Stonegate Capital Partners Updates Coverage on Civeo Corporation (NYSE: CVEO) 2Q26

DALLAS, TX -- JULY 31, 2026

DALLAS, TX -- July 31, 2026 -- Civeo Corporation (NYSE: CVEO): Stonegate Capital Partners Updates Coverage on Civeo Corporation (NYSE: CVEO). CVEO reported revenue and adj EBITDA of $180.0M and $23.8M, versus our estimates of $173.1M and $21.3M and consensus revenue of $172.2M. Net loss improved to $2.5M from $3.3M, operating cash flow of $11.6M versus $(2.3)M confirmed the 1Q outflow was seasonal, and capex of $3.7M remained maintenance related. The y/y decline in Adj. EBITDA from $25.0M reflects a $3.2M activist cost addback in the prior period and timing items, with unadjusted EBITDA up y/y and 1H26 Adj. EBITDA up 23% to $46.3M.

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• The 2Q beat was higher quality than the headline y/y EBITDA decline suggests, with 1H26 Adj. EBITDA up 23% and cash conversion normalizing.
• North American growth is increasingly tied to the ~$1.5B LNG, infrastructure and data center pipeline, with meaningful contributions more likely beginning in 2027.
• The convertible issuance strengthens funding flexibility while remaining anti-dilutive below ~$53, preserving capacity for both camp deployment and selective repurchases.

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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.

Stonegate Capital Partners
(214) 987-4121
[email protected]

Source: Stonegate, Inc.

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