Helix Energy Solutions Group (HLX) Q1 2026 & Acquisition earnings summary

Executive summary

• Announced an all-stock merger between Helix Energy Solutions and Hornbeck Offshore, creating a premier integrated offshore services company with a global footprint and diversified fleet, to operate under the Hornbeck Offshore Services name and headquartered in Houston and Covington.

• Boards of both companies approved the transaction, with closing expected in the second half of 2026, subject to shareholder and regulatory approvals; Helix shareholders will own 45% and Hornbeck shareholders 55% of the combined entity.

• Q1 2026 reported a net loss of $13.4 million, with diluted EPS of $(0.09), compared to net income in prior quarters.

• Adjusted EBITDA was $32.3 million, down from $73.9 million in Q4 2025 and $52.0 million in Q1 2025.

• Free cash flow remained strong at $59 million, with cash and cash equivalents at $501.3 million and liquidity of $612 million at quarter-end.

Financial highlights

• Q1 2026 revenues were $287.9 million, up 4% year-over-year but down from $334.2 million in Q4 2025; gross profit was $8.8 million, with a gross margin of 3%.

• Adjusted EBITDA margin declined to 11% in Q1 2026 from 22% in Q4 2025 and 19% in Q1 2025.

• Net debt position improved to $(197.5) million, reflecting strong liquidity.

• Long-term debt stood at $303.8 million, with no significant maturities until 2029.

• Capital expenditures for Q1 2026 were $2.8 million, with 2026 CapEx guidance at $70–$80 million.

Outlook and guidance

• 2026 revenue guidance is $1.2–$1.4 billion, with adjusted EBITDA expected between $230–$290 million and free cash flow forecasted at $100–$160 million.

• Performance expected to benefit from strong backlog, higher commodity prices, and regulatory enforcement, though spot market uncertainties remain.

• Quarterly cadence expected to mirror prior years, with Q2 and Q3 as most active quarters and seasonal troughs in Q1 and Q4.

• Backlog at March 31, 2026 was $1.2 billion, with $551 million expected to be performed in 2026.

• CapEx focused on vessel maintenance, regulatory certifications, and robotics fleet renewal.