Major Drilling Group International Inc. reported a 20.8% increase in revenue to $226.6 million in the first quarter of fiscal 2026. Adjusted gross margin rose to 25.2%, while EBITDA reached $32.1 million. The company strategically relocated drill rigs to meet growing demand, resulting in lower capital expenditures of $14.4 million. Quarterly earnings per share were $0.12.

Major Drilling’s President and CEO, Denis Larocque, noted a sharp increase in operations, particularly in Peru and Chile, offsetting a slowdown in Australasia. The Company’s focus on South & Central America, especially Peru, is expected to mitigate any market weakness. Strong safety practices, fleet maintenance, and experienced crews reinforce Major Drilling’s industry leadership.

While EBITDA slightly decreased to $32.1 million due to lower gross margins in North America, Major Drilling’s balance sheet remains robust with net debt of $2.8 million. Working capital grew to $206.8 million, driven by increased receivables. By strategically relocating rigs and adding new ones, the company maintained a total rig count of 709 at quarter-end.

Revenue for the quarter was $226.6 million, up 19.3% from the same period last year. South and Central American revenue rose by 92.4%, while Australasian and African revenue decreased by 11.9%. Gross margin was 18.6%, lower than the previous year due to competitive pricing. General and administrative costs increased by $3.2 million.

The Company expects continued top-line momentum in the next quarter, driven by project start-ups and potential margin improvement. Major Drilling remains optimistic about the North American region, with signs of improvement in the junior financing market and streamlined permitting processes. The company will discuss its quarterly results in a webcast on September 9, 2025.

Forward-looking statements by Major Drilling Group International Inc. highlight its expectations for future performance, including financial results, operational activities, and market conditions. The Company cautions that actual results may differ due to various factors, such as market demand, geopolitical concerns, and regulatory changes. Management remains committed to transparency and updates on future developments.

Read more at GlobeNewswire: Major Drilling Announces First Quarter 2026 Results