Q1 revenue up 8.3%, operating loss narrows 43.8% as $30M liquidity facility shores up balance sheet

Filed May 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Revenue grew 8.3% YoY to $214.8M driven by higher turnaround and capital project activity; operating loss improved 43.8% to $3.4M from $6.0M as revenue gains and cost management offset higher personnel costs.

  MD&A: Revenue and Operating Loss verify on EDGAR →
• high

  New $30M delayed-draw liquidity facility through Series B Preferred Stock (available through Sept 2027) plus improved ABL availability lifted total liquidity to $36M at filing date from $23.8M prior year, with an additional $30M undrawn Series B capacity.

  MD&A: Liquidity and Capital Resources verify on EDGAR →
• high

  Interest expense fell $2.6M (22.3%) and cash interest paid dropped 72% to $2.5M from $8.9M, reflecting March 2025 refinancing at lower rates and reduced debt balances; total debt declined to $306.5M from $353.6M YoY.

  MD&A: Interest Expense and Debt verify on EDGAR →