Civeo Corporation reported a significant increase in financial performance for the first quarter of 2026, with total revenues reaching $172.7 million, a 20% increase from $144.0 million in the same period of 2025. The company’s operating income improved to $3.1 million, compared to an operating loss of $5.5 million a year earlier. Despite these gains, Civeo recorded a net loss of $3.8 million, or $0.34 per diluted share, which is an improvement from a net loss of $9.8 million, or $0.72 per diluted share, in the prior year. The net loss included costs related to severance, real estate rationalization, and shareholder activist activities.
The increase in revenue was primarily driven by contributions from the Qantac Acquisition, which added $7.5 million in revenue, as well as higher activity levels in both Australia and Canada. In Australia, revenues rose to $123.0 million, up from $103.6 million, while Canadian revenues increased to $49.6 million from $40.4 million. The company also noted a stronger Australian and Canadian dollar relative to the U.S. dollar, which positively impacted revenue figures.
Operationally, Civeo's total assets increased to $491.6 million as of March 31, 2026, compared to $477.4 million at the end of 2025. The company’s cash and cash equivalents rose to $16.5 million, up from $14.4 million. However, long-term debt also increased to $212.3 million from $182.8 million, reflecting higher borrowings to support operations and share repurchases. The company repurchased $14.4 million worth of shares during the quarter, as part of its ongoing share repurchase program.
Civeo's strategic focus remains on expanding its hospitality services in Australia and Canada, particularly in regions with active natural resource projects. The company continues to monitor market conditions, including commodity prices and inflationary pressures, which could impact future performance. Looking ahead, Civeo expects capital expenditures for 2026 to be in the range of $25 million to $30 million, as it plans to fund these through available cash and cash flow from operations. The company remains committed to returning capital to shareholders while pursuing growth opportunities that align with its strategic objectives.
About Civeo Corp
Civeo Corporation provides remote hospitality services, including lodging, catering, facilities management, water treatment, and logistics, primarily supporting the global energy and mining industries. Operating in Canada and Australia, it owns and manages large-scale lodges and villages near resource projects, serving long-term and short-term workforce needs. Its business model emphasizes contracted, scalable accommodations and integrated services for resource development companies.
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