McCoy Global (MCB) investor relations material

Executive summary

• Q3 revenue fell 10% YoY to $13.4m; net loss was $1.0m vs. $0.6m net earnings a year earlier, amid lower throughput and Middle East-related delays.

• SmartProduct revenue rose 23% YoY to $4.9m, or 37% of revenue; post-quarter Middle East orders totaled ~$7.6m, with deliveries expected Q4 2026–H1 2027.

Financial highlights

• Q3 revenue was $13.376m vs. $14.828m; gross profit was $2.265m vs. $3.307m, down 32% YoY.

• Net loss was $1.026m, or $0.04/share, vs. net earnings of $0.554m, or $0.02/share, in Q3 2025.

• Adjusted EBITDA was $0.959m, or 7% of revenue, vs. $2.029m, or 14%; lower revenue and fixed-cost absorption were partly offset by lower operating expenses.

• Nine-month revenue declined 31% YoY; G&A decreased 49% to $4.7m, and Sales & Marketing fell 8% to $1.9m.

Outlook and guidance

• Q4 focus is backlog execution, customer qualification and tender activity; significant Middle East tender awards may benefit 2027 and beyond, with timing uncertain.

• Regional tender opportunities under consideration span 100+ rigs; a separate 2027 tender cycle could represent 200+ additional rigs.

• Up to US$0.4m of remaining-2026 capex is planned for Technology Roadmap offerings; up to US$0.1m for strategic rental equipment and, to a lesser extent, maintenance production equipment.

• smartTR commercialization and adoption are expected to advance iteratively through Q4 2026 and 2027, subject to field validation, customer feedback and project economics.