Viridien Reports Strong Q3 Results Amid Revenue Challenges

Compagnie Generale de Gephysqu Vrts SA ( (CGGYY) ) has released its Q3 earnings. Here is a breakdown of the information Compagnie Generale de Gephysqu Vrts SA presented to its investors.

Compagnie Generale de Gephysqu Vrts SA, operating as Viridien, is a technology-driven company specializing in digital and Earth data solutions, primarily focusing on addressing natural resource and infrastructure challenges. The company is listed on the Euronext Paris SA and employs approximately 3,500 people globally.

Viridien’s latest earnings report highlights a strong strategic vision with notable progress in technology leadership, cash flow generation, and a robust geoscience order book. Despite a slight revenue decline of 3% year-to-date, the company has seen a 7% increase in adjusted EBITDA and a positive net cash flow compared to the previous year.

Key performance indicators from the report include a revenue of $246 million for Q3 and $778 million for the first nine months of 2024. The geoscience segment showed significant growth with a 32% increase in revenue and a 91% boost in order intake. However, the Sensing and Monitoring (SMO) segment faced a 51% revenue drop due to the absence of mega crew deliveries. The company also implemented a bond buyback program, enhancing its financial roadmap.

Viridien’s strategic initiatives include the successful execution of geoscience projects, advancements in carbon storage studies, and ongoing efforts in cost reduction and operational flexibility in the SMO segment. The company’s liquidity stands strong at $442 million, including $100 million undrawn RCF.

Looking ahead, Viridien reaffirms its full-year targets for 2024, with expectations for stable revenues, improved EBITDA due to business mix, and net cash flow levels similar to 2023. The company’s management remains optimistic about achieving its financial objectives and strengthening its market position.