Civeo Narrows Q3 Loss, But 9-Month Revenue and Profitability Slide

TL;DR

**Civeo's Q3 looks better, but the massive debt jump for acquisitions and overall YTD revenue drop means this stock is a risky bet for now.**

AI Summary

Civeo Corporation reported a net loss of $455 thousand for the three months ended September 30, 2025, a significant improvement from the $5.091 million net loss in the same period of 2024. However, for the nine months ended September 30, 2025, the net loss attributable to Civeo Corporation widened to $13.611 million, compared to a net loss of $1.997 million in the prior year. Total revenue decreased to $170.491 million for the three months ended September 30, 2025, down from $176.338 million in 2024, and for the nine-month period, revenue fell to $477.229 million from $531.171 million. Operating income saw a substantial increase in the third quarter, reaching $6.966 million from $44 thousand in Q3 2024, but declined for the nine-month period to $4.250 million from $11.375 million. The company's long-term debt significantly increased to $187.937 million as of September 30, 2025, from $43.299 million at December 31, 2024, largely due to payments related to acquisitions totaling $72.002 million. Share repurchases continued, with $48.684 million spent in the nine months ended September 30, 2025, compared to $24.060 million in the prior year.

Why It Matters

Civeo's mixed financial results present a complex picture for investors. While the company showed improved operating income and a narrower net loss in Q3 2025, the year-to-date performance reveals significant revenue decline and a widening net loss, primarily driven by increased interest expense and acquisition-related payments. The substantial increase in long-term debt to $187.937 million from $43.299 million, largely for acquisitions, indicates a strategic shift towards growth, but also introduces higher financial leverage and interest rate sensitivity. This could impact Civeo's competitive position against rivals in the remote workforce accommodation sector, as increased debt servicing costs might limit future operational flexibility or capital expenditures, potentially affecting service quality or pricing for customers. Employees might face uncertainty if the acquisitions do not yield expected synergies or if cost-cutting measures become necessary to manage debt.

Risk Assessment

Risk Level: high — The company's long-term debt surged from $43.299 million at December 31, 2024, to $187.937 million by September 30, 2025, representing a 334% increase. This significant increase in leverage, coupled with a widening net loss for the nine months ended September 30, 2025, to $13.611 million from $1.997 million in the prior year, indicates heightened financial risk.

Analyst Insight

Investors should exercise caution and closely monitor Civeo's integration of recent acquisitions and its debt management strategy. Evaluate the long-term growth prospects from these acquisitions against the increased financial leverage and rising interest expenses before making any investment decisions.

Financial Highlights

debt To Equity

N/A

revenue

$170.491M

operating Margin

4.1%

total Assets

N/A

total Debt

$187.937M

net Income

-$455K

eps

-$0.04

gross Margin

N/A

cash Position

$12.003M

revenue Growth

-3.3%

Revenue Breakdown

Key Numbers

• $170.491M — Revenue for Q3 2025 (down from $176.338M in Q3 2024)
• $477.229M — Revenue for 9 months ended Sep 30, 2025 (down from $531.171M in 2024)
• $455K — Net loss attributable to Civeo Corporation for Q3 2025 (improved from $5.091M net loss in Q3 2024)
• $13.611M — Net loss attributable to Civeo Corporation for 9 months ended Sep 30, 2025 (widened from $1.997M net loss in 2024)
• $6.966M — Operating income for Q3 2025 (up from $44K in Q3 2024)
• $187.937M — Long-term debt as of Sep 30, 2025 (increased from $43.299M at Dec 31, 2024)
• $72.002M — Payments related to acquisitions for 9 months ended Sep 30, 2025 (contributed to increased debt)
• $48.684M — Repurchases of common shares for 9 months ended Sep 30, 2025 (increased from $24.060M in 2024)
• $3.422M — Interest expense for Q3 2025 (increased from $1.725M in Q3 2024)
• $7.740M — Interest expense for 9 months ended Sep 30, 2025 (increased from $6.288M in 2024)

Key Players & Entities

• Civeo Corporation (company) — registrant
• New York Stock Exchange (regulator) — exchange for common shares
• SEC (regulator) — Securities and Exchange Commission
• Australia (company) — reportable business segment
• Canada (company) — reportable business segment
• McClelland Lake Lodge (company) — assets sold in 2024
• British Columbia, Canada (company) — jurisdiction of incorporation
• Houston, Texas (company) — principal executive offices location

FAQ

Risk Factors

• Increased Debt Load [high — financial]: Long-term debt significantly increased to $187.937 million as of September 30, 2025, from $43.299 million at December 31, 2024. This increase is largely attributed to $72.002 million in payments related to acquisitions, which could impact financial flexibility and increase interest expenses.
• Widening Nine-Month Net Loss [medium — financial]: The net loss attributable to Civeo Corporation widened to $13.611 million for the nine months ended September 30, 2025, from $1.997 million in the prior year. This indicates a deteriorating profitability trend over the longer term, despite a Q3 improvement.
• Declining Revenue Trends [medium — market]: Total revenue decreased to $170.491 million for Q3 2025 and $477.229 million for the nine-month period, down from $176.338 million and $531.171 million respectively in the prior year. This suggests a weakening demand or market contraction in key operating regions.
• Dependence on Remote Workforce Industries [medium — operational]: Civeo operates in regions supporting metallurgical coal, oil, LNG, and iron ore. Downturns or operational disruptions in these commodity-driven sectors can directly impact customer demand for Civeo's hospitality and facility management services.
• Increased Share Repurchases [low — financial]: The company spent $48.684 million on share repurchases in the first nine months of 2025, more than double the $24.060 million spent in the same period of 2024. While this can return value to shareholders, it reduces cash available for other strategic initiatives or debt reduction.
• Rising Interest Expenses [medium — financial]: Interest expense increased to $3.422 million in Q3 2025 and $7.740 million for the nine-month period, up from $1.725 million and $6.288 million respectively. This rise is likely linked to the increased debt levels.
• Geographic Concentration [medium — operational]: The company's operations are concentrated in Australia and Canada. Economic or political instability, regulatory changes, or natural disasters in these specific regions could disproportionately affect Civeo's financial performance.
• Permitting and Development Risks [low — regulatory]: Civeo's business involves managing development activities, including site selection and permitting. Denial of permit applications, as seen with a $5.7 million impairment charge in Q1 2024 related to Australian land, highlights the risk of project delays or cancellations.

Industry Context

Civeo Corporation provides essential hospitality and facility management services to remote workforces, primarily in Australia and Canada, supporting the mining and oil/gas sectors. The industry is cyclical, heavily influenced by commodity prices and exploration/production activity. Competitors often include other specialized remote accommodation providers and, in some cases, in-house client operations.

Regulatory Implications

Civeo's operations are subject to various regulations in Australia and Canada concerning environmental standards, labor practices, and land use/permitting. Changes in these regulations, particularly around resource development or environmental protection, could impact operational costs and project feasibility.

What Investors Should Do

1. Monitor debt levels and repayment strategy.
2. Analyze the drivers of the widening nine-month net loss.
3. Evaluate the sustainability of Q3's operational improvement.
4. Assess the impact of increased share repurchases on cash flow.

Key Dates

• 2025-09-30: End of Q3 2025 — Reporting period for the 10-Q, showing a reduced net loss but also declining revenues and increased debt.
• 2025-12-31: End of Fiscal Year 2024 — Reference point for year-end debt levels ($43.299 million) against which the current debt increase is measured.
• 2024-09-30: End of Q3 2024 — Prior year comparable period, showing a larger net loss and higher revenues, but significantly lower debt.
• 2024-03-31: End of Q1 2024 — Period when impairment charges totaling $7.823 million were recorded, impacting prior year results.

Glossary

Noncontrolling interest

The portion of equity in a subsidiary that is not attributable to the parent company. It represents the ownership stake of outside shareholders. (The net loss attributable to Civeo Corporation excludes losses attributable to noncontrolling interests, providing a clearer view of the parent company's performance.)

Impairment expense

A charge taken when the carrying value of an asset exceeds its recoverable amount, indicating a permanent reduction in the asset's value. (No impairment expense was recorded in the current period, a positive sign compared to $7.823 million in the prior year, but a $2.1 million impairment on U.S. land was noted in Q1 2024.)

Foreign currency translation adjustment

Gains or losses arising from the conversion of financial statements of foreign subsidiaries into the parent company's reporting currency. (A significant negative adjustment of ($764K) in Q3 2025 contrasts with a positive $7.238M in Q3 2024, impacting comprehensive income.)

Operating income

Profitability measure calculated by subtracting operating expenses from revenue. It excludes interest and taxes. (Showed a substantial increase to $6.966 million in Q3 2025 from $44K in Q3 2024, indicating improved operational efficiency in the quarter.)

Basic net loss per share

Net loss divided by the weighted average number of outstanding common shares during the period. (For Q3 2025, it was a loss of $0.04 per share, an improvement from $0.36 loss per share in Q3 2024.)

Performance obligations

Commitments in a contract to provide distinct goods or services to a customer. Revenue is recognized when these obligations are satisfied. (The company has $668.215 million in future revenue from unsatisfied performance obligations, providing visibility into future revenue streams.)

Year-Over-Year Comparison

Compared to the prior year, Civeo Corporation reported a significantly reduced net loss in Q3 2025 ($455K vs $5.091M), driven by a substantial increase in operating income. However, total revenue declined for both the quarter and the nine-month period. The most striking change is the dramatic increase in long-term debt, now $187.937 million, up from $43.299 million at the end of 2024, primarily due to acquisition-related payments. This increased debt load is reflected in higher interest expenses. While Q3 showed operational strength, the widening nine-month net loss and declining revenues present a mixed financial picture.

Filing Documents

• cveo-20250930.htm (10-Q) — 1321KB
• a311cveo09-30x2025exhibit.htm (EX-31.1) — 13KB
• a312cveo09-30x2025exhibit.htm (EX-31.2) — 13KB
• a321cveo09-30x2025exhibit.htm (EX-32.1) — 8KB
• a322cveo09-30x2025exhibit.htm (EX-32.2) — 7KB
• 0001590584-25-000133.txt ( ) — 6311KB
• cveo-20250930.xsd (EX-101.SCH) — 40KB
• cveo-20250930_cal.xml (EX-101.CAL) — 77KB
• cveo-20250930_def.xml (EX-101.DEF) — 139KB
• cveo-20250930_lab.xml (EX-101.LAB) — 510KB
• cveo-20250930_pre.xml (EX-101.PRE) — 343KB
• cveo-20250930_htm.xml (XML) — 946KB

-- FINANCIAL INFORMATION

Part I -- FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements: Consolidated Financial Statements Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 4 Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 5 Consolidated Balance Sheets – as of September 30, 2025 (unaudited) and December 31, 2024 6 Unaudited Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 30, 2025 and 2024 7 Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 8 Notes to Unaudited Consolidated Financial Statements 9 Cautionary Statement Regarding Forward-Looking Statements 22

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk 37

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures 37

Item 4. Controls and Procedures 37

-- OTHER INFORMATION

Part II -- OTHER INFORMATION

Legal Proceedings 38

Item 1. Legal Proceedings 38

Risk Factors 38

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds 38

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Other Information 38

Item 5. Other Information 38

Exhibits 39

Item 6. Exhibits 39 (a) Index of Exhibits 39 Signature Page 40 3

-- FINANCIAL INFORMATION

PART I -- FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 170,491 $ 176,338 $ 477,229 $ 531,171 Costs and expenses: Service and other costs 126,704 138,542 362,850 409,821 Selling, general and administrative expenses 18,107 19,635 56,762 55,708 Depreciation and amortization expense 20,012 17,440 54,092 51,269 Impairment expense — — — 7,823 (Gain) loss on sale of McClelland Lake Lodge assets, net — 171 — ( 5,817 ) Other operating (income) expense ( 1,298 ) 506 ( 725 ) 992 163,525 176,294 472,979 519,796 Operating income 6,966 44 4,250 11,375 Interest expense ( 3,422 ) ( 1,725 ) ( 7,740 ) ( 6,288 ) Interest income 28 50 129 147 Other income 10 204 476 967 Income (loss) before income taxes 3,582 ( 1,427 ) ( 2,885 ) 6,201 Income tax expense ( 4,038 ) ( 3,862 ) ( 10,732 ) ( 9,199 ) Net loss ( 456 ) ( 5,289 ) ( 13,617 ) ( 2,998 ) Less: Net loss attributable to noncontrolling interest ( 1 ) ( 198 ) ( 6 ) ( 1,001 ) Net loss attributable to Civeo Corporation $ ( 455 ) $ ( 5,091 ) $ ( 13,611 ) $ ( 1,997 ) Per Share Data (see Note 7) Basic net loss per share attributable to Civeo Corporation common shareholders $ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 ) Diluted net loss per share attributable to Civeo Corporation common shareholders $ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 ) Weighted average number of common shares outstanding: Basic 12,395 14,293 13,053 14,488 Diluted 12,395 14,293 13,053 14,488 Dividends per common share $ 0.00 $ 0.25 $ 0.25 $ 0.75 The accompanying notes are an integral part of these financial statements. 4 CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In Thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net loss $ ( 456 ) $ ( 5,289 ) $ ( 13,617 ) $ (

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business We provide hospitality services to remote workforces in Australia and Canada, including catering and food service, lodging, housekeeping and maintenance at accommodation facilities that we or our customers own. We provide services that support the day-to-day operations of these facilities, such as laundry, facility management and maintenance, water and wastewater treatment, power generation, communication systems, security and logistics. We also manage development activities for workforce accommodation facilities, including site selection, permitting, engineering and design and manufacturing and site construction management, along with providing hospitality services once the facility is constructed. We primarily operate in some of the world's most active metallurgical (met) coal, oil, liquefied natural gas (LNG) and iron ore producing regions, and our customers include mining companies, major and independent oil companies, engineering companies and oilfield and mining service companies. We operate in two principal reportable business segments – Australia and Canada. Basis of Presentation Unless otherwise stated or the context otherwise indicates: (i) all references in these consolidated financial statements to "Civeo," "us," "our" or "we" refer to Civeo Corporation and its consolidated subsidiaries; and (ii) all references in this report to "dollars" or "

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Continued) 2. REVENUE The following table disaggregates our revenue by our two reportable segments (Australia and Canada) into major categories for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Australia Accommodation revenues $ 58,405 $ 51,370 $ 157,910 $ 147,391 Food service and other services revenues 66,055 65,252 182,868 169,576 Total Australia revenues 124,460 116,622 340,778 316,967 Canada Accommodation revenues $ 38,684 $ 48,747 $ 114,710 $ 180,793 Mobile facility rental revenues 393 123 1,046 1,473 Food service and other services revenues 6,954 8,866 20,695 22,157 Total Canada revenues 46,031 57,736 136,451 204,423 Other Other revenues $ — $ 1,980 $ — $ 9,781 Total other revenues — 1,980 — 9,781 Total revenues $ 170,491 $ 176,338 $ 477,229 $ 531,171 Our payment terms vary by the type and location of our customer and the services offered. The time between invoicing and when our performance obligations are satisfied is not significant. Payment terms are generally within 30 days and in most cases do not extend beyond 60 days. We do not have significant financing components or significant payment terms. As of September 30, 2025, for contracts that are greater than one year, the table below discloses the estimated revenues related to performance obligations that are unsatisfied (or partially unsatisfied) and when we expect to recognize the revenue. The table only includes revenue expected to be recognized from contracts where the quantity of service is certain (in thousands): For the years ending December 31, 2025 2026 2027 Thereafter Total Revenue expected to be recognized as of September 30, 2025 $ 58,353 $ 187,293 $ 143,995 $ 278,574 $ 668,215 We applied the practical expedient and do not disclose consideration for remaining performance obligations with an original expected duration of one year or less. In addition, we do not es

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Continued) Australia U.S. Total Quarter ended March 31, 2024 Long-lived assets $ 5,749 $ 2,074 $ 7,823 Total $ 5,749 $ 2,074 $ 7,823 Quarter ended March 31, 2024 . During the first quarter of 2024, we recorded impairment expense of $ 5.7 million related to various undeveloped land positions and related permitting costs in Australia. At March 31, 2024, we identified an impairment trigger related to certain of these properties due to the denial of development permit applications in Australia. Accordingly, the assets were written down to their estimated fair value of $ 0.6 million. In addition, during the first quarter of 2024, we recorded impairment expense of $ 2.1 million, related to land located in the U.S. The land was written down to its estimated fair value (less costs to sell) of $ 3.8 million. 4. FAIR VALUE MEASUREMENTS Our financial instruments consist of cash and cash equivalents, receivables, payables and debt instruments. We believe that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values. As of September 30, 2025 and December 31, 2024, we believe the carrying value of our floating-rate debt outstanding under our revolving credit facilities approximates fair value because the terms include short-term interest rates and exclude penalties for prepayment. We estimated the fair value of our floating-rate revolving credit facilities using significant other observable inputs, representative of a Level 2 fair value measurement, including terms and credit spreads for these loans. During the second quarter of 2025, we acquired accommodation assets, land and customer contracts and recorded them at fair value. Determining the fair value of assets acquired and liabilities assumed required the exercise of judgment, which included the use of a multi-period excess earnings income approach to determine the fair value of the customer relationships. Specifically, the f

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Continued) September 30, 2025 December 31, 2024 Inventories: Finished goods, including purchased food, housekeeping and retail inventory $ 4,194 $ 6,134 Raw materials 1,613 1,403 Total inventories $ 5,807 $ 7,537 Estimated Useful Life (in years) September 30, 2025 December 31, 2024 Property, plant and equipment, net: Land $ 29,039 $ 24,052 Accommodations assets 3 — 15 1,389,717 1,272,515 Buildings and leasehold improvements 7 — 20 13,550 12,386 Machinery and equipment 4 — 7 14,918 13,624 Office furniture and equipment 3 — 7 66,819 65,830 Vehicles 3 — 5 8,187 8,775 Construction in progress 2,485 6,835 Total property, plant and equipment 1,524,715 1,404,017 Accumulated depreciation ( 1,273,406 ) ( 1,199,120 ) Total property, plant and equipment, net $ 251,309 $ 204,897 September 30, 2025 December 31, 2024 Accrued liabilities: Accrued compensation $ 27,114 $ 29,209 Accrued taxes, other than income taxes 3,797 3,327 Other 2,770 2,397 Total accrued liabilities $ 33,681 $ 34,933 September 30, 2025 December 31, 2024 Contract assets: Current contract assets (1) $ 1,376 $ — Noncurrent contract assets (1) 2,148 — Total contract assets $ 3,524 $ — Contract liabilities (Deferred revenue): Current contract liabilities (2) $ 2,670 $ 2,501 Noncurrent contract liabilities (2) 3,506 5,098 Total contract liabilities (Deferred revenue) $ 6,176 $ 7,599 (1) Current contract assets and Noncurrent contract assets are included in "Other current assets" and "Other noncurrent assets," respectively, in our unaudited consolidated balance sheets. (2) Current contract liabilities and Noncurrent contract liabilities are included in "Deferred revenue" and "Other noncurrent liabilities," respectively, in our unaudited consolidated balance sheets. Contract assets consists of upfront incentives offered as consideration for entering into multi-year contracts. These incentives are refundable to us if the customer cancels the contra

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Continued) assets from December 31, 2024 to September 30, 2025 was due to incentives offered to a customer in Australia during the first quarter of 2025 to enter into a six -year integrated services contract. Deferred revenue typically consists of upfront payments received before we satisfy the associated performance obligation. The decrease in deferred revenue from December 31, 2024 to September 30, 2025 was due to revenue recognized over the contracted terms related to advance payments received from a customer for village enhancements in Australia. 6. ASSET ACQUISITION On May 6, 2025, we acquired the assets of Qantac Pty Ltd (Qantac), located in Queensland, Australia (the Qantac Acquisition) for total consideration of A$ 105 million (or approximately US$ 68 million) in cash. The Qantac Acquisition included four villages, with 1,368 rooms in Australia's Bowen Basin and the associated accommodation assets, land and customer contracts. As a result of the Qantac Acquisition, we expanded our existing accommodations business into the Blackwater region of the Bowen Basin, which was not previously served by our existing villages. The Qantac Acquisition was funded with cash on hand and borrowings under the Amended Credit Agreement (as defined in Note 8). Qantac's operations are reported as new village locations in our Australia reportable business segment. The Qantac Acquisition was accounted for as an asset acquisition based on the principles described in ASC 805, which provides a screen to determine when a set of transferred assets is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similarly identifiable assets, the set of transferred assets is not a business. Under the accounting for asset acquisitions, the acquisition is recorded using a cost accumulation and allocation model under which the cost of such acquisitio

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Continued) The calculation of basic and diluted earnings per share attributable to Civeo common shareholders is presented below for the periods indicated (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Numerator: Basic net loss attributable to Civeo Corporation $ ( 455 ) $ ( 5,091 ) $ ( 13,611 ) $ ( 1,997 ) Diluted net loss attributable to Civeo Corporation $ ( 455 ) $ ( 5,091 ) $ ( 13,611 ) $ ( 1,997 ) Denominator: Weighted average shares outstanding - basic 12,395 14,293 13,053 14,488 Dilutive shares - share-based awards — — — — Weighted average shares outstanding - diluted 12,395 14,293 13,053 14,488 Basic net loss per share attributable to Civeo Corporation common shareholders (1) $ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 ) Diluted net loss per share attributable to Civeo Corporation common shareholders (1) $ ( 0.04 ) $ ( 0.36 ) $ ( 1.04 ) $ ( 0.14 ) (1) Computations may reflect rounding adjustments. Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.2 million shares, respectively, for the three months ended September 30, 2025 and 2024. Share-based awards that have been excluded from the calculation of weighted-average common shares outstanding because the effect is anti-dilutive totaled 0.1 million shares and 0.2 million shares, respectively, for the nine months ended September 30, 2025 and 2024. 14 CIVEO CORPORATION NOTES TO UNAUDITED CONSOLIDATED

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Continued) 8. DEBT As of September 30, 2025 and Dece

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