SMHI earnings analysis
What we found in SMHI'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
SEACOR Marine's Q1 2026 report indicates continued revenue declines, generating $44.3 million, a significant reduction from $55.5 million in Q1 2025. The gross margin remains consistently low at 100%, with a reported net loss of $15.8 million compared to a loss of $15.5 million in the prior year, indicating persistent operational challenges. Management cites increased cost control measures, but future prospects remain uncertain due to vessel repositioning issues.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline Continues
- Revenue fell to $44.3 million from $55.5 million year-over-year, a decline of 20%.
- Operating Margin
- Operating margin remained extremely low at 100%, reflecting ongoing challenges in operational efficiency.
- Net Loss Maintained
- Reported net loss for the quarter was $15.8 million compared to a loss of $15.5 million in the prior year.
- Cost Reduction Measures Implemented
- The company announced cost-cutting measures that saved approximately $3.9 million in wages and benefits.
- Asset Sale Provides Cash Infusion
- The sale of a PSVM vessel generated $14.6 million in proceeds, aiding liquidity.
- Fleet Utilization Moderate
- Fleet utilization was steady at 59%, compared to 60% in the prior year.
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.
- Decreased Revenue Expectations
- Ongoing issues with vessel repositioning resulted in significantly lower revenues, down 20% compared to the previous year.
- Operating Losses Persist
- Operating loss worsened slightly, totaling $6.38 million this quarter, indicating ongoing operational challenges.
- Market Volatility Risks
- Marine market conditions remain volatile, with oil price fluctuations affecting service demand negatively.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.61
- Gross margin
- 100%
- Operating margin
- -14%
What they said about what is next.
No explicit financial guidance provided, outlook remains cautious due to operational challenges.
The filing reads worse than the one before it.
What came before.
- 10-K · February 25, 2026
- SEACOR Marine describes a strategy of a smaller, higher‑spec fleet focused on higher‑margin vessels and improved fuel efficiency (e.g., hybrid battery installations) while simplifying its capital structure. Financially,…
- 10-Q · July 30, 2025
- SEACOR Marine reported Q2 2025 operating revenues of $60.81M and a GAAP net loss of $6.73M (diluted loss per share $0.26). Operating income was positive at $6.07M in the quarter, driven largely by $19.16M of gains on…
- 10-Q · April 30, 2025
- SEACOR Marine reported Q1 2025 revenue of $55.499 million, down from $62.770 million in Q1 2024, while operating loss narrowed to $5.253 million from $10.610 million a year ago. Net loss improved to $15.489 million…
- 10-K · February 26, 2025
- SEACOR Marine (SMHI) presents a strategy of right-sizing and fleet modernization focused on higher‑margin vessel classes and environmental efficiency (e.g., hybrid battery systems), while remaining highly exposed to…
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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