Northwire Canada EditionThursday, October 15, 2026
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Earnings

MCCOY GLOBAL ANNOUNCES FOURTH QUARTER AND YEAR END 2025 RESULTS AND IN RESPONSE TO IMPACTS OF THE RECENT MIDDLE EAST CONFLICT PAUSES QUARTERLY DIVIDEND

By The Northwire Desk — AI Analysis Mar 06, 2026 · 07:00 MCB · 3.28 MCCOY GLOBAL INC.
MCB · Price

Executive Summary

  • McCoy Global reported Q4 2025 revenue of $25.6 M (up 1%) and full‑year 2025 revenue of $83.8 M (up 8%), driven by strong smartProduct sales.
  • Net earnings rose to $6.1 M in Q4 (44% YoY) and $9.0 M for the year (2% YoY); Adjusted EBITDA was $6.5 M (Q4) and $16.8 M (FY).
  • In response to Middle‑East logistics disruptions, the company paused its quarterly dividend and implemented ~$1.9 M of annualized cost reductions while maintaining investment in technology road‑map initiatives.

Key Details

  • Revenue Highlights
  • Q4 2025 total revenue: $25.6 M (↑1% YoY).
  • FY 2025 total revenue: $83.8 M (↑8% YoY).

  • SmartProduct revenue: $14.1 M in Q4 (55% of total, ↑16% YoY); $43.6 M for the year (52% of total).

  • Profitability

  • Net earnings Q4 2025: $6.1 M (↑44% YoY).
  • Net earnings FY 2025: $9.0 M (↑2% YoY).

  • Adjusted EBITDA Q4 2025: $6.5 M (25% of revenue); FY 2025: $16.8 M (20% of revenue).

  • Backlog & Order Metrics

  • Booked backlog at Dec‑31‑2025: $25.8 M (↑10% YoY).

  • Book‑to‑bill ratio Q4 2025: 0.94 (vs. 0.67 in Q4 2024).

  • Operational Milestones

  • Commercialized smarTR™ system; secured $11.0 M of U.S. field‑trial contracts and recognized first SaaS‑like subscription revenue.
  • Delivered multiple smartCRT™ units to Middle East and U.S.; received technical approval from a major NOC.

  • Completed delivery of 500T smartFMS™ and deep‑water offshore integrated casing system; secured $3.7 M purchase commitment for hydraulic power tong systems.

  • Cost Management

  • FY 2025 cost reductions: ~$1.9 M annualized via workforce reductions, tighter discretionary spending, and deferral of non‑essential capex.

  • Capital expenditures projected for 2026: up to $3.2 M (primarily deferred to H2).

  • Liquidity

  • Net cash as of Dec‑31‑2025: $3.0 M; undrawn credit facilities available: $5.4 M.

  • Dividend Action

  • Quarterly dividend paused in Q1 2026 due to Middle‑East conflict and associated shipping disruptions.

  • Outlook & Risks

  • Ongoing Middle‑East logistics may delay shipments, defer revenue recognition, and pressure cash flow.
  • Anticipated NOC tender cycles for 2026–2027 could represent >100 rigs (2026) and >200 rigs (2027).
  • North American land drilling activity expected to remain rangebound in 2026; smartProduct adoption hinges on demonstrated efficiency gains.

Notable Quotes

  • “Throughout 2025, we continued to demonstrate meaningful progress against our Technology Roadmap… The rapid growth of smartProduct revenue… underscores the compelling value our technologies bring…” – Jim Rakievich, President & CEO
  • “We have taken decisive action to optimize our cost structure… and paused our quarterly dividend… to preserve financial flexibility.” – Lindsay McGill, Vice President & CFO
Read the original news release →

More from MCCOY GLOBAL INC.

May 15, 2026 · 07:00

Revenue halved, backlog gutted, and a surprise $6.5M order cancellation push McCoy Global to an unexpected loss, slashing confidence in its turnaround just as a leadership handoff begins.

Earnings May 14, 2026 · 07:00

McCoy Global locks in a larger, more flexible US$10M credit line, easing liquidity fears even as Middle East turmoil and a paused dividend weigh on the stock.

Financings Feb 26, 2026 · 07:00

McCOY GLOBAL ANNOUNCES LEADERSHIP SUCCESSION

Management Nov 07, 2025 · 07:00

McCOY GLOBAL ANNOUNCES THIRD QUARTER 2025 RESULTS AND DECLARATION OF QUARTERLY DIVIDEND

Earnings