Enerflex Sees Record Bookings as Revenue Slips in Q2

Enerflex reported its Q2 2026 earnings on August 25, with revenue of $582 million, down from $615 million in the same period last year. Net earnings were $30 million, or $0.25 per share, compared to $60 million, or $0.49 per share, a year earlier.

The company attributed lower net finance costs as a key factor in improving profitability, but noted that higher share-based compensation expense and a $15 million unrealized gain on senior secured note redemption options recorded in Q2 2025 affected the comparison.

Enerflex's Engineered Systems segment saw bookings reach a record high of $488 million during the quarter, driven by a mix of cryogenic gas processing, refrigeration for LNG exports, large compression stations, and power-generation projects. The company's pipeline for distributed power opportunities exceeded 7 gigawatts across data-center and other power-generation applications.

President and CEO Paul Mahoney said that Q2 is a 'watermark' for the company, with booking momentum expected to continue into the third quarter. Enerflex also secured long-lead-time components to support fleet expansion through 2029, with purchase obligations spanning $521 million in 2026, more than $350 million in 2027, and so on.

The company's Energy Infrastructure segment continued to generate solid results, backed by approximately $1.2 billion of contracted revenue over the remaining terms of customer agreements. Cash flow improved, with free cash flow increasing to $32 million from a $39 million use of cash a year earlier.