CALGARY, Alberta, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. (“CMG Group” or the “Company”) announces its financial results for the three and nine months ended December 31, 2025, and the approval by its Board of Directors (the “Board”) of the payment of a cash dividend of $0.01 per Common Share for the third quarter ended December 31, 2025.
THIRD QUARTER 2026 CONSOLIDATED HIGHLIGHTS
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- Total revenue decreased by 9% (17% Organic decline(1) and 8% growth from acquisitions) to $32.7 million;
- Recurring revenue(1)(2) decrease by 4% (14% Organic decline(1) and 10% growth from acquisitions) to $23.7 million;
- Adjusted EBITDA(1) decreased by 30% to $9.7 million;
- Adjusted EBITDA Margin(1) was 30%, compared to 39% in the comparative period;
- Earnings per share was $ 0.07, a 42% decrease;
- Free Cash Flow(1) decreased by 34% to $5.8 million; Free Cash Flow per share(1) decreased to $0.07 from $0.11.
THIRD QUARTER YEAR TO DATE 2026 CONSOLIDATED HIGHLIGHTS
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- Total revenue decrease by 3% (16% Organic decline(1) and 13% growth from acquisitions) to $92.5 million;
- Recurring revenue(1)(2) increase by 4% (10% Organic decline(1) and 14% growth from acquisitions) to $65.3 million;
- Adjusted EBITDA(1) decreased by 27% to $24.3 million;
- Adjusted EBITDA Margin(1) was 26%, compared to 35% in the comparative period;
- Earnings per share was $0.14, a 33% decrease;
- Free Cash Flow(1) decreased by 41% to $12.2 million; Free Cash Flow per share(1) decreased to $0.15 from $0.25.
(1) Organic growth/decline, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring revenue, Free Cash Flow and Free Cash Flow per share are not standardized financial measures and might not be comparable to measures disclosed by other issuers. For more description see under Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” heading.
(2) Recurring revenue includes Annuity/maintenance licenses and Annuity license fee and excludes Perpetual licenses and Professional Services
OVERVIEW
Market conditions remain challenging, as cautious customer outlooks continue to drive conservative spending behaviors. This continues to extend sales cycles for new software contracts, as customers are taking longer to advance purchasing decisions.
Against this backdrop, we have remained focused on positioning the company for long-term success, including moving decisively towards profitability with CoFlow, delivering speed-focused enhancements across our reservoir simulation software portfolio, and driving sales and growth alignment within our recently acquired companies.
We continue to build a robust process and discipline around our acquisition strategy. This quarter saw our highest level of activity to date in identifying and evaluating potential acquisitions, with advanced stage discussions underway.
Organic Recurring revenue declined in the quarter as the impact of the previously disclosed contract loss, which began in the second quarter, continued. This decline more than offset revenue growth from acquisitions.
Adjusted EBITDA and Free Cash Flow decreased during the quarter primarily due to the lower contribution from higher-margin reservoir and production solutions, as well as the ongoing expected decline in professional services revenue. Contributions from acquired businesses partially mitigated these impacts.
For the year-to-date period, acquisition growth continued to offset a significant portion of organic declines; however, overall Adjusted EBITDA and Free Cash Flow remain lower than the prior year, reflecting the cumulative effect of revenue mix changes and lower organic revenue.
Looking forward, Recurring revenue in the fourth quarter is expected to be higher than in the third quarter, reflecting the timing of seasonal contract renewals and revenue recognition. Organic Recurring revenue is expected to return to positive year-over-year growth in the fourth quarter.
While contract renewal and revenue recognition seasonality is expected to result in quarterly volatility, organic recurring revenue growth is expected to be positive on an annual basis in fiscal 2027.
For the current fiscal year (excluding future acquisitions), Adjusted EBITDA is expected to be lower than the prior year due to the decline in organic revenue and professional services activity in the current fiscal year.
Q3 2026 Dividend
Computer Modelling Group’s Board approved a cash dividend of $0.01 per Common Share. The dividend will be paid on March 13, 2026, to shareholders of record at the close of business on March 5, 2026.
All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.
SUMMARY OF FINANCIAL PERFORMANCE
| Three months ended December 31 | Nine months ended December 31 | |||||
| (thousands of Canadian $, except per share data) | 2025 | 2024 | % change | 2025 | 2024 | % change |
| Annuity/maintenance licenses | 19,526 | 20,452 | (5)% | 58,927 | 58,089 | 1% |
| Annuity license fee | 4,186 | 4,303 | (3)% | 6,354 | 4,552 | 40% |
| Recurring revenue(1)(2) | 23,712 | 24,755 | (4)% | 65,281 | 62,641 | 4% |
| Perpetual license | 417 | 804 | (48)% | 1,740 | 5,063 | (66)% |
| Total software license revenue | 24,129 | 25,559 | (6)% | 67,021 | 67,704 | (1)% |
| Professional services | 8,556 | 10,214 | (16)% | 25,498 | 28,059 | (9)% |
| Total Revenue | 32,685 | 35,773 | (9)% | 92,519 | 95,763 | (3)% |
| Cost of revenue | 5,975 | 6,307 | (5)% | 17,475 | 18,191 | (4)% |
| Operating expenses | ||||||
| Sales & marketing | 4,526 | 4,363 | 4% | 15,128 | 13,523 | 12% |
| Research and development | 8,222 | 7,340 | 12% | 23,615 | 22,013 | 7% |
| General & administrative | 6,743 | 6,546 | 3% | 18,608 | 16,723 | 11% |
| Operating expenses | 19,491 | 18,249 | 7% | 57,351 | 52,259 | 10% |
| Operating profit | 7,219 | 11,217 | (36)% | 17,693 | 25,313 | (30)% |
| Net income | 5,964 | 9,606 | (38)% | 11,989 | 17,333 | (31)% |
| Adjusted EBITDA (1) | 9,716 | 13,962 | (30)% | 24,345 | 33,509 | (27)% |
| Adjusted EBITDA Margin (1) | 30% | 39% | 26% | 35% | ||
| Earnings per share — basic & diluted | 0.07 | 0.12 | (42)% | 0.14 | 0.21 | (33)% |
| Funds flow from operations per share - basic | 0.09 | 0.12 | (25)% | 0.20 | 0.29 | (31)% |
| Free Cash Flow per share — basic (1) | 0.07 | 0.11 | (36)% | 0.15 | 0.25 | (40)% |
(1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” section.
(2) Total software revenue includes the amortization of a fair value reduction of deferred revenue recognized on acquisition, which has reduced post acquisition revenues by $0.1 million and $0.3 million respectively, for the three and nine months ended December 31, 2025 (three and nine months ended December 31, 2024 - nil and $0.2 million).
NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES
Free Cash Flow Reconciliation to Funds Flow from Operations
Free Cash Flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow per share is calculated by dividing Free Cash Flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses Free Cash Flow and Free Cash Flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.
| Fiscal 2024 | Fiscal 2025 | Fiscal 2026 | ||||||
| (thousands of Canadian $, unless otherwise stated) | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
| Funds flow from operations | 10,367 | 6,515 | 7,101 | 9,937 | 8,227 | 5,524 | 3,588 | 7,068 |
| Capital expenditures | (95) | (93) | (236) | (432) | (661) | (542) | (1,080) | (723) |
| Repayment of lease liabilities | (803) | (743) | (769) | (689) | (549) | (526) | (541) | (539) |
| Free Cash Flow | 9,469 | 5,679 | 6,096 | 8,816 | 7,017 | 4,456 | 1,967 | 5,806 |
| Weighted average shares – basic (thousands) | 81,314 | 81,476 | 81,887 | 82,753 | 83,064 | 83,090 | 84,058 | 82,957 |
| Free Cash Flow per share - basic | 0.12 | 0.07 | 0.07 | 0.11 | 0.08 | 0.05 | 0.02 | 0.07 |
| Funds flow from operations per share- basic | 0.13 | 0.08 | 0.09 | 0.12 | 0.10 | 0.07 | 0.04 | 0.09 |
Free Cash Flow decreased by 34% and 41%, respectively, for the three and nine months ended December 31, 2025 from the same periods of the previous fiscal year. This decrease is primarily due to lower funds flow from operations and higher capital expenditures.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin refers to net income before adjusting for depreciation and amortization expense, interest income, income and other taxes, stock-based compensation, retirement allowance for senior management, restructuring charges, foreign exchange gains and losses, repayment of lease obligations, asset impairments, acquisition related costs and other expenses directly related to business combinations, including compensation expenses and gains or losses on contingent consideration. Adjusted EBITDA should not be construed as an alternative to operating income, net income or liquidity as determined by IFRS. The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin are useful supplemental measures as they provide an indication of the results generated by the Company’s main business activities prior to consideration of how those activities are amortized, financed or taxed. In addition, management has determined that Adjusted EBITDA and Adjusted EBITDA Margin is a more accurate measurement of the Company’s operating performance and our ability to generate earnings as compared to EBITDA and EBITDA Margin.
| Three months ended December 31 | Nine months ended December 31 | |||
| (thousands of Canadian $) | 2025 | 2024 | 2025 | 2024 |
| Net income | 5,964 | 9606 | 11,989 | 17333 |
| Add (deduct): | ||||
| Depreciation and amortization | 2,641 | 2267 | 7,608 | 6097 |
| Acquisition costs | 72 | 1587 | 541 | 2351 |
| Stock-based compensation | 188 | (79) | 679 | 3060 |
| Retirement allowance | 571 | — | 571 | — |
| (Gain) Loss on contingent consideration | — | 150 | (126) | 2063 |
| Deferred revenue amortization on acquisition fair value reduction | 92 | 138 | 327 | 310 |
| Income and other tax expense | 1,503 | 3562 | 4,068 | 8294 |
| Interest income | (362) | (653) | (890) | (2292) |
| Foreign exchange loss (gain) | (414) | (1927) | 1,184 | (1506) |
| Repayment of lease liabilities | (539) | (689) | (1,606) | (2201) |
| Adjusted EBITDA (1) | 9,716 | 13962 | 24,345 | 33509 |
| Adjusted EBITDA Margin (1) | 30% | 39% | 26% | 35% |
(1) This is a non-IFRS financial measure. Refer to definition of the measures above.
Adjusted EBITDA decreased by 30% during the three months ended December 31, 2025, compared to the same period of the previous year. Of this decline, 7% relates to the inclusion from acquisitions which contributed lower profitability. The remainder of the decrease was driven by Organic decline, primarily reflecting lower organic revenue levels having a more pronounced effect on Adjusted EBITDA and higher operating expenses.
Adjusted EBITDA decreased by 27% for the nine months ended December 31, 2025, compared to the same period of the previous year, of which 3% was growth from acquisitions, offset by a 30% Organic decline due to lower revenues and higher expenses.
Organic Growth/ Organic Decline
Organic growth and organic decline are not standardized financial measures and might not be comparable to measures disclosed by other issuers. The Company measures Organic growth/ organic decline on a quarterly and year-to-date basis at the revenue and Adjusted EBITDA levels and includes revenue and Adjusted EBITDA under CMG Group’s ownership for a year or longer, beginning from the first full quarter of CMG Group’s ownership in the current and comparative period(s). For example, Bluware-Headwave Ventures Inc., Bluware Inc., and Bluware AS (“BHV”) was acquired on September 25, 2023 (Q2 2024). September 25, 2024, marked one full year of ownership under CMG Group and on October 1, 2024 (Q3 2025), which is the first full quarter under CMG Group’s ownership in the current and comparative period, started being tracked under Organic growth. Any revenue and Adjusted EBITDA generated by BHV prior to October 1, 2024, would not be included in Organic growth/ organic decline. Sharp was acquired on November 12, 2024 (Q3 2025) and will start contributing to Organic growth/ organic decline on January 1, 2026 (Q4 2026) and SeisWare was acquired on July 30, 2025 and will start contributing to Organic growth/ organic decline on October 1, 2026.
For further clarity, current statements include Organic growth from the following:
- CMG and BHV revenue and Adjusted EBITDA
Recurring Revenue
Recurring revenue represents the revenue recognized during the period from contracts that are recurring in nature and includes revenue recognized as “Annuity/maintenance licenses” and “Annuity license fee”. We believe that Recurring revenue is an indicator of business expansion and provides management with visibility into our ability to generate predictable cash flows.
The table under “Revenue” heading reconciles Recurring revenue to total revenue for the periods indicated.
REVENUE
| Three months ended December 31 | Nine months ended December 31 | |||||
| (thousands of Canadian $) | 2025 | 2024 | % change | 2025 | 2024 | % change |
| Annuity/maintenance licenses | 19,526 | 20,452 | (5)% | 58,927 | 58,089 | 1% |
| Annuity license fee | 4,186 | 4,303 | (3)% | 6,354 | 4,552 | 40% |
| Recurring revenue(1) (2) | 23,712 | 24,755 | (4)% | 65,281 | 62,641 | 4% |
| Perpetual licenses | 417 | 804 | (48)% | 1,740 | 5,063 | (66)% |
| Total software license revenue | 24,129 | 25,559 | (6)% | 67,021 | 67,704 | (1)% |
| Professional services | 8,556 | 10,214 | (16)% | 25,498 | 28,059 | (9)% |
| Total revenue | 32,685 | 35,773 | (9)% | 92,519 | 95,763 | (3)% |
(1) This is a non-IFRS financial measure.
(2) Total software revenue includes the amortization of a fair value reduction of deferred revenue recognized on acquisition, which has reduced post acquisition revenues by $0.1 million and $0.3 million respectively, for the three and nine months ended December 31, 2025 (three and nine months ended December 31, 2024 - nil and $0.2 million).
Condensed Consolidated Statements of Financial Position
| December 31, 2025 | March 31, 2025 | |
| UNAUDITED (thousands of Canadian $) | ||
| Assets | ||
| Current assets: | ||
| Cash | 20,040 | 43,884 |
| Restricted cash | 644 | 362 |
| Short-term investment | 3,700 | — |
| Trade and other receivables | 40,323 | 41,457 |
| Prepaid expenses | 3,062 | 2,572 |
| Prepaid income taxes | 2,838 | 1,641 |
| 70,607 | 89,916 | |
| Other long-term assets | 1,325 | — |
| Intangible assets | 62,335 | 59,955 |
| Right-of-use assets | 26,907 | 28,443 |
| Property and equipment | 11,399 | 10,157 |
| Goodwill | 18,887 | 15,814 |
| Deferred tax asset | 938 | 471 |
| Total assets | 192,398 | 204,756 |
Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Trade payables and accrued liabilities | 16,321 | 18,452 |
| Income taxes payable | 804 | 2,667 |
| Acquisition holdback payable | 2,237 | 188 |
| Acquisition earnout payable | — | 3,864 |
| Deferred revenue | 31,992 | 40,276 |
| Lease liabilities | 2,480 | 2,278 |
| Government loan | 322 | 310 |
| 54,156 | 68,035 | |
| Lease liabilities | 33,355 | 34,668 |
| Revolving credit facility | 2,000 | — |
| Government loan | 1,207 | 1,319 |
| Other long-term liabilities | 358 | 1,725 |
| Deferred tax liabilities | 13,987 | 13,102 |
| Total liabilities | 105,063 | 118,849 |
Shareholders’ equity: | ||
| Share capital | 94,773 | 94,849 |
| Contributed surplus | 15,977 | 15,460 |
| Accumulated other comprehensive income or loss | 4,098 | 4,326 |
| Deficit | (27,513) | (28,728) |
| Total shareholders’ equity | 87,335 | 85,907 |
| Total liabilities and shareholders' equity | 192,398 | 204,756 |
Condensed Consolidated Statements of Operations and Comprehensive Income
| Three months ended December 31 | Nine months ended December 31 | |||
| UNAUDITED (thousands of Canadian $ except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenue | 32,685 | 35,773 | 92,519 | 95,763 |
| Cost of revenue | 5,975 | 6,307 | 17,475 | 18,191 |
| Gross profit | 26,710 | 29,466 | 75,044 | 77,572 |
| Operating expenses | ||||
| Sales and marketing | 4,526 | 4,363 | 15,128 | 13,523 |
| Research and development | 8,222 | 7,340 | 23,615 | 22,013 |
| General and administrative | 6,743 | 6,546 | 18,608 | 16,723 |
| 19,491 | 18,249 | 57,351 | 52,259 | |
| Operating profit | 7,219 | 11,217 | 17,693 | 25,313 |
| Finance income | 776 | 2,580 | 890 | 3,798 |
| Finance costs | (528) | (479) | (2,652) | (1,421) |
| Change in fair value of contingent consideration | — | (150) | 126 | (2,063) |
| Profit before income and other taxes | 7,467 | 13,168 | 16,057 | 25,627 |
| Income and other taxes | 1,503 | 3,562 | 4,068 | 8,294 |
Net income | 5,964 | 9,606 | 11,989 | 17,333 |
Other comprehensive income: | ||||
| Foreign currency translation adjustment | (1,548) | 1,402 | (228) | 2,112 |
| Other comprehensive income | (1,548) | 1,402 | (228) | 2,112 |
| Total comprehensive income | 4,416 | 11,008 | 11,761 | 19,445 |
| Net income per share – basic & diluted | 0.07 | 0.12 | 0.14 | 0.21 |
| Dividend per share | 0.01 | 0.05 | 0.07 | 0.15 |
Condensed Consolidated Statements of Cash Flows
| Three months ended December 31 | Nine months ended December 31 | |||
| UNAUDITED (thousands of Canadian $) | 2025 | 2024 | 2025 | 2024 |
| Operating activities | ||||
| Net income | 5,964 | 9,606 | 11,989 | 17,333 |
| Adjustments for: | ||||
| Depreciation and amortization of property, equipment, | 1,157 | 1,262 | 3,312 | 3,763 |
| Amortization of intangible assets | 1,484 | 1,005 | 4,296 | 2,334 |
| Deferred income tax expense (recovery) | (883) | (150) | (1,418) | (228) |
| Stock-based compensation | 187 | (641) | (849) | (855) |
| Foreign exchange and other non-cash items | (841) | (1,295) | (1,157) | (857) |
| Change in fair value of contingent consideration | — | 150 | — | 2,063 |
| Funds flow from operations | 7,068 | 9,937 | 16,173 | 23,553 |
| Movement in non-cash working capital: | ||||
| Trade and other receivables | (9,597) | (3,827) | 1,435 | (1,981) |
| Trade payables and accrued liabilities | 5,441 | (645) | (542) | (3,712) |
| Prepaid expenses and other assets | 63 | 85 | (253) | 193 |
| Income taxes receivable (payable) | (378) | 1,567 | (3,053) | 3,678 |
| Deferred revenue | (2,592) | 1,149 | (9,220) | (7,697) |
| Change in non-cash working capital | (7,063) | (1,671) | (11,633) | (9,519) |
| Net cash provided by operating activities | 5 | 8,266 | 4,540 | 14,034 |
| Financing activities | ||||
| Repayment of government loan | — | (63) | (158) | (63) |
| Proceeds from issuance of common shares | — | 2,395 | 830 | 5,124 |
| Proceed from credit facility | 2,000 | — | 2,000 | — |
| Repurchase of shares | (6,024) | — | (6,024) | — |
| Repayment of lease liabilities | (539) | (689) | (1,606) | (2,201) |
| Dividends paid | (823) | (4,115) | (5,777) | (12,292) |
| Credit facility issuance cost | (1,155) | — | (1,325) | — |
| Net cash used in financing activities | (6,541) | (2,472) | (12,060) | (9,432) |
| Investing activities | ||||
| Corporate acquisition, net of cash acquired | — | (27,071) | (5,175) | (27,071) |
| Purchase of short-term investment | (3,700) | — | (3,700) | — |
| Settlement of contingent consideration | — | (2,130) | (3,582) | (2,130) |
| Property and equipment additions, net of disposals | (723) | (432) | (2,345) | (761) |
| Net cash used in investing activities | (4,423) | (29,633) | (14,802) | (29,962) |
| (Decrease) in cash | (10,959) | (23,839) | (22,322) | (25,360) |
| Effect of foreign exchange on cash | (1,840) | 2,197 | (1,522) | 2,008 |
| Cash, beginning of year | 32,839 | 61,373 | 43,884 | 63,083 |
| Cash, end of year | 20,040 | 39,731 | 20,040 | 39,731 |
Supplementary cash flow information | ||||
| Interest received | 362 | 653 | 890 | 2,292 |
| Interest paid | 528 | 479 | 1,468 | 1,421 |
| Income taxes paid | 3,375 | 2,128 | 8,344 | 7,853 |
CORPORATE PROFILE
CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.
QUARTERLY FILINGS AND RELATED QUARTERLY FINANCIAL INFORMATION
Management’s Discussion and Analysis (“MD&A”) and condensed consolidated interim financial statements and the notes thereto for the three and nine months ended December 31, 2025, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group’s SEDAR+ profile www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "plan", "believe", "project", "expect", "future", "likely", "may", "should", "will", “growth” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding revenue projections for the fourth quarter, impacts of seasonal contract renewals and revenue recognition, including organic Recurring revenue, improvement to Adjusted EBITDA and Free Cash Flow in the fourth quarter, management's belief that the non-IFRS financial and supplemental financial measures provide useful measure in evaluating the Company's performance, management's belief that Recurring revenue is an indicator of business expansion and provides management with visibility into the Company's ability to generate predictable cash flows, the benefits of the acquired technology, the ongoing development thereof; and the ability of data analytics to improve efficiency, cut costs and reduce risks.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties, only some of which are described herein. Many factors could cause the Company’s actual results, performance or achievements, or future events or developments to differ materially from those expressed or implied by the forward-looking information including, without limitation, the following factors, which are discussed in greater detail in the “Business Risks" section of CMG
Group's 2025 Financial Report’s MD&A and in the "Risk Factors" section of CMG Group's Annual Information Form dated May 22, 2025:
- Economic conditions in the energy industry;
- Reliance on key customers;
- Foreign exchange;
- Commodity price risk;
- Geopolitical risk;
- Tariff risk;
- Economic and political risks in countries where the Company currently does or proposes to do business;
- Increased competition;
- Reliance on employees with specialized skills or knowledge;
- Protection of proprietary rights;
- Information security breaches or other cyber-security threats; and
- Ability to successfully execute on acquisitions and to integrate acquired businesses and assets.
