Jacktel (JACK) Q1 2025 earnings summary

Executive summary

• Achieved 100% operational and financial utilization in Q1 2025, with strong operational performance and no lost time injuries reported.

• Revenue reached $20.7m, EBITDA $10.5m, and net profit $4.2m for the quarter.

• Board postponed planned Euronext Growth listing due to volatile capital markets, with potential resumption in H2 2025.

• On track for first dividend payment in Q4 2025, contingent on Equinor exercising contract options.

Financial highlights

• Q1 2025 revenue was $20.7m, with $15.3m from Equinor charter hire and $5.4m from reimbursable and other income.

• EBITDA for Q1 2025 was $10.5m, operating profit $6.2m, and net profit $4.2m.

• Net interest-bearing debt (NIBD) stood at $62.8m at quarter-end.

• Cash from operations was $4.7m, with a net cash decrease of $0.8m, ending cash balance at $4.4m.

Outlook and guidance

• Well positioned for first cash distribution to shareholders in Q4 2025, subject to contract options being exercised.

• Dividend capacity could reach $69m by end 2027 if all options are exercised and refinancing is completed.

• Strong contract backlog with options extending into early 2028, supporting predictable cash flow and operational planning.

• Market outlook remains positive, with oil and gas expected to remain key energy sources and offshore wind market growth anticipated.