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ACT Energy Technologies Reports 2026 Q3 Interim Results
CALGARY, AB, Nov. 6, 2026 /CNW/ — (TSX: ACX)ACT Energy Technologies Ltd (the “Company” or “ACT”)’s News release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. For a full disclosure of forward-looking statements and the risks to which they are subject, see the ‘Forward-Looking Statements’ section in this News release. This News release contains references to Adjusted gross margin, Adjusted gross margin percentage, Adjusted EBITDAS, Adjusted EBITDAS margin percentage, Free cash flow, Net debt, Working capital and Net capital expenditures. These terms do not have standardized meanings prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and may not be comparable to similar measures used by other companies. See the ‘Non-GAAP measures’ section in this News release for definitions and tabular calculations.
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Revenues of $219.0 million in 2026 Q3 increased 85%, compared to $118.3 million in 2025 Q3, reflecting record quarterly activity in the Canadian segment together with contributions from Stryker, acquired January 5, 2026, and SB, acquired April 1, 2026.
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Income before income taxes was $18.5 million in 2026 Q3, compared to $12.7 million in 2025 Q3, mainly due to increased revenues, partially offset by higher depreciation and finance costs associated with the acquisitions and a foreign exchange loss in 2026 Q3, compared to a foreign exchange gain in 2025 Q3. Net income was $14.0 million, compared to $15.2 million in 2025 Q3; the prior-year quarter benefited from an income tax recovery, while the current quarter carried an income tax expense.
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Adjusted EBITDAS(1) of $40.1 million in 2026 Q3 increased 68%, compared to $23.9 million in 2025 Q3, the highest Adjusted EBITDAS the Company has recorded in any quarter, primarily attributable to higher Canadian activity and the Stryker and SB acquisitions in the United States.
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Canadian operating days(2) increased 41% in 2026 Q3, compared to 2025 Q3, well ahead of the 19% increase in the Western Canadian rig count(2). The outperformance reflects new customer additions and the expansion of the Company’s technologies with new and existing customers.
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U.S. operating days(2) increased 140% in 2026 Q3, compared to 2025 Q3, mainly due to the Stryker and SB acquisitions, while the U.S. land rig count(2) increased only 13% in 2026 Q3 in comparison to 2025 Q3.
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Cash flow – operating activities of $18.8 million in 2026 Q3, compared to $6.5 million in 2025 Q3, reflecting stronger operating results partially offset by continued investment in operating working capital, principally trade receivables, to support the expanded Canada and U.S. operations.
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Free cash flow(1) of $6.3 million in 2026 Q3, compared to $16.6 million in 2025 Q3. The decrease reflects higher gross capital expenditures of $31.2 million (2025 Q3 – $6.0 million) as the Company deployed growth capital to meet strong Canadian demand (including new technologies), along with higher cash interest on acquisition-related borrowings.
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The Company’s 2026 capital program is expected to total approximately $70 million to $75 million gross (of which approximately $40 million relates to growth capital), or $35 million to $40 million, net of lost-in-hole reimbursements(1), directed to replacement of lost-in-hole equipment and to MWD systems, mud motors and related technologies for existing customer commitments and the replacement of third-party rentals. The remaining program is expected to be funded from cash flow – operating activities within the existing credit facility.
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Net debt(1) was $154.3 million as at September 30, 2026, compared to $53.6 million as at December 31, 2025 and $142.1 million as at June 30, 2026, reflecting the debt used to fund the Stryker and SB acquisitions, together with the investment in working capital and growth capital expenditures. The Consolidated Funded Debt to Consolidated Credit Agreement EBITDA ratio was 1.4 times against a covenant limit of 3.0 times.
