Norway · Delayed Price · Currency is NOK Electromagnetic Geoservices ASA Earnings Call Transcripts
Fiscal Year 2025
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Q2 2025 revenue was $9.6M, mainly from Indian operations, with EBITDA at $2.8M and adjusted EBITDA at $2.1M. Free cash fell to $3.5M, and a $19.5M convertible bond was extended to 2030. Norwegian multi-client campaigns are progressing with strong pre-funding.
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Q1 2025 saw revenue rise to $10 million and net profit reach $0.6 million, with proprietary surveys driving growth. The company acquired the CM Day vessel to enter the subsea construction market and extended its convertible bond loan to 2030.
Fiscal Year 2024
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Fourth quarter revenue rose to $9.7 million, with EBITDA at $10 million and two new $10 million contracts secured in India. Full-year net income reached $2.8 million, and the company returned to profitability, positioning for further growth in India and potential West Africa expansion.
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Q3 2024 saw lower recognized revenue at $1.1 million and negative EBITDA, but cash position improved to $13.2 million due to strong collections. Multiple pre-funded surveys and the first commercial OBN survey were completed, with revenue recognition expected in Q4.
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Q2 2024 saw revenue rise to $13.8M, driven by a major Brazil survey and strong Barents Sea activity. EBITDA reached $7.8M, with cash decreasing to $5.9M. New Norwegian contracts and diversification into seismic OBN surveys support future growth.