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Earnings

AKITA announces third quarter results and net income of $1.5 million for the quarter

By The Northwire Desk — AI Analysis Nov 03, 2025 · 17:00 AKT · 2.12 None
AKT · Price

Executive Summary

  • Net income rose 40% YoY to $1.545 M for Q3 2025, driven by stronger Canadian operations and lower SG&A expenses.
  • Adjusted funds flow from operations increased 10% YoY to $9.272 M; capital expenditures grew 20% to $8.832 M.
  • Net debt fell sharply to $27.814 M from $47.718 M a year earlier, reflecting share repurchases and improved cash generation.

Key Details

  • Revenue: $44.604 M (‑3 % YoY); nine‑month revenue $159.264 M (+22 %).
  • Operating Margin: $10.598 M for the quarter (24 % margin, up 2 pp).
  • Adjusted Funds Flow from Operations: $9.272 M (↑10 % YoY).
  • Net Cash from Operating Activities: $5.663 M (‑12 % YoY).
  • Capital Expenditures: $8.832 M (↑20 % YoY), all routine items.
  • Share Repurchase: 84,366 Class A non‑voting shares cancelled under NCIB.
  • Net Debt: $27.814 M at quarter end vs. $47.718 M a year prior.

Canada Segment

  • Revenue: $18.217 M (+23 % YoY); adjusted operating margin $7.800 M (+24 %).
  • Operating days: 715 (↑2 % YoY); utilization 46 % (up 1 pp).
  • Rig count unchanged at 17; Canadian fleet utilization 65 % vs. industry 58 %.

United States Segment

  • Revenue: $26.387 M (‑15 % YoY); adjusted operating margin $5.701 M (‑17 %).
  • Operating days: 583 (‑18 % YoY); utilization fell to 43 % from 52 % YoY.
  • Rig count unchanged at 15; US market pricing pressure noted despite stable per‑day margin.

Management Commentary

  • CEO Colin Dease highlighted a challenging U.S. environment, delayed Canadian programs, and expects strong activity in Canada for Q4 2025 and early 2026, with U.S. recovery anticipated in Q1 2026.

Notable Quotes

“The third quarter was challenging for the Company… Looking ahead, the fourth quarter and early part of next year are expected to be very active for our Canadian fleet, while activity in our US fleet is not showing signs of recovery until the first quarter of 2026.” – Colin Dease, CEO

All figures are presented in thousands of dollars unless otherwise noted.

Read the original news release →

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