Geodrill reports net income of $897,000 in third quarter
Key Facts
Geodrill reported on November 9, 2026, net income of $897,000, or $0.02 per share, for the three months ended September 30. That compared with a net loss of $1.507 million, or $0.03 per share, in the third quarter of 2025. The company said it posted a second consecutive record quarter for revenue, although the available results did not confirm whether it exceeded market expectations. Geodrill provides exploration, delineation and underground drilling services, as well as grade-control drilling. The company also announced new contracts and extensions to existing contracts with a combined value of $45 million.
The company posted operating cash flow of $5.8 million during the quarter and ended it with a cash balance of $16.9 million. It said drilling activity remained strong in West Africa and Egypt, offsetting operational challenges in Chile. The company expanded its fleet to 106 rigs during the quarter. It said the new contracts and extensions strengthen its position and increase visibility into future revenue. Geodrill operates in Ghana, Côte d’Ivoire, Egypt and Senegal, while its South American operations are focused on Chile.
The company linked its performance to strong exploration activity in its core markets, high fleet utilization and improving commercial terms. The chief financial officer said, "Strong exploration activity across our core markets, high fleet utilization and increasingly favorable commercial terms continued to support our performance." These factors are consistent with continued strength in activity in West African markets and Egypt, despite the operational challenges the company said it faced in Chile. Against the backdrop of the results, revenue in the second quarter of 2026 had reached $55.1 million, up 10% year over year. First-half revenue also reached $103.6 million, up 5% from the same period in 2025.
The company said strong gold prices and customer demand continue to support investment in exploration and demand for drilling services. It added that it has a diversified pipeline of tender opportunities reflecting healthy exploration and mine-development activity. The chief executive noted that the second consecutive record quarter came during a period historically affected by seasonal weather in West Africa. He said the company is entering the final quarter with momentum and better visibility, supported by a growing contract pipeline. The results conference was scheduled for November 9, 2026, at 10 a.m. Eastern Time, with a replay available from noon on November 16 through 11:59 p.m. Eastern Time.