08:58 AM EDT, 08/08/2025 (MT Newswires) -- ACT Energy Technologies ( ACXAF ) on Friday posted a second-quarter net loss as revenue fell.

The company swung to a net loss of $10 million in the quarter, compared with net income of $5.3 million in the corresponding year-ago quarter. The net loss was attributed mainly to an unrealized foreign exchange loss of $6.5 million mainly related to the translation of intercompany balances, and a provision of $4.8 million related to a sales tax issue and lower revenues.

For the quarter, the company posted a net loss per diluted share of $0.30, compared with net income per diluted share of $0.14 in the year-ago quarter. The consensus estimate compiled by FactSet for EPS was $0.08.

The company reported second-quarter revenue of $112 million, a decrease of 14%, compared to $130.3 million in the year-ago quarter. The company attributed the decline primarily to lower U.S. operating days. Consensus estimate compiled by FactSet for revenue was $109.3 million.

"General uncertainty related to commodity prices, trade, and potential tariffs, are resulting in restrained levels of drilling activity and a more cautious spending environment," said the company. "Despite the cautious environment, Canadian activity levels appear to be somewhat resilient and the rig count in the U.S. seems to be nearing a bottom, with some potential for increases in the back half of this year."

The company also said that it "remains positive" on the longer-term outlook for energy fundamentals due to "general economic growth, increasing demand from emerging economies, and significant opportunities related to growth in power demand."

The company said it remains bullish on longer-term global energy demand and believes that pursuing strong directional drilling market positions in both the U.S. and Canada remains the "best way" to capture this opportunity.