Oct 30, 2026 earnings call — Raised guidance and Canadian mobile camp wins
Company raised 2026 revenue guidance to $710 million-$720 million and adjusted EBITDA guidance to $89 million-$92 million.
Revenue $0.2B (est $0.2B) · EPS $0.50 (est $-0.27)
Key quotes
"Canadian billed rooms totaled approximately 516,000, compared to approximately 383,000 in the prior year quarter, an increase of 35%."
"Metallurgical coal prices are above $250 a ton, yet our customers are behaving as they would at much lower prices because of elevated diesel costs, broader inflation, and higher royalties at these price levels are compressing margins."
"Year-to-date, we have returned $36.7 million to shareholders through repurchases, which more than satisfies our intention for 2026 under our framework of returning at least 75% of annual free cash flow."
Analyst Q&A 5
mobile camps: pricing and payback
Q (Stephen Gengaro · Stifel): He asked what economic paybacks and contract terms to expect for mobile camps and whether pricing differs across end markets. He also asked total deployable capacity beyond the 2,700 mobile rooms.
A: Management said mobilization and incremental CapEx are recovered within the contract, with less than a one-year payback. They said mobile camps are typically mobilized for two to three years, and they are agnostic to end market pricing because the assets are fungible. They noted 700 rooms are contracted, they have another 2,000 mobile camp rooms ready to deploy, and an additional 6,000-7,000 installed lodge rooms that can be mobilized.
"But all that expenditure, whether it be the mobilization costs that go through the P&L or the incremental CapEx to get the assets ready, will all be captured well within the contract with less than a one-year payback." — Bradley Dodson (CEO)
pricing and U.S. data center chance
Q (Jim Rollyson · Raymond James): He asked how pricing will be set as they scale remaining mobile and lodge rooms given new-build pricing expectations. He also asked for an update on U.S. data center opportunities.
A: Management said term matters: shorter-term work is pricier because mobilization costs are a higher share, while longer-term commitments get better pricing. They said mobile camp margins in a softer market are about 20% and can rise to about 35% as assets stay out longer. On data centers, they said the U.S. market is very active but chaotic, existing capacity is mostly absorbed, they are pursuing opportunities and may need to build U.S. assets if they win work, but they have not won U.S. data center contracts yet.
"Now we are into a new build cycle, as you pointed out, Jim, in the U.S., and I think there is also a lot more competition coming out of the woodwork." — Collin Gerry (CFO)
timing for the 700 rooms and Q4 impact
Q (Greg Gibas · Northland): He asked the timeline for deploying the 700 contracted mobile rooms and how the guidance increase reflects that versus softness in Australia and oil sands strength. He also wanted puts and takes for Q4 and 2027.
A: Management said some Canadian turnaround work shifted from Q4 into Q3 and about $1 million of mobilization expenses hit the quarter, so Q4 will be softer than expected. They expect the 700 mobile rooms to be out and working by mid-first quarter and said Q4 occupancy at the lodge and village level is fairly locked in with only small variation. For 2027 they expect baseline lodge occupancy to be up in Canada and see more mobile camp wins setting up stronger 2028; they said Australia will likely remain softer into the first half of 2027 but they still expect to reach AUD 500 million annual run rate revenue in 2027 for the integrated services plan.
"I expect that certainly by mid-first quarter, those 700 will be out and working." — Bradley Dodson (CEO)
what's driving Canada turnarounds
Q (Steve Ferazani · Sidoti & Company): He asked whether higher oil prices or oil sands consolidation are driving stronger turnarounds and occupancy in Canada.
A: Management said many customers are moving to longer turnaround cadences like 18 months or two years rather than annual events. They said oil prices help customer cash flow but are not the main driver of current spending. They pointed to renewed optimism in Canada and reinvestment plans as more important near-term drivers.
"I do not believe that that is something that is truly driving spending right now." — Bradley Dodson (CEO)
Canada margins and Australia 555 Plan steps
Q (Dave Storms · Stonegate Capital Partners): He asked whether the lower Canada integrated services margin is due to Ontario ramping or other factors. He also asked how they plan to reach the 555 Plan in Australia—more spend per room or more rooms.
A: Management said the Canada margin issue is specifically Ontario ramping and some contract and performance issues; they expect improvement by the first quarter and further improvement in the second quarter. They clarified the 555 Plan covers integrated services in Australia only and is driven by winning new contracts with existing and new customers across regions, not by owned-village room count.
"We are working to get our feet underneath us there, and expect that by the first quarter, we should see certainly improvement in the first quarter and better in the second quarter as we get our feet underneath us there." — Bradley Dodson (CEO)