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Earnings

Bri-Chem Announces 2025 Third Quarter Financial Results

By The Northwire Desk — AI Analysis Nov 14, 2025 · 18:36 BRY · 0.225 BRI-CHEM CORP.
BRY · Price

Executive Summary

  • Bri‑Chem Corp. reported Q3 2025 consolidated sales of $18.2 M, a 17% YoY decline driven by lower fluid‑distribution volumes amid reduced rig counts.
  • Adjusted EBITDA rose to $836 K ($0.03 per diluted share), up 42% year‑over‑year, while operating earnings increased 146% to $576 K.
  • Working capital fell to $10.8 M (down 21%) as accounts receivable and inventory declined; long‑term debt remained relatively flat at $6.3 B.

Key Details

  • Sales: $18,194 K in Q3 2025 vs. $21,975 K in Q3 2024 (−17%).
  • Canada drilling fluids distribution: $2.3 M (‑41% YoY).
  • U.S. drilling fluids distribution: $9.5 M (‑19% YoY).
  • Canada blending & packaging: $3.7 M (‑19% YoY).

  • U.S. blending & packaging: $2.7 M (+49% YoY, driven by California cementing activity).

  • Adjusted EBITDA: $836 K in Q3 2025 vs. $588 K in Q3 2024 (+42%).

  • As % of revenue: 5% (up from 3%).

  • Operating Earnings: $576 K in Q3 2025 vs. $234 K in Q3 2024 (+146%).

  • Adjusted Net Earnings (Loss): $16 K in Q3 2025 vs. a loss of $(549) K in Q3 2024 (turnaround).

  • Adjusted net earnings per diluted share: $0.00 vs. $(0.02) last year.

  • Net Earnings (Loss): $160 K in Q3 2025 vs. a loss of $(269) K in Q3 2024 (+159%).

  • Working Capital: $10,790 K at September 30 2025 vs. $13,740 K a year earlier (‑21%).

  • Decline driven by lower accounts receivable and inventory; partially offset by reduced bank indebtedness.

  • Long‑Term Debt: $6,331 K at September 30 2025 vs. $6,564 K a year earlier (‑4%).

  • Shareholders’ Equity: $19,547 K at September 30 2025 vs. $21,248 K a year earlier (‑8%).

  • Outlook: Management expects rig activity to stabilize in both Canada and the U.S., with modest growth into early 2026; company will focus on liquidity preservation, disciplined working‑capital management, and cost efficiency.

  • Governance Update: Following the 2025 AGM, a new Board of Directors was appointed and a comprehensive strategic review of all business units will be undertaken to improve profitability and capital allocation.

Notable Quotes

“With a renewed strategic focus, strengthened leadership, and a stabilizing market outlook, Bri‑Chem is well positioned to capture value as industry conditions gradually improve over the coming year.” – Tony Pagnucco, CPA, CA, CFO

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

Read the original news release →

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