Civeo Revenues rises 20% as Australian and Canadian segments drive record growth

Civeo (NYSE:CVEO) reported a strong start to the 2026 fiscal year, characterized by double-digit top-line growth and a substantial expansion in operating margins.

The company posted total revenues of $172.7 million for the first quarter, representing a 20% increase over the same period last year.

While the company reported a narrow net loss of $3.8 million, adjusted EBITDA surged 78% year-over-year to $22.5 million, reflecting significantly improved operational efficiency.

The company's geographic segments both delivered robust results.

In Australia, revenues increased by 19%, bolstered by the integration of recently acquired workforce villages and a notable uptick in integrated services activity within the mining and natural resources sectors.

Meanwhile, the Canadian segment saw a 23% revenue jump.

This performance was driven by a combination of higher occupancy rates across its lodge portfolio and the successful implementation of aggressive cost-reduction initiatives, leading to meaningful margin expansion.

During the quarter, the company repurchased 0.5 million common shares, accounting for approximately 4% of the shares outstanding as of the end of 2025.

Following the close of the quarter, Civeo further strengthened its financial position by amending its credit agreement.

The new terms extend the maturity to April 2030 and increase total revolving capacity to $285 million, providing the company with enhanced flexibility for future growth or capital returns.