Black Diamond (BDIMF) Q3 2026 Earnings Report
BDIMF Q3 2026 EPS Results
- Actual EPS
- $0.14
- Consensus EPS
- $0.13
- Beat/Miss
- Beat by +$0.01
- One Year Ago EPS
- $0.13
BDIMF Q3 2026 Revenue Results
- Actual Revenue
- $114.26M
- Expected Revenue
- $103.46M
- Beat/Miss
- Beat by +$10.80M
- YoY Revenue Growth
- +51.80%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
Black Diamond's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. The company reported record revenue, substantial growth in adjusted EBITDA, strong free cash flow, robust demand across Canada, the U.S. and Australia, a large formal bid pipeline, profitable LodgeLink growth and a healthy balance sheet. The principal negatives were lower adjusted EBITDA margins, MSS EBITDA and sales declines, elevated preparation costs, softer education demand and the extended timing required for some large projects to ramp.
Management expects MSS utilization to show modest improvements over the coming quarters from 77.1%, but not large step changes, with MSS rental revenue expected to increase over the next few quarters; WFS utilization is expected to show a step function in the back half of 2027, with project activity progressing through Q2, Q3 2027 into 2028. Q4 sales are expected to be a little bit higher than typically seen, with revenue mix and resulting margins relatively comparable, while workforce sales should continue over the first few quarters of 27. LodgeLink’s more accelerated launch is expected around Q1 27, with 2027 expected to be a really interesting year. Near term, WFS CapEx is expected to be in Australia and US, with predominantly MSS investment, and the company anticipates a stronger CapEx year next than this year; MSS base rental rates are essentially tracking the rate of inflation, with paybacks probably strengthening slightly.
- Record Quarterly Revenue and Strong Profit GrowthThird-quarter revenue reached an all-time record of $159.9 million, up 52% from the comparative quarter, while adjusted EBITDA increased 33% to $42.3 million. Adjusted EPS was $0.19, up from $0.16 in the comparative quarter.
- Record Rental Revenue and Higher Shareholder ReturnsRecord rental revenue was $48.9 million, up 18% from the comparative quarter. The company increased its quarterly dividend by 22% to $0.55 per share, marking the sixth increase since reinstating the dividend in 2021.
- Large and Diversified Project Opportunity PipelineWFS had more than $2.3 billion of formal bids outstanding in Canada, representing well over twice the capacity of its current fleet, with several projects in advanced contract negotiations. The opportunities span LNG, mining, data centers, defense, infrastructure and other industries across Canada, the U.S. and Australia, with the broader pipeline exceeding the $2.3 billion of formal bids.
- Positive Market Conditions Across Operating RegionsManagement described the macro backdrop as bullish, with demand building in Canada across resource development, data centers, mining, defense and remote infrastructure; expanding data-center and related infrastructure activity in the U.S. Gulf Coast and Southeast; and positive mining, defense and remote-infrastructure conditions in Australia.
- Workforce Solutions Delivered Broad-Based GrowthWFS total revenue increased 127% to $97.9 million and adjusted EBITDA increased 99% to $28.2 million, with Royal Camp Services a key year-over-year growth driver. Rental revenue increased 43% to $18.9 million, lodge services revenue increased 389% to $40.6 million, sales revenue increased 140% to $13.2 million, and non-rental revenue increased 56% to $25.2 million. WFS utilization improved to 58% from 55% in Q2 2026.
- Open Camp and Base Workforce Activity AcceleratingHigher activity in areas including the Montney increased revenue and occupancy in open camps, with management stating that higher occupancy also produced higher margins. Catering, lodging and upstream workforce activity were described as ramping alongside oil and gas activity, while future mining operations could provide ongoing catering and hospitality opportunities.
- MSS Recurring Rental Growth and Healthy UtilizationMSS recurring rental revenue increased 7% to $30.0 million. Utilization remained healthy at 77.1%, and average monthly rental rates increased 3% compared with the third quarter of 2025. Value-added products and services revenue increased 25% to $3.5 million and represented 12.7% of rental revenue.
- Accelerating MSS Investment to Meet DemandThe company stated that the cadence of MSS capital investment is increasing and will continue to accelerate. Capital expenditures totaled $26.8 million in the quarter, up 37% from the prior year, while capital commitments increased 26% to $49.7 million. Management anticipates a stronger CapEx year next year, with manufacturing capacity secured in Canada and the U.S. and opportunities to deploy capital as customers require more capacity.
- LodgeLink Delivered Record, Profitable GrowthLodgeLink achieved another record quarter. Total trade value reached a record $51.5 million, up 44% from the comparative quarter, while net revenue increased 51% to $6.5 million. Management attributed the profitable growth to strong existing-customer retention, new customer acquisition and increased share of wallet.
- LodgeLink Expansion and Product RoadmapCustomer acquisition in the U.S. is currently outpacing Canada by nearly double, while customer retention was described as very high and greater than 100% when including growth from existing customers. LodgeLink 3.0 has reached general availability, with a more accelerated launch expected around Q1 2027. Management expects the new platform to accelerate revenue streams and improve gross margin.
- Strong Cash Flow GenerationFunds from operations increased 32% to $43.6 million, and free cash flow increased 47% to $33.8 million during the quarter. Management said the business continued to generate meaningful cash flow while investing in future growth opportunities and increasing shareholder returns.
- Healthy Balance Sheet and Financial FlexibilityQuarter-end net debt was $355.7 million, with net debt to trailing-twelve-month adjusted EBITDA leverage of 2.4 times, within the company's target range of 2 to 3 times. The asset-based lending facility was expanded to $550 million, increasing available borrowing capacity to support future growth opportunities.
- Improving Pricing and Attractive ReturnsWFS rates for assets deployed in recent years were said to be up significantly, moving toward levels that support returns on the cost of new assets. MSS pricing was described as tracking new-asset costs and generating attractive, consistent returns on capital, while small-format pricing was improving in Canada and the U.S. as those markets tighten.
- Integrated Platform OpportunitiesManagement highlighted increasing integration between LodgeLink and WFS, including an anticipated solution combining workforce transportation with camp and catering services. The company also cited complementary demand between MSS space rentals and WFS accommodations on remote infrastructure and data-center projects.
BDIMF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | 0.10- | 0.08 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.130.14 | 0.13 | 5.56% (+0.01) | |
| Jul 30, 2026 | 2026 (Q2) | 0.070.01 | 0.11 | -93.33% (-0.10) | |
| Apr 30, 2026 | 2026 (Q1) | 0.070.03 | 0.06 | -55.56% (-0.04) | |
| Feb 26, 2026 | 2025 (Q4) | 0.120.08 | 0.11 | -26.67% (-0.03) | |
| Oct 30, 2025 | 2025 (Q3) | 0.110.13 | 0.09 | 50.00% (+0.04) | |
| Aug 07, 2025 | 2025 (Q2) | 0.090.11 | 0.09 | 25.00% (+0.02) | |
| May 01, 2025 | 2025 (Q1) | 0.040.06 | 0.01 | 350.00% (+0.05) | |
| Mar 06, 2025 | 2024 (Q4) | 0.100.11 | 0.09 | 15.38% (+0.01) | |
| Oct 31, 2024 | 2024 (Q3) | 0.090.09 | 0.16 | -45.45% (-0.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
