Capital (CAPD) Q3 2025 TU earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of $93.9 million in Q3 2025, up 7.4% from Q2 2025 and 0.2% from Q3 2024, driven by strong drilling, mining ramp-up at Reko Diq, and record MSALABS performance.

• MSALABS doubled revenue year-over-year and is now contributing positively to group profitability after rapid expansion.

• Investment portfolio value rose to $73.9 million, with $22.5 million in gains during Q3 2025.

Financial highlights

• Group revenue guidance for 2025 raised to $335–350 million, with MSALABS revenue guidance increased to $65–75 million.

• Drilling and associated revenue reached $65.1 million, up 3.3% sequentially and 1.9% year-over-year.

• Mining revenue was $7.8 million, up 11.4% from Q2 2025 but down 59.6% from Q3 2024.

• MSALABS revenue hit $21.0 million, up 20.7% sequentially and 100% year-over-year.

Outlook and guidance

• Revenue momentum expected to continue into 2026, supported by high commodity prices and robust demand.

• Ongoing ramp-up at Reko Diq and improving MSALABS profitability underpin positive outlook.

• Mining and exploration market entering a multi-year growth cycle, with high tendering activity.