Orbit Garant Drilling Stock Earnings Reports

Orbit Garant Drilling reported Q1 fiscal 2026 revenue of $46.7M, down 3.7% year-over-year, with adjusted gross margin of 17.0% (vs. 20.2% prior year) and adjusted EBITDA of $3.7M (down from $6.2M). The quarter was impacted by short-term, company-specific project completions and customer-initiated delays in Canada and South America (including an earthquake-related pause in Chile). Management says these issues are resolving, bidding activity has increased recently, and demand is supported by strong gold and copper prices. Canada remains the largest market ($33.7M in revenue) while international revenue held steady at $13.0M. Net earnings were $0.3M ($0.01/share). Net draw on the credit facility increased, with long-term debt of $19.3M due primarily to annual shipments of equipment and inventory to northern operations; management expects to pay down debt over the remainder of the year. The company renewed a normal course issuer bid permitting repurchase of up to 500,000 shares. Management’s priorities are: focus on senior and well-financed intermediate customers, disciplined strategy, and continuous operational improvements to capture rising demand and improve profitability.