Helix Energy Q1 Loss of $13.4M with EBITDA Falling to $32.3M
Helix Energy reported a Q1 net loss of $13.4 million, or $0.09 per share, on $287.9 million revenue, reversing $8.3 million profit in Q4 2025. Adjusted EBITDA dropped to $32.3 million from $73.9 million in Q4, while free cash flow reached $59 million and cash exceeded $500 million.
1. Q1 Financial Results
Helix reported a Q1 net loss of $13.4 million, or $0.09 per diluted share, on revenues of $287.9 million, compared with net income of $8.3 million in Q4 2025 and $3.1 million in Q1 2025.
2. Profitability and Cash Flow
Adjusted EBITDA declined to $32.3 million from $73.9 million in Q4 2025 and $52.0 million in Q1 2025. The company generated $59.0 million of free cash flow and ended the quarter with $501.3 million in cash and cash equivalents, leaving net debt at negative $197.5 million.
3. Segment Performance Detail
Well Intervention revenues rose 16% quarter-over-quarter to $209.4 million on higher utilisation and rates in the Gulf of America and Brazil, while Robotics revenues fell 29% to $62.4 million due to seasonal vessel and ROV utilisation declines. Shallow Water Abandonment posted a $10.7 million operating loss and Production Facilities recorded a $7.9 million loss, reflecting workover costs and lower margins.
4. Liquidity Position and Outlook
Helix retains a strong liquidity buffer and expects offshore market momentum to build in the second half of 2026 into 2027, driven by recent commodity price increases and regulatory catalysts in the North Sea that should spur decommissioning activities.