VAL-D’OR, QC — February 11, 2026 — Leads & Copy — Orbit Garant Drilling Inc. (TSX: OGD) reported its financial results for the three and six-month periods ended December 31, 2025. The company saw revenue increases in both Canada and internationally, driven by increased drilling activity and a higher proportion of specialized drilling.
Revenue for the second quarter of 2026 totaled $47.9 million, up 10.5% from $43.5 million in the same period of 2025. Canadian revenue reached $33.8 million, a 9.8% increase from $30.8 million, while international revenue rose to $14.1 million, a 12.1% increase from $12.7 million.
The international revenue increase was primarily due to higher drilling activity in Chile and Guyana, but was partially offset by a customer’s temporary project delay and program modifications.
Gross profit for the quarter was $6.5 million, or 13.5% of revenue, compared to $7.2 million, or 16.5% of revenue, in the second quarter of 2025. Adjusted gross margin, excluding depreciation expenses, was 18.5% compared to 21.5%.
The company said the decreases in gross profit, gross margin and adjusted gross margin were mainly due to lower drilling productivity on certain projects in Canada, more competitive pricing, and customer-initiated delays in South America. These were partially offset by increased drilling activity overall, including more specialized drilling in Canada.
General and administrative expenses were $4.5 million, or 9.4% of revenue, compared to $4.4 million, or 10.1% of revenue, in the prior year.
Adjusted EBITDA totaled $5.1 million, compared to $4.5 million for the same period in 2025. Orbit Garant said the increase was mainly driven by a favorable foreign exchange variation, partially offset by lower operating earnings.
Net earnings for the quarter were $1.3 million, or $0.03 per share (diluted), compared to $0.5 million, or $0.01 per share (diluted), in the second quarter of 2025. The company said the increase in net earnings was primarily driven by lower income tax expenses and a favorable foreign exchange variation, partially offset by lower operating earnings.
Orbit Garant repaid a net $3.3 million on its Credit Facility, compared to $2.4 million in the prior year. Long-term debt under the Credit Facility, including the current portion, was $16.0 million as of December 31, 2025, compared to $14.0 million as of June 30, 2025.
On December 22, 2025, Orbit Garant entered into a sixth amended and restated credit agreement with National Bank and the Lenders for a $30.0 million revolving credit facility, along with a US$5.0 million credit facility for standby letters of credit. The agreement expires on December 22, 2029.
The Toronto Stock Exchange accepted Orbit Garant’s notice of intention to make a normal course issuer bid to purchase up to 500,000 common shares between October 31, 2025, and October 30, 2026. During the second quarter of 2026, Orbit Garant repurchased and cancelled 141,450 common shares at a weighted average price of $1.29 per share.
As of February 11, 2026, Orbit Garant had 37,935,389 common shares issued and outstanding.
Daniel Maheu, President and CEO of Orbit Garant, noted that results reflect the full resumption of temporarily delayed projects and the ramp-up of new drilling projects. Drill utilization rates in the quarter reached their highest level in more than two years, and the company expects further increases in the fiscal third quarter.
Orbit Garant provides underground and surface drilling services in Canada and internationally. Headquartered in Val-d’Or, Quebec, the company operates 182 drill rigs and employs approximately 1,200 people.
Maheu and Pier-Luc Laplante, CFO, will host a conference call for analysts and investors on Thursday, February 12, 2026, at 10:00 a.m. (ET).
Source: Orbit Garant Drilling Inc.
