Summary of key financial metrics and trends for QQ3 2025 (USD, all figures in thousands unless noted):
- Revenue: 1,040,924; YoY +49.2%; QoQ +2.5%.
- Gross Profit: 157,209; Gross Margin 15.10%; YoY -14.04%; QoQ +0.31%.
- Operating Income: -128,269; Operating Margin -12.32%; YoY not provided; QoQ not provided due to discrete quarterly comparison.
- EBITDA: 75,783; EBITDA Margin ~7.28% (EBITDA / Revenue).
- Net Income: -162,758; Net Margin -15.64%; YoY -283.52%; QoQ not provided.
- EPS (diluted): -1.64; YoY -284.27%; QoQ -16,500% (approximate movement noted in reported metrics).
- Cash Flow: Operating cash flow 121,596; Capex -96,999; Free cash flow 24,598.
- Balance Sheet: Cash & equivalents 166,074; Total debt 2,191,695; Net debt -159,215 (net cash position after accounting for cash); Total assets 6,862,003; Total equity 2,763,960.
- Liquidity & Leverage: Current ratio 1.84; Quick ratio 1.43; Debt to capitalization 0.442; Debt to equity 0.793; Interest coverage negative (-4.39) reflecting the quarterly net loss; Cash flow to debt 0.0555.
- Valuation & Market Metrics: Price-to-book ~0.545; Price-to-sales ~1.447; Price-to-earnings negative; Dividend yield 0% (no dividend paid in QQ3 2025).
- Commentary: Revenue growth is supportive; profitability remains the key issue, driven by elevated operating costs and non-cash items still weighing on the bottom line. The company’s balance sheet is comparatively resilient, with a net cash position providing some downside cushion in a cyclical industry. Investors should monitor utilization, dayrates, and cost-control initiatives as the cycle evolves.