Viridien (NYSE:CCG), the advanced technology and digital data group formerly known as CGG, released a bullish preliminary 2025 update on Monday, showcasing the fruit of its multi-year "asset-light" transformation.
The company reported robust revenue growth across its core segments and a significant strengthening of its balance sheet through active liability management.
The Paris-based firm expects full-year segment revenue to surpass $1,15 billion, a steady increase over 2024’s $1.12 billion.
The growth was led by the Geoscience division, which saw revenue climb 10% to more than $440 million as energy majors ramped up spending on high-end imaging and sub-surface data.
The Earth Data segment also performed strongly, contributing over $400 million to the top line.
The highlight of the report was Viridien’s success in reducing its debt load.
The group repaid $97 million of bonds, fully utilizing its 10% annual optional redemption clause to reduce gross debt.
Viridien also repaid a $28 million asset-backed facility related to its High-Performance Computing (HPC) infrastructure.
Estimated net debt (pre-IFRS 16) now stands at approximately $750 million, down from nearly $1 billion just 18 months ago.
The company’s ability to generate over $100 million in net cash flow for the year—hitting a target management had consistently reiterated—signals a turning point for the stock.
By shedding its heavy vessel commitments and focusing on high-margin digital services, Viridien has become more resilient to the cyclical swings of the oil and gas market.
Looking ahead to 2026, the company is positioning its HPC and sensing technology to capture growing demand in carbon storage and infrastructure monitoring.