Q2 2026: revenue $460.9M, net income $12.1M. Revenue +9.5%; net income +19.0% on not ops

Filed July 30, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~1 min read

Key Changes

• high

  Net income rose 19.0% YoY to $12.1M while operating income fell 5% to $12.1M—the bottom-line gain came from $2.7M lower net below-the-line costs (primarily income tax), not from operations.

  MD&A: Results of Operations verify on EDGAR →
• high

  Oil prices surged 49% YoY in Q2 2026 due to Iran war and Strait of Hormuz blockade, a sharp reversal from Q2 2025's 21% decline; management notes activity outside the Middle East could benefit if conflicts persist.

  MD&A: Market Conditions verify on EDGAR →
• high

  Material weakness disclosure for Pintail subsidiary removed after one year of integration; controls now effective at reasonable assurance level with no exclusions.

  Risk Factors / Controls view on EDGAR →