Helix Reports Fourth Quarter and Full Year 2025 Results

Core Insights - Helix Energy Solutions Group reported a net income of $8.3 million for Q4 2025, a decrease from $22.1 million in Q3 2025 and $20.1 million in Q4 2024, impacted by an $18.1 million non-cash impairment charge [1][2] - For the full year 2025, net income was $30.8 million, down from $55.6 million in 2024, with Adjusted EBITDA at $272 million compared to $303.1 million in the previous year [2][28] - The company generated $120 million in Free Cash Flow for 2025, with a cash balance of $445 million at year-end, providing significant financial flexibility [2][20] Financial Performance - Q4 2025 revenues were $334.2 million, down from $355.1 million in Q3 2025 and $377.0 million in Q4 2024 [2][35] - Gross profit for Q4 2025 was $50.7 million, compared to $58.9 million in Q3 2025 and $66.0 million in Q4 2024 [2][35] - Selling, general and administrative expenses increased to $20.3 million in Q4 2025 from $18.2 million in Q3 2025, but decreased from $27.6 million in Q4 2024 [15][35] Segment Performance - Well Intervention revenues decreased by $12.2 million, or 6%, in Q4 2025 compared to Q3 2025, primarily due to lower utilization of certain vessels [6][7] - Robotics revenues decreased by $12.1 million, or 12%, in Q4 2025 compared to Q3 2025, attributed to seasonal slowdowns in North Sea operations [8][9] - Shallow Water Abandonment revenues decreased by $17.1 million, or 23%, in Q4 2025 compared to Q3 2025, due to lower utilization during the seasonal slowdown [10][11] Cash Flow and Capital Expenditures - Operating cash flows for Q4 2025 were $113.2 million, significantly higher than $24.3 million in Q3 2025 and $78.0 million in Q4 2024 [18][27] - Capital expenditures totaled $5.7 million in Q4 2025, up from $1.7 million in Q3 2025 but down from $12.5 million in Q4 2024 [19][28] - Free Cash Flow for Q4 2025 was $107.5 million, compared to $22.6 million in Q3 2025 and $65.5 million in Q4 2024 [20][28] Financial Condition - As of December 31, 2025, cash and cash equivalents were $445.2 million, with total liquidity of $553.6 million [29] - The company reported negative Net Debt of $137.2 million, indicating a strong liquidity position [29]