OIS Q2 FY26: Operating income doubles YoY as Middle East conflict disrupts supply chains

Filed July 30, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 31, 2025 · ~2 min read

Key Changes

• high

  Operating income rose 122% YoY to $11.7M (from $5.3M) despite 5.3% revenue decline, driven by 32% lower depreciation expense following Q4 2025 asset impairments and cost reductions.

  MD&A: Operating Results verify on EDGAR →
• high

  Middle East military conflict (late-February 2026 escalation) drove Brent crude to $103/bbl, but caused customer project delays, supply-chain disruptions, and limited access to raw materials in the region.

  MD&A: Middle East Conflict verify on EDGAR →
• high

  Offshore Manufactured Products backlog grew to $451M (from $363M YoY), with Q2 bookings of $114M yielding a 1.2x book-to-bill ratio, supporting forward revenue visibility.

  MD&A: Backlog verify on EDGAR →