Trican Well Service reported a C$2.3 million net loss in Q2 as adjusted EBITDA halved to C$22.6 million despite flat revenue.
Trican Well Service posted a C$2.3 million net loss in the second quarter, with adjusted EBITDA falling to C$22.6 million from C$44.9 million a year earlier. Revenue remained nearly unchanged at C$214.6 million compared with C$213.8 million in Q2 2025.
The decline was driven by seasonal breakup conditions, record June rainfall in central Alberta, lower equipment utilization, and ongoing pricing pressure. Management noted that deferred work and improved performance from its Iron Horse division could support stronger second-half results.
Trican remains debt-free, generated C$13 million in free cash flow, and continued share repurchases and dividend payments. The company is expanding its natural-gas-powered and electrified equipment, with a 10-pump fleet expected to be operational in Q4.