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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
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Step Energy Services
Step Energy Services (STEP) investor relations material
Step Energy Services has been delisted
Step Energy Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue was $227.2M, down 11% year-over-year, but stable sequentially; net income reached $6.8M versus a $5.5M loss in Q3 2024.
Adjusted EBITDA for Q3 2025 was $45.2M (20% margin), down from $49.4M (19%) in Q3 2024, but up from $34.8M (15%) in Q2 2025.
Free Cash Flow was $23.3M, lower than Q3 2024 but higher than Q2 2025; working capital increased to $77.9M.
Net Debt decreased to $36.3M, the lowest since Q1 2018, reflecting ongoing deleveraging.
A definitive agreement was reached for ARC Financial to acquire all outstanding shares at $5.50/share; delisting from TSX expected post-closing.
Financial highlights
Q3 2025 revenue: $227.2M (Q3 2024: $256.0M); nine months: $763.0M (2024: $807.5M).
Net income Q3 2025: $6.8M ($0.09/share) vs. Q3 2024 loss of $5.5M ($0.08/share loss).
Adjusted EBITDA Q3 2025: $45.2M (20% margin); Free Cash Flow: $23.3M.
Operating expenses and employee costs declined due to U.S. fracturing exit; material costs rose year-to-date.
Cash and equivalents at quarter-end: $2.5M; total assets: $600M.
Outlook and guidance
Q4 2025 expected to start strong, with high utilization in early quarter, then seasonal slowdown.
Q1 2026 fracturing and coiled tubing schedules nearly fully booked; margin compression expected due to pricing pressure.
Long-term outlook constructive, with LNG export growth and stable natural gas demand anticipated.
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Latest events from Step Energy Services
- Q2 2025 saw stable revenue, lower margins, and investment in NGX pump technology.STEP
Q2 2025 - Q3 2024 saw flat revenue, a net loss from U.S. impairments, and a pending go-private deal.STEPQ3 2024
- Stable Q2 revenue with Canadian strength, U.S. frac weakness, and focus on debt reduction.STEPQ2 2024
- Strong Q1 with high utilization, innovation, U.S. exit, and focus on debt and buybacks amid headwinds.STEPQ1 2025
- Net income dropped on U.S. impairments, but Canadian operations hit record profitability.STEPQ4 2024
Step Energy Services
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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.