Stonegate Capital Partners Updates Coverage on Civeo Corporation (CVEO) 2025 Q3

Dallas, Texas–(Newsfile Corp. – October 31, 2025) – Civeo Corporation (NYSE: CVEO): Stonegate Capital Partners updates their coverage on Civeo Corporation (NYSE: CVEO). CVEO reported revenue and adj EBITDA of $170.5M and $28.8M, respectively. This compares to our/consensus estimates of $175.9M/$173.5M and $27.7M/$27.8M, respectively. The year-over-year EBITDA increase reflected continued strength in Australia and the benefit of cost-cutting initiatives in Canada. Operating cash flow totaled $13.8M, while capital expenditures were $5.6M, primarily related to maintenance of lodges and villages. The Company ended the quarter with net debt of $176M, a net leverage ratio of 2.1x, and liquidity of ~$70M.

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Key Takeaways:

• Reported $170.5M in revenue and $28.8M in Adjusted EBITDA; repurchased ~8% of shares in 3Q25 (~1.05M shares).
• Australia delivered y/y and sequential growth (aided by the Bowen Basin acquisition), while Canadian cost actions expanded gross margin to 22.5% despite lower occupancy.
• Tightened FY25 guidance to $640-$655M in revenue and $86-$91M in Adjusted EBITDA.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

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