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- Middle East Conflict Cost Surge (new) — Elevated insurance and crew costs from Operation Epic Fury began late in Q1 and are expected to persist, pressuring margins in a principal operating region with no resolution timeline.
- Net Income Decline Of 86% (new) — Q1 net income dropped from $42.7M to $6.1M year-over-year, driven by FX losses and conflict-related cost increases that may continue.
Tidewater Q1 net income drops 86% on FX loss; Middle East conflict drives cost surge
Filed May 4, 2026 · Period ending May 4, 2026 · ~1 min read
Key Changes
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high
Q1 net income fell to $6.1M ($0.12/share) from $42.7M ($0.83/share) year-ago, hit by $3.4M FX loss and elevated Middle East operating costs from Operation Epic Fury conflict.
Item 2.02 verify on EDGAR → -
high
Middle East conflict drove higher-than-expected insurance and crew costs late in Q1; management expects elevated expenses to persist until conflict resolves in a principal operating region.
Exhibit 99.1 verify on EDGAR → -
high
Company reiterated 2026 revenue guidance of $1.43B–$1.48B and 49%–51% gross margin, pro forma for Wilson Sons Ultratug acquisition expected to close by end of Q2.
Exhibit 99.1 verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 19, 2026 10:26 PM