EMGS Reports Significant Revenue Growth in Q2 2024
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EMGS Reports Financial Performance for Q2 2024
Electromagnetic Geoservices ASA's (“EMGS” or the “Company”) financial report and market presentation for the second quarter of 2024 are attached.
Financial Summary
The Company recorded revenues of USD 13.8 million, significantly up from USD 0.2 million in the second quarter of 2023 and up from USD 0.2 million in the first quarter of 2024.
Adjusted EBITDA and Free Cash Flow
Adjusted EBITDA (including capitalized multi-client expenses and vessel and office lease expenses) was USD 7.0 million, improving from negative USD 1.8 million in the prior year’s second quarter. Free cash decreased by USD 2.8 million during the quarter, totaling USD 5.9 million.
Operational Highlights
The Atlantic Guardian completed the acquisition of the fully prefunded multi-client survey in Brazil and started transiting towards Norway.
Future Market Positioning
EMGS, the marine EM market leader, utilizes proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. The Company's services enhance exploration efficiency and reduce risks and finding costs per barrel.
Contact Information
ContactAnders Eimstad, Chief Financial Officer, +47 94 82 58 36
Frequently Asked Questions
What were the revenue figures for EMGS in Q2 2024?
EMGS reported revenues of USD 13.8 million in Q2 2024.
How does the current EBITDA compare to the same quarter last year?
The adjusted EBITDA increased to USD 7.0 million from negative USD 1.8 million in Q2 2023.
What is the status of EMGS's cash flow?
The free cash flow decreased by USD 2.8 million during the quarter, bringing the total to USD 5.9 million.
What operational progress did the Atlantic Guardian make?
The Atlantic Guardian completed a fully prefunded multi-client survey in Brazil and has begun its transit towards Norway.
How does EMGS position itself for future market opportunities?
EMGS is actively undertaking initiatives to position itself in future markets, specifically regarding marine mineral deposits and advanced exploration technology.
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