ACT Energy Technologies Achieves Record Revenue and Profit in 2024

Cathedral Energy Services ( (TSE:ACX) ) just unveiled an update.

ACT Energy Technologies reported record revenues of $571.8 million and an Adjusted EBITDAS of $93.8 million for 2024, despite a decline in North American land drilling activity. The company saw a significant increase in Canadian operating days and revenue per day in both Canada and the U.S., attributed to a strategic focus on high-value market segments. Net income surged to $57.9 million, aided by increased revenues and a deferred tax recovery. ACT also made notable progress in reducing its loans and borrowings, expanding its credit facility, and enhancing its U.S. directional business with new technology deployments.

More about Cathedral Energy Services

ACT Energy Technologies Ltd, formerly known as Cathedral Energy Services Ltd, operates in the energy sector, focusing on providing advanced drilling technologies and services. The company is active in both Canadian and U.S. markets, with a particular emphasis on high-value oil plays and the use of rotary steerable tools.

YTD Price Performance: -14.92%

Average Trading Volume: 92,695

Technical Sentiment Signal: Buy

Current Market Cap: C$179.8M

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