Core Laboratories Inc. reported a total revenue of $121.8 million for the first quarter of 2026, a decrease of 1% from $123.6 million in the same period of 2025. The company's service revenue was $94.3 million, down 1% year-over-year, while product sales fell by 3% to $27.5 million. The decline in revenue was attributed to lower activity levels in international markets, exacerbated by ongoing geopolitical conflicts, particularly in the Middle East and Ukraine, which disrupted client operations and laboratory services. Sequentially, revenue decreased by 12% from $138.3 million in the fourth quarter of 2025, primarily due to reduced demand for laboratory services.
Operating income for the quarter was $1.9 million, a significant drop of 57% compared to $4.4 million in the prior year. The decrease in profitability was driven by increased costs, including a 4% rise in the cost of services, which reached $76.1 million. General and administrative expenses also rose by 8% to $14.7 million, largely due to higher stock compensation expenses. The net loss attributable to Core Laboratories Inc. was $0.8 million, compared to a net income of $0.2 million in the same quarter last year.
In terms of operational metrics, Core Laboratories maintained a workforce of approximately 3,300 employees across more than 70 offices in over 50 countries. The company did not report any significant acquisitions or divestitures during the quarter. However, it did engage in share repurchases, acquiring 51,781 shares for approximately $0.9 million. The company also declared a quarterly cash dividend of $0.01 per share, consistent with its previous dividend policy.
Looking ahead, Core Laboratories anticipates continued volatility in crude oil prices due to geopolitical tensions and supply chain disruptions. The company is closely monitoring the impact of these factors on its operations and client activities. Despite the challenges, Core Laboratories remains focused on large-scale core analyses and reservoir fluid characterization studies, particularly in key international markets. The company expects that demand for its services will stabilize as global oil inventories are managed to meet forecasted growth in oil demand over the coming years.
About Core Laboratories Inc. /DE/
Core Laboratories Inc. provides proprietary reservoir description and production enhancement services and products to the oil and gas industry worldwide. Its offerings include reservoir characterization, fluid analysis, well stimulation diagnostics, and perforating systems. Serving major, national, and independent oil companies, the company leverages advanced technologies, digital solutions, and global operations to optimize reservoir performance, increase hydrocarbon recovery, and support energy transition projects.
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