Jacktel (JACK) Q2 2025 earnings summary

Executive summary

• Achieved 100% operational and financial utilization in Q2 2025, maintaining strong performance and reliability.

• Revenue reached $16.3m, EBITDA $10.4m, and net profit $3.9m for the quarter.

• Equinor exercised two 2-month contract options, extending the current contract to January 2026, with a further 2-month option available.

• On track to initiate first dividend payment in Q4 2025, with refinancing and potential Euronext Growth listing under consideration.

Financial highlights

• Q2 2025 revenue was $16.3m, primarily from charter hire; EBITDA was $10.4m, and net profit $3.9m.

• Operating expenses totaled $5.9m, with vessel OPEX at $4.7m and SG&A at $0.8m.

• Net cash generated after debt service was $4.5m, with high cash conversion and low capex requirements.

• Net interest-bearing debt (NIBD) stood at $62m; cash balance at quarter-end was $3.2m.

• Firm EBITDA backlog is $63m, increasing to $101m including options.

Outlook and guidance

• Contract backlog, including options, extends into 2028, supporting long-term visibility.

• Near-term focus is on closing the gap between Equinor and Aker BP contracts.

• Optimistic about future contract opportunities in both oil & gas and offshore wind markets.

• Offshore wind market expected to drive future demand as projects move farther from shore and into deeper waters.