Revenue: As of FY2026 Q1, the actual value is USD 172.67 M, beating the estimate of USD 154.7 M.EPS: As of FY2026 Q1, the actual value is USD -0.34, beating the estimate of USD -0.6067.EBIT: As of FY2026 Q1, the actual value is USD 6.847 M.<h4>Consolidated Financial Performance</h4>Civeo Corporation reported a net loss attributable to Civeo of - $3.8 million, or - $0.34 per diluted share, for Q1 2026, an improvement from a net loss of - $9.8 million, or - $0.72 per diluted share, in Q1 2025. This net loss included $1.0 million in severance, $0.5 million for real estate rationalization efforts in Canada, and $0.4 million for shareholder activist-related costs. Consolidated revenues increased by $28.6 million, or 20%, to $172.7 million in Q1 2026 from $144.0 million in Q1 2025, driven by the Qantac Acquisition, new integrated services in Queensland, higher billed rooms in Canadian oil sands, and stronger Australian and Canadian dollars. The Qantac Acquisition contributed $7.5 million in revenues during Q1 2026.Consolidated cost of sales and services rose by $17.9 million, or 16%, to $132.5 million in Q1 2026 from $114.6 million in Q1 2025, primarily due to the Qantac Acquisition, new integrated services, higher costs in Canada from increased occupancy, and inflationary pressures, partially offset by cost reduction measures in Canada. Selling, general and administrative (SG&amp;A) expenses increased by $1.9 million, or 10%, to $20.1 million in Q1 2026 from $18.2 million in Q1 2025, influenced by a $0.8 million write-off of accounts receivable in Australia and $0.7 million in higher compensation expenses. Depreciation and amortization expense increased by $1.1 million, or 6%, to $17.3 million in Q1 2026 from $16.3 million in Q1 2025, largely due to assets acquired through the Qantac Acquisition. Operating income significantly improved to $3.1 million in Q1 2026 from an operating expense of - $5.5 million in Q1 2025, an increase of $8.6 million, or 157%. Net interest expense increased by $2.1 million, or 134%, to - $3.7 million in Q1 2026 from - $1.6 million in Q1 2025, mainly due to higher average debt levels from the Qantac Acquisition and share repurchases.<h4>Segmented Performance - Australia</h4>Australia’s segment revenues increased by $19.4 million, or 19%, to $123.0 million in Q1 2026 from $103.6 million in Q1 2025. On a constant currency basis, the increase was 7.1%, driven by the Qantac Acquisition and new integrated services business in Queensland. Accommodation and associated services revenue was $55.8 million in Q1 2026 compared to $46.8 million in Q1 2025, while integrated services and other services revenue was $67.2 million in Q1 2026 compared to $56.8 million in Q1 2025. Cost of sales and services for the Australian segment increased by $15.7 million, or 21%, to $92.5 million in Q1 2026 from $76.7 million in Q1 2025, driven by the Qantac Acquisition and new integrated services business. Gross margin as a percentage of revenues for Australia decreased to 24.8% in Q1 2026 from 26.0% in Q1 2025, mainly due to reduced occupancy at Bowen Basin villages and increased operating costs from skilled labor shortages. The average daily rate for owned villages increased to $83 in Q1 2026 from $75 in Q1 2025, and total billed rooms for owned villages increased to 675,502 from 625,636.<h4>Segmented Performance - Canada</h4>Canada’s segment revenues increased by $9.3 million, or 23%, to $49.6 million in Q1 2026 from $40.4 million in Q1 2025. On a constant currency basis, this increase was primarily driven by a 17% year-over-year increase in billed rooms at oil sands lodges. Accommodation and associated services revenue was $43.1 million in Q1 2026 compared to $33.4 million in Q1 2025, mobile facility rental and associated services revenue was $1.0 million compared to $0.2 million, and integrated services and other services revenue was $5.5 million compared to $6.7 million. Cost of sales and services for the Canadian segment increased by $2.4 million, or 6%, to $40.0 million in Q1 2026 from $37.6 million in Q1 2025, largely due to higher occupancy levels and increased food and service costs, partially offset by cost reduction measures. Gross margin as a percentage of revenues for Canada significantly increased to 19.4% in Q1 2026 from 6.8% in Q1 2025, driven by operating efficiencies from higher occupancy and cost reduction measures. The average daily rate for owned lodges increased to $99 in Q1 2026 from $93 in Q1 2025, and total billed rooms for owned lodges increased to 433,590 from 358,697.<h4>Cash Flow and Liquidity</h4>Net cash used in operating activities was - $9.7 million in Q1 2026, compared to - $8.4 million in Q1 2025. The increase in cash used in working capital year-over-year was $24.9 million in Q1 2026 compared to $14.7 million in Q1 2025, primarily due to increased accounts receivable in Australia and Canada. Net cash used in investing activities decreased to - $3.9 million in Q1 2026 from - $5.1 million in Q1 2025, mainly due to lower capital expenditures. Capital expenditures totaled $4.1 million in Q1 2026 and $5.3 million in Q1 2025, primarily for maintenance. Net cash provided by financing activities was $15.9 million in Q1 2026, primarily from $30.6 million in net borrowings under revolving credit facilities, offset by $14.4 million in common share repurchases. Total available liquidity as of March 31, 2026, was $68.4 million, including $16.5 million in cash and cash equivalents and $51.9 million in unused revolving credit facility capacity.<h4>Future Outlook and Strategy</h4>Civeo Corporation expects 2026 capital expenditures to be in the range of $25 million to $30 million, which will be funded through available cash, cash flow from operations, and revolving credit borrowings. The company’s long-term strategy focuses on selectively pursuing strategic organic and inorganic growth opportunities that align with its capital allocation priorities, including returning capital to shareholders. An additional share repurchase authorization for up to 10.0% of outstanding common shares was approved in March 2026, following the suspension of quarterly dividends in April 2025 to prioritize share repurchases.

CIVEO | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 172.67 M