Civeo Q3 Revenue Miss, Guidance Narrowed

Civeo reported Q3 2025 revenue of $170.5 million, down 3% year‑over‑year, with gross profit of $43.8 million (25.7% margin). Operating income rose to $7.0 million from $0.04 million a year earlier, and net loss narrowed to $0.5 million (‑$0.04 per share) versus a ‑$5.3 million loss in Q3 2024. Australian revenue grew about 7%, driven by the Qantac acquisition and new integrated‑services villages, while Canadian revenue fell roughly 20% due to lower billed rooms at oil sands lodges and reduced maintenance work, with Canadian cost cuts helping margins. Management narrowed full‑year 2025 revenue guidance to $640–$655 million and set adjusted EBITDA guidance of $86–$91 million while maintaining capex guidance of $20–$25 million. The company is advancing a share repurchase program (earlier reports that ~8% had already been repurchased appear premature), and analysts remain broadly constructive with a median 12‑month price target of $27.50 and one published “strong buy” rating; the stock’s next‑12‑month P/E has risen to 522 from 194 three months ago. Some circulated earnings‑call details (notably from Seeking Alpha) were flagged as AI‑generated and unvetted.