Core Insights - In 2024, Viridien achieved revenue targets while exceeding profitability and cash generation goals, driven by strong performance in Geoscience and Earth Data, alongside operational efficiency in Sensing & Monitoring [3][5] - The company is on track to generate approximately $100 million in net cash flow in 2025, supported by a robust backlog in Geoscience and a solid project pipeline in Earth Data [4][5] Financial Performance - For FY 2024, Viridien reported total revenue of $1,117 million, a slight decrease of 1% compared to the previous year, while adjusted EBITDA increased by 14% to $455 million [2][5] - Net cash flow for FY 2024 reached $56 million, a significant increase of 73% from the previous year, exceeding initial targets [2][5] - The Digital, Data & Environment (DDE) segment saw a revenue increase of 17% to $787 million, with adjusted EBITDA rising by 25% [5][12] Segment Highlights - Geoscience revenue grew by 20% to $404 million, driven by technology differentiation and increased order intakes [5][12] - Earth Data revenue increased by 14% to $383 million, with a notable 27% growth in Q4 [5][12] - Sensing & Monitoring revenue decreased by 27% to $330 million, reflecting the absence of mega crew systems during the year [5][12] Strategic Outlook - Viridien plans to strengthen its technology leadership in core markets while developing new business opportunities, particularly in Carbon Sequestration and Minerals & Mining [4][5] - The company anticipates continued improvements in financial performance due to the termination of contractual fees for vessel commitments and progress in restructuring plans [4][5] Market Trends - The offshore exploration market is gaining momentum, particularly in regions like the US Gulf, Brazil, and Norway, with increasing demand for high-end geophysical technologies [6][12] - There is a growing interest in Carbon Capture and Sequestration solutions, driven by oil and gas operators' investments to reduce carbon emissions [6][12]
Viridien Announces its Q4 & Full Year 2024 Results