Shares of Expro Group Holdings N.V. (XPRO) plunged 5.10% in Wednesday's trading session following the release of the company's first quarter 2025 financial results. The oilfield services provider reported a significant sequential decline in key financial metrics, disappointing investors despite some year-over-year improvements.

For the quarter ended March 31, 2025, Expro reported revenue of $391 million, down 11% from $437 million in the fourth quarter of 2024. Net income also fell to $14 million, or $0.13 per diluted share, compared to $23 million, or $0.17 per diluted share, in the previous quarter. Adjusted EBITDA, a key profitability measure for the industry, decreased by 24% sequentially to $76 million.

While the company highlighted that its Q1 Adjusted EBITDA margin of 20% was an improvement from 18% in the same quarter last year, investors seemed more focused on the near-term challenges. Expro's CEO, Michael Jardon, acknowledged the impact of seasonal factors and customer budget cycles on the quarter's performance. The company's guidance for the second quarter, projecting revenue between $400 million and $410 million and Adjusted EBITDA between $80 million and $90 million, suggests a modest sequential improvement but continued pressure on margins.