Helix Energy Solutions Group, Inc. ("Helix") has reported its financial results for the third quarter of 2025, showcasing significant improvements compared to the previous periods.
In the third quarter of 2025, Helix reported a net income of $22.1 million, a substantial increase from a net loss of $2.6 million in the second quarter of 2025. This represents a positive turnaround with a swing of $24.7 million. Additionally, the company's adjusted EBITDA for the third quarter of 2025 was $103.7 million, a notable increase from $42.4 million in the second quarter of 2025. The improvement in adjusted EBITDA from the second to the third quarter was $61.3 million.
For the nine months ended September 30, 2025, Helix reported a net income of $22.6 million, compared to $35.5 million for the same period in 2024. Adjusted EBITDA for the nine months ended September 30, 2025, was $198.1 million, down from $231.5 million for the same period in 2024.
The company's revenues for the third quarter of 2025 stood at $376.96 million, up from $302.28 million in the second quarter of 2025. Similarly, for the nine months ended September 30, 2025, revenues amounted to $957.31 million, a decrease from $1,003.43 million for the same period in 2024.
Helix's cash and cash equivalents increased to $338.03 million in the third quarter of 2025, compared to $319.74 million in the second quarter of 2025. The company's net debt also saw an increase to $(30.56) million in the third quarter of 2025, compared to $(8.13) million in the second quarter of 2025.
Furthermore, Helix's cash flows from operating activities were $24.28 million in the third quarter of 2025, a substantial improvement from $(17.13) million in the second quarter of 2025. Free cash flow for the third quarter of 2025 was $22.59 million, a significant increase from $(21.60) million in the second quarter of 2025.
Owen Kratz, President and Chief Executive Officer of Helix, expressed satisfaction with the company's performance, highlighting the strong results and increased adjusted EBITDA guidance for 2025. He emphasized the company's resilience and dedication to delivering results in a challenging market environment.
The segment information and operational highlights further illustrate the positive developments across Helix's various business segments, including well intervention, robotics, shallow water abandonment, and production facilities.
The market has reacted to these announcements by moving the company's shares 2.79% to a price of $6.63. If you want to know more, read the company's complete 8-K report here.
