Civeo Reports 11% Revenue Growth, Narrowing Net Loss in Q2 2026
Civeo Corporation (CVEO) reported its second-quarter earnings for 2026, showing an 11% increase in total revenue to $180 million. This growth is primarily due to foreign exchange tailwinds and increased services activity.
The company's net loss narrowed to $2.5 million from a net loss of $3.3 million in the same period last year. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) decreased to $23.8 million due to start-up costs in Canada and inflationary pressures in Australia.
Operating cash flow improved significantly to $11.6 million from a negative $2.3 million in the prior year period. In Australia, revenue grew 11% mainly due to the strengthening of the Australian dollar relative to the U.S. dollar.
Australia's Adjusted EBITDA increased slightly to $22.6 million, but growth was tempered by fuel cost inflation and customer caution. Canada Revenue rose by 9% driven by higher occupancy and a new integrated services contract in Ontario.