Geodrill Q2 2026 revenue rises 10% to US$55.1 million as demand for gold drilling lifts activity
Reuters2026/08/09 22:29- For Q2 2026, revenue rose 10% to US$ 55.1 million, driven by stronger demand for drilling services amid robust gold-led exploration spending.
- Gross profit fell to US$ 8.8 million from US$ 11.9 million; margin narrowed to 16% from 24% on higher wages, inflation, cedi strength.
- West Africa and Egypt generated all gross profit; profitability weakened as drilling shifted toward more core meters versus reverse circulation meters.
- Chile posted a significant gross loss as cost of sales exceeded revenue, tied to onboarding delays and operational issues that reduced drilling time.
- EBITDA dropped to US$ 7.9 million from US$ 13.9 million; the quarter swung to a net loss of US$ 193,000 from US$ 5.3 million profit.
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