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,…
Earnings analysis · 10-Q
SMHI earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.61
What stood out
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Revenue Decline Continues
Revenue fell to $44.3 million from $55.5 million year-over-year, a decline of 20%.
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Operating Margin
Operating margin remained extremely low at 100%, reflecting ongoing challenges in operational efficiency.
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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.
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Cost Reduction Measures Implemented
The company announced cost-cutting measures that saved approximately $3.9 million in wages and benefits.
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Asset Sale Provides Cash Infusion
The sale of a PSVM vessel generated $14.6 million in proceeds, aiding liquidity.
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Fleet Utilization Moderate
Fleet utilization was steady at 59%, compared to 60% in the prior year.
What to watch
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Decreased Revenue Expectations
Ongoing issues with vessel repositioning resulted in significantly lower revenues, down 20% compared to the previous year.
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Operating Losses Persist
Operating loss worsened slightly, totaling $6.38 million this quarter, indicating ongoing operational challenges.
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Market Volatility Risks
Marine market conditions remain volatile, with oil price fluctuations affecting service demand negatively.
Management's outlook
No explicit financial guidance provided, outlook remains cautious due to operational challenges.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.