Geodrill (GEO) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $55.1 million USD in Q2 2026, up 10% year-over-year, and record six-month revenue of $103.6 million, up 5% from the prior year period, reflecting strong demand and improved contract book.

• Profitability lagged due to margin compression from higher labor, inflation, and operational challenges, especially in Chile.

• Activity levels remained robust in West Africa and the Middle East, with continued optimism for the second half of the year.

• Maintained leading market position in West Africa and expanded operations in Chile, despite operational challenges.

• Focus remains on execution, efficiency, and converting strong demand into improved earnings.

Financial highlights

• Q2 2026 revenue: $55.1 million (up $4.8 million or 10% year-over-year); six-month revenue: $103.6 million (up 5%).

• Gross profit was $8.8 million, with gross margin at 16% versus 24% in Q2 2025.

• EBITDA was $7.9 million, EBITDA margin at 14% compared to 28% last year; six-month EBITDA: $13.8 million (margin 13%).

• Net loss of $0.2 million (EPS $(0.00)), compared to net income of $5.3 million (EPS $0.11) in Q2 2025.

• Shareholders’ equity stood at $118 million at quarter-end.

Outlook and guidance

• Strong global gold prices and healthy exploration budgets support optimism for H2 2026.

• Management focused on operational improvements to enhance productivity, margins, and profitability, especially in Chile.

• Expectation that contract renewals will allow for better pricing to offset inflationary pressures.