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Orbit Garant Drilling
Orbit Garant Drilling (OGD) investor relations material
Orbit Garant Drilling Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary14 May, 2026
Executive summary
Achieved record Q3 2026 revenue of CAD 51.4 million, up 2.7% year-over-year, with a 67% drilling utilization rate, the highest in over a decade.
Severe winter weather in Canada and ramp-up costs for new long-term contracts, legacy contract pricing, and program modifications in South America negatively impacted productivity and profitability.
Net loss for Q3 2026 was CAD 1.2 million (CAD 0.03/share diluted), compared to net earnings of CAD 1.9 million in Q3 2025.
Pricing pressure experienced earlier in the year has eased, with improved pricing seen in Q3 and into April and May.
Operational headwinds are believed to be largely resolved, positioning for improved results in Q4.
Financial highlights
Q3 2026 revenue was CAD 51.4 million, up 2.7% year-over-year; Canada revenue was CAD 36.3 million (+0.5%), international revenue CAD 15.1 million (+8.2%).
Gross profit was CAD 2.9 million (5.7% margin), down from CAD 5.9 million (11.9%) in Q3 2025; adjusted gross margin was 10.3% vs. 16.5% last year.
Adjusted EBITDA was CAD 1.4 million, down from CAD 5.4 million in Q3 2025; adjusted EBITDA margin was 2.8% (Q3 2026) vs. 10.8% (Q3 2025).
Net loss of CAD 1.2 million (CAD 0.03/share diluted) vs. net earnings of CAD 1.9 million (CAD 0.05/share diluted) in Q3 2025.
Working capital at quarter end was CAD 52.7 million, up from CAD 50.4 million at fiscal 2025 year end.
Outlook and guidance
Utilization rate expected to reach 70% by year-end 2026, with revenue projected to exceed CAD 200 million for fiscal 2026 if achieved.
Legacy contract pricing issues are expected to phase out by Q4, with new contracts reflecting improved market rates.
EBITDA margin target is 12% on revenue, with current trailing 12-month EBITDA margin at 7%.
Profitability is expected to improve in Q4 2026, a seasonally strong quarter, as ramp-up costs subside and utilization rates remain high.
Positive business outlook supported by strong customer demand, favorable commodity prices, and robust mining sector financing.
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Latest events from Orbit Garant Drilling
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Q1 202522 Apr 2026 - Revenue up 10.5% and utilization at two-year highs, but margins narrowed amid strong demand.OGDQ2 202612 Feb 2026
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- Q1 revenue and margins fell, but rising demand and project resumptions point to a stronger outlook.OGDQ1 202617 Nov 2025
- Record net earnings and margin growth in fiscal 2025, fueled by strong gold and copper demand.OGDQ4 202525 Sep 2025
Orbit Garant Drilling
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