Filing Flows › Civeo (CVEO) › Q2 2025
Civeo (CVEO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Civeo (CVEO) reported revenue of $163M for the second quarter 2025 (Q2 2025), -14% from a year earlier and +13% from the quarter before. Operating margin was 1.7%, net loss $3.3M (2.0% of revenue).
Civeo, Q2 2025: revenue $163M (-14% year over year), operating margin 1.7%, net loss $3.3M, operating cash flow −$2.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $163M | +13% | -14% |
| Operating profit | $2.8M | — | — |
| Net earnings | −$3.3M | — | — |
| Operating cash flow | −$2.3M | — | — |
What changed
Revenue was $162.7M in Q2 2025, down 14% year over year and up 13% from the previous quarter. Australia was the largest line at 69% of revenue. Canada lost $29.5M year over year (down 37%), 113% of the total change.
Gross margin was 25.3%, down 0.1 points from a year earlier. Operating profit was $2.8M, a 1.7% margin (down 5.2 points year over year). Operating expenses grew 10% against a revenue fall of 14%. The fastest-growing cost line was SG&A (+17%). The quarter ended with a net loss of $3.3M, narrower than the previous quarter's $9.8M loss. Net interest and other expense of $2.5M was the main reason.
Operating cash flow was −$2.3M. Non-cash charges added back $17.8M of depreciation and amortization. Working capital and other items used $16.8M. Capital expenditures of $4.5M exceeded it, leaving free cash flow of −$6.8M.
Questions
What was Civeo's revenue in the second quarter 2025?
Civeo (CVEO) reported revenue of $163M for the second quarter 2025 (Q2 2025), -14% from a year earlier and +13% from the quarter before.
Was Civeo profitable in the second quarter 2025?
Operating profit was $2.8M (1.7% of revenue) and net loss $3.3M.
Source: Civeo 10-Q on SEC EDGAR.