(RTTNews) - Geodrill Limited (GEO.TO), a West Africa-based drilling services company, on Thursday reported for the three months ended September 30, 2025.
The company recorded a net loss of $1.5 million, or $0.03 per share, versus net income of $2.6 million, or $0.06 per share, in the same quarter last year.
A revenue of $38.97 million, up 14% year-over-year from $34.09 million. Gross profit fell to $2.36 million, down from $8.35 million in the third quarter of 2024. Adjusted EBITDA amounted to $4.3 million compared to $7.6 million last year.
Geodrill noted that the margin decline was driven largely by a seasonal drilling slowdown in West Africa, increased cost of operations, and the ramp-up of its South America rig fleet, where the rig count rose to 19 from 9 year-over-year, with revenue in that region rising from $0.7 million to $6.6 million, but at a higher cost. The company's SG&A expenses rose to $4.82 million from $3.88 million in the same quarter in 2024.
Management believes the business is positioned for improvement into Q4 2025, citing expected increased drilling activity post-wet season in Ghana, a restart of surface programs in Egypt, and the future ramp of Chile operations.
GEO.TO currently trades at $3.58, or 2.1563% lower on the Toronto Stock Exchange.
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