08:20 AM EDT, 08/08/2025 (MT Newswires) -- McCoy Global ( MCCRF ) , a solutions provider for the global energy industry, reported Friday a 56% decline in net earnings for the second quarter, although revenues rose, while it said the third quarter "may reflect tempered sequential revenue and earnings growth".

The company booked net earnings of $1.4 million, or $0.05 per diluted share, down from $3.1 million, or $0.11 per diluted share, due to higher stock-based compensation expense.

Revenue increased 21% to $24.1 million, compared to $19.9 million in Q2 202.

Adjusted EBITDA of $4.8 million, or 20% of revenue, compared with $4.7 million, or 24% of revenue, in 2024. The percentage of revenue decline from the comparative period was primarily attributable to provisions for bad debts of $0.5 million.

Board of Directors declared a quarterly cash dividend of $0.025 per common share payable on October 15, 2025, to shareholders of record as of close of business on September 30, 2025.

"Our second quarter performance highlights the growing momentum behind McCoy's smartProduct portfolio and the advancements of our technology roadmap," President and CEO Jim Rakievich said.

He added: "While our results for the quarter were impacted by certain non-recurring compensation expenses and working capital investments to support future demand, we remain confident in our long-term trajectory. As we continue to scale our smartProduct portfolio, we are positioning McCoy to generate stable, technology-driven revenue streams that are less reflective of the cyclicality often associated with the oil and gas industry."

Lindsay McGill, Vice President & CFO, said while Q3 "may reflect tempered sequential revenue and earnings growth" due to timing of NOC contract announcements and continued weakness in the North American land market, the company's $24.6 million backlog and growing smartProduct adoption provide "a solid foundation" for the remainder of 2025.