Stonegate Capital Partners has updated its coverage on Civeo Corporation (NYSE: CVEO), following the company's first quarter 2026 earnings release. Civeo reported revenue of $172.7 million and adjusted EBITDA of $22.5 million, surpassing both Stonegate's and consensus estimates of $154.6 million/$154.7 million for revenue and $16.3 million/$16.8 million for adjusted EBITDA, respectively.
The net loss improved to $3.8 million from $9.8 million in the first quarter of 2025, while operating cash flow was negative $9.7 million, reflecting typical seasonal working capital use. Capital expenditures remained modest at $4.1 million, primarily maintenance-related. The key takeaway from the quarter is not merely the revenue beat, but the underlying quality of the performance: better Canadian margin conversion, continued contribution from Australian services, and improving visibility in North American infrastructure.
Despite the strong first quarter, Civeo's fiscal year 2026 EBITDA guidance remained unchanged. This is due to headwinds from diesel and labor cost inflation, as well as customer discipline that limit near-term flow-through. However, the upside in the first quarter was quality-driven, with Canada margin recovery and Australia services strength, not just top-line outperformance. Improving execution in Canada and stable demand in Australia underpin more durable earnings and clearer forward visibility.
The full announcement, including downloadable images and bios, can be found here. Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers a full spectrum of investment banking, equity research, and capital raising for public and private companies.
