Trican Well Service (TSE:TCW) reported higher first-quarter revenue as activity increased and the company benefited from a full quarter of contribution from the Iron Horse acquisition, while management said pricing pressure and cost inflation weighed on margins.
Scott Matson, Trican’s chief financial officer, said revenue for the first quarter of 2026 was CAD 330.3 million, up from CAD 259.1 million in the same quarter of 2025. Matson said adjusted EBITDA was CAD 70.1 million, or 21% of revenue, compared with CAD 61.3 million, or 24% of revenue, in the prior-year quarter. He also said EBITDA after adding back cash-settled stock-based compensation was CAD 77.7 million, or 24% of revenue, compared with CAD 62.3 million, or 24% of revenue, a year earlier.
