 0.19, reflecting lower margins, higher depreciation and financing costs, and increased shares.
Financial highlights
Gross profit rose 31% to CAD 65.6 million; gross margin fell 670 bps to 41.0% as direct costs increased 71%.
Adjusted EBIT increased 22% to CAD 23.6 million; profit declined 10% to CAD 11.0 million and profit before income taxes fell 17% to CAD 13.8 million.
Funds from Operations rose 32% to CAD 43.6 million and free cash flow increased 47% to CAD 33.8 million; 9M free cash flow grew 12% to CAD 66.4 million.
9M revenue increased 34% to CAD 419.0 million and Adjusted EBITDA rose 20% to CAD 104.7 million; profit fell 46% to CAD 14.6 million and Basic Adjusted EPS declined 23% to CAD 0.33.
Outlook and guidance
Management expects continued profitable growth, citing favourable demand across three geographies and key end markets; Canadian WFS had CAD 2.3 billion of formal advanced bids outstanding, well over twice current fleet capacity.
WFS utilization is expected to step up by H2 2027; large-project mobilizations and revenue are expected to ramp over time into 2028, subject to negotiations, regulatory progress and customer schedules.
Q4 revenue mix and margins are expected to be relatively comparable to prior years; MSS sales delayed from Q3 are expected to lift Q4 sales.
LodgeLink growth showed no current indication of moderating; LodgeLink 3.0 was nearing completion, with an accelerated launch expected around Q1 2027.
Higher CapEx is expected next year, with most investment directed to MSS; near-term WFS investment is focused on Australia and the U.S., while MSS expects stable recurring rental revenue and disciplined fleet investment.
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Latest events from Black Diamond Group
- Revenue up 23%, adjusted EBITDA up 4%, with strong demand and robust liquidity.BDI
Q2 2026 - Revenue up 27% and EBITDA up 21%, with strong demand and positive outlook for 2026.BDIQ1 2026
- Compounding growth in EBITDA and rental revenue, with rising dividends and strong asset coverage.BDIInvestor presentation
- Record rental revenue, rising profits, and expanding digital platforms drive robust growth.BDIInvestor presentation
- Double-digit revenue, profit, and EBITDA growth in 2025, with strong outlook and expansion.BDIQ4 2025
- Q3 profit jumped 65% on strong rental growth, record MSS/WFS, and major acquisitions.BDIQ3 2025
- Q2 profit up 63% with record MSS and LodgeLink results, supporting a strong outlook.BDIQ2 2024
- Record profit, revenue, and free cash flow growth, with strong MSS, WFS, and digital expansion.BDIQ1 2025
- Record Q4 and 2024 results, robust outlook, and expanded credit facility support future growth.BDIQ4 2024
Next Black Diamond Group earnings date
Q4 202626 Feb, 2027
Black Diamond Group
Next Black Diamond Group earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
Black Diamond Group Limited provides modular space solutions and workforce accommodation to clients in energy, mining, construction, and government sectors. The company also offers rental and support services for remote work sites and commercial facilities. It operates in Canada, the United States, and Australia. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.