Ensign Energy Q1 FY26 turns to net loss of CAD 11.1 million; revenue falls 4% to CAD 418 million

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Element Solutions Inc

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  • Ensign Energy Services reported a net loss attributable to common shareholders of CAD 11.1 million for first-quarter 2026, swinging from profit a year earlier; revenue fell 4% to CAD 418 million.
  • Adjusted EBITDA slipped 7% to CAD 94.8 million, while funds flow from operations declined 9% to CAD 88 million.
  • Canada revenue dropped 11% to CAD 135.7 million, offsetting flat US revenue of CAD 206.8 million; international revenue decreased 4% to CAD 75.5 million.
  • Canadian drilling operating days fell 15% to 3,408, while US drilling days rose 15% to 3,192; the company moved 12 under-utilized Canadian rigs into its reserve fleet.
  • Debt reduction target for 2026 kept at about CAD 125 million, with net debt of CAD 922.6 million at March 31; management flagged heightened volatility tied to Middle East disruptions, global economic uncertainty, and US tariff policy risk.


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