Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2025 Q4

Core Insights - Civeo Corporation reported revenue of $161.6 million and adjusted EBITDA of $21.7 million, slightly below consensus estimates [1] - The year-over-year EBITDA increase was driven by strong performance in Australia and cost-cutting measures in Canada [1] - The company ended the quarter with net debt of $168.4 million and a net leverage ratio of 1.9x, with liquidity of approximately $90.4 million [1] Financial Performance - Revenue for the quarter was $161.6 million, compared to estimates of $168.9 million and $170.2 million [1] - Adjusted EBITDA was $21.7 million, slightly above estimates of $21.6 million and $21.2 million [1] - Operating cash flow totaled $19.3 million, with capital expenditures of $4.8 million primarily for maintenance [1] Future Guidance - Management provided guidance for FY26, projecting revenue between $650 million and $700 million and EBITDA between $85 million and $90 million, indicating stable to improving fundamentals [7] - Capital returns are a focus, with Phase 1 of the buyback program nearly complete and Phase 2 expected to add an additional 10% [7]