CVEO earnings analysis
What we found in CVEO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Civeo Corporation reported significant improvements in Q1 2026, with revenues of $172.7 million, surpassing estimates of $154.7 million. The company reduced its net loss to $3.8 million from $9.8 million a year prior, with a notable EPS improvement to -$0.34 from -$0.72. Notably, Civeo raised its full-year revenue guidance to $675-$700 million, reflecting favorable market conditions driven by the Qantac Acquisition and increased service demand.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surged 20% YoY
- Q1 2026 revenues reached $172.7 million, up from $144 million in Q1 2025.
- Substantial EPS Improvement
- Reported EPS improved to -$0.34 in Q1 2026 from -$0.72 in Q1 2025.
- Increased Revenue Guidance
- Full-year revenue guidance raised to $675-$700 million from $650-$700 million.
- Strong Segment Growth
- Australian segment revenue increased by $19.4 million (19% YoY); Canadian up by $9.3 million (23% YoY).
- Cash Position Strengthens
- Cash and cash equivalents rose to $16.5 million from $14.4 million at the prior quarter.
- Operating Income Turnaround
- Operating income reached $3.1 million in Q1 2026, reversing a $5.5 million loss in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Interest Expense
- Interest expense increased to $3.7 million in Q1 2026, up from $1.6 million last year, due to higher debt levels.
- Labor Market Pressures
- Labor shortages increased staff costs, contributing to inflationary pressures on service delivery.
- Negative Cash Flow from Operations
- Net cash used in operations was $9.7 million for Q1 2026, worse than $8.4 million used last year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.34
- Gross margin
- 25.0%
- Operating margin
- 1.8%
- Segment
- Australia: $123.0M
- Segment
- Canada: $49.6M
What they said about what is next.
Revenue guidance raised from prior range of $650M-$700M.
The filing reads better than the one before it.
What came before.
- 10-K · March 3, 2026
- Civeo generated $638.8 million of revenue in 2025, down from $682.1 million in 2024 and $700.8 million in 2023, with operating income of $4.1 million in 2025 (vs. $1.3 million in 2024 and $39.5 million in 2023). The…
- 10-Q · October 31, 2025
- Civeo reported Q3 2025 revenue of $170.5M and a small GAAP loss of $(0.04) per share, with operating income of $7.0M driven by stronger Australia performance and higher margins. However, leverage jumped after the Qantac…
- 10-Q · July 29, 2025
- Civeo reported Q2 revenue of $162.7M, down $26.0M (‑13.8%) year‑over‑year but up $18.7M (13.0%) versus Q1 2025. Gross margin held at ~25.3% while operating margin compressed to ~1.8% and the company reported diluted EPS…
- 10-Q · April 30, 2025
- Civeo reported Q1 2025 revenue of $144,044,000, down versus both the prior quarter and prior year, with a net loss of $9.8 million (diluted EPS $(0.72)). Australia drove growth (Australia revenue $103,646,000, up…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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