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CGG Announces its Q3 2023 Results

Paris, France | Nov 6, 2023

Strong Financial Results
Revenue at $307 million, up 42% y-o-y
EBITDAs at $109 million, up 41% y-o-y
Positive Net Cash Flow of $63 million

CGG (ISIN: FR0013081864), a global technology and high-performance computing (HPC) leader, announced today its third quarter 2023 non-audited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:

“Our third-quarter results are in line with our expectations for year-on-year growth and demonstrate the strengthening operational and cash performance across all businesses. As our clients increase their focus around adding new reserves, demand for our high-end technology, data and services drove strong performance for our core activities.

Our Beyond the Core businesses are supported by strong momentum in the Digital, Energy Transition, and Infrastructure Monitoring markets, notably in HPC. To strengthen our technology differentiation and support our growth ambitions, we opened a new UK HPC Hub which will extend our global capacity to ~500 petaFLOPS, keeping CGG’s position as the #1 industrial HPC in the world. We are uniquely addressing the needs of our new clients’ high-end scientific and AI applications, as evidenced by another new contract signed this quarter..”

Q3 2023 key figures: Strong financial results

  • IFRS figures: revenue at $293m, EBITDAs at $95m, OPINC at $42m
  • Segment revenue at $307m, up 42% year-on-year.
    • Geoscience at $78m, up 13% year-on-year driven by continued demand for high-end imaging worldwide.
    • Earth Data at $107m, up 74% year-on-year. Solid after-sales at $52m up 21%. Prefunding revenue at $55m, and a 111% prefunding rate.
    • Sensing and Monitoring at $122m, up 42% year-on-year. 
  • Segment EBITDAs at $109m, including $(20)m compensation fees to Shearwater, and up 41% year-on-year sustained by solid activity across our businesses, and a 35% margin.
  • Segment operating income at $33m, up 31% and a 11% margin
  • Group net income at $8m
  • Net cash flow of $63m

YTD 2023 key figures: Solid financial results

  • IFRS figures: revenue at $810m, EBITDAs at $283m, OPINC at $130m
  • Segment revenue at $805m, up 32% year-on-year.
    • Geoscience at $238m, up 11% year-on-year.
    • Earth Data at $234m, up 2% year-on-year. 
    • Sensing and Monitoring at $334m, up 102% year-on-year. 
  • Segment EBITDAs at $278m including $(31)m compensation fees to Shearwater, and up 15% year-on-year and a 35% margin.
  • Segment operating income at $123m, up 43% and a 15% margin
  • Group net income at $31m compared to $(4)m last year
  • Net cash flow of $(15)m compared to $(65)m last year.

Balance Sheet

  • Cash liquidity of $370m as of September 30, 2023, including $95m undrawn RCF.
  • Net debt before IFRS 16 at $921m as of September 30, 2023.


Download Full Press Release

Download Presentation

Q3 2023 Conference call

  • The press release and the presentation will be made available on our website at 5:45 pm (CET)
  • An English language analysts conference call is scheduled the same day at 6.30 pm (CET)

Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.

A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website

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