Viridien Announces its Q3 and 9 Months 2024 Results

Paris, France | Oct 31, 2024

Delivering on cash generation and  
financial roadmap on track to hit our full year target

Viridien (ISIN: FR0013081864 until July 30; ISIN: FR001400PVN6 from July 31), a global technology and high-performance computing (HPC) leader, announced today its third quarter and nine months 2024 non-audited results.

Sophie Zurquiyah, Chief Executive Officer of Viridien, said: “Our results since the start of the year demonstrate the strength of our strategic vision, with technology leadership, new business growth, and cash flow all showing significant progress. 
Geoscience was particularly strong this quarter, leveraging its clear differentiation, best-in class imaging technology and HPC computing power to achieve a record high order book. In Earth Data, the Laconia project, using our most advanced technology, saw increased prefunding and is continuing to progress well.  
Sensing & Monitoring is actively implementing its adaption plan and is on track to achieve in 2025 the expected outcomes in cost reduction and operational flexibility to improve performance across the industry cycles.
Lastly, we continue to address our financial roadmap with the implementation of the bond buyback program and looking forward, reaffirm our full-year targets”.

Third Quarter Highlights

Group

• IFRS Revenue, EBITDA and Net Income of respectively $219 million, $71 million, $(10) million. 
• Overall group revenue decline in absence of mega crew in Sensing & Monitoring (SMO, revenue down 50%) compared to Q3 2023. Stable DDE revenue, with very strong momentum at Geoscience (revenue + 32% and order intake +91%).
• Group adjusted EBITDA of $98M, including -$12M penalty fees from vessel commitment. DDE Adjusted EBITDA of $108 million, up 5% thanks to strong Geoscience performance. SMO adjusted EBITDA of $1M (vs $12M). 
• Net Cash flow of $10 million, including -$18 million contractual fees from vessel commitment.
• Implementation of the bond buy back program. $25M already bought on the $30M 2024 program as of October 31 (o.w. $12M bought and cancelled as of September 30).
• Liquidity at $442 million (including $100 million undrawn RCF). 

Digital, Data and Energy Transition (DDE)

• Revenue $187 million, up 1%: strong revenue growth at Geoscience offset by lower level of aftersales at Earth Data. 
• Adjusted EBITDA $108 million, up 5%: profitability impacted by -$13 million in penalty fees from vessel commitments (vs -$20 million during Q3 2003).
• Geoscience
  • Revenue at $103 million (+32%).
  • Geoscience performance continues to be driven by technology leadership. Order intake (up 91%) benefits from best-in-class imaging technology, new UK HPC Hub and increased activity in the Middle East.
  • The new businesses confirm positive momentum, both in CCUS with the release of the latest phase of Gulf of Mexico Carbon Storage Study to support upcoming lease rounds and in Minerals & Mining with the award of a sensing program in Oman, to identify, map and rank mineralization prospectivity potential.
• Earth Data 
  • Revenue: $83 million (-22%).
  • Prefunding revenue at $58 million (+4%). First contribution of the Laconia project in the Gulf of Mexico. Weaker after-sales in Q3 (down 50% at $26 million) with unfavorable cut offs.
  • New businesses:  revenue from the Norwegian survey for Carbon storage leading to the reprocessing of legacy data in the area.

Sensing and Monitoring (SMO)

• Revenue at $59 million, down 51% across land and marine products, following delivery of the “mega crew” systems in 2023.
• Adjusted EBITDA at $1 million (vs $12M). 
• Transformation plan on track to achieve the expected cost reduction and operational flexibility.
• New businesses representing 17% of revenue. Delivery of land seismic nodes for large-scale seismic surveys planned in urban areas to target energy resources, including geothermal.

2024 Financial objectives

• The Group reiterates its 2024 financial objectives and confirms its 2024-2025 financial roadmap.
  • Revenue expected to be in line with 2023 
  • EBITDA to be positively impacted by business mix
  • Earth Data cash Capex expected at $230-250M
  • Net Cash Flow to reach similar level as 2023

More:

Download Full Press Release

Download Presentation

Q3 2024 Conference call

• The press release and the presentation are available on our website www.viridiengroup.com at 5:45 pm (CET)

• An English language analysts conference call is scheduled today at 6.00 pm (CET)

Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.

A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website.

The Board of Directors met on October 31, 2024 and approved the consolidated financial statements ending September 30, 2024.