McCoy Global Announces Q2 2025 Results, Declares Quarterly Dividend

McCoy Global reported Q2 2025 revenue of $24.1 million, a 21% increase from Q2 2024. SmartProduct revenue accounted for 58% of total revenue, up 117% from the previous year. Net earnings decreased 56% to $1.4 million, and adjusted EBITDA was $4.8 million, or 20% of revenue. The company advanced its Digital Technology Roadmap, securing $11 million in contract awards for its innovative smarTR system.

McCoy Global Inc. (TSX: MCB) reported its Q2 2025 financial results, highlighting a 21% increase in revenue to $24.1 million compared to $19.9 million in Q2 2024. SmartProduct revenue, which accounted for 58% of total revenue, surged 117% to $13.9 million. However, net earnings decreased 56% to $1.4 million, and adjusted EBITDA was $4.8 million, or 20% of revenue [1].

The company's Digital Technology Roadmap advanced significantly, with $11 million in contract awards for its innovative smarTR system. The commercialization of this system has allowed McCoy to validate its performance in real-world environments and gather valuable customer feedback. Jim Rakievich, President & CEO, stated, "Our second quarter performance highlights the growing momentum behind McCoy's smartProduct portfolio and the advancements of our Technology Roadmap. With smartProduct revenue now representing 58% of total revenue, it is clear our customers are increasingly prioritizing automation, safety, and efficiency, in spite of challenging market conditions."

Despite the increase in revenue, net earnings were negatively impacted by higher stock-based compensation expense, reflecting the mark-to-market impact of the Corporation's share price appreciation on cash-settled awards. The company's focus remains on delivering differentiated value to its customers and driving operational excellence to create sustainable growth and returns for shareholders.

Lindsay McGill, Vice President & CFO, noted that while Q3 may reflect tempered sequential revenue and earnings growth due to the timing of National Oil Company (NOC) contract announcements and continued weakness in the North American land market, the $24.6 million backlog and growing smartProduct adoption provide a solid foundation for the remainder of 2025.

McCoy Global continues to invest in strategic initiatives that support long-term value creation, with a disciplined approach to capital allocation and operational efficiency. The company's market-leading technologies and product enhancements are positioned to capitalize on future trends in the oil & gas industry.

References:
[1] https://finance.yahoo.com/news/mccoy-global-announces-second-quarter-110000696.html