TORONTO, May 11, 2026 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX:GEO) (OTCQX:GEODF), a leading West African based drilling company, reported its financial results for the three months ended March 31, 2026. All figures are reported in U.S. dollars ("$"), unless otherwise indicated. Geodrill's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").
Financial Overview, Q1 2026
Generated revenue of $48.4 million, representing a decrease of $0.3 million or 1% compared to Q1 2025;
Delivered EBITDA of $5.9 million, reflecting margin pressure from increased operating costs;
Reported a net loss of $0.1 million, or $NIL per share, compared to net income of $5.6 million, or $0.12 per share, in Q1 2025; and
Ended the quarter with net cash of $1.9 million.
Operational and Strategic Highlights, Q1 2026
Averaged 76% rig utilization across the Company's enlarged fleet during the quarter, supported by ongoing drilling activity across key operating regions;
Continued development of South American operations, primarily in Chile, as part of the Company's measured geographic expansion and long‑term growth strategy; and
Maintained a modern and diversified drill fleet, enabling the Company to service a wide range of customer requirements across multiple commodities and jurisdictions.
Outlook
Demand for drilling services remains robust, supported by favorable gold and copper pricing;
Active bidding pipeline across core African and South American markets; and
Continued focus on operational efficiency and cost management to support margin recovery.
Financial Summary
Results in US$ 000s (except earnings per share and percentages)
For the three months ended Mar 31, 2026
For the three months ended Mar 31, 2025
Revenue
48,430
48,752
Gross profit
7,196
13,552
Gross profit margin
15 %
28 %
EBITDA(1)(2)
5,881
13,569
EBITDA margin
12 %
28 %
Net Loss/Income
(116)
5,572
Loss/Earnings per share- basic
(0.00)
