<span item_type="fundamental" item_id="1698746c116ad49342fe9c6262f7aa52" counter_id="ST/US/CVEO" env="prod"></span><span item_type="announcement" item_id="643777760049502337" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 172.67 M, beating the estimate of USD 154.7 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD -0.34, beating the estimate of USD -0.6067.</p><p>EBIT: As of FY2026 Q1, the actual value is USD 6.847 M.</p><p></p><h3>Overall Financial Performance (Three Months Ended March 31, 2026 vs. 2025)</h3><ul><li>Net Loss: Civeo Corporation reported a net loss of -$3.8 million in Q1 2026, an improvement from a net loss of -$9.8 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Adjusted EBITDA: Adjusted EBITDA increased by 78% to $22.5 million in Q1 2026, up from $12.7 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Operating Income (Loss): The company recorded an operating income of $3,123 thousand in Q1 2026, compared to an operating loss of -$5,516 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Net Loss Attributable to Civeo Corporation: Net loss attributable to Civeo Corporation was -$3,808 thousand in Q1 2026, an improvement from -$9,842 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li><strong>Operating Costs:</strong><ul><li>Cost of sales and services: $132,506 thousand in Q1 2026, compared to $114,615 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Selling, general and administrative expenses: $20,068 thousand in Q1 2026, up from $18,185 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Depreciation and amortization expense: $17,308 thousand in Q1 2026, an increase from $16,253 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li></ul></li></ul><h3>Cash Flow</h3><ul><li>Net Cash Flows Used in Operating Activities: -$9,744 thousand in Q1 2026, compared to -$8,445 thousand in Q1 2025, reflecting seasonal working capital outflows.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Net Cash Flows Used in Investing Activities: -$3,933 thousand in Q1 2026, compared to -$5,104 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Net Cash Flows Provided by Financing Activities: $15,868 thousand in Q1 2026, compared to $36,625 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li></ul><h3>Segment Performance (Three Months Ended March 31, 2026 vs. 2025)</h3><h4>Australia Segment</h4><ul><li>Operating Income: $12,688 thousand in Q1 2026, up from $11,194 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Adjusted EBITDA: $21,797 thousand in Q1 2026, a 14% increase from $19,040 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Total Cost of Sales and Services: $92,468 thousand in Q1 2026, compared to $76,720 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Average Daily Rates: $83 in Q1 2026, up from $75 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Billed Rooms: 675,502 in Q1 2026, compared to 625,636 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>The strengthening Australian dollar positively impacted revenues by $12.0 million and Adjusted EBITDA by $2.1 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li></ul><h4>Canada Segment</h4><ul><li>Operating Loss: -$4,389 thousand in Q1 2026, an improvement from an operating loss of -$10,588 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Adjusted EBITDA: $5,155 thousand in Q1 2026, an improvement from negative Adjusted EBITDA of -$787 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Total Cost of Sales and Services: $40,027 thousand in Q1 2026, compared to $37,645 thousand in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Average Daily Rates: $99 in Q1 2026, up from $93 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Billed Rooms: 433,590 in Q1 2026, compared to 358,697 in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li></ul><h3>Financial Condition (As of March 31, 2026)</h3><ul><li>Total Liquidity: Approximately $68.4 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Total Debt: $212.3 million, marking a $29.4 million increase from December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Net Debt: $198.9 million, a $27.5 million increase since year-end 2025, primarily due to share repurchases.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Net Leverage Ratio: 2.2x.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Capital Expenditures: $4.1 million in Q1 2026, compared to $5.3 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Share Repurchases: Civeo Corporation repurchased 0.5 million common shares for approximately $14.4 million during Q1 2026, completing approximately 96% of the authorized program.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li><li>Credit Agreement Amendment: Subsequent to quarter-end, the credit agreement was amended, extending maturity to April 2030 and increasing total revolving capacity to $285 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></li></ul><h3>Full Year 2026 Guidance</h3><p>Civeo Corporation is raising the low end of its revenue guidance to $675 million to $700 million, from its prior range of $650 million to $700 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span> The company is maintaining its Adjusted EBITDA guidance range of $85 million to $90 million and its capital expenditure guidance range of $25 million to $30 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1590584/000159058426000049/cveo-03312026xrelease.htm"></span></p>

CIVEO | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 172.67 M