Strong Q4 Revenue and Sequential Growth
Fourth quarter revenue of $7.3M (22% year-over-year increase vs. $5.9M) and 14% sequential growth from Q3 2025, indicating a meaningful recovery late in the year.
Q4 EBITDA and Margin
Q4 EBITDA of $700k representing a 10% EBITDA margin for the quarter, demonstrating improved profitability in the period.
Full-Year Revenue Growth
Full-year 2025 revenue of $24.0M, up 6% year-over-year, driven by a 45% increase in service revenue.
Significant Service Revenue Increase
Service revenue grew 45% year-over-year for 2025, a notable shift in revenue mix toward higher recurring service activity.
Record Order Intake and Backlog Momentum
Company reported a record order intake in 2025 and rising billing and order activity for subsea tieback projects, supporting near-term revenue visibility.
International Expansion Progress
Brazil facility (Macaé) is operational, three local staff in place, rental equipment produced locally and the company is now qualified to bid for key customers in Brazil; pursuing opportunities in the North Sea and Africa/SE Asia via partners.
Operational and Systems Improvements
Finance team restructured and NetSuite ERP implemented during 2025, strengthening internal controls and systems to support scale.
Notable Commercial Wins and Technical Execution
Delivered >70 multi-quick connector plates for Beacon Offshore (Shenandoah), secured contracts for steel flying leads, control equipment for subsea isolation valve systems, and other award wins that demonstrate technical capability and client trust.