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Orbit Garant Drilling (OGD) investor relations material

Orbit Garant Drilling Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary13 Nov, 2025

Executive summary

  • Q1 2026 revenue was CAD 46.7 million, down 3.7% year-over-year due to early project completions and client-initiated delays in Canada and South America, including a Chilean project delayed by an earthquake.

  • Gross profit declined to CAD 5.7 million (12.1% margin), with adjusted gross margin at 17.0%, both lower than the prior year.

  • Net earnings were CAD 0.3 million (CAD 0.01 per share, diluted), compared to CAD 2.9 million (CAD 0.08 per share, diluted) last year.

  • Demand for drilling services is increasing, supported by high gold and copper prices, with customers planning to increase drilling activity over the next 12 months.

Financial highlights

  • Q1 revenue was CAD 46.7 million, down from CAD 48.4 million year-over-year.

  • Gross profit was CAD 5.7 million (12.1% of revenue), compared to CAD 7.6 million (15.8%) last year.

  • Adjusted EBITDA was CAD 3.7 million, down from CAD 6.2 million in Q1 last year.

  • General and administrative expenses increased to CAD 4.4 million (9.4% of revenue) due to higher promotional and business development costs.

  • Working capital rose to CAD 55.1 million from CAD 50.4 million at fiscal year-end.

Outlook and guidance

  • Delayed projects are resuming and ramp-up activities on new projects are expected to drive improved results in Q2 and Q3.

  • Management is confident in the business outlook for the remainder of fiscal 2026, citing strong mineral prices and increasing customer demand, especially from senior and well-financed intermediate customers.

  • Bidding activity is increasing, with clients indicating plans to boost drilling over the next 12 months.

  • Some Q1 issues may persist into Q2, but most are expected to resolve by January 2026.

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Frequently asked questions

Orbit Garant Drilling Inc is a Canadian company that provides drilling services to the mining and mineral exploration industry. The company offers surface and underground drilling, specialized geotechnical drilling, and customized equipment solutions. It operates in Canada and select international markets. Orbit Garant Drilling Inc is headquartered in Val-d'Or, Canada, and its shares are listed on the TSX.

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