Viridien (VIRI) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong operational and financial results, with segment revenue of $313 million, up 27% year-over-year, and segment-adjusted EBITDA/EBITDAS of $167 million, up 70% year-over-year, driven by robust Geoscience and Earth Data performance and all business lines contributing positively.

• Net cash flow for Q3 was $53 million, bringing year-to-date to $62 million as of September 2025, and the full-year net cash flow target of $100 million is reaffirmed, independent of Pemex receivable collection.

• 2025 financial guidance and outlook remain robust, supported by a $290 million backlog and strong operational execution.

Financial highlights

• Q3 2025 segment revenue reached $313 million (+27% YoY); 9M 2025: $888 million (+14% YoY).

• Segment-adjusted EBITDA/EBITDAS for Q3 2025 was $167 million (+70% YoY); 9M 2025: $417 million (+40% YoY).

• Net cash flow for Q3 2025 was $53 million (+426% YoY); 9M 2025: $62 million (+83% YoY).

• Net income for Q3 2025 was $41 million, a turnaround from a $10 million loss in Q3 2024.

• Adjusted operating income margin improved to 5.3% YTD from -3% last year.

Outlook and guidance

• Full-year 2025 net cash flow target of $100 million is reaffirmed, not dependent on Pemex receivable collection.

• Exploration and seismic activity expected to remain resilient despite oil price volatility, with operators prioritizing resource security.

• Backlog at end of September was $290 million, supporting visibility into 2026.