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Step Energy Services (STEP) investor relations material
Step Energy Services Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue was $228M, down from $308M in Q1, nearly flat year-over-year, reflecting seasonal impacts and industry conditions.
Adjusted EBITDA was $35M (15% margin), compared to $59M (19%) in Q1 and $42M (18%) in Q2 2024.
Net income was $6M (8¢/share), down from $24M (33¢/share) in Q1 and $10M (14¢/share) in Q2 2024.
US fracturing operations terminated; no revenue from this segment in Q2, with related costs impacting results.
Free cash flow was $17M, with $14M in capital expenditures during the quarter.
Financial highlights
Q2 revenue decreased sequentially due to spring breakup but matched prior year Q2.
Adjusted EBITDA excludes terminated US fracturing operations for clarity.
Net loss from terminated operations was $5M in Q2, compared to $4M in Q1.
Free cash flow declined from $32M in Q1 and $20M in Q2 2024.
Net debt reduced to $44M from $85M in Q1 and $52.7M at year-end 2024.
Outlook and guidance
Q3 revenue expected to be flat or down sequentially due to more client-supplied sand and competitive pressures.
EBITDA expected to increase sequentially as sand is a low-margin pass-through.
Cautious optimism for H2 2025 amid commodity price volatility and client capital deferments.
Several clients moving projects from Q1 2026 into Q4 2025, with lower Q4 pricing but improved schedule efficiency.
Long-term growth expected from LNG export facility and increased drilling in Montney and Duvernay.
Assess impact of tariffs on STEP's margins.
Explain STEP's strategy for NGX pump utilization.
How will LNG Canada affect 2026 activity?
How will NGx pump purchases impact 2025 CapEx?
Explain STEP's Coil+ string technology.
When will assets held for resale be sold?
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Next Step Energy Services earnings date
Q3 202513 Nov, 2025
Next Step Energy Services earnings date
Q3 202513 Nov, 2025
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Frequently asked questions
Step Energy Services Ltd. is a Canadian oilfield service company that provides specialized coiled tubing, hydraulic fracturing, and other well intervention services. The company supports oil and natural gas producers with solutions aimed at improving well performance and enhancing recovery in both conventional and unconventional resource plays. Step Energy Services operates primarily in Canada and the United States, offering services that include pressure pumping, fluid and nitrogen pumping, and data analysis to optimize well completions and interventions. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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