Helix Energy Posts Q1 Loss Amid Margin Pressure

Helix Energy ( (HLX) ) has issued an update.

Helix reported on April 22, 2026 that it swung to a first-quarter 2026 net loss of $13.4 million, or $0.09 per diluted share, from net income of $8.3 million in the fourth quarter of 2025 and $3.1 million a year earlier, as gross margin compressed to 3% and Adjusted EBITDA fell to $32.3 million despite revenue holding at $287.9 million. Management cited seasonal slowdowns in the North Sea and Gulf of America shelf and higher project costs tied to a successful Thunder Hawk field workover, but highlighted $59 million of free cash flow, more than $500 million in cash, improved demand from rising commodity prices, and new regulatory support for decommissioning in the North Sea as positioning Helix to benefit from expected offshore market momentum in late 2026 and 2027.

Well intervention revenues rose 16% quarter-on-quarter to $209.4 million on stronger activity and rates in the Gulf of America and Brazil, including higher utilization of the Q4000 and a full quarter on the Sea Helix 1, while robotics and shallow-water abandonment segments showed more mixed trends against a backdrop of macro uncertainty and market softness. Overall operating income turned negative despite an 82% utilization rate in well intervention, underscoring near-term margin pressure even as management stressed that the company’s balance sheet strength and emerging decommissioning catalysts give it flexibility to capitalize on an anticipated upturn in offshore services demand.

The most recent analyst rating on (HLX) stock is a Buy with a $13.00 price target. To see the full list of analyst forecasts on Helix Energy stock, see the HLX Stock Forecast page.

Spark’s Take on HLX Stock

According to Spark, TipRanks’ AI Analyst, HLX is a Neutral.

The score is driven mainly by improving fundamentals with solid cash generation and manageable leverage, supported by a strong technical uptrend. These positives are tempered by a high valuation (P/E ~50.6) and earnings-call headwinds that may pressure 2026 EBITDA and utilization, increasing near-term volatility.

To see Spark’s full report on HLX stock, click here.

More about Helix Energy

Helix Energy Solutions Group, Inc., based in Houston and listed on the NYSE as HLX, operates in the offshore energy services industry, focusing on well intervention, robotics, shallow-water abandonment and production facilities. Its service portfolio targets offshore oil and gas operators, with a notable presence in regions such as the North Sea, the Gulf of America and Brazil, including long-term contracts like its work with Petrobras.

Average Trading Volume: 2,095,917

Technical Sentiment Signal: Strong Buy

Current Market Cap: $1.38B

For detailed information about HLX stock, go to TipRanks’ Stock Analysis page.