Dallas, Texas--(Newsfile Corp. - May 4, 2026) - Civeo Corporation (NYSE: CVEO) Stonegate Capital Partners Updates Coverage on Civeo Corporation (NYSE: CVEO). CVEO reported revenue and adj EBITDA of $172.7M and $22.5M, respectively. This compares to our/consensus estimates of $154.6M/$154.7M and $16.3M/$16.8M, respectively. Net loss improved to $3.8M from $9.8M in 1Q25, while operating cash flow was $(9.7)M, reflecting typical seasonal working capital use. Capex remained modest at $4.1M and was primarily maintenance-related. The key takeaway is not simply the revenue beat; rather, 1Q showed better Canadian margin conversion, continued Australian services contribution, and improving North American infrastructure visibility, partially offset by cost inflation and customer discipline that kept FY26 EBITDA guidance unchanged.

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Key Takeaways:

• FY26 EBITDA guidance stayed unchanged as diesel, labor inflation, and customer discipline limit near-term flow-through.

• 1Q26 upside was quality-driven, with Canada margin recovery and Australia services strength--not just revenue outperformance.

• Improving Canada execution and stable Australia demand underpin more durable earnings and clearer forward visibility.

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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.

Source: Stonegate, Inc.

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