Viridien (VIRI) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong operational and financial results, with segment revenue reaching $313 million, up 27% year-over-year, and adjusted EBITDAS rising 70% to $167 million, driven by robust Geoscience and Earth Data performance and high customer demand.

• Net cash flow for Q3 was $53 million, bringing year-to-date to $62 million as of September 2025, supporting partial bond buybacks and progress toward the $100 million full-year target.

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

• The company remains confident in its asset-light, high-end technical strategy and robust operational execution.

• 2025 financial guidance and the $100 million net cash flow target are reaffirmed, independent of Pemex receivable collection.

Financial highlights

• Segment revenue for Q3 2025 was $313 million (+27% YoY); for the first nine months, $888 million (+14% YoY).

• Adjusted segment EBITDAS for Q3 2025 was $167 million (+70% YoY); for nine months, $417 million (+40% YoY).

• Net cash flow for Q3 2025 was $53 million (+426% YoY); for nine months, $62 million (+83% YoY).

• Net income for the first nine months was $19 million, nearly flat year-on-year despite negative IFRS adjustments.

• Operating income for Q3 2025 was $77 million (+236% YoY); for nine months, $149 million (+57% YoY).

Outlook and guidance

• Full-year 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, up 19% year-on-year, supporting visibility into 2026.

• Company confident in sustaining strong cash generation and advancing deleveraging objectives.