Overview
- Major Drilling posted record fiscal 2026 revenue of C$889 million, up 22% year over year, with quarterly EBITDA rising 37% to C$28 million and net earnings of C$8.2 million.
- The company said growth was driven by higher activity in Canada and the U.S., where work increased about 67% thanks to bigger exploration budgets at senior miners and more junior financing.
- Specialized services made up 59% of revenue with gold and copper accounting for roughly 44% and 28% of sales, which concentrated demand for its technical drilling fleet.
- Major Drilling ended the period with C$20.6 million in net cash and announced a roughly C$75 million capital program for fiscal 2027 focused on replacing and modernizing rigs.
- Management flagged labour shortages and the multi-month learning curve for trainee drillers as the main near-term risk to utilization and margins and said its hiring and retention efforts are central to sustaining 2027 growth.