$CVEO

Civeo Corp

CIK:0001590584|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 180,017	$ 162,694	$ 352,684	$ 306,738
Costs and expenses:
Service and other costs	138,611	121,531	271,117	236,146
Selling, general and administrative expenses	20,406	20,470	40,474	38,655
Depreciation and amortization expense	16,327	17,827	33,635	34,080
Other operating (income) expense	(419)	66	(757)	573
Total costs and expenses	174,925	159,894	344,469	309,454
Operating income (loss)	5,092	2,800	8,215	(2,716)
Interest expense	(4,256)	(2,699)	(8,018)	(4,318)
Interest income	52	75	90	101
Other income	120	119	59	466
Income (loss) before income taxes	1,008	295	346	(6,467)
Income tax expense	(3,525)	(3,606)	(6,666)	(6,694)
Net loss	(2,517)	(3,311)	(6,320)	(13,161)
Less: Net income (loss) attributable to noncontrolling interest	4	3	9	(5)
Net loss attributable to Civeo Corporation	$ (2,521)	$ (3,314)	$ (6,329)	$ (13,156)
Per Share Data (see Note 6)
Basic net loss per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.23)	$ (0.25)	$ (0.57)	$ (0.98)
Diluted net loss per share attributable to Civeo Corporation common shareholders (in dollars per share)	$ (0.23)	$ (0.25)	$ (0.57)	$ (0.98)
Weighted average number of common shares outstanding:
Basic (in shares)	10,930	13,177	11,025	13,387
Diluted (in shares)	10,930	13,177	11,025	13,387
Dividends per common share (in dollars per share)	$ 0	$ 0	$ 0	$ 0.25

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (6,320)	$ (13,161)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	33,635	34,080
Deferred income tax benefit	(1,706)	(1,868)
Non-cash compensation charge	850	1,199
Gains on disposals of assets	(351)	(261)
Provision for credit losses, net of recoveries	796	(9)
Other, net	1,402	581
Changes in operating assets and liabilities:
Accounts receivable	(18,728)	(10,313)
Inventories	(355)	2,049
Accounts payable and accrued liabilities	(170)	(1,718)
Taxes payable	(3,342)	(13,089)
Other current and noncurrent assets and liabilities, net	(3,815)	(8,248)
Net cash flows provided by (used in) operating activities	1,896	(10,758)
Cash flows from investing activities:
Capital expenditures	(7,846)	(9,769)
Payments related to acquisitions	0	(64,948)
Proceeds from dispositions of property, plant and equipment	1,215	273
Net cash flows used in investing activities	(6,631)	(74,444)
Cash flows from financing activities:
Revolving credit borrowings	422,901	232,902
Revolving credit repayments	(393,321)	(113,679)
Debt issuance costs	(3,434)	(423)
Dividends paid	0	(3,437)
Repurchases of common shares	(14,353)	(22,474)
Taxes paid on vested shares	(337)	(645)
Net cash flows provided by financing activities	11,456	92,244
Effect of exchange rate changes on cash	(555)	2,392
Net change in cash and cash equivalents	6,166	9,434
Cash and cash equivalents, beginning of period	14,439	5,204
Cash and cash equivalents, end of period	$ 20,605	$ 14,638

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 20,605	$ 14,439
Accounts receivable, net	109,487	90,470
Inventories	6,633	6,218
Prepaid expenses	20,931	17,209
Other current assets	4,192	2,877
Total current assets	161,848	131,213
Property, plant and equipment, net	223,030	244,517
Goodwill	7,807	7,541
Other intangible assets, net	65,728	70,410
Operating lease right-of-use assets	16,554	14,485
Other noncurrent assets	12,888	9,245
Total assets	487,855	477,411
Current liabilities:
Accounts payable	42,127	44,282
Accrued liabilities	32,328	30,837
Income taxes payable	38	153
Deferred revenue	4,058	2,903
Other current liabilities	7,238	6,761
Total current liabilities	85,789	84,936
Long-term debt	208,595	182,842
Deferred income taxes	1,760	3,318
Operating lease liabilities	12,909	11,142
Other noncurrent liabilities	19,393	20,789
Total liabilities	328,446	303,027
Shareholders’ Equity:
Common shares (no par value; 46,000,000 shares authorized, 11,447,340 shares and 11,872,028 shares issued, respectively, and 10,997,156 shares and 11,434,033 shares outstanding, respectively)	0	0
Additional paid-in capital	1,635,733	1,634,883
Accumulated deficit	(1,079,880)	(1,058,911)
Common shares held in treasury at cost, 450,184 and 437,995 shares, respectively	(11,112)	(10,775)
Accumulated other comprehensive loss	(385,332)	(390,813)
Total Civeo Corporation shareholders’ equity	159,409	174,384
Noncontrolling interest	0	0
Total shareholders’ equity	159,409	174,384
Total liabilities and shareholders’ equity	$ 487,855	$ 477,411