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Civeo (CVEO) investor relations material
Civeo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Q3 2025 revenues were $170.5 million, with a net loss of $0.5 million ($0.04 per share), reflecting improved results from Australian growth and Canadian cost reductions.
Adjusted EBITDA reached $28.8 million, up year-over-year, driven by the May 2025 acquisition in Australia and aggressive cost-cutting in Canada.
Share repurchases accelerated, with 1.05 million shares (~8% of shares outstanding) repurchased in Q3 and $52 million returned to shareholders year-to-date, completing 69% of the new authorization.
Australian business delivered strong growth, integrating four newly acquired villages and expanding integrated services.
Canadian segment improved profitability despite revenue declines, benefiting from cost-cutting and margin expansion.
Financial highlights
Q3 2025 revenues: $170.5 million (down from $176.3 million in Q3 2024); net loss: $0.5 million (improved from $5.1 million loss in Q3 2024); Adjusted EBITDA: $28.8 million (up from $18.8 million in Q3 2024).
Operating cash flow for Q3 2025 was $13.8 million; cash and cash equivalents at September 30, 2025: $12.0 million.
Australian segment Q3 2025: revenues $124.5 million (+7% YoY), Adjusted EBITDA $26.7 million (+19% YoY), gross margin 26.9%.
Canadian segment Q3 2025: revenues $46.0 million (down 20% YoY), Adjusted EBITDA $8.0 million (up from $3.4 million), gross margin 22.5%.
Total liquidity was $70.2 million at September 30, 2025; net leverage ratio at 2.1x; net debt increased to $187.9 million due to share repurchases.
Outlook and guidance
Full-year 2025 revenue guidance tightened to $640–$655 million; Adjusted EBITDA guidance set at $86–$91 million.
2025 capital expenditure guidance maintained at $20–$25 million.
Australian occupancy expected to soften modestly in Q4 due to seasonality and met coal market softness, but contract position remains strong.
Canadian lodge occupancy expected to be flat to slightly up in 2026; mobile camp deployment opportunities anticipated in late 2026.
2026 outlook calls for modest growth, with Australian integrated services targeting AUD 500 million revenue by 2027.
When will Canadian LNG/nat gas projects impact revenue?
Assess the sustainability of current share buyback pace.
What drove legacy Australian village occupancy?
Mobile camp deployment scale and timing?
Australia integrated services expansion strategy?
Capital allocation: buybacks vs. growth CapEx?
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Q4 202527 Feb, 2026
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Frequently asked questions
Civeo Corporation provides workforce accommodations, logistics, and facility management services to the natural resources industry. The company operates lodges, mobile camps, and catering services primarily in Canada, Australia, and the United States, supporting oil, gas, mining, and infrastructure projects. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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