06:48 AM EDT, 08/08/2025 (MT Newswires) -- Ensign Energy Services ( ESVIF ) on Friday reported a widened net loss in the second quarter that missed analysts' expectations.

The company reported a net loss of $26.4 million or net loss per basic and diluted share of $0.14 for the three-months ended June 30, compared with $4.5 million or $0.02 per share, a year-ago. The results missed consensus estimate compiled by FactSet of $0.09 loss per share.

Revenue for the quarter decreased to $372.4 million, compared with $391.8 million, a year-ago, but were in-line with consensus estimate compiled by FactSet.

"The decrease in total revenue during the first half of 2025 was primarily due to the lower operating activity," the company said in a statement. "Offsetting the decrease is a four percent positive foreign exchange translation of converting USD denominated revenue."

The company also said it is on track to achieve its stated debt reduction target of $600 million for the period beginning of 2023 to the end of 2025.

Shares of the company closed up 1.9% to $2.20 on Thursday on the Toronto Stock Exchange.