--- title: "CIVEO | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 172.67 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284954793.md" datetime: "2026-05-02T03:58:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284954793.md) - [en](https://longbridge.com/en/news/284954793.md) - [zh-HK](https://longbridge.com/zh-HK/news/284954793.md) --- # CIVEO | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 172.67 M 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. ### Overall Financial Performance (Three Months Ended March 31, 2026 vs. 2025) - 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. - Adjusted EBITDA: Adjusted EBITDA increased by 78% to $22.5 million in Q1 2026, up from $12.7 million in Q1 2025. - 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. - 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. ### Operational Metrics - **Operating Costs:** - Cost of sales and services: $132,506 thousand in Q1 2026, compared to $114,615 thousand in Q1 2025. - Selling, general and administrative expenses: $20,068 thousand in Q1 2026, up from $18,185 thousand in Q1 2025. - Depreciation and amortization expense: $17,308 thousand in Q1 2026, an increase from $16,253 thousand in Q1 2025. ### Cash Flow - 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. - Net Cash Flows Used in Investing Activities: -$3,933 thousand in Q1 2026, compared to -$5,104 thousand in Q1 2025. - Net Cash Flows Provided by Financing Activities: $15,868 thousand in Q1 2026, compared to $36,625 thousand in Q1 2025. ### Segment Performance (Three Months Ended March 31, 2026 vs. 2025) #### Australia Segment - Operating Income: $12,688 thousand in Q1 2026, up from $11,194 thousand in Q1 2025. - Adjusted EBITDA: $21,797 thousand in Q1 2026, a 14% increase from $19,040 thousand in Q1 2025. - Total Cost of Sales and Services: $92,468 thousand in Q1 2026, compared to $76,720 thousand in Q1 2025. - Average Daily Rates: $83 in Q1 2026, up from $75 in Q1 2025. - Billed Rooms: 675,502 in Q1 2026, compared to 625,636 in Q1 2025. - The strengthening Australian dollar positively impacted revenues by $12.0 million and Adjusted EBITDA by $2.1 million. #### Canada Segment - Operating Loss: -$4,389 thousand in Q1 2026, an improvement from an operating loss of -$10,588 thousand in Q1 2025. - Adjusted EBITDA: $5,155 thousand in Q1 2026, an improvement from negative Adjusted EBITDA of -$787 thousand in Q1 2025. - Total Cost of Sales and Services: $40,027 thousand in Q1 2026, compared to $37,645 thousand in Q1 2025. - Average Daily Rates: $99 in Q1 2026, up from $93 in Q1 2025. - Billed Rooms: 433,590 in Q1 2026, compared to 358,697 in Q1 2025. ### Financial Condition (As of March 31, 2026) - Total Liquidity: Approximately $68.4 million. - Total Debt: $212.3 million, marking a $29.4 million increase from December 31, 2025. - Net Debt: $198.9 million, a $27.5 million increase since year-end 2025, primarily due to share repurchases. - Net Leverage Ratio: 2.2x. - Capital Expenditures: $4.1 million in Q1 2026, compared to $5.3 million in Q1 2025. - 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. - 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. ### Full Year 2026 Guidance 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. 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. ### Related Stocks - [CVEO.US](https://longbridge.com/en/quote/CVEO.US.md) ## Related News & Research - [Civeo Q1 revenue beats analyst estimates; ups FY sales forecast](https://longbridge.com/en/news/284886095.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [Advance Auto Parts Reports First Quarter 2026 Results; Reaffirms Full Year 2026 Guidance | AAP Stock News](https://longbridge.com/en/news/287202242.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [GDEV announces results for the first quarter of 2026 | GDEV Stock News](https://longbridge.com/en/news/286909689.md)