VAL-D’OR, QC, Feb. 11, 2026 /CNW/ – Orbit Garant Drilling Inc. (TSX:OGD) (“Orbit Garant” or the “Company”) today announced its financial results for the three and six-month periods ended December 31, 2025 (“Q2 2026” and “YTD 2026”, respectively). All dollar amounts are in Canadian dollars unless otherwise stated.
Financial Highlights
|
($ amounts in millions, except per share amounts) |
Three months ended |
Three months ended |
Six months ended |
Six months ended |
|
Revenue |
47.9 |
43.5 |
94.6 |
91.9 |
|
Gross Profit |
6.5 |
7.2 |
12.1 |
14.8 |
|
Gross Margin (%) |
13.5 |
16.5 |
12.8 |
16.1 |
|
Adjusted Gross Margin (%)¹ |
18.5 |
21.5 |
17.8 |
20.8 |
|
Adjusted EBITDA¹ |
5.1 |
4.5 |
8.7 |
10.7 |
|
Net earnings |
1.3 |
0.5 |
1.6 |
3.4 |
|
Net earnings per share |
||||
|
– Basic and diluted ($) |
0.03 |
0.01 |
0.04 |
0.09 |
|
(1) This is a non-IFRS measure and is not a standardized financial measure. The Company’s method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, the definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Refer to “Reconciliation of Non-IFRS financial measures” on page 3 of this news release for more information about each non-IFRS measure and for the reconciliations to the most directly comparable IFRS financial measures. |
“As expected, our results for the quarter reflect the full resumption of certain projects that were temporarily delayed from Q1 in Canada and South America, and the continued ramp-up of new drilling projects in Canada. Our overall level of drilling activity increased quarter over quarter, with a higher proportion of specialized drilling. Our quarter over quarter revenue increased despite unexpected delays on a drilling project and drilling program modifications in South America. Competitive pricing on new contracts and contract renewals in Canada remained during the quarter,” said Daniel Maheu, President and CEO of Orbit Garant. “The level of demand for our drilling services from senior and intermediate mining customers in both Canada and South America is intensifying and we are seeing a definite acceleration of request for proposals from junior exploration companies in Canada.”
“Our drill utilization rates in the quarter reached their highest level in more than two years, and supported by new drilling contracts and contract renewals, we expect further increases in our drill utilization rates in our fiscal third quarter, which we can accommodate with minimal mobilization costs. Some of these increased utilization gains may not be fully realized until our fiscal fourth quarter due to the various challenges caused by the severe winter weather conditions we have experienced in Canada in January and into February,” continued Mr. Maheu. “With record gold prices and historically high copper prices supporting strong customer demand for our drilling services, we are confident in our business outlook for the second half of fiscal 2026 and entering into fiscal 2027.”
Second Quarter Results
Revenue for Q2 2026 totalled $47.9 million, an increase of 10.5% compared to $43.5 million for the three-month period ended December 31, 2024 (“Q2 2025”). Canada revenue totalled $33.8 million in Q2 2026, an increase of 9.8% compared to $30.8 million in Q2 2025, reflecting increased drilling activity and a higher proportion of specialized drilling activity. International revenue totalled $14.1 million in Q2 2026, an increase of 12.1% compared to $12.7 million in Q2 2025. The increase was attributable to increased drilling activity in both Chile and Guyana, partially offset by a customer decision to temporarily delay one project and unexpected modifications to another drilling program. The project that was temporarily delayed by a customer decision was fully resumed in January 2026.
Gross profit for Q2 2026 was $6.5 million, or 13.5% of revenue, compared to $7.2 million, or 16.5% of revenue, in Q2 2025. Adjusted gross margin¹, excluding depreciation expenses, was 18.5% in Q2 2026, compared to 21.5% in Q2 2025. The decrease in gross profit, gross margin and adjusted gross margin¹ was primarily attributable to lower drilling productivity …