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Civeo (CVEO) investor relations material
Civeo Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue was $162.7M with a net loss of $3.3M, reflecting declines from the prior year due to Canadian market headwinds, lower occupancy, and higher SG&A costs, including $3.2M in activist-related expenses.
Repurchased 883,000 shares (~7% of outstanding) for $19.1M in Q2 2025, advancing toward a 20% repurchase goal; $22.5M spent on buybacks in H1 2025.
Acquired four villages in Australia's Bowen Basin in May for $68M, adding 1,340 rooms and $4.9M in Q2 revenue; early integration contributed to strong regional results and margin leverage.
Quarterly dividend suspended in April 2025 to prioritize share repurchases.
Strategic focus remains on cost control, operational efficiency, and capitalizing on growth opportunities in both regions.
Financial highlights
Q2 2025 total revenues were $162.7M, down 14% YoY; net loss of $3.3M or $0.25 per diluted share, versus net income of $8.2M in Q2 2024.
Adjusted EBITDA was $25M, down from $31.9M YoY; negative operating cash flow of $2.3M in Q2 and $10.8M in H1 2025, impacted by working capital build and Australian tax payments.
Australian segment: Q2 revenue $112.7M (up 4% YoY), adjusted EBITDA $23.7M (up 10% YoY); Canadian segment: Q2 revenue $50M (down 37% YoY), adjusted EBITDA $7.5M (down from $17.3M YoY).
Net debt increased by $95M in Q2, reaching $154M as of 6/30/2025; total debt $168.7M; net leverage ratio at 2x.
Total liquidity at June 30, 2025 was $72.8M, down from $202.2M at year-end 2024.
Outlook and guidance
Maintained full-year 2025 revenue guidance of $640M–$670M and adjusted EBITDA of $86M–$96M.
Full-year capital expenditure guidance unchanged at $20M–$25M.
Australian occupancy expected to remain strong despite met coal price weakness; Canadian segment to see stabilization but no near-term rebound in oil sands spending.
Free cash flow expected to be stronger in the second half, supporting continued share buybacks.
Intends to use at least 100% of annual free cash flow for share repurchases as market conditions allow.
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