Foraco International SA reported second-quarter revenue of $84.5 million [1] during an earnings call on July 31.
The results signal a recovery in global mineral exploration, as the company leverages a significant increase in drilling activity across North and South America to drive financial gains.
Revenue grew by between 22% and 22.4% [1, 2] compared to the second quarter of 2025. The company also reported that its EBITDA rose seven percent [1] to reach $15 million [1].
Growth was primarily concentrated in the Western Hemisphere. North American revenue reached $32.3 million, representing a 28% year-over-year increase [2]. South American operations saw even more dramatic growth, with revenue hitting $21.9 million, a 94% increase over the previous year [2].
This financial surge correlates with higher operational efficiency. The company reported a rig utilization rate of 51% for the second quarter of 2026 [2], a notable climb from the 35% rate recorded during the same period in 2025 [2].
CEO Timothy Bremner and executive Fabien said these performance metrics during the call [3]. The company maintains corporate headquarters in Toronto and Lunel.
“Revenue grew by between 22% and 22.4% compared to the second quarter of 2025.”
The substantial jump in South American revenue and the overall increase in rig utilization suggest a tightening market for drilling services. As exploration activity ramps up in the Americas, Foraco's ability to deploy more of its fleet indicates a shift from underutilization to active demand, which may pressure competitors to increase capacity.
