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Shearwater GeoServices
Shearwater GeoServices (SHEARWATER) investor relations material
Shearwater GeoServices has been private
Shearwater GeoServices Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary29 May, 2026
Executive summary
Q1 2026 saw stable marine seismic activity with 73% fleet utilization across 8.7 active vessels, supported by late 2025 project awards and strong multi-client revenue of USD 21.6 million.
Revenue declined year-over-year, but multi-client segment remained a key profitability driver, with EBITDA at USD 35.7 million and EBIT at USD 2.0 million.
Measures to strengthen financial flexibility included proposed amendments to secured debt facilities, a USD 40 million equity injection, and vessel divestments such as SW Baret sold at a premium to book value.
Near-term market visibility remains soft, but long-term fundamentals are improving, with increased tendering activity and majors/NOCs signaling higher exploration spending.
Cost reduction and efficiency program targeting USD 40 million in savings is progressing as planned.
Financial highlights
Q1 2026 revenue was USD 120.6 million, down from USD 189.4 million in Q1 2025.
EBITDA was USD 35.7 million (margin 30%), with marine acquisition EBITDA at USD 26.7 million and multi-client EBITDA at USD 21.6 million.
Net loss was USD 19.1 million, compared to a net profit of USD 8.9 million in Q1 2025.
Cash and cash equivalents at quarter-end were USD 94.2 million, with free cash flow at USD 8 million.
CapEx was USD 5.5 million, with multi-client investments of USD 31.9 million; working capital improved through receivables sale.
Outlook and guidance
Market conditions expected to remain soft through Q2 and Q3 2026, with activity anticipated to pick up toward year-end and into 2027.
Multi-client revenues for 2026 are expected to exceed 2025 levels.
Backlog at mid-May 2026 was approximately USD 260 million, providing near-term visibility.
Increased tendering activity, especially in India, is expected to drive higher activity and absorb fleet capacity.
Long-term fundamentals for marine seismic are strengthening, with majors and NOCs signaling increased exploration activity.
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Latest events from Shearwater GeoServices
- Q4 2025 delivered a 63% revenue jump and improved EBITDA, but the outlook remains subdued.SHEARWATER
Q4 202527 Feb 2026 - Record Q1 with 94% fleet utilization and 54% revenue growth; outlook softens for Q2.SHEARWATERQ1 20253 Feb 2026
- Revenue and earnings fell sharply, but liquidity actions and backlog offer some stability.SHEARWATERQ2 202520 Dec 2025
- Muted Q3 results with margin pressure; cost cuts and Q4 multi-client sales to aid recovery.SHEARWATERQ3 202519 Dec 2025
- Q4 2024 earnings fell on low utilization, but backlog and awards support a stronger 2025.SHEARWATERQ4 202418 Dec 2025
- Revenue fell 33% in Q3 2024, but backlog and project pipeline signal a stronger 2025.SHEARWATERQ3 202418 Dec 2025
- EBITDA and operational efficiency improved in Q2 2024, but backlog and revenue declined year-over-year.SHEARWATERQ2 202418 Dec 2025
- Largest streamer fleet, strong cash flow, and robust backlog drive growth in key energy basins.SHEARWATERCompany Presentation18 Dec 2025
Next Shearwater GeoServices earnings date
Q2 202627 Aug, 2026
Shearwater GeoServices
Next Shearwater GeoServices earnings date
Q2 202627 Aug, 2026
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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
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