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Civeo Q1 2025 Earnings Report
Civeo Corporation reported its financial and operating results for the first quarter ended March 31, 2025.
Key Takeaways
Civeo Corporation's first quarter 2025 results were consistent with expectations, showing topline growth in Australia but continued impact from macroeconomic headwinds in Canada. The company reported revenues of $144.0 million, a net loss of $9.8 million, and Adjusted EBITDA of $12.7 million.
Revenues for Q1 2025 were $144.0 million, a decrease from $166.1 million in Q1 2024.
The company reported a net loss of $9.8 million, or $0.72 per diluted share, for Q1 2025.
Adjusted EBITDA for Q1 2025 was $12.7 million, down from $17.8 million in Q1 2024.
Civeo returned $6.8 million of capital to shareholders through share repurchases and dividends in the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Civeo is lowering its full-year 2025 revenue and Adjusted EBITDA guidance ranges, and also reducing its capital expenditure guidance. This outlook excludes the impact of the Australian asset acquisition.
Positive Outlook
- The Australian asset acquisition is expected to close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions.
- The company expects to continue generating annual free cash flow through the cycle.
- The updated capital allocation framework will prioritize share repurchases as the sole vehicle for returning capital to shareholders.
- Civeo intends to use 100% of free cash flow to complete its increased share repurchase authorization.
- The company remains confident in its strong long-term free cash flow profile.
Challenges Ahead
- Full year 2025 revenue guidance lowered to $620 million - $650 million from $630 million - $660 million.
- Full year 2025 Adjusted EBITDA guidance lowered to $75 million - $85 million from $80 million - $90 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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