Geodrill Limited (OTCQX:GEODF) Q3 2024 Earnings Conference Call November 11, 2024 10:00 AM ET
Company Participants
Dave Harper – President and CEO
Greg Borsk – CFO
Conference Call Participants
Gordon Lawson – Paradigm Capital
John Sartz – Viking Capital
Unidentified Analyst –
George Melas-Kyriazi – MKH Management
Operator
Good morning, everyone and welcome to Geodrill’s Q3 2024 Results Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]. I would like to remind everyone that this conference call is being recorded today, November 11, 2024.
Before we begin, certain statements made on today’s call by management may be forward-looking in nature and as such, are subject to various risks and uncertainties. Please refer to the company’s press release and MD&A for more details on these risks and uncertainties. I would now like to turn the call over to Mr. Dave Harper, President and CEO of Geodrill. Please go ahead.
Dave Harper
Thank you, operator and good morning everyone. Thank you for joining us today to discuss Geodrill’s third quarter results. Joining me also on the call today is Greg Borsk, our Chief Financial Officer.
In the third quarter 2024 we delivered another solid financial performance. Some of the highlights were revenue increased 13% year-over-year, EBITDA also increased 22% year-over-year, net income of U.S. $0.06 or 8% of revenue, which compares favorably to a U.S. $0.06 cents loss for the same quarter in 2023. And we further strengthened our balance sheet which is now underpinned by more cash than debt, all of which we believe validates the success of our financial planning. We also believe these results are a testament to our operational and strategic planning success. For context on this latter point, recall 2023 our strategic decision to transition our rig fleet from Burkina Faso to more attractive jurisdictions. This has proven
