Electromagnetic Geoservices ('EMGS') has reported its financial report and market presentation for the first quarter of 2025.
Summary
- The Company recorded revenues of USD 10.0 million, up from USD 0.2 million in the first quarter of 2024 and up from USD 9.7 million in the fourth quarter of 2024.
- Adjusted EBITDA (including capitalised multi-client expenses and vessel and office lease expenses) of USD 2.0 million, up from negative USD 3.8 million in the first quarter of 2024.
- Free cash decreased with USD 3.1 million during the quarter, to USD 6.0 million.
- During the quarter, the Atlantic Guardian completed the first of two proprietary acquisitions in India and commenced mobilisation for the second proprietary acquisition.
- Subsequent to the end of the quarter, on 6 May 2025, EMGS announced the establishment of a new business platform within offshore subsea construction through the acquisition of the OSCV Siem Day.
Source: EMGS
