Quarterly Report • Nov 5, 2025
Quarterly Report
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| September | September | |||||
|---|---|---|---|---|---|---|
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | Q2 2025 | |
| Amounts in USD million (except per share data) | Unaudited | Unaudited | Unaudited | Unaudited | Audited | Unaudited |
| Contract sales | 0.1 | 0.4 | 19.4 | 1.1 | 1.5 | 9.4 |
| Multi-client pre-funding | 0.0 | 0.2 | 0.0 | 12.2 | 21.4 | 0.0 |
| Multi-client late sales | 0.0 | 0.5 | 0.4 | 1.8 | 1.8 | 0.2 |
| Other revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 |
| Total revenues | 0.1 | 1.1 | 19.7 | 15.0 | 24.7 | 9.6 |
| Operating profit/ (loss) | -5.8 | -4.9 | -3.5 | -3.2 | 5.6 | 1.2 |
| Income/ (loss) before income taxes | -6.4 | -5.7 | -5.2 | -4.5 | 3.3 | 0.6 |
| Income/ (loss) for the period | -6.5 | -5.1 | -5.4 | -5.2 | 2.8 | 0.5 |
| Earnings/ (loss) per share | -0.05 | -0.04 | -0.04 | -0.04 | 0.02 | 0.00 |
| Average number of shares outstanding (in thousands) | 130,970 | 130,970 | 130,970 | 130,970 | 130,970 | 130,970 |
| EBITDA | -4.5 | -3.6 | 1.1 | 2.1 | 12.2 | 2.8 |
| Multiclient investment | 1.0 | 1.5 | 1.0 | 2.7 | 4.1 | 0.0 |
| Vessel and office lease | 0.7 | 0.7 | 2.2 | 2.2 | 2.9 | 0.7 |
| Adjusted EBITDA | -6.3 | -5.9 | -2.2 | -2.7 | 5.2 | 2.1 |
EMGS recorded revenues of USD 0.1 million in the third quarter of 2025, compared to USD 1.1 million reported for the corresponding quarter of 2024. Contract and other sales totalled USD 0.1 million, while no multi-client revenue was recognised in the third quarter of 2025. For the third quarter of 2024, contract and other sales totalled USD 0.4 million, while multi-client sales amounted to USD 0.7 million.
Revenues for the first nine months of 2025 amounted to USD 19.7 million, compared to USD 15.0 million for the first nine months of 2024.
Charter hire, fuel and crew expenses, excluding vessel lease expenses and multi-client expenses, amounted to USD 2.5 million in the third quarter this year, compared to USD 2.9 million in the third quarter of 2024. The Company capitalised USD 1.0 million in multi-client expenses in the third quarter of 2025. The Company capitalized USD 1.5 million in multi-client expenses in the third quarter of 2024. When adding back the vessel lease expenses and the capitalised multi-client expenses, the charter hire, fuel and crew expenses have decreased from USD 5.1 million in the third quarter of 2024 to USD 4.3 million in the same period this year.
For the first nine months of 2025, charter hire, fuel and crew expenses totalled USD 12.8 million, up from USD 8.2 million in the first nine months of 2024. The difference between the last year's and this year's figures are largely the result of increased operational activity of the Atlantic Guardian during the first nine months of 2025.
Employee expenses amounted to USD 1.1 million in the third quarter of 2025, up from USD 1.0 million in the same quarter in 2024.
Employee expenses for the first nine months of 2025 were USD 2.6 million, compared to USD 2.6 million in 2024.
Other operating expenses totalled USD 0.9 million in the third quarter this year, compared to USD 0.7 million in the third quarter of 2024.
For the first nine months of 2025, other operating expenses amounted to USD 3.2 million, up from USD 2.1 million in the same period last year.
In the third quarter of 2025, other depreciation and amortisation totalled USD 0.4 million down from USD 0.9 million in the third quarter of 2024.
No impairments were made to the multi-client library in the third quarter of 2025 or in the third quarter 2024.
Other depreciation and amortisation decreased from USD 2.7 million in the first nine months of 2024 to USD 1.3 million in the first nine months of 2025.
Multi-client amortisation amounted to USD 0.3 million this quarter, compared to USD 0.1 million in the third quarter of 2024. The Company uses straight-line amortisation for its completed multi-client projects, assigned over the useful lifetime of four years.
Multi-client amortisation totalled USD 0.9 million for the first nine months of 2025, down from USD 1.6 million in the same period of 2024.
Depreciation right-of-use assets amounted to USD 0.5 million this quarter, up from USD 0.2 million in the third quarter of 2024.
Depreciation right-of-use assets totalled USD 2.1 million for the first nine months of 2025, up from USD 1.0 million in the same period of 2024.
Net financial items ended at negative USD 0.7 million in the third quarter of 2025, compared to negative USD 0.7 million in the corresponding quarter last year. In the third quarter of 2025, the Group recorded an interest expense of USD 0.6 million compared to an interest expense of USD 0.7 million in the third quarter of 2024. In the third quarter of 2025, the Company recorded a net currency loss of USD 0.1 million, compared to a currency loss of USD 0.3 million in the third quarter of 2024.
In the first nine months of 2025, net financial items were negative USD 1.7 million, compared to negative USD 1.3 million in the first nine months of 2024.
Loss before income taxes amounted to USD 6.4 million in the third quarter 2025, compared to a loss of USD 5.7 million in the corresponding quarter in 2024.
Loss before income taxes for the first nine months of 2025 amounted to USD 5.2 million, compared to loss before income taxes of USD 4.5 million in the same period last year.
Income tax expenses of USD 0.1 million was recorded in the third quarter of 2025, while an income tax credit of USD 0.6 million was recorded in the same period last year.
Net loss for the third quarter of 2025 amounted to USD 6.5 million, down from a net loss of USD 5.1 million in the same period last year.
The net loss for the first nine months of 2025 was USD 5.4 million, down from a net loss of USD 5.2 million in the same period last year.
In the third quarter 2025, net cash flow from operating activities was USD 3.3 million, compared to the net cash flow of USD 10.8 million in the third quarter of 2024. The cash flow from operating activities this quarter was positively affected by changesin trade receivables of USD 5.1 million, a significant portion of which is a result of timing differences between billing and receipt of payment for completed contracted work during the period.
In the first nine months of 2025, net cash flow from operating activities was USD 0.6 million, compared to net cash flow of USD 10.4 million in the same period last year.
EMGS applied USD 1.7 million in investing activities in the third quarter this year, compared to USD 2.2 million in the third quarter of last year.
Cash flow from investing activities in the first nine months of this year amounted to a negative USD 2.0 million, compared to a negative USD 3.5 million in the same period last year.
The carrying value of the multi-client library was USD 3.6 million as of 30 September 2025, compared to USD 3.6 million as of 31 December 2024 and up from USD 2.2 million as of 30 September 2024.
Cash flow from financial activities was negative USD 1.4 million in the third quarter of 2025, compared to a negative cash flow of USD 1.3 million in the same quarter last year.
Cash flow from financial activities for the first nine months of 2025 amounted to negative USD 4.1 million, compared to a negative USD 4.0 million in the same period of 2024.
The Company had a net increase in cash, excluding restricted cash, of USD 0.2 million during the third quarter of 2025. As of 30 September 2025, cash and cash equivalents totalled USD 3.7 million.
Total borrowings were USD 19.8 million as of 30 September 2025, compared with USD 19.7 million as of 31 December 2024 and USD 19.5 million as of 30 September 2024.
The Company's convertible bond has a maturity date of 9 November 2030.
The convertible bond agreement has restrictions regarding the Company´s ability to sell or otherwise dispose of the multiclient library, declare or make dividend payments, incur additional indebtedness, change its business or enter into speculative financial derivative agreements.
| Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | |
|---|---|---|---|---|---|
| Proprietary work | 0 % | 44% | 35% | 0 % | 0 % |
| Multi-client projects | 40% | 0 % | 0 % | 31% | 40% |
| Total utilisation | 40% | 44% | 35% | 31% | 40% |
The Company defines vessel utilisation as the percentage of the vessel charter period spent on proprietary or multi-client data acquisition. Downtime (technical or maritime), mobilisation, steaming, and some standby activities are not included in the utilisation rate.
The vessel utilisation for the third quarter of 2025 was 40% compared to 40% in the corresponding quarter of 2024.
For the first nine months of this year, the vessel utilisation was 40%, up from 39% for the same period last year.
In the third quarter of 2025, the Company's vessel was allocated 40% on multi-client projects and no time was spent on proprietary projects.
EMGS recorded 3.0 vessel months in the quarter. In the third quarter 2024, the Company recorded 3.0 vessel months.
| Utilisation | Status | Firm | |
|---|---|---|---|
| Q3 2025 | Q3 2025 | charter period | |
| Atlantic Guardian | 40% | In operation | 20 October 2025 |
The Atlantic Guardian completed the acquisition of the Norwegian multi-client campaign. Upon completion, demobilisation of the Atlantic Guardian commenced in preparation of redelivery.
EMGS has not been able to meet the conditions precedent for closing of the Siem Day transaction. On that basis the Company has engaged the counterparty in discussions regarding amicable termination of the transaction agreement. Subsequent to the end of the third quarter 2025, the parties entered into a termination agreement under which the Siem Day transaction is terminated, without any payments or liabilities for either party.
As of 30 September 2025, EMGS' backlog was USD 3.8 million, including USD 3.5 million connected to multi-client surveys acquired in the third quarter for which revenue will be recognised in the fourth quarter. The backlog at the end of the third quarter 2024 was USD 12.0 million.
In January 2025, EMGS received a Letter of Award for a CSEM survey in India with an expected contract value of USD 10 million.
In March 2025, EMGS announced that the final contract was signed with an approximate value of USD 10 million.
In May 2025, EMGS announced that the Company had entered into a set of agreements for a transaction whereby a newly formed subsidiary of the Company will acquire the OSCV Siem Day.
In May 2025, a written resolution by the bondholders in EMGS03 was distributed. The proposed amendments included 1) extension of the maturity date to 9 November 2030, 2) inclusion of an option to issue up to USD 13.5 million in additional Bonds through one or more tap issues, 3) adjustment to the Conversion Price calculation, and 4) amendments to give more strategic and operational flexibility to the issuer of the bond. Nordic Trustee AS, as trustee for EMSG03, confirmed that the resolution was resolved and adopted.
EMGS was listed at the Oslo Stock Exchange in March 2007. During the third quarter of 2025, the EMGS share was traded between NOK 1.30 and NOK 2.00 per share. The last closing price before 30 September 2025 was NOK 1.35. As of 30 September 2025, the Company had a total of 130,969,690 shares outstanding.
As of 30 September 2025, the Company held cash and cash equivalents of USD 3.7 million. Based on current expenditure levels and without new revenue or external funding, available liquidity is expected to be insufficient to sustain operations beyond the near term.
Furthermore, EMGS' does not have any acquisition backlog as of the reporting date, and EMGS has low visibility with regards to potential new contracts.
The Company is therefore likely to be dependent on securing additional financing to continue as a going concern beyond the near term. No guarantees can be made as to the Company's ability to secure such new financing, and any future financing may be highly dilutive to existing shareholders and could result in significant or total loss of equity value.
The Atlantic Guardian completed the multi-client campaign in Norway and commenced demobilisation in preparation of redelivery of the Atlantic Guardian. Subsequent to the end of the third quarter, demobilisation and redelivery of the Atlantic Guardian to its owners was successfully completed.
Following the redelivery of the Atlantic Guardian, EMGS currently has no vessel under charter and is not engaged in any active survey operations. The Company is assessing strategic options to restore operational capacity and position itself for future market opportunities.
Given the current backlog situation and liquidity position, EMGS expects to require additional funding within the near term to sustain operations and implement any strategic initiative. There can be no assurance that the Company will be successful in securing such funding when required, or that any funding obtained will be on favourable terms. Any potential financing may result in substantial dilution, or even complete loss of value, for existing shareholders.
EMGS will continue to evaluate alternatives to preserve value for stakeholders, including potential partnerships, asset sales or restructuring options.
The Company operates in a challenging market environment characterized by subdued near-term demand and continued uncertainty within the marine geophysical sector. Nevertheless, EMGS believesthat market conditions are likely to gradually improve, with increasing demand for the Company's services. Should the Company be awarded new contracts, management assesses that EMGS will likely be able to secure a suitable vessel on a short-term basis.
| Amounts in USD 1 000 | Q3 2025 Unaudited |
Q3 2024 Unaudited |
September YTD 2025 Unaudited |
September YTD 2024 Unaudited |
2024 Audited |
|---|---|---|---|---|---|
| Operating revenues | |||||
| Contract sales | 6 6 | 381 | 19,353 | 1,101 | 1,467 |
| Multi-client pre-funding | 0 | 192 | 0 | 12,202 | 21,388 |
| Multi-client late sales | 0 | 498 | 350 | 1,758 | 1,758 |
| Other revenue | 0 | -17 | 0 | -17 | 114 |
| Total revenues | 6 6 | 1,053 | 19,703 | 15,044 | 24,727 |
| Operating expenses | |||||
| Charter hire, fuel and crew expenses | 2,549 | 2,917 | 12,842 | 8,235 | 8,867 |
| Reversal of provision to charter hire, fuel and crew expenses | 0 | 0 | 0 | 0 | -2,883 |
| Employee expenses | 1,053 | 1,031 | 2,627 | 2,569 | 3,536 |
| Depreciation right-of-use assets | 548 | 245 | 2,089 | 979 | 1,529 |
| Multi-client amortisation | 285 | 138 | 935 | 1,637 | 1,878 |
| Other depreciation and amortisation | 447 | 890 | 1,305 | 2,691 | 3,130 |
| Impairment of long-term assets | 0 | 0 | 219 | 0 | 0 |
| Other operating expenses | 935 | 750 | 3,153 | 2,125 | 3,047 |
| Total operating expenses | 5,817 | 5,971 | 23,170 | 18,235 | 19,104 |
| Operating profit/ (loss) | -5,751 | -4,918 | -3,468 | -3,191 | 5,623 |
| Financial income and expenses | |||||
| Interest income | 4 2 | 321 | 256 | 690 | 926 |
| Interest expense | -581 | -693 | -1,947 | -2,103 | -2,961 |
| Interest expense lease liabilities | -26 | -51 | -140 | -160 | -249 |
| Gains on financial assets and liabilities | 0 | -3 | 0 | 733 | 733 |
| Net foreign currency income/(loss) | -113 | -319 | 8 5 | -507 | -750 |
| Net financial items | -677 | -747 | -1,746 | -1,346 | -2,300 |
| Income/ (loss) before income taxes | -6,428 | -5,665 | -5,213 | -4,538 | 3,323 |
| Income tax expense | 5 3 | -613 | 202 | 697 | 503 |
| Income/ (loss) for the period | -6,481 | -5,051 | -5,416 | -5,235 | 2,820 |
| Amounts in USD 1 000 | Q3 2025 Unaudited |
Q3 2024 Unaudited |
September YTD 2025 Unaudited |
September YTD 2024 Unaudited |
2024 Audited |
|---|---|---|---|---|---|
| Income/ (loss) for the period | -6,481 | -5,051 | -5,416 | -5,235 | 2,820 |
| Other comprehensive income to be reclassified to profit or loss in subsequent periods: |
|||||
| Exchange differences on translation of foreign operations | 0 | -1 | 0 | -1 | 0 |
| Other comprehensive income | 0 | -1 | 0 | -1 | 0 |
| Total other comprehensive income/(loss) for the period | -6,481 | -5,052 | -5,416 | -5,235 | 2,820 |
| 30 Sep 2025 | 30 September 2024 | 2024 | |
|---|---|---|---|
| Amounts in USD 1 000 | Unaudited | Unaudited | Audited |
| ASSETS | |||
| Non-current assets | |||
| Multi-client library | 3,630 | 2,230 | 3,584 |
| Other intangible assets | 388 | 390 | 387 |
| Property, plant and equipment | 3,128 | 4,061 | 3,637 |
| Right-of-use assets | 367 | 3,116 | 2,376 |
| Other receivables and prepayments | 3,447 | 2,999 | 3,297 |
| Assets under construction | 0 | 0 | 0 |
| Total non-current assets | 10,961 | 12,796 | 13,282 |
| Current assets | |||
| Spare parts, fuel, anchors and batteries | 3,326 | 3,411 | 3,421 |
| Trade receivables and accrued revenues | 7,163 | 1,524 | 900 |
| Other receivables and prepayments | 778 | 1,777 | 2,334 |
| Cash and cash equivalents | 3,694 | 13,215 | 9,122 |
| Restricted cash | 677 | 151 | 748 |
| Total current assets | 15,639 | 20,078 | 16,525 |
| Total assets | |||
| 26,599 | 32,874 | 29,807 | |
| EQUITY | |||
| Capital and reserves attributable to equity holders | |||
| Share capital, share premium and other paid-in equity | 71,589 | 71,589 | 71,589 |
| Other reserves | -1,579 | -1,579 | -1,579 |
| Retained earnings | -72,002 | -74,642 | -66,587 |
| Total equity | -1,994 | -4,634 | 3,421 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings | 19,807 | 0 | 0 |
| Non-current leasing liabilities | 0 | 7 0 | 3 9 |
| Total non-current liabilities | 19,807 | 7 0 | 3 9 |
| Current liabilities | |||
| Trade payables | 2,900 | 1,949 | 2,709 |
| Current tax liabilities | 0 | 3,637 | 0 |
| Other short term liabilities | 5,555 | 9,218 | 1,491 |
| Borrowings | 0 | 19,532 | 19,658 |
| Current leasing liabilities | 331 | 3,099 | 2,489 |
| Total current liabilities | 8,787 | 37,437 | 26,347 |
| Total liabilities | 28,593 | 37,507 | 26,386 |
| Total equity and liabilities | 26,599 | 32,874 | 29,807 |
| Year to date | Year to date | ||||
|---|---|---|---|---|---|
| Amounts in USD 1 000 | Q3 2025 Unaudited |
Q3 2024 Unaudited |
2025 Unaudited |
2024 Unaudited |
2024 Audited |
| Net cash flow from operating activities | |||||
| Income/ (loss) before income taxes | -6,428 | -5,665 | -5,213 | -4,538 | 3,323 |
| Adjustments for: | |||||
| Total taxes paid | -402 | -1,007 | 2 7 | -1 | 0 |
| Depreciation right-of-use assets | 702 | 398 | 2,096 | 1,237 | 2,051 |
| Multi-client amortisation | 285 | 138 | 1,154 | 1,637 | 1,878 |
| Other depreciation and amortisation | 447 | 890 | 1,305 | 2,691 | 3,130 |
| Impairment of other long term assets | 0 | 0 | 0 | 0 | 0 |
| Cost of share-based payment | 0 | 0 | 0 | 0 | 0 |
| Change in trade receivables | 5,055 | 10,580 | -6,262 | -401 | 223 |
| Change in inventories | -57 | 209 | 9 5 | 599 | 590 |
| Change in trade payables | -555 | -466 | 191 | 814 | 1,574 |
| Change in other working capital | 3,696 | 5,106 | 5,311 | 6,419 | -6,205 |
| Finance Income | 0 | 0 | 0 | 0 | 0 |
| Finance Cost | 589 | 636 | 1,936 | 1,910 | 2,584 |
| Net cash flow from operating activities | 3,330 | 10,818 | 640 | 10,369 | 9,148 |
| Investing activities: | |||||
| Purchase of property, plant and equipment | -501 | -80 | -796 | -159 | -171 |
| Investment in multi-client library | -1,199 | -1,693 | -1,199 | -2,915 | -4,512 |
| Purchase of intangible assets | 0 | -386 | -2 | -386 | -386 |
| Cash used in investing activities | -1,701 | -2,160 | -1,997 | -3,461 | -5,069 |
| Financial activities: | |||||
| Principal amount leases | -822 | -650 | -2,284 | -1,987 | -2,703 |
| Interest lease liabilities | -26 | -51 | -140 | -160 | -249 |
| Interest paid | -566 | -599 | -1,647 | -1,802 | -2,261 |
| Cash used in/provided by financial activities | -1,414 | -1,300 | -4,071 | -3,949 | -5,213 |
| Net change in cash | 215 | 7,359 | -5,428 | 2,960 | -1,133 |
| Cash balance beginning of period | 3,479 | 5,856 | 9,122 | 10,255 | 10,255 |
| Cash balance end of period | 3,694 | 13,215 | 3,694 | 13,215 | 9,122 |
| Net change in cash | 215 | 7,359 | -5,428 | 2,960 | -1,133 |
Share capital share premium and other paid-in-
| Amounts in USD 1 000 | capital | Other reserves Retained earnings | Total equity | |
|---|---|---|---|---|
| Balance as of 31 December 2023 (Audited) | 71,589 | -1,579 | -69,407 | 601 |
| Income/(loss) for the period | 0 | 0 | -3,835 | -3,835 |
| Other comprehensive income | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | -3,835 | -3,835 |
| Cost of share-based payments | 0 | 0 | 0 | 0 |
| Balance as of 31 March 2024 (Unaudited) | 71,589 | -1,579 | -73,242 | -3,234 |
| Income/(loss) for the period | 0 | 0 | 3,652 | 3,652 |
| Other comprehensive income | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | 3,652 | 3,652 |
| Cost of share-based payments | 0 | 0 | 0 | 0 |
| Balance as of 30 June 2024 (Unaudited) | 71,589 | -1,579 | -69,590 | 418 |
| Income/(loss) for the period | 0 | 0 | -5,051 | -5,051 |
| Other comprehensive income | 0 | 0 | -1 | -1 |
| Total comprehensive income | 0 | 0 | -5,052 | -5,052 |
| Cost of share-based payments | 0 | 0 | 0 | 0 |
| Balance as of 30 September 2024 (Unaudited) | 71,589 | -1,579 | -74,642 | -4,634 |
| Income/(loss) for the period | 0 | 0 | 8,054 | 8,054 |
| Other comprehensive income | 0 | 0 | 1 | 1 |
| Total comprehensive income | 0 | 0 | 8,055 | 8,055 |
| Cost of share-based payments | 0 | 0 | 0 | 0 |
| Balance as of 31 December 2024 (Audited) | 71,589 | -1,579 | -66,587 | 3,421 |
| Income/(loss) for the period | 0 | 0 | 586 | 586 |
| Other comprehensive income | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | 586 | 586 |
| Cost of share-based payments | 0 | 0 | 0 | 0 |
| Balance as of 31 March 2025 (Unaudited) | 71,589 | -1,579 | -66,001 | 4,007 |
| Income/(loss) for the period | 0 | 0 | 480 | 480 |
| Other comprehensive income | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | 480 | 480 |
| Cost of share-based payments | 0 | 0 | 0 | 0 |
| Balance as of 30 June 2025 (Unaudited) | 71,589 | -1,579 | -65,521 | 4,487 |
| Income/(loss) for the period | 0 | 0 | -6,481 | -6,481 |
| Other comprehensive income | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | -6,481 | -6,481 |
| Cost of share-based payments | 0 | 0 | 0 | 0 |
| Balance as of 30 September 2025 (Unaudited) | 71,589 | -1,579 | -72,002 | -1,994 |
These interim consolidated financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as of 31 December 2024, which is available on www.emgs.com.
EMGS reports its sales revenue as one reportable segment. The sales revenues and related costs are incurred worldwide. The amounts below show sales revenues reported by geographic region.
| September | September | |||||
|---|---|---|---|---|---|---|
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | ||
| Amounts in USD million | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
| Americas | 0.2 | 0.2 | 0.2 | 9.6 | 9.3 | |
| Asia/Pacific | 0.0 | 0.2 | 19.3 | 0.3 | 0.3 | |
| EAME | -0.1 | 0.7 | 0.2 | 5.1 | 15.1 | |
| Total | 0.1 | 1.1 | 19.7 | 15.0 | 24.7 |
The multi-client library consists of electromagnetic data acquired through multi-client surveys i.e., EMGS owns the data. The electromagnetic data can be licensed to customers on a non-exclusive basis. Directly attributable costs associated with multi-client projects such as acquisition costs, processing costs, and other direct project costs are capitalised.
| September | September | ||||
|---|---|---|---|---|---|
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | |
| Amounts in USD million | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
| Opening carrying value | 2.7 | 0.7 | 3.6 | 1.0 | 1.0 |
| Additions | 1.2 | 1.7 | 1.2 | 2.9 | 4.5 |
| Amortisation charge | -0.3 | -0.1 | -0.9 | -1.6 | -1.9 |
| Impairment | 0.0 | 0.0 | -0.2 | 0.0 | 0.0 |
| Closing carrying value | 3.6 | 2.2 | 3.6 | 2.2 | 3.6 |
This quarterly report includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ materially. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets and potential clients for EMGS ASA and its subsidiaries.
These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or could be major markets for EMGS' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be relevant from time to time.
Although EMGS ASA believes that its expectations and the information in this report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this report. Neither EMGS ASA nor any other company within the EMGS Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability, or completeness of the information in the report, and neither EMGS ASA, any other company within the EMGS Group nor any of their directors,
officers or employees will have any liability to you or any other persons resulting from your use of the information in the report.
EMGS ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the report.
For further information, visit www.emgs.com, or contact:
Anders Eimstad
CFO
Email: [email protected] Phone: +47 948 25 836
EMGS' financial information is prepared in accordance with IFRS. In addition, EMGS provides alternative performance measures to enhance the understanding of EMGS' performance. The alternative performance measures presented by EMGS may be determined or calculated differently by other companies.
EBITDA means Earnings before interest, taxes, amortisation, depreciation, and impairments. EMGS uses EBITDA because it is useful when evaluating operating profitability as it excludes amortisation, depreciation, and impairments related to investments that occurred in the past and are not cash-flow items. Also, the measure is useful when comparing the Company's performance to other companies.
| September | September | ||||
|---|---|---|---|---|---|
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | |
| Amounts in USD 1 000 | Unaudited | Unaudited | Unaudited | Unaudited | Audited |
| Operating profit/ (loss) | -5,751 | -4,918 | -3,468 | -3,191 | 5,623 |
| Depreciation right-of-use assets | 548 | 245 | 2,089 | 979 | 1,529 |
| Multi-client amortisation | 285 | 138 | 935 | 1,637 | 1,878 |
| Other depreciation and amortisation | 447 | 890 | 1,305 | 2,691 | 3,130 |
| Impairment of long-term assets | 0 | 0 | 219 | 0 | 0 |
| EBITDA | -4,471 | -3,645 | 1,081 | 2,116 | 12,160 |
Adjusted EBITDA means EBITDA (see above) less multi-client investment (capitalisation) and less the cost of vessel and office leases.
EMGS uses Adjusted EBITDA because the Company believes this provides users of the financial reporting with a clearer picture when evaluating the operating profitability regardless of whether the Company is working on a multi-client or a proprietary survey. The Adjusted EBITDA measure includes the gross cash costs of the Company. The Adjusted EBITDA adds back cash items as capitalised multi-client expenses and vessel and office lease expenses to the costs included in the adjusted EBITDA.
Backlog is defined as the total nominal value of future revenue from signed customer contracts. EMGS believes that the backlog figure is a useful measure in that it provides an indication of the amount of committed activity in the coming periods.
EMGS Headquarters Karenslyst Allè 4 , 4th Floor N-0278 Oslo, Norway
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