Helix Energy Solutions(US:HLX)2025-10-22 22:26Financial Performance - Helix reported net income of $22.1 million, or $0.15 per diluted share, for Q3 2025, compared to a net loss of $2.6 million in Q2 2025 and net income of $29.5 million in Q3 2024[2]. - Adjusted EBITDA for Q3 2025 was $103.7 million, significantly up from $42.4 million in Q2 2025 and $87.6 million in Q3 2024[2]. - Revenues for Q3 2025 reached $376.96 million, a 10% increase from $342.42 million in Q3 2024[4]. - Operating cash flows were $24.3 million in Q3 2025, a significant increase from $(17.1) million in the prior quarter, but a decrease from $55.7 million in Q3 2024[18]. - Free Cash Flow was $22.6 million in Q3 2025, compared to $(21.6) million in the prior quarter and $52.6 million in Q3 2024[20]. - Net income for Q3 2025 was $22.1 million, compared to $29.5 million in Q3 2024[29]. - Gross profit for Q3 2025 was $66.0 million, slightly up from $65.7 million in Q3 2024[29]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $198,086 thousand, down 14.5% from $231,506 thousand in the same period of 2024[34]. - Free cash flow for the nine months ended September 30, 2025, was $12,940 thousand, a decrease of 86.8% from $97,734 thousand in the prior year[34]. Revenue Breakdown - Well Intervention revenues increased by $36.4 million, or 23%, in Q3 2025 compared to the prior quarter, driven by higher utilization and rates in the North Sea[7]. - Robotics revenues rose by $13.8 million, or 16%, in Q3 2025 compared to Q2 2025, attributed to increased trenching activities[9]. - Shallow Water Abandonment revenues surged by $24.0 million, or 47%, in Q3 2025 compared to the prior quarter, due to higher utilization of the Epic Hedron[12]. - Shallow Water Abandonment revenues increased by $3.0 million, or 4%, in Q3 2025 compared to Q3 2024, driven by higher utilization on systems[13]. - Production Facilities revenues decreased by $2.2 million, or 11%, in Q3 2025 compared to Q3 2024, primarily due to lower oil and gas production and prices[15]. Cash and Liquidity - Cash and cash equivalents were $338.0 million at September 30, 2025, with total liquidity of $429.8 million[21]. - Cash and cash equivalents at the end of the period were $338,033 thousand, down from $368,030 thousand at the beginning of the year, a decrease of 8.2%[32]. - The company reported a net decrease in cash and cash equivalents of $29,997 thousand for the nine months ended September 30, 2025, compared to a decrease of $8,071 thousand in the prior year[32]. Debt and Equity - Consolidated long-term debt was $307.5 million at September 30, 2025, resulting in negative Net Debt of $30.6 million[21]. - Long-term debt, including current maturities, was $307,472 thousand as of September 30, 2025, compared to $314,673 thousand in the previous year, a reduction of 2.1%[34]. - Shareholders' equity increased to $1,574,875 thousand as of September 30, 2025, from $1,519,765 thousand at the end of 2024, reflecting a growth of 3.6%[31]. Operational Highlights - Overall ROV and trencher utilization increased to 63% in Q3 2025 compared to 62% in Q2 2025[9]. - The company signed a four-year Robotics contract for trenching operations in the North Sea and a Well Intervention contract in the Gulf of America for a minimum of 150 days over three years[5]. - Capital expenditures for the nine months ended September 30, 2025, were $10,646 thousand, slightly lower than $10,780 thousand in the same period of 2024[32].