What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-07-29 compared with 2025-04-29 · 165 added, 77 removed, 513 unchanged (32% of the section changed)

5 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Product sales

9 unchanged sentences

Depreciation, amortization and accretion

9,189 8,774 18,340 17,530

Impairments and other charges

9 unchanged sentences

Provision for income taxes

Net income attributable to TETRA stockholders

8,131 4,839 9,168 5,219

Net income 11,305 7,640 15,354 8,555

Loss attributable to noncontrolling interests

Net income attributable to TETRA stockholders $ 11,305 $ 7,643 $ 15,354 $ 8,558

Basic net income per common share:

Net income attributable to TETRA stockholders $ 0.08 $ 0.06 $ 0.12 $ 0.07

$ 0.03 $ 0.01

Weighted average basic shares outstanding 133,152 131,263 132,753 130,858

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net income $ 11,305 $ 7,640 $ 15,354 $ 8,555

Foreign currency translation adjustment from continuing operations, net of taxes of $ 0 in 2025 and 2024

1 unchanged sentence

Reclassification of non-cash cumulative foreign currency translation adjustment loss to net income from dissolution of Canadian subsidiary

Unrealized gain on investment

Comprehensive income (loss) attributable to TETRA stockholders

Unrealized gain (loss) on investment

( 416 ) ( 5 ) ( 135 ) 232

Comprehensive income

16,202 5,676 33,924 5,194

Comprehensive loss attributable to noncontrolling interests

Comprehensive income attributable to TETRA stockholders

$ 16,202 $ 5,679 $ 33,924 $ 5,197

See Notes to Consolidated Financial Statements

73 unchanged sentences

Common stock, par value 0.01 per share;

250,000,000 shares authorized at March 31, 2025 and December 31, 2024;

136,207,612 shares issued at March 31, 2025 and 134,951,081 shares issued at December 31, 2024

250,000,000 shares authorized at June 30, 2025 and December 31, 2024;

136,418,399 shares issued at June 30, 2025 and 134,951,081 shares issued at December 31, 2024

Additional paid-in capital

1 unchanged sentence

Treasury stock, at cost;

3,138,675 shares held at March 31, 2025 and December 31, 2024

3,138,675 shares held at June 30, 2025 and December 31, 2024

( 19,957 ) ( 19,957 )

34 unchanged sentences

$ 1,362 $ 493,424 $ ( 19,957 ) $ ( 39,565 ) $ 2,116 $ ( 164,376 ) $ ( 1,261 ) $ 271,743

Net income for second quarter 2025

— — — — — 11,305 — 11,305

Translation adjustment,

net of taxes of $ 0

— — — 5,313 — — — 5,313

Other comprehensive loss

— — — — ( 416 ) — — ( 416 )

Comprehensive income

Equity-based compensation — 1,747 — — — — — 1,747

Other 2 ( 76 ) — — — — — ( 74 )

Balance at June 30, 2025

$ 1,364 $ 495,095 $ ( 19,957 ) $ ( 34,252 ) $ 1,700 $ ( 153,071 ) $ ( 1,261 ) $ 289,618

Par Value Additional Paid-In

20 unchanged sentences

$ 1,343 $ 488,440 $ ( 19,957 ) $ ( 47,520 ) $ 892 $ ( 275,794 ) $ ( 1,257 ) $ 146,147

Net income (loss) for second quarter 2024

— — — — — 7,643 ( 3 ) 7,640

Translation adjustment, net of taxes of $ 0

— — — ( 1,959 ) — — — ( 1,959 )

Other comprehensive loss

— — — — ( 5 ) — — ( 5 )

Comprehensive income

Equity-based compensation

— 1,800 — — — — — 1,800

Other 3 ( 48 ) — — — — — ( 45 )

Balance at June 30, 2024

$ 1,346 $ 490,192 $ ( 19,957 ) $ ( 49,479 ) $ 887 $ ( 268,151 ) $ ( 1,260 ) $ 153,578

See Notes to Consolidated Financial Statements

3 unchanged sentences

(In Thousands, Unaudited)

Three Months Ended

Six Months Ended

Operating activities:

Net income $ 15,354 $ 8,555

Reconciliation of net income to net cash provided by (used in) operating activities:

Reconciliation of net income to net cash provided by operating activities:

Depreciation, amortization and accretion

Impairments and other charges

Gain on investments

18,340 17,530

Impairments and other charges

(Gain) loss on investments

Equity-based compensation expense 3,607 3,423

5 unchanged sentences

Non-cash cumulative foreign currency translation adjustment loss from dissolution of Canadian subsidiary

Provision for deferred income taxes

Other non-cash credits

5 unchanged sentences

Trade accounts payable and accrued expenses 1,756 ( 6,490 )

Net cash provided by (used in) operating activities

Other 1,454 129

Net cash provided by operating activities

52,268 11,015

5 unchanged sentences

Other investing activities ( 90 ) ( 194 )

Net cash provided by (used in) investing activities

Net cash used in investing activities

( 18,275 ) ( 31,041 )

5 unchanged sentences

Shares withheld for taxes on equity-based compensation ( 1,234 ) ( 2,387 )

Other financing activities

( 1,280 ) ( 1,280 )

Net cash provided by (used in) financing activities

34 unchanged sentences

The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods.

Operating results for the period ended March 31, 2025 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2025.

Operating results for the period ended June 30, 2025 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2025.

The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S.

11 unchanged sentences

Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2024 included in our 2024 Annual Report .

Other than reporting restricted cash as described below, there have been no significant changes in our accounting policies or the application thereof during the first quarter of 2025.

Other than reporting restricted cash as described below, there have been no significant changes in our accounting policies or the application thereof during the second quarter of 2025.

Out-of-Period Correction

4 unchanged sentences

Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve-month period.

In connection with the May 2024 amendment to our ABL Credit Agreement, our former administrative agent required us to collateralize our outstanding letters of credit until the letters of credit expired in March 2025.

Restricted cash as of March 31, 2025 consists of less than $ 0.1 million held in escrow in connection with our Arkansas development.

As of June 30, 2025, restricted cash consists of less than $ 0.1 million held in escrow in connection with our Arkansas development.

Use of Estimates

7 unchanged sentences

On January 8, 2024, we announced the completion of a technical resources report for the Evergreen Unit in Arkansas.

During the three months ended March 31, 2025 and March 31, 2024, we capitalized approximately $ 11.2 million and $ 4.1 million, respectively, of costs associated with the development of our properties in Arkansas.

We capitalized approximately $ 10.9 million and $ 22.0 million for the three and six months ended June 30, 2025, respectively, and $ 9.8 million and $ 13.9 million for the three and six months ended June 30, 2024, respectively, of costs associated with the development of our properties in Arkansas.

Foreign Currency Translation

2 unchanged sentences

The cumulative translation effects of translating the applicable accounts from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity.

Foreign currency exchange (gains) losses are included in other (income) expense, net and totaled $ 8.8 million and $( 0.2 ) million during the three months ended March 31, 2025 and March 31, 2024, respectively.

Foreign currency exchange losses during the three months ended March 31, 2025 include recognition of a $ 9.5 million cumulative foreign currency translation adjustment loss, which was reclassified from accumulated other comprehensive loss due to the dissolution of our former subsidiary in Canada during the three months ended March 31, 2025.

Foreign currency exchange (gains) losses are included in other (income) expense, net and totaled $( 0.8 ) million and $ 8.1 million during the three and six months ended June 30, 2025, respectively, and $ 2.5 million and $ 2.4 million during the three and six months ended June 30, 2024, respectively.

Foreign currency exchange (gains) losses during the six months ended June 30, 2025 include recognition of a $ 9.5 million cumulative foreign currency translation adjustment loss, which was reclassified from accumulated other comprehensive loss due to the dissolution of our former subsidiary in Canada during the three months ended March 31, 2025.

Fair Value Measurements

5 unchanged sentences

Supplemental cash flow information is as follows:

Three Months Ended

Six Months Ended

(in thousands)

1 unchanged sentence

Income taxes paid $ 6,189 $ 2,991

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in thousands)

12 unchanged sentences

Revenue from Contracts with Customers

Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $ 26.3 million and $ 30.4 million as of March 31, 2025 and December 31, 2024, respectively.

Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $ 22.3 million and $ 30.4 million as of June 30, 2025 and December 31, 2024, respectively.

Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets.

Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations.

Unearned income balances were $ 0.6 million and $ 0.4 million as of March 31, 2025 and December 31, 2024, respectively, and vary based on the timing of invoicing and performance obligations being met.

Unearned income balances were $ 0.7 million and $ 0.4 million as of June 30, 2025 and December 31, 2024, respectively, and vary based on the timing of invoicing and performance obligations being met.

Unearned income is included in accrued liabilities and other in our consolidated balance sheets.

We recognized approximately $ 0.1 million and $ 0.1 million during the three months ended

March 31, 2025 and March 31, 2024, respectively, deferred in unearned income as of the beginning of the period.

During the three months ended March 31, 2025 and March 31, 2024, contract costs were not significant.

We recognized approximately $ 0.1 million and $ 0.2 million during the three and six months ended June 30, 2025, respectively, and $ 2.0 million and $ 1.0 million of revenue during the three and six months ended June 30,

2024, respectively, deferred in unearned income as of the beginning of the period.

During the six months ended June 30, 2025 and June 30, 2024, contract costs were not significant.

We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 9 - “Industry Segments.” In addition, we disaggregate revenue from contracts with customers by geography based on the following table below.

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(in thousands)

7 unchanged sentences

9,518 11,151 17,762 20,130

64,427 71,916 128,550 145,606

Total Revenue

4 unchanged sentences

NOTE 3 – INVENTORIES

Components of inventories as of March 31, 2025 and December 31, 2024 are as follows:

March 31, 2025 December 31, 2024

Components of inventories as of June 30, 2025 and December 31, 2024 are as follows:

June 30, 2025 December 31, 2024

(in thousands)

7 unchanged sentences

NOTE 4 – INVESTMENTS

Our investments as of March 31, 2025 and December 31, 2024 consist of the following:

March 31, 2025 December 31, 2024

Our investments as of June 30, 2025 and December 31, 2024 consist of the following:

June 30, 2025 December 31, 2024

(in thousands)

5 unchanged sentences

KGS) (“ Kodiak”) shares for proceeds of $ 19.0 million, net of transaction and broker fees.

During the three months ended March 31, 2025, we recorded a net gain of $ 0.6 million from the sale of our Kodiak shares.

In addition, we are party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other additional potential resources in the Mojave region of California.

During the six months ended June 30, 2025, we recorded a net gain of $ 0.6 million from the sale of our Kodiak shares.

We are party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other additional potential resources in the Mojave region of California.

The Company received stock of Standard Lithium under the terms of the arrangements.

4 unchanged sentences

NOTE 5 – LONG-TERM DEBT AND OTHER BORROWINGS

Consolidated long-term debt as of March 31, 2025 and December 31, 2024 consists of the following:

Scheduled Maturity March 31, 2025 December 31, 2024

Consolidated long-term debt as of June 30, 2025 and December 31, 2024 consists of the following:

Scheduled Maturity June 30, 2025 December 31, 2024

(in thousands)

2 unchanged sentences

Total long-term debt $ 180,504 $ 179,696

(1) Net of unamortized discount of $ 4.8 million and $ 5.0 million as of March 31, 2025 and December 31, 2024, respectively, and net of unamortized deferred financing costs of $ 5.1 million and $ 5.3 million as of March 31, 2025 and December 31, 2024, respectively.

(1) Net of unamortized discount of $ 4.6 million and $ 5.0 million as of June 30, 2025 and December 31, 2024, respectively, and net of unamortized deferred financing costs of $ 4.9 million and $ 5.3 million as of June 30, 2025 and December 31, 2024, respectively.

Term Credit Agreement

Pricing on the Term Credit Agreement is the secured overnight financing rate (“SOFR”) plus 5.75 %.

The interest rate per annum on borrowings under the Term Credit Agreement is 10.17 % as of March 31, 2025 and the maturity date of the Term Credit Agreement is January 1, 2030.

The interest rate per annum on borrowings under the Term Credit Agreement is 10.17 % as of June 30, 2025 and the maturity date of the Term Credit Agreement is January 1, 2030.

The Term Credit Agreement includes a $ 75 million delayed-draw term loan available until January 12, 2026 to provide capital to advance our Arkansas bromine processing project.

6 unchanged sentences

ABL Credit Agreement

As of March 31, 2025, we had no borrowings outstanding and $ 0.2 million letters of credit or guarantees under our ABL Credit Agreement.

Deferred financing costs of $ 1.0 million and $ 1.0 million as of March 31, 2025 and December 31, 2024, respectively, were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our ABL Credit Agreement.

As of March 31, 2025, our ABL Credit Agreement provides, with certain restrictions, for a senior secured revolving credit facility of up to $ 100.0 million with a $ 25.0 million accordion.

As of June 30, 2025, we had no borrowings outstanding and $ 0.2 million letters of credit or guarantees under our ABL Credit Agreement.

Deferred financing costs of $ 1.0 million and $ 1.0 million as of June 30, 2025 and December 31, 2024, respectively, were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our ABL Credit Agreement.

As of June 30, 2025, our ABL Credit Agreement provides, with certain restrictions, for a senior secured revolving credit facility of up to $ 100.0 million with a $ 25.0 million accordion.

The credit facility is subject to a borrowing base determined monthly by reference to the value of inventory and accounts receivable, and includes a sublimit of $ 20.0 million for letters of credit, and a swingline loan sublimit of $ 11.5 million.

4 unchanged sentences

(b) the Federal Funds Effective Rate (as defined in the ABL Credit Agreement) plus 0.5 % per annum and (c) the standard overnight financing rate (adjusted to reflect any required bank reserves) for a one-month period on such day plus 1.0 % per annum, provided that the base rate shall not be less than 1.0 %.

Borrowings outstanding have an applicable margin ranging from 2.00 % to 2.50 % per annum for SOFR-based loans and 1.00 % to 1.50 % per annum for base-rate loans, based upon the applicable fixed charge coverage ratio.

Borrowings have an applicable margin ranging from 2.00 % to 2.50 % per annum for SOFR-based loans and 1.00 % to 1.50 % per annum for base-rate loans, based upon the applicable fixed charge coverage ratio.

In addition to paying interest on the outstanding principal under the ABL Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at an applicable rate of 0.375 % per annum.

2 unchanged sentences

Swedish Credit Facility

In January 2022, the Company entered into a revolving credit facility for seasonal working capital needs of subsidiaries in Sweden (“Swedish Credit Facility”).

As of March 31, 2025, we had no balance outstanding and availability of approximately $ 5.0 million under the Swedish Credit Facility.

The Company has a revolving credit facility for seasonal working capital needs of subsidiaries in Sweden (“Swedish Credit Facility”).

As of June 30, 2025, we had no balance outstanding and availability of approximately $ 5.3 million under the Swedish Credit Facility.

During each year, all outstanding loans under the Swedish Credit Facility must be repaid for at least 30 consecutive days.

2 unchanged sentences

Finland Credit Agreement

In January 2022, the Company also entered into an agreement guaranteed by certain accounts receivable and inventory in Finland (“Finland Credit Agreement”).

As of March 31, 2025, there were $ 1.5 million of letters of credit outstanding against the Finland Credit Agreement.

The Company also has an agreement guaranteed by certain accounts receivable and inventory in Finland (“Finland Credit Agreement”).

As of June 30, 2025, there were $ 1.6 million of letters of credit outstanding against the Finland Credit Agreement.

The Finland Credit Agreement expires on January 31, 2026 and the Company intends to renew it annually.

Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments.

As of March 31, 2025, we are in compliance with all covenants under the credit agreements.

As of June 30, 2025, we are in compliance with all covenants under the credit agreements.

NOTE 6 – COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity.

There have been no material developments in our legal proceedings during the quarter ended March 31, 2025.

There have been no material developments in our legal proceedings during the quarter ended June 30, 2025.

For additional discussion of our legal proceedings, please see our 2024 Annual Report .

5 unchanged sentences

We recognize a liability for the purchase of such products at the time we receive them.

As of March 31, 2025, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Completion Fluids & Products Division’s supply agreements was approximately $ 55.9 million, including $ 17.4 million for the remainder of 2025, $ 22.2 million in 2026, $ 15.4 million in 2027, and $ 0.9 million in 2028.

As of March 31, 2025, our Water & Flowback Services division had an obligation to purchase equipment for approximately $ 4.0 million during the year ending December 31, 2025.

As of March 31, 2025, we also have commitments of $ 23.8 million related to long-lead power infrastructure for our Completion Fluids & Products Division’s proposed bromine plant in Arkansas, including $ 10.3 million due during the remainder of 2025 and $ 13.5 million due over five years beginning after electric service is available.

As of June 30, 2025, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Completion Fluids & Products Division’s supply agreements was approximately $ 44.5 million, including $ 5.7 million for the remainder of 2025, $ 22.3 million in 2026, $ 15.5 million in 2027, and $ 1.0 million in 2028.

As of June 30, 2025, we also have commitments of $ 22.3 million related to long-lead power infrastructure for our Completion Fluids & Products Division’s bromine plant in Arkansas, including $ 8.8 million due during the remainder of 2025 and $ 13.5 million due over five years beginning after electric service is available.

Contingencies Related to Discontinued Operations

12 unchanged sentences

Orinoco has not delivered the Replacement Bonds and neither it nor the Clarkes has made any of the agreed upon cash escrow payments.

We filed a lawsuit against Orinoco and the Clarkes to enforce the terms of the Bonding

Agreement and the Clarke Bonding Guaranty Agreement.

The trial court initially granted summary judgment in favor of Orinoco and the Clarkes, dismissing our claims against Orinoco under the Bonding Agreement and against the Clarkes under the Clarke Bonding Guaranty Agreement.

We filed a lawsuit against Orinoco and the Clarkes to enforce the terms of the Bonding Agreement and the Clarke Bonding Guaranty Agreement.

The trial court initially granted summary judgment in favor

of Orinoco and the Clarkes, dismissing our claims against Orinoco under the Bonding Agreement and against the Clarkes under the Clarke Bonding Guaranty Agreement.

We filed an appeal with the trial court requesting a new trial on the summary judgment or modification of the judgment.

4 unchanged sentences

Such decommissioning orders received by Maritech and other interest owners relate to asset retirement obligations for certain properties in the Gulf of America.

From time to time, we also receive demand notices from third parties related to certain corporate guarantees or other arrangements covering such decommissioning liabilities.

From time to time, we also receive demand notices from third parties related to certain corporate guarantees or other arrangements covering such decommissioning liabilities and other potential claims related to onshore decommissioning activities.

While the ultimate outcome of such matters cannot be predicted at this time, if Maritech or other interest owners default, BSEE or third parties may seek to enforce certain corporate guarantees or third party indemnity agreements against us for a portion of such decommissioning obligations, which may be significant.

1 unchanged sentence

District Court for the Southern District of Texas seeking indemnification from us and Maritech for decommissioning costs related to a Maritech oil and gas platform in the Gulf of America.

We intend to vigorously defend against the claims brought by Arena Energy, LLC but we are presently unable to predict the duration, scope or result of this proceeding.

We intend to vigorously defend against the claims brought by Arena Energy, LLC but we are presently unable to predict the duration, scope or result of this proceeding, as the litigation is in its early stages.

If we become liable in the future for any decommissioning liability associated with any property covered by either an Initial Bond or Replacement Bond while such bonds are outstanding and any payment made to us under such bond is insufficient to satisfy such liability, the Bonding Agreement provides that Orinoco will pay us an amount equal to such deficiency.

15 unchanged sentences

We also hold investments in convertible notes, common units, and preferred units issued by two privately-held companies.

Our investment in certain preferred units were recorded based on observable market-based inputs for preferred units issued to several investors during August through October 2024 (Level 2 fair value measurement).

Our investment in certain preferred units as of December 31, 2024 were recorded based on observable market-based inputs for preferred units issued to several investors during August through October 2024 (Level 2 fair value measurement).

Our investment in convertible notes, common units, and certain preferred units are recorded in our consolidated financial statements based on internal valuations with assistance from a third-party valuation specialist (Level 3 fair value measurement).

3 unchanged sentences

The change in the fair value of the convertible note, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income.

The change in our investments for the three-month periods ended March 31, 2025 and March 31, 2024 are as follows:

Three Months Ended March 31, 2025

The change in our investments for the three and six months ended June 30, 2025 and June 30, 2024 are as follows:

Three Months Ended June 30, 2025

Fair Value Measurements Using

Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs

Significant Unobservable Inputs

(Level 1) (Level 2)

(Level 3) Total

Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Unobservable Inputs

(Level 1) (Level 3) Total

(in thousands)

1 unchanged sentence

$ 1,016 $ 8,670 $ 9,686

Sale of investments

( 19,011 ) — — ( 19,011 )

Reclassification between Level 2 and Level 3 fair value

Unrealized gain (loss) on equity securities

552 ( 191 ) 361

Unrealized gain on equity securities

Unrealized loss on embedded option

— ( 660 ) ( 660 )

Unrealized gain on convertible note, excluding embedded option

Unrealized loss on convertible note, excluding embedded option

— ( 416 ) ( 416 )

Investment balance at end of period

$ 1,568 $ 7,403 $ 8,971

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Fair Value Measurements Using

5 unchanged sentences

Unrealized loss on embedded option — ( 85 ) ( 85 )

Unrealized loss on convertible note, excluding embedded option — ( 5 ) ( 5 )

Investment balance at end of period $ 13,279 $ 7,148 $ 20,427

Six Months Ended June 30, 2025

Fair Value Measurements Using

Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs

(Level 1) (Level 2) (Level 3) Total

(in thousands)

Investment balance at beginning of period $ 19,561 $ 1,388 $ 7,210 $ 28,159

Sale of investments ( 18,393 ) — — ( 18,393 )

Reclassification between Level 2 and Level 3 fair value — ( 1,388 ) 1,388 —

Unrealized gain (loss) on equity securities 400 — ( 177 ) 223

Unrealized loss on embedded option — — ( 883 ) ( 883 )

Unrealized loss on convertible note, excluding embedded option — — ( 135 ) ( 135 )

Investment balance at end of period $ 1,568 $ — $ 7,403 $ 8,971

Six Months Ended June 30, 2024

Fair Value Measurements Using

Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Unobservable Inputs

(Level 1) (Level 3) Total

(in thousands)

Investment balance at beginning of period $ 10,154 $ 7,200 $ 17,354

Unrealized gain on equity securities

3,125 — 3,125

Unrealized loss on embedded option

— ( 284 ) ( 284 )

Unrealized gain on convertible note, excluding embedded option

Investment balance at end of period $ 13,279 $ 7,148 $ 20,427

Recurring fair value measurements by valuation hierarchy as of March 31, 2025 and December 31, 2024 are as follows:

Recurring fair value measurements by valuation hierarchy as of June 30, 2025 and December 31, 2024 are as follows:

Fair Value Measurements Using

Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Unobservable Inputs

Description March 31, 2025 (Level 1) (Level 3)

Total as of Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs

Description June 30, 2025 (Level 1) (Level 2) (Level 3)

(in thousands)

11 unchanged sentences

8,598 — 1,388 7,210

Investments $ 28,159

Total investments

The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt approximate their carrying amounts.

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

(in thousands)

9 unchanged sentences

Three Months Ended

March 31, 2025

June 30, 2025

Completion Fluids & Products Water & Flowback Services Corporate

8 unchanged sentences

Net income (loss) before taxes $ 38,133 $ ( 1,271 ) $ ( 17,426 ) $ 19,436

$ 30,677 $ ( 8,888 ) $ ( 16,703 ) $ 5,086

Capital expenditures $ 13,671 $ 5,784 $ 32 $ 19,487

March 31, 2025

Six Months Ended

June 30, 2025

Completion Fluids & Products Water & Flowback Services Corporate

(in thousands)

Revenue $ 202,462 $ 128,550 $ — $ 331,012

Cost of product sales and services 116,909 104,002 — 220,911

Depreciation, amortization and accretion 4,391 13,761 188 18,340

Impairments and other charges — 611 — 611

General and administrative expense 13,583 10,550 25,260 49,393

Interest (income) expense, net ( 417 ) 6 9,329 8,918

Other (income) expense, net ( 813 ) 9,778 ( 648 ) 8,317

Net income (loss) before taxes $ 68,809 $ ( 10,158 ) $ ( 34,129 ) $ 24,522

Capital expenditures $ 27,514 $ 9,848 $ 81 $ 37,443

June 30, 2025

Total assets $ 330,507 $ 165,795 $ 149,274 $ 645,576

Three Months Ended

March 31, 2024

June 30, 2024

Completion Fluids & Products Water & Flowback Services Corporate

5 unchanged sentences

Interest (income) expense, net ( 135 ) 68 6,252 6,185

Other expense, net 122 2,025 305 2,452

Net income (loss) before taxes $ 26,653 $ 3,156 $ ( 17,330 ) $ 12,479

Capital expenditures $ 10,160 $ 4,944 $ 288 $ 15,392

Six Months Ended

June 30, 2024

Completion Fluids & Products Water & Flowback Services Corporate

(in thousands)

Revenue $ 177,301 $ 145,606 $ — $ 322,907

Cost of product sales and services 112,491 118,531 — 231,022

Depreciation, amortization and accretion 4,748 12,617 165 17,530

General and administrative expense 13,684 8,961 21,790 44,435

Interest (income) expense, net ( 404 ) 144 12,397 12,137

Loss on debt extinguishment — — 5,535 5,535

1 unchanged sentence

Net income (loss) before taxes $ 46,445 $ 3,877 $ ( 36,548 ) $ 13,774

$ 19,792 $ 721 $ ( 19,218 ) $ 1,295

Capital expenditures $ 17,902 $ 12,952 $ 365 $ 31,219

1 unchanged sentence

Total assets $ 290,788 $ 158,475 $ 155,932 $ 605,195

NOTE 10 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the event described below.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act ("OBBBA"), which includes a broad range of tax reform provisions affecting businesses.

The Company is evaluating the OBBBA to determine whether it is expected to materially impact the Company's effective tax rate or cash flows.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements