Filing Flows › Civeo (CVEO) › Q1 2025
Civeo (CVEO) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Civeo (CVEO) reported revenue of $144M for the first quarter 2025 (Q1 2025), -13% from a year earlier and -5% from the quarter before. Operating margin was -3.8%, net loss $9.8M (6.8% of revenue).
Civeo, Q1 2025: revenue $144M (-13% year over year), operating margin -3.8%, net loss $9.8M, operating cash flow −$8.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $144M | -5% | -13% |
| Operating profit | −$5.5M | — | — |
| Net earnings | −$9.8M | — | — |
| Operating cash flow | −$8.4M | — | — |
What changed
Revenue was $144.0M in Q1 2025, down 13% year over year and down 5% from the previous quarter. Australia was the largest line at 72% of revenue. Canada lost $26.8M year over year (down 40%), 121% of the total change.
Gross margin was 20.4%, down 1.0 points from a year earlier. Operating costs exceeded revenue by $5.5M, an operating margin of -3.8%. Operating expenses fell 7% while revenue fell 13%. The quarter ended with a net loss of $9.8M, narrower than the previous quarter's $15.4M loss.
Operating cash flow was −$8.4M. Non-cash charges added back $16.3M of depreciation and amortization. Working capital and other items used $14.8M. Capital expenditures of $5.3M exceeded it, leaving free cash flow of −$13.7M.
Questions
What was Civeo's revenue in the first quarter 2025?
Civeo (CVEO) reported revenue of $144M for the first quarter 2025 (Q1 2025), -13% from a year earlier and -5% from the quarter before.
Was Civeo profitable in the first quarter 2025?
Operating loss was $5.5M (-3.8% of revenue) and net loss $9.8M.
Source: Civeo 10-Q on SEC EDGAR.