Civeo (NYSE:CVEO) reported a significant improvement in its quarterly bottom line and a jump in cash flow, as aggressive cost-reduction efforts in Canada and a strategic expansion in Australia began to pay off.
The Houston-based workforce housing provider announced on Tuesday that fourth-quarter revenues rose 7% to $161.6 million, up from $151 million in the same period a year ago.
While the company remained in the red, its net loss narrowed substantially to $6.5 million, or $0.56 per diluted share, compared to a loss of $15.1 million, or $1.10 per share, in the fourth quarter of 2024.
The quarter’s highlight was a nearly twofold increase in adjusted EBITDA, which climbed to $21.7 million from $11.4 million year-over-year.
Management attributed the surge to improved margins within its Canadian segment—long a cornerstone of its operations serving the oil sands—following a rigorous internal push to lower operating expenses.
Additionally, the company saw its first full quarter of contributions from an Australian acquisition completed in May 2025, which helped diversify its geographic footprint.
Free cash flow also saw a dramatic upswing, reaching $15.3 million for the quarter, compared to just $2.1 million in the prior-year period.