GOWell Energy Technology (GOW) investor relations material

Executive summary

• H1 2026 revenue rose 43% YoY to $33.8M; Adjusted EBITDA increased 79% to $14.122M, or 41.7% of revenue.

• Capital deliveries drove H1 growth, while new awards replenished backlog and supported visibility into 2027.

• Strong operating momentum, a robust pipeline and continued demand for well-logging technologies supported reaffirmed FY2026 guidance.

Financial highlights

• H1 revenue was $33.8M versus $23.6M in H1 2025; equipment sales contributed $9.0M of the increase and services $1.2M.

• Operating profit rose 135% YoY to $9.1M from $3.9M; net profit increased 38% to $3.7M from $2.7M.

• Adjusted EBITDA grew 79% to $14.122M from $7.886M, supported by revenue growth and operating leverage.

• Finance costs were $4.3M, primarily related to redeemable preferred shares, and included a $1.6M derivative fair-value loss.

• Gross profit was $19.8M versus $13.8M; cost of revenue was $14.0M versus $9.7M.

Outlook and guidance

• FY2026 revenue guidance was reaffirmed at $60M–$68M, versus FY2025 revenue of $47.2M.

• FY2026 Adjusted EBITDA guidance was reaffirmed at $25M–$29M, versus FY2025 Adjusted EBITDA of $17.8M.

• H2 visibility is tempered by Middle East uncertainty and pending large-project deliveries dependent on import permits and timing.

• 2027 outlook is positive, with potential Gulf recovery, Latin America growth and expected Venezuela traction; timing remains uncertain.

• New technologies are not expected to contribute meaningfully in 2026; commercial impact is targeted for 2027 and beyond. Management is negotiating potential M&A transactions, with deals possible within six months.