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AKITA announces second quarter results with net income of $2.3 million, debt repayment of $10 million and commencement of a normal course issuer bid

Newswire.ca - Thu Jul 31, 2025

CALGARY, AB, July 31, 2025 /CNW/ - AKITA Drilling Ltd. (TSX: AKT.A)

AKITA Drilling Ltd. ("AKITA" or the "Company") announces net income of $2.3 million for the three months ended June 30, 2025, reversing a loss of $0.5 million during the same period in 2024. The Company saw a notable increase in activity in its US operating segment during Q2 2025 compared to the prior year.  Adjusted funds flow from operations increased to $9.8 million in the second quarter of 2025 from $6.4 million in the second quarter of 2024. Net cash from operations increased to $18.2 million for the three months ended June 30, 2025, compared to $10.9 million in the same period of 2024, driven by a significant release of working capital, which totalled $11.5 million in Q2 2025, compared to $7.0 million in 2024.

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