Company: McCoy Global Inc.
Ticker: TSX: MCB
Website: https://www.mccoyglobal.com
Sector: Energy Technology / Oilfield Services Automation
Video Date: November 2025
What Does the Company Do?
McCoy Global builds advanced automated technologies used in well construction — one of the most demanding, high-precision operations in the global energy industry. Their equipment sits at the heart of Tubular Running Services (TRS), where operators assemble and install the steel casing that forms the backbone of every oil and gas well.
The company’s evolution is clear:
• From heavy, manual hydraulic tools
• To connected, sensor-driven, automated systems
• And now into integrated, software-enabled platforms that improve safety, consistency, data quality, and wellbore integrity
The core product lineup includes the smartCRTTM hydraulic casing running tool, the smartFMSTM connected flush-mount spider, and the newly commercialized smarTRTM integrated digital ecosystem — a fully connected hardware + software platform enabling automation, real-time data capture, remote oversight, and significant labour reduction.
Why We Think This Company Is Interesting
1. A major technology inflection point — smarTR™ is now commercialized
In early 2025, McCoy successfully commercialized its smarTR™ platform, securing $11.0M in hardware and SaaS commitments from a leading U.S. TRS provider. This marks the first major adoption of automated tubular-running systems in U.S. land markets and validates over a decade of development.
2. Explosive growth in smartProduct revenue
Across multiple quarters, smartProducts have rapidly become the backbone of the business:
Q4 2024: Smart products represented 48% of revenue (up from 42%).
Q1 2025: Smart products surged to 59% of revenue, up from 31% the year before.
Q2 2025: Smart products reached 58% of revenue, growing 117% YoY.
This shift toward higher-margin, higher-tech offerings is transforming McCoy’s revenue quality and reducing cyclicality risk.
3. Strong profitability with technology-driven margins
The rise of smartProducts is directly lifting margins:
Q4 2024 gross margin: 41% (+8 pts YoY)
Q1 2025 gross margin: 34% (+2 pts YoY)
Q2 2025 gross margin: 36% (+2 pts YoY)
Adjusted EBITDA remains consistently strong across periods, demonstrating a very healthy operational profile for a company at this stage of a technology rollout.
4. Clean balance sheet with real capital returns
McCoy continues to maintain a net cash position ($10.6M–$17M range across recent quarters) and has:
An ongoing Normal Course Issuer Bid
A newly established Automatic Share Purchase Plan (ASPP) to repurchase shares even during blackout periods
A reinstated and increasing quarterly dividend ($0.025/share) across multiple quarters
This is rare in the microcap energy-tech space and signals strong capital discipline.
5. Major contract wins across global markets
McCoy has secured large-scale awards across multiple regions:
Middle East: hydraulic smartCRTTM contract awards
Latin America: deep-water integrated systems + first offshore SaaS commitment
U.S. Land: smarTR™ commercialization and multi-system deployment
Each of these markets is a multi-year opportunity once adoption scales.
6. Technology reduces labour, improves safety & creates data advantages
The smarTR™ platform targets up to 67% labour reduction, improves wellbore integrity, removes mechanical risk, and generates structured operational data — something mechanical TRS workflows cannot do.
This is the direction the global industry is heading, and McCoy is one of the first companies to bring a full-stack solution to market.
7. Strong leadership with deep industry tenure
The CEO, COO, and technical leadership each have 20+ years at the company, with track records spanning multiple energy cycles. This stability is a major asset during a high-stakes commercialization phase.
⚠️ Disclaimer
TokStocks does not accept compensation from companies mentioned unless explicitly disclosed. TokStocks is NOT compensated by McCoy Global for content. This content is for informational purposes only and does not constitute financial advice. Always conduct your own due diligence and consult a registered investment advisor.
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