Total revenues surged 37.6% to $433.4 million driven by vertical integration.
Adjusted EBITDA grew 21.7% to $122.2 million.
Interest expenses jumped $13.4M due to new $800M 2030 Notes.
Initiated share repurchase program with $5M spent in Q1.
The Q1 2026 filing reveals a company at a crossroads, balancing aggressive strategic scaling against mounting financial pressure. On one hand, the integration of the Jamaica assets and the shift toward vertical integration have successfully driven a massive increase in revenue and Adjusted EBITDA. The company is effectively leveraging geopolitical volatility to secure high-value contracts and expand its global footprint across 14 countries. However, the financial cost of this growth is evident in the eroded operating cash flow and increased interest burdens. The trade-off for investors is clear: the potential for massive scale and market dominance versus the immediate reality of high leverage and a structure that favors insiders over public shareholders. The ultimate success of this strategy will depend on the company's ability to convert its growing revenue stream into sustainable free cash flow while managing its $1.9 billion debt load in a volatile geopolitical environment.