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Shearwater GeoServices (SHEARWATER) investor relations material
Shearwater GeoServices has been private
Shearwater GeoServices Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Q3 2025 results were impacted by muted contract market conditions, with low acquisition activity and profitability, and fleet utilization at 68% across 7.8 active vessels, including two OBN crews.
Cost reduction and efficiency programs are advancing to align with expected activity levels and enhance resilience, targeting up to $40 million in annual savings.
Mobilisation for the third multi-client season in Brazil's Pelotas Basin is underway, with significant multi-client revenues expected in Q4.
Backlog at quarter end was $413 million, now including committed multi-client projects.
Financial highlights
Q3 2025 revenue was $146.5 million, down 18% year-over-year from $178.7 million.
EBITDA was $5.2 million, with a margin of 4%, a sharp decline from $50.6 million and 28% in Q3 2024.
EBIT was negative $24.5 million, compared to positive $13.6 million a year earlier.
Net loss for the quarter was $40.4 million, versus a net loss of $1.3 million in Q3 2024.
CapEx was $1.8 million, down from $11 million year-over-year, reflecting reduced non-critical investments.
Cash position at quarter end was $80.5 million, up $34 million sequentially.
Outlook and guidance
Q4 marine acquisition activity expected to remain broadly in line with Q3, with significant multi-client revenues anticipated to ease leverage ratio.
Over $30 million in multi-client revenue already recognized in Q4, with potential for further sales before year-end.
Backlog at end of November was $393 million, including multi-client commitments.
Long-term outlook is positive, with industry majors signaling increased exploration needs, but no near-term market recovery is visible.
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Next Shearwater GeoServices earnings date
Q4 20253 Mar, 2026
Next Shearwater GeoServices earnings date
Q4 20253 Mar, 2026
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