Core Insights - Viridien reported solid performance in Q2 2025, achieving a net cash flow of $30 million, reaffirming its full-year target of $100 million despite a volatile market environment [2][20]. Financial Performance - Q2 2025 revenue reached $234 million, a decrease of 26% year-on-year, while adjusted EBITDAs were $68 million, down 55% [12][30]. - The company generated a net cash flow of $30 million in Q2 2025, compared to a negative cash flow of $6 million in Q2 2024 [14][30]. - Net income for Q2 2025 was $6 million, a significant drop from $35 million in Q2 2024 [12][30]. Segment Performance - Geoscience segment revenue was $115 million, up 10% year-on-year, driven by increased demand for high-quality subsurface imaging [7][31]. - Data, Digital and Energy Transition (DDE) segment revenue was $181 million, reflecting a 3% increase year-on-year, primarily due to Geoscience [4][31]. - Sensing and Monitoring (SMO) segment revenue increased by 14% to $93 million, with strong performance in land activities [9][31]. Operational Highlights - The company achieved a 39% margin in adjusted EBITDAs for the Geoscience segment, an increase of approximately 270 basis points year-on-year [6][31]. - Earth Data segment adjusted EBITDAs reached $101 million, up 6% year-on-year, benefiting from improved margins following the end of a vessel capacity agreement [8][31]. - The company has a healthy Geoscience backlog of $317 million, up 29% from the previous year [32]. Cash Flow and Debt Management - The company reported a total net cash flow of $10 million for the first half of 2025, with significant pressure on working capital due to overdue receivables from PEMEX [14][18]. - Net debt increased by 8% to $997 million as of June 30, 2025, compared to $921 million at the end of 2024 [18][37]. - A successful refinancing effort extended bond maturity to October 2030, providing ample liquidity with a $125 million revolving credit facility [14][18]. Market Outlook - The oil price environment remains volatile but consistently above $60 per barrel, supporting exploration and development commitments from oil and gas companies [20][23]. - Viridien expects to maintain momentum in its operations, driven by a strong backlog and anticipated licensing activities towards year-end [2][20].