Chart looks good butAs noted, I see only 9 active rigs in Canada. In Q2's release: "
Company operated 9 rigs in the second quarter of 2024 (Q2 2023 – 9 rigs) and 8 rigs in the US (Q2 2023 – 14 rigs)."
Therefore, I don't see how Q3 is going to be much better than Q2.
In any case, it appears US activity is more important to Akita's bottom line. 2023 was a great year based on much higher utilization in the US. Until that returns, EBITDA generation will be weak. https://ycharts.com/indicators/us_rotary_rigs We can see here many more active US rigs in 2023 vs now.
On the one hand, you can consider it a matter of waiting, but they do need to generate meaningful EBITDA in the near term if they are to prudently address the debt situation.
Can anyone here explain how Q3 is going to be much better than Q2 was based on the publicly available data?