Viridien (VIRI) Q1 2025 earnings summary

Executive summary

• Revenue for FY 2024 was $1,117M, nearly flat year-over-year, with adjusted EBITDA up 14% to $455M and net cash flow up 73% to $56M, exceeding targets due to strong Geoscience and Earth Data performance and operational efficiency in Sensing & Monitoring.

• Record Geoscience order intake and backlog growth of 89% and 90% year-over-year, with notable new business in carbon sequestration and mining.

• Sensing & Monitoring segment underwent restructuring, showing initial benefits in Q4.

• Key milestones of the financial roadmap delivered, including debt buyback, RCF extension, and reverse share split.

• 2025 targets include ~$100M net cash flow and further deleveraging, supported by a record Geoscience backlog and restructuring progress.

Financial highlights

• FY 2024 revenue was $1,117M, down 1% year-over-year; Q4 revenue was $339M, up 6% year-over-year.

• Adjusted EBITDA for FY 2024 reached $455M, up 14% year-over-year, with Q4 adjusted EBITDA at $157M, up 30% year-over-year.

• Net cash flow for FY 2024 was $56M, up 73% year-over-year, after $75M in contractual fees.

• Group net income for FY 2024 was $51M; basic EPS increased to $6.97 from $1.81 year-over-year.

• Liquidity at year-end was $392M, including $90M undrawn RCF.

Outlook and guidance

• 2025 net cash flow target set at ~$100M, with focus on cash generation, deleveraging, and potential bond refinancing.

• Performance expected to be driven by Geoscience growth, stronger Earth Data cash EBITDA, and Sensing & Monitoring restructuring savings.

• Bond refinancing could occur in 2025, ahead of previous Q1 2026 guidance.