Expro Group Reports $390.9 Million Revenue and $13.9 Million Net Income for Q1 2025

Expro Group Holdings N.V. reported a total revenue of $390.9 million for the three months ended March 31, 2025, reflecting a slight increase of 1.0% from $383.5 million in the same period of the previous year. The company achieved an operating income of $10.3 million, up from $8.4 million year-over-year. Notably, net income for the quarter was $13.9 million, a significant recovery from a net loss of $2.7 million in the prior year, resulting in earnings per share of $0.12 compared to a loss of $0.02 per share in the same quarter of 2024.

The financial performance was bolstered by a decrease in operating costs, which totaled $380.5 million, compared to $375.1 million in the previous year. The cost of revenue, excluding depreciation and amortization, decreased to $305.5 million from $308.5 million, while general and administrative expenses rose slightly to $21.8 million from $19.2 million. The company also reported a tax benefit of $1.7 million, contrasting with an expense of $12.3 million in the prior year, contributing to the improved net income.

Strategically, Expro has been active in expanding its capabilities through acquisitions. The company completed the acquisition of Professional Rental Tools, LLC (PRT) in October 2023, which is expected to enhance its subsea well access services in North and Latin America. Additionally, the acquisition of CTL UK Holdco Limited (Coretrax) in May 2024 is anticipated to broaden Expro's portfolio in well construction and intervention solutions. These acquisitions are part of Expro's strategy to enhance its service offerings and market presence.

Operationally, Expro reported a total employee headcount of approximately 8,500, with operations spanning over 50 countries. The company’s revenue was distributed across its four operating segments: North and Latin America (NLA), Europe and Sub-Saharan Africa (ESSA), Middle East and North Africa (MENA), and Asia-Pacific (APAC). The NLA segment generated $134.3 million in revenue, while MENA reported $93.6 million, marking a year-over-year increase of 30.9%. However, the ESSA and APAC segments experienced declines in revenue, attributed to lower activity levels in specific regions.

Looking ahead, Expro anticipates continued growth driven by increasing global demand for hydrocarbons, despite potential market volatility due to geopolitical tensions and economic uncertainties. The company expects to maintain its focus on operational efficiency and strategic investments, with capital expenditures projected between $90 million and $100 million for the remainder of 2025. The outlook remains cautiously optimistic, with management emphasizing the importance of adapting to market conditions while pursuing opportunities for sustainable growth.