What changed in this filing

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Item 1. Financial Statements

2026-04-29 compared with 2025-10-28 · 144 added, 353 removed, 396 unchanged (56% of the section changed)

5 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Product sales

10 unchanged sentences

118,028 114,234

36,370 34,363 127,520 108,718

Gross profit 38,225 42,906

General and administrative expense 25,409 24,134

Operating income 12,816 18,772

11,130 11,957 52,887 41,877

Interest expense, net 3,237 4,724

Loss on debt extinguishment

Other (income) expense, net

( 2,011 ) 8,962

Income from continuing operations before taxes

8,105 7,576 32,627 21,350

Income before taxes

Income tax expense 3,271 1,037

3,954 4,744 13,122 9,963

Income from continuing operations

4,151 2,832 19,505 11,387

Discontinued operations:

Loss from discontinued operations, net of taxes

— ( 5,830 ) — ( 5,830 )

Net income (loss)

4,151 ( 2,998 ) 19,505 5,557

Loss attributable to noncontrolling interests

Net income (loss) attributable to TETRA stockholders

$ 4,151 $ ( 2,998 ) $ 19,505 $ 5,560

Basic net income (loss) per common share:

Income from continuing operations

$ 0.03 $ 0.02 $ 0.15 $ 0.09

Loss from discontinued operations

Net income attributable to TETRA stockholders

$ 8,319 $ 4,049

Net income (loss) attributable to TETRA stockholders

Basic net income per common share:

Net income attributable to TETRA stockholders

$ 0.06 $ 0.03

Weighted average basic shares outstanding 134,500 132,350

Diluted net income (loss) per common share:

Income from continuing operations

$ 0.03 $ 0.02 $ 0.15 $ 0.09

Loss from discontinued operations

— ( 0.04 ) — ( 0.04 )

Net income (loss) attributable to TETRA stockholders

Diluted net income per common share:

Net income attributable to TETRA stockholders

$ 0.06 $ 0.03

3 unchanged sentences

and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

Consolidated Statements of Comprehensive Income

(In Thousands)

Three Months Ended

September 30, Nine Months Ended

September 30,

$ 8,319 $ 4,049

Net income (loss)

$ 4,151 $ ( 2,998 ) $ 19,505 $ 5,557

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

Foreign currency translation adjustment, net of taxes of $ 0 in 2026 and 2025

( 633 ) 3,876

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

Unrealized gain on investment

297 556 162 788

Comprehensive income 4,714 916 38,638 6,110

Comprehensive loss attributable to noncontrolling interests — — — 3

Unrealized (loss) gain on investment

Comprehensive income attributable to TETRA stockholders $ 6,907 $ 17,722

$ 4,714 $ 916 $ 38,638 $ 6,113

See Notes to Consolidated Financial Statements

1 unchanged sentence

and Subsidiaries

Consolidated Balance Sheets

Condensed Consolidated Balance Sheets

(In Thousands)

September 30,

2026 December 31,

11 unchanged sentences

297,167 316,678

Property, plant and equipment:

Land and building

24,957 24,475

Machinery and equipment

338,581 323,044

Automobiles and trucks

10,691 10,325

Chemical plants

75,549 69,815

Construction in progress

66,839 34,910

Property, plant and equipment

516,617 462,569

Less accumulated depreciation

( 343,417 ) ( 320,409 )

Property, plant and equipment, net

203,223 194,197

Other assets:

Patents, trademarks and other intangible assets, net of accumulated amortization of $ 59,127 and $ 55,421 in 2025 and 2024, respectively

22,343 24,923

Deferred tax assets, net

2 unchanged sentences

35,855 36,999

Investments 10,409 28,159

Patents, trademarks and other intangible assets, net of accumulated amortization of $ 49,379 and $ 48,775 in 2026 and 2025, respectively

20,595 21,463

Total other assets

Investments 11,494 11,827

Total long-term assets

365,178 359,083

3 unchanged sentences

and Subsidiaries

Consolidated Balance Sheets

Condensed Consolidated Balance Sheets

(In Thousands, Except Share Amounts)

September 30,

2026 December 31,

3 unchanged sentences

$ 52,205 $ 54,517

Current portion of long-term debt 5,938 4,750

Compensation and employee benefits 19,671 28,934

16 unchanged sentences

Common stock, par value 0.01 per share;

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

136,789,182 and 134,951,081 shares issued, respectively, and 133,650,507 and 131,812,406 shares outstanding, respectively

250,000,000 shares authorized at March 31, 2026 and December 31, 2025;

138,434,753 and 137,252,465 shares issued at March 31, 2026 and December 31, 2025, respectively, and 135,296,078 and 134,113,790 shares outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

1 unchanged sentence

Treasury stock, at cost;

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

3,138,675 shares held at March 31, 2026 and December 31, 2025

( 19,957 ) ( 19,957 )

23 unchanged sentences

— — — — — 8,319 — 8,319

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

— — — 9,516 — — — 9,516

Translation adjustment, net of taxes of $ 0

— — — ( 633 ) — — — ( 633 )

Other comprehensive income — — — — 281 — — 281

Comprehensive income

Equity-based compensation

— 1,860 — — — — — 1,860

Other 12 ( 1,158 ) — — — — — ( 1,146 )

Balance at March 31, 2025

$ 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

Other comprehensive loss, net of tax benefit of $ 216

— — — — ( 779 ) — — ( 779 )

1 unchanged sentence

Equity-based compensation — 1,778 — — — — — 1,778

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

Net income for third quarter 2025

— — — — — 4,151 — 4,151

Translation adjustment,

net of taxes of $ 0

Exercise of stock options

1 370 — — — — — 371

Other comprehensive income, net of taxes of $ 45

Vesting of restricted stock

10 ( 5,938 ) — — — — — ( 5,928 )

Comprehensive income

Equity-based compensation — 1,708 — — — — — 1,708

Other 4 ( 619 ) — — — — — ( 615 )

Balance at September 30, 2025

Balance at March 31, 2026

$ 1,384 $ 496,646 $ ( 19,957 ) $ ( 35,483 ) $ 1,394 $ ( 157,101 ) $ ( 1,268 ) $ 285,615

11 unchanged sentences

— — — — — 4,049 — 4,049

Reclassification of non-cash cumulative foreign currency translation adjustment loss to net income from dissolution of Canadian subsidiary — — — 9,516 — — — 9,516

Translation adjustment, net of taxes of $ 0

2 unchanged sentences

— — — — 281 — — 281

Comprehensive loss

Equity-based compensation

— 1,623 — — — — — 1,623

Other 11 ( 2,339 ) — — — — — ( 2,328 )

Balance at March 31, 2024

$ 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

1 unchanged sentence

— 1,860 — — — — — 1,860

Other 3 ( 48 ) — — — — — ( 45 )

Balance at June 30, 2024

12 ( 1,158 ) — — — — — ( 1,146 )

Net loss for third quarter 2024

— — — — — ( 2,998 ) — ( 2,998 )

Translation adjustment, net of taxes of $ 0

— — — 3,358 — — — 3,358

Other comprehensive income

— — — — 556 — — 556

Comprehensive income

Equity-based compensation

— 1,481 — — — — — 1,481

Other 3 ( 566 ) — — — — — ( 563 )

Balance at September 30, 2024

Balance at March 31, 2025

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

4 unchanged sentences

(In Thousands, Unaudited)

Nine Months Ended

September 30,

Three Months Ended

Operating activities:

Net income $ 8,319 $ 4,049

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

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

Depreciation, amortization and accretion

27,831 26,367

Impairments and other charges

Gain on investments ( 662 ) ( 257 )

( 1,054 ) ( 3,591 )

Equity-based compensation expense 1,778 1,860

Recovery of credit losses

( 23 ) ( 85 )

Amortization and expense of financing costs 570 495

Loss on debt extinguishment

Gain on sale of assets

1 unchanged sentence

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

Deferred income tax expense

Other non-cash credits ( 478 ) ( 760 )

Deferred income tax expense (benefit)

1,102 ( 134 )

Other non-cash (credits) charges

Changes in operating assets and liabilities:

4 unchanged sentences

Other ( 196 ) 295

Net cash provided by operating activities 68,634 30,885

Net cash (used in) provided by operating activities

( 11,856 ) 3,935

Investing activities:

3 unchanged sentences

Proceeds from sale of property, plant and equipment

Purchase of investments

Other investing activities 164 108

Net cash used in investing activities ( 34,022 ) ( 44,444 )

Net cash (used in) provided by investing activities

( 18,728 ) 1,345

Financing activities:

2 unchanged sentences

Payments on financing lease obligations ( 1,166 ) ( 931 )

Debt issuance costs

Shares withheld for taxes on equity-based compensation ( 1,853 ) ( 2,953 )

Other financing activities

( 1,280 ) ( 1,280 )

Net cash provided by (used in) financing activities

Proceeds from exercise of stock options 371 —

Taxes paid upon vesting of equity-based compensation ( 5,928 ) ( 1,158 )

Net cash used in financing activities

( 6,723 ) ( 2,089 )

Effect of exchange rate changes on cash 151 651

Increase (decrease) in cash and cash equivalents

(Decrease) increase in cash and cash equivalents

( 37,156 ) 3,842

14 unchanged sentences

NOTE 1 – ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

We are an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better.

We are an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions.

In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century.

We were incorporated in Delaware in 1981.

Our products and services are delivered through two reporting segments – Completion Fluids & Products Division and Water & Flowback Services Division.

Our Completion Fluids & Products Division manufactures and markets clear brine fluids (“CBFs”), additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa.

The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry.

Calcium chloride is used in the oil and gas industry, and also has broad industrial applications to the agricultural, road, food and beverage, and lithium production markets.

Our Completion Fluids & Products Division also markets TETRA PureFlow, an ultra-pure zinc bromide, as well as TETRA PureFlow Plus, an ultra-pure zinc bromide/zinc chloride blend, to battery technology companies.

Our Water & Flowback Services Division provides onshore oil and gas operators with comprehensive water management services.

The Division also provides frac flowback, production well testing, and other associated services in many of the major oil and gas producing regions in the United States, as well as in oil and gas basins in certain countries in Latin America, Europe, and the Middle East.

We are also developing and pilot testing technologies to treat and desalinate produced water from oil wells for beneficial reuse, including surface discharge.

Our portfolio includes energy services, industrial chemicals and emerging critical minerals opportunities, delivered through our two reporting segments – Completion Fluids & Products and Water & Flowback Services.

Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc.

and its subsidiaries on a consolidated basis.

Our Completion Fluids & Products Segment manufactures and markets clear brine fluids (“CBFs”), additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa.

The segment also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry and also produces and markets TETRA PureFlow, an ultra-pure zinc bromide, as well as TETRA PureFlow Plus, an ultra-pure zinc bromide/zinc chloride blend, to battery technology companies.

Our Water & Flowback Services Segment provides onshore oil and gas operators with comprehensive water management services.

The Segment also provides frac flowback, production well testing, and other associated services in many of the major oil and gas producing regions in the United States, as well as in oil and gas basins in certain countries in Latin America, Europe, and the Middle East.

We are also developing and pilot testing technologies to treat and desalinate produced water from oil wells for beneficial reuse, including surface discharge.

Our unaudited consolidated financial statements include the accounts of our wholly owned or controlled subsidiaries.

1 unchanged sentence

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 September 30, 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 March 31, 2026 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2026.

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.

3 unchanged sentences

These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2025 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2026 (the “ 202 5 Annual Report ”).

Discontinued Operations

In early 2018, we closed a series of related transactions that resulted in the disposition of our former Offshore segment.

Our former Offshore segment is reported as discontinued operations for all periods presented.

We may be required to satisfy certain decommissioning liabilities under third-party indemnity agreements and corporate guarantees for which costs may be significant.

During the three months ended September 30, 2024, we accrued $ 5.8 million of decommissioning expense and liability associated with our former Offshore segment for which costs might be above the value of surety bonds on properties previously disposed.

See Note 6 - “Commitments and Contingencies” for additional discussion of contingencies related to discontinued operations.

Significant Accounting Policies

Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2025 included in our 202 5 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 third quarter of 2025.

Out-of-Period Correction

During the three months ended March 31, 2025, we recorded an adjustment to our deferred tax liability related to a correction to our 2024 tax provision.

This adjustment increased income tax benefit by $ 1.2 million and increased net income per share attributable to TETRA stockholders by $ 0.01 in the consolidated statement of operations for the three months ended March 31, 2025.

The Company assessed the impact of this out-of-period adjustment and concluded that it was not material to the financial statements previously issued for any interim or annual period, and the adjustment during the quarter ended March 31, 2025 is not expected to be material to the annual financial statements for 2025.

Restricted Cash

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

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

There have been no significant changes in our accounting policies or the application thereof during the first quarter of 2026.

Use of Estimates

The preparation of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period.

impairments during the reporting period.

Actual results could differ from those estimates, and such differences could be material.

Correction of Immaterial Error

During the preparation of the current period financial statements for the period ended March 31, 2026, we identified an immaterial error which understated the current portion of long-term debt and overstated long-term debt by $ 4.8 million as of December 31, 2025.

Balances as of December 31, 2025 have been revised to correct this error.

See Note 5 for additional information on our Term Credit Agreement.

Mineral Resources Arrangement

We have rights to the brine underlying our approximately 40,000 gross acres of brine leases in the Smackover Formation in Southwest Arkansas, including rights to the bromine and lithium contained in the brine.

We are pursuing low-carbon energy initiatives that leverage our fluids core chemistry competencies and our significant mineral resources, including our brine leases in Southwest Arkansas.

In June 2023, we entered into a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of ExxonMobil Corporation, relating to the Evergreen Unit, and potential bromine and lithium production from brine produced from the unit.

We completed an initial preliminary economic assessment in early 2023 for the extraction of the brine and for a bromine processing plant.

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

We capitalized approximately $ 6.0 million and $ 28.0 million for the three and nine months ended September 30, 2025, respectively, and $ 8.7 million and $ 22.6 million for the three and nine months ended September 30, 2024, respectively, of costs associated with the development of our properties in Arkansas, excluding capitalized interest.

The memorandum of understanding includes an allocation of certain costs for the drilling of a brine production test well and other development operations, including front-end engineering and design studies for bromine and lithium production facilities.

We capitalized approximately $ 6.6 million and $ 11.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively, of costs, net of reimbursements from our partner, associated with the development of our properties in Arkansas, excluding capitalized interest, which are included in capital expenditures for our Completion Fluids & Products Segment.

Capitalized Interest

3 unchanged sentences

Capitalized interest is included in the carrying amount of the related assets and will be amortized over their respective useful lives once the assets are placed into service.

We capitalized interest attributed to cost capitalized for the development of our properties in Arkansas of approximately $ 1.1 million and $ 3.0 million for the three and nine months ended September 30, 2025, respectively, and $ 0.7 million and $ 0.7 million for the three and nine months ended September 30, 2024, respectively.

The average effective interest rate used for capitalization during the nine months ended September 30, 2025 was 11.7 %.

We capitalized interest attributed to cost capitalized for the development of our properties in Arkansas of approximately $ 1.8 million and $ 0.8 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

The average effective interest rate used for capitalization during the three months ended March 31, 2026 was 11.0 %.

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 losses are included in other (income) expense, net and totaled $ 0.1 million and $ 8.1 million during the three and nine months ended September 30, 2025, respectively, and $ 0.5 million and $ 2.8 million during the three and nine months ended September 30, 2024, respectively.

Foreign currency exchange losses during the nine months ended September 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.

Foreign currency exchange (gains) losses are included in other (income) expense, net and totaled $( 1.4 ) million and $ 8.8 million during the three months ended March 31, 2026 and March 31, 2025, respectively.

Foreign currency exchange (gains) 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.

Fair Value Measurements

3 unchanged sentences

Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, including the impairment of long-lived assets (a Level 3 fair value measurement).

Corporate Office Lease

In August 2025, we entered into an operating lease agreement for new corporate office space located in Spring, Texas.

The lease term is thirteen years and is expected to commence upon substantial completion of leasehold improvements by the landlord, which are expected to occur in the fourth quarter of 2025 or early 2026.

Upon commencement of the lease, we expect to recognize a right-of-use asset and corresponding long-term lease liability of approximately $ 9.2 million.

The lease includes fixed monthly base rent payments totaling approximately $ 1.8 million annually beginning in early 2028 and continuing through the lease term, including scheduled annual escalations.

We also expect to incur additional costs related to facility management and operations, which will be expensed as incurred as variable lease costs.

Discontinued Operations

In early 2018, we closed a series of related transactions that resulted in the disposition of our former Offshore segment.

We may be required to satisfy certain decommissioning liabilities under third-party indemnity agreements and corporate guarantees for which costs may be significant.

As of March 31, 2026 and December 31, 2025, we accrued $ 7.4 million of decommissioning liability associated with our former Offshore segment for which costs might be above the value of surety bonds on properties previously disposed.

Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of any legal proceedings, any amounts estimated or accrued may not represent the ultimate loss to the Company.

See Note 9 - “Discontinued Operations” and Note 11 - “Commitments and Contingencies” included in our 2025 Annual Report for additional discussion.

Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

Nine Months Ended

September 30,

Three Months Ended

(in thousands)

Interest paid (1)

Income taxes paid $ 10,333 $ 4,867

September 30, 2025 December 31, 2024

Income taxes paid, net of refunds

$ 7,337 $ 3,360

(1) Interest paid is net of $ 1.8 million and $ 0.8 million of capitalized interest for the three months ended March 31, 2026 and March 31, 2025, respectively.

March 31, 2026 December 31, 2025

(in thousands)

Accrued capital expenditures $ 7,020 $ 7,849

New Accounting Pronouncements

Standards not yet adopted

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, “Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Accounting Standards Codification 606.

The update is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods with early adoption is permitted.

We are assessing the effect of this update on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40).” ASU 2024-03 requires additional disclosures about certain expenses included in the income statement, including purchases of inventory, employee compensation, intangible asset amortization and depreciation.

ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted.

The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures, but does not expect it to have a significant impact on its consolidated financial statements upon adoption as the standard expands disclosures only .

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.” The new standard requires companies to disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.

ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the impact of ASU 2023-09 on its financial statements and related disclosures, but does not expect it to have a significant impact on its consolidated financial statements upon adoption as the standard expands disclosures only .

NOTE 2 – REVENUE

Revenue from Contracts with Customers

Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $ 22.4 million and $ 30.4 million as of September 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.

Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $ 24.2 million and $ 24.4 million as of March 31, 2026 and December 31, 2025, respectively.

Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our condensed 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 $ 4.2 million and $ 0.4 million as of September 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 $ 0.3 million and $ 0.2 million during the three and nine months ended September 30, 2025, respectively, and $ 3.4 million and $ 2.5 million of revenue during the three and nine months ended September 30, 2024, respectively, deferred in unearned income as of the beginning of the period.

During the nine months ended September 30, 2025 and September 30, 2024, contract costs were not significant.

Unearned income balances were $ 8.6 million and $ 5.9 million as of March 31, 2026 and December 31, 2025, 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 condensed consolidated balance sheets.

We recognized approximately $ 1.3 million and $ 0.1 million of revenue during the three months ended March 31, 2026 and March 31, 2025, respectively, deferred in unearned income as of the beginning of the period.

During the three months ended March 31, 2026 and March 31, 2025, 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

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in thousands)

7 unchanged sentences

64,532 64,122

62,975 76,569 191,525 222,175

Total Revenue

4 unchanged sentences

NOTE 3 – INVENTORIES

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

September 30, 2025 December 31, 2024

Components of inventories as of March 31, 2026 and December 31, 2025 are as follows:

March 31, 2026 December 31, 2025

(in thousands)

7 unchanged sentences

NOTE 4 – INVESTMENTS

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

September 30, 2025 December 31, 2024

Our investments as of March 31, 2026 and December 31, 2025 consist of the following:

March 31, 2026 December 31, 2025

(in thousands)

Investment in Kodiak

Investment in Standard Lithium $ 2,728 $ 3,576

1 unchanged sentence

Total Investments $ 11,494 $ 11,827

In January 2025, we sold our Kodiak Gas Services, Inc.

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

During the nine months ended September 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.

We received stock of Standard Lithium under the terms of arrangements whereby Standard Lithium has the right to explore for, produce and extract lithium in our Arkansas leases and other additional potential resources in the Mojave region of California.

The stock component of consideration received from Standard Lithium was initially recorded as unearned income based on the quoted market price at the time the stock was received, then recognized in income over the contract term.

Changes in the value of stock are recorded in other (income) expense, net in our consolidated statements of operations.

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

3 unchanged sentences

NOTE 5 – LONG-TERM DEBT AND OTHER BORROWINGS

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

Scheduled Maturity September 30, 2025 December 31, 2024

Consolidated long-term debt as of March 31, 2026 and December 31, 2025 consists of the following:

Scheduled Maturity March 31, 2026 December 31, 2025

(in thousands)

Term Credit Agreement (1)

January 1, 2030 $ 180,924 $ 179,696

Total debt January 12, 2030 $ 181,818 $ 181,357

Less current portion ( 5,938 ) ( 4,750 )

Total long-term debt $ 175,880 $ 176,607

(1) Net of unamortized discount of $ 4.4 million and $ 5.0 million as of September 30, 2025 and December 31, 2024, respectively, and net of unamortized deferred financing costs of $ 4.7 million and $ 5.3 million as of September 30, 2025 and December 31, 2024, respectively.

(1) Net of unamortized discount of $ 3.9 million and $ 4.2 million as of March 31, 2026 and December 31, 2025, respectively, and net of unamortized deferred financing costs of $ 4.2 million and $ 4.5 million as of March 31, 2026 and December 31, 2025, 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 10.01 % as of September 30, 2025 and the maturity date of the Term Credit Agreement is January 1, 2030.

The Term Credit Agreement includes a $ 75.0 million delayed-draw term loan available until January 12, 2026 to provide capital to advance our Arkansas bromine processing project.

The Company is required to pay a commitment fee on the unutilized commitments with respect to the delayed-draw term loan at the rate of 1.5 % per annum.

The interest rate per annum on borrowings under the Term Credit Agreement is 9.52 % as of March 31, 2026.

The maturity date of the Term Credit Agreement is January 12, 2030.

Our Term Credit Agreement requires us to repay $ 3.6 million of principal payments due for the remainder of 2026, and $ 9.5 million each in 2027, 2028 and 2029, payable quarterly and subject to adjustments for additional borrowings and prepayments, if any.

Our Term Credit Agreement also requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the Term Credit Agreement) within five business days of filing our Annual Report, if our Leverage Ratio (as defined in the Term Credit Agreement) is greater than 2 to 1.

In March 2026, the lender consented to waive the $ 1.2 million quarterly payment due on March 31, 2026, which effectively deferred the payment to the maturity date of the Term Credit Agreement.

Scheduled maturities for

the remainder of 2026 through maturity of the Term Credit Agreement are as follows, not considering conditional prepayment offers required by our Term Credit Agreement:

March 31, 2026

(in thousands)

Total maturities $ 190,000

The Term Credit Agreement contains certain affirmative and negative covenants, including covenants that restrict the ability of the Company and certain of its subsidiaries to take certain actions including, among other things and subject to certain significant exceptions, the incurrence of debt, the granting of liens, engaging in mergers and other fundamental changes, the making of investments, entering into transactions with affiliates, the payment of dividends and other restricted payments, the prepayment of other indebtedness and the sale of assets.

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All obligations under the Term Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest on substantially all of the property of the Company and its domestic subsidiaries, subject to the lien priorities set forth in the intercreditor agreement with the agent under our ABL Credit Agreement.

Our Term Credit Agreement requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the Term Credit Agreement) within five business days of filing our Annual Report.

The Term Credit Agreement includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments, and change of control.

ABL Credit Agreement

As of September 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 September 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 September 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.

As of March 31, 2026, we had no borrowings outstanding and $ 3.1 million letters of credit or guarantees under our ABL Credit Agreement.

Deferred financing costs of $ 0.8 million and $ 0.9 million as of March 31, 2026 and December 31, 2025, respectively, were classified as other long-term assets on the accompanying condensed consolidated balance sheets as there was no outstanding balance on our ABL Credit Agreement.

As of March 31, 2026, 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.

The ABL Credit Agreement matures on May 13, 2029.

Subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had availability of $ 60.7 million under this agreement.

Subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had availability of $ 61.9 million under this agreement as of March 31, 2026.

Borrowings under the ABL Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) the standard overnight financing rate plus 0.10 %, (ii) a base rate plus a margin based on a fixed charge coverage ratio, or (iii) the Daily Simple Risk Free Rate plus 0.10 %.

The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by Bank of America, N.A.

(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 %.

The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by our lender (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 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.

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

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

As of March 31, 2026, 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.

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

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

As of March 31, 2026, there were $ 1.6 million of letters of credit outstanding against the Finland Credit Agreement.

The Finland Credit Agreement expires on January 31, 2027 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 September 30, 2025, we are in compliance with all covenants under the credit agreements.

As of March 31, 2026, we are in compliance with all required covenants under the credit agreements.

NOTE 6 – COMMITMENTS AND CONTINGENCIES

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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 September 30, 2025.

There have been no material developments in our legal proceedings during the quarter ended March 31, 2026.

For additional discussion of our legal proceedings, please see our 202 5 Annual Report .

Product Purchase Obligations

In the normal course of our Completion Fluids & Products Division operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products.

In the normal course of our Completion Fluids & Products Segment operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products.

Some of these agreements have terms and conditions that specify a minimum or maximum level of purchases over the term of the agreement.

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

As of September 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 $ 49.4 million, including $ 2.3 million for the remainder of 2025, $ 30.5 million in 2026, $ 15.6 million in 2027, and $ 1.0 million in 2028.

As of September 30, 2025, we also have commitments of $ 21.0 million related to long-lead power infrastructure for our Completion Fluids & Products Division’s bromine plant in Arkansas, including $ 7.5 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

In early 2018, we closed the Maritech Asset Purchase and Sale Agreement (“Maritech APA") and Maritech Membership Interest Purchase Agreement (“Maritech MIPA”) with Orinoco Natural Resources, LLC (“Orinoco”) that together provided for the purchase by Orinoco of all of Maritech’s remaining oil and gas properties and related assets and all outstanding membership interests of Maritech.

Under the Maritech APA, Orinoco assumed responsibility for all of Maritech’s decommissioning liabilities related to the leases sold to Orinoco (the “Orinoco Lease Liabilities”) and, under the Maritech MIPA, Orinoco assumed all other liabilities of Maritech, including the decommissioning liabilities associated with Maritech’s interests in oil and gas properties previously sold by Maritech and select infrastructure still operated by Maritech (the “Legacy Liabilities”), subject to certain limited exceptions unrelated to the decommissioning liabilities.

To the extent that Maritech or Orinoco fails to satisfy decommissioning liabilities associated with any of the Orinoco Lease Liabilities or the Legacy Liabilities, we may be required to satisfy such liabilities under third party indemnity agreements and corporate guarantees that we previously provided to the U.S.

Department of the Interior (“BSEE”) and other parties, respectively, for which costs may be significant.

Pursuant to a Bonding Agreement entered into as part of these Orinoco transactions (the “Bonding Agreement”), Orinoco provided non-revocable performance bonds from a surety company in an aggregate amount of $ 46.8 million to cover the performance by Orinoco and Maritech of certain specific asset retirement obligations of Maritech (the “Initial Bonds”) and agreed to replace the Initial Bonds with other non-revocable performance bonds in the aggregate sum of $ 47.0 million (collectively, the “Replacement Bonds”).

In the event Orinoco does not provide the Replacement Bonds, Orinoco is required to make certain cash escrow payments to us.

To date, no cash escrow payments have been made.

On August 16, 2024, we issued a letter to Orinoco and the bond company demanding realignment of the existing bonds and/or issuance of Replacement Bonds pursuant to the terms of the Bonding Agreement to better align bond coverage with the more likely liability risks.

To date, no written response has been received.

The payment obligations of Orinoco under the Bonding Agreement were guaranteed by Thomas M.

Clarke and Ana M.

Clarke pursuant to a separate guaranty agreement (the “Clarke Bonding Guaranty Agreement”).

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

On November 5, 2019, the trial court signed an order granting our motion for a new trial and vacating the prior summary judgment order.

The parties are awaiting direction from the court on a new scheduling order and/or trial setting.

The Initial Bonds, which are non-revocable, remain in effect.

In addition, Maritech and certain other interest owners have received decommissioning orders from BSEE and could receive additional decommissioning orders in the future.

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 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.

On February 13, 2025, Arena Energy, LLC filed a complaint in U.S.

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, 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.

If Orinoco fails to pay any such amount, such amount must be paid by the Clarkes under the Clarke Bonding Guaranty Agreement.

Our financial condition and results of operations may be negatively affected if we become liable for a significant portion of the decommissioning liabilities and Orinoco or the Clarkes are unable to cover any such deficiency.

With respect to certain properties in the Gulf of America, we have been advised that the cost of the decommissioning work to plug and abandon certain wells is projected to be significantly higher than the approximately $ 10.7 million bond supporting the liability, which was put in place by Maritech and other interest owners based on earlier cost estimates.

We have also been advised more recently that Maritech’s prior working interest with respect those plugging and abandonment (“P&A”) costs are expected to exceed its share of the bond.

In September 2024, P&A operations commenced pursuant to a cost sharing agreement among certain parties for decommissioning certain properties in the Gulf of America.

While Maritech is not a party to this cost sharing agreement, a predecessor of Maritech has advised us that it expects to seek reimbursement from us for the portion of decommissioning costs it has contractually agreed to pay pursuant to the terms of the cost sharing agreement.

While the ultimate outcome of this matter cannot be predicted, we could potentially be liable for an estimated amount in the range of $ 5.8 million to $ 19.4 million, depending on the outcome of negotiations and whether other partners or property owners in the chain of title fulfill their respective obligations under their agreements.

Additionally, we understand that in connection with the P&A operations being performed, Maritech and the other named obligees have made a demand on the related bond.

We have made efforts to protect Maritech’s proportionate share of the bond proceeds (approximately $ 3.9 million), including demanding that the surety segregate or ensure that Maritech’s share is applied solely to satisfy its proportionate share of the decommissioning costs.

We accrued a liability of $ 5.8 million related to this obligation during the year ended December 31, 2024.

As of March 31, 2026, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Completion Fluids & Products Segment’s supply agreements was approximately $ 75.2 million, including $ 36.4 million for the remainder of 2026, $ 29.1 million in 2027, and $ 9.7 million in 2028.

As of March 31, 2026, we also have commitments of $ 13.5 million related to long-lead power infrastructure for our Completion Fluids & Products Segment’s bromine plant in Arkansas, due over five years beginning after electric service is available, which may be subject to reduction or reimbursement if another industrial or non-residential customer(s) connects to the power infrastructure.

NOTE 7 – FAIR VALUE MEASUREMENTS

Financial Instruments

Our investments in Kodiak and Standard Lithium are recorded in investments on our consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements).

We retained an interest in our former subsidiary, CSI Compressco LP (“CSI Compressco’), which was acquired by Kodiak Gas Services, Inc.

(“Kodiak”) on April 1, 2024, and we received shares of Kodiak in exchange for our common units in CSI Compressco in connection with such acquisition.

In January 2025, we sold our Kodiak shares for proceeds of $ 19.0 million, net of transaction and broker fees.

Our investment in Standard Lithium is recorded in investments on our condensed consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements).

The stock component of consideration received from Standard Lithium is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term.

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

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).

The convertible note includes an option to convert the note into equity interests.

Our investment in certain preferred units as of March 31, 2026 and December 31, 2025 were recorded based on internal valuations with assistance from a third-party valuation specialist, including reference to observable market-based inputs for preferred units issued to several investors during October 2025 through March 2026 (Level 3 fair value measurement).

Our investment in convertible notes, embedded option and common 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).

The valuations are impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings.

One of the convertible notes includes an option to convert the note into equity interests.

The change in the fair value of the embedded option, as well as the preferred units and common units, are included in other (income) expense, net in our consolidated statements of operations.

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 and nine months ended September 30, 2025 and September 30, 2024 are as follows:

Three Months Ended September 30, 2025

The change in our investments for the three months ended March 31, 2026 and March 31, 2025 are as follows:

Three Months Ended March 31, 2026

Fair Value Measurements Using

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$ 3,576 $ 8,251 $ 11,827

Unrealized gain (loss) on equity securities

Unrealized (loss) gain on equity securities

( 848 ) 129 ( 719 )

Unrealized loss on embedded option

Unrealized gain on embedded option

— 1,381 1,381

Unrealized gain on convertible note, excluding embedded option

Investment balance at end of period

Unrealized loss on convertible note, excluding embedded option

— ( 995 ) ( 995 )

Three Months Ended September 30, 2024

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 $ 13,279 $ — $ 7,148 $ 20,427

Purchase of investments — 1,000 21 1,021

Reclassification between Level 2 and Level 3 fair value — 350 ( 350 ) —

Unrealized gain on equity securities 1,072 38 193 1,303

Unrealized loss on embedded option — — ( 553 ) ( 553 )

Unrealized gain on convertible note, excluding embedded option — — 556 556

Investment balance at end of period

Nine Months Ended September 30, 2025

$ 2,728 $ 8,766 $ 11,494

Three Months Ended March 31, 2025

Fair Value Measurements Using

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

Unrealized gain (loss) on equity securities 1,528 — ( 188 ) 1,340

Unrealized loss on embedded option — — ( 904 ) ( 904 )

Unrealized gain on convertible note, excluding embedded option — — 207 207

Investment balance at end of period $ 2,696 $ — $ 7,713 $ 10,409

Nine Months Ended September 30, 2024

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 $ 10,154 $ — $ 7,200 $ 17,354

Purchase of investments — 1,000 21 1,021

Reclassification between Level 2 and Level 3 fair value — 350 ( 350 ) —

Unrealized gain on equity securities

4,197 38 1,070 5,305

Gain on equity securities

Unrealized loss on embedded option — — ( 209 ) ( 209 )

— — ( 1,714 ) ( 1,714 )

Unrealized gain on convertible note, excluding embedded option — — 281 281

Investment balance at end of period $ 1,016 $ — $ 8,670 $ 9,686

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

Recurring fair value measurements by valuation hierarchy as of March 31, 2026 and December 31, 2025 are as follows:

Fair Value Measurements Using

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

Description September 30, 2025 (Level 1) (Level 3)

Description March 31, 2026 (Level 1) (Level 3)

(in thousands)

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Fair Value Measurements Using

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

Description December 31, 2024 (Level 1) (Level 2) (Level 3)

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

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

(in thousands)

Investment in Kodiak $ 18,393 $ 18,393 $ — $ —

Investment in Standard Lithium $ 3,576 $ 3,576 $ —

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in thousands)

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We manage our operations through two segments:

Completion Fluids & Products Division and Water & Flowback Services Division.

Completion Fluids & Products Segment and Water & Flowback Services Segment.

Summarized financial information concerning the business segments is as follows:

Three Months Ended

September 30, 2025

March 31, 2026

Completion Fluids & Products Water & Flowback Services Corporate

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Other (income) expense, net ( 1,752 ) ( 591 ) 332 ( 2,011 )

Income (loss) from continuing operations before taxes $ 25,314 $ 52 $ ( 17,261 ) $ 8,105

Capital expenditures $ 9,857 $ 5,882 $ — $ 15,739

Nine Months Ended

September 30, 2025

Completion Fluids & Products Water & Flowback Services Corporate

(in thousands)

Revenue $ 292,726 $ 191,525 $ — $ 484,251

Cost of product sales and services 174,480 153,809 — 328,289

Depreciation, amortization and accretion 6,654 20,897 280 27,831

Impairments and other charges — 611 — 611

General and administrative expense 20,576 16,291 37,766 74,633

Operating income (loss)

Income (loss) before taxes

$ 24,299 $ 2,060 $ ( 14,769 ) $ 11,590

Interest (income) expense, net ( 587 ) 40 13,913 13,366

Other (income) expense, net ( 2,520 ) 9,983 ( 569 ) 6,894

Income (loss) from continuing operations before taxes $ 94,123 $ ( 10,106 ) $ ( 51,390 ) $ 32,627

Capital expenditures $ 10,191 $ 8,828 $ — $ 19,019

September 30, 2025

March 31, 2026

Total assets $ 362,514 $ 169,088 $ 130,743 $ 662,345

Three Months Ended

September 30, 2024

March 31, 2025

Completion Fluids & Products Water & Flowback Services Corporate

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Other (income) expense, net ( 719 ) 9,634 47 8,962

Income (loss) from continuing operations before taxes $ 19,119 $ 4,674 $ ( 16,217 ) $ 7,576

Capital expenditures $ 11,215 $ 3,358 $ — $ 14,573

Nine Months Ended

September 30, 2024

Completion Fluids & Products Water & Flowback Services Corporate

(in thousands)

Revenue $ 242,432 $ 222,175 $ — $ 464,607

Cost of product sales and services 150,815 178,598 — 329,413

Depreciation, amortization and accretion 7,164 18,945 258 26,367

Impairments and other charges — — 109 109

General and administrative expense 19,739 14,533 32,569 66,841

Operating income (loss)

Income (loss) before taxes

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

Interest (income) expense, net ( 1,346 ) 139 18,440 17,233

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

Other (income) expense, net 496 1,409 ( 4,146 ) ( 2,241 )

Income (loss) from continuing operations before taxes $ 65,564 $ 8,551 $ ( 52,765 ) $ 21,350

Capital expenditures $ 13,843 $ 4,064 $ 49 $ 17,956

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Total assets $ 347,770 $ 161,978 $ 166,013 $ 675,761

Our chief executive officer is considered the chief operating decision maker.

We generally evaluate the performance of and allocate resources to our segments based on income (loss) from continuing operations before income taxes, return on investment and other criteria.

Resources for each segment, including employees and financial or capital resources, are allocated predominantly through the annual budget as well as the annual and monthly forecasting process.

NOTE 10 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events through October 28, 2025, the date the financial statements were available to be issued.

The Company has evaluated subsequent events through April 29, 2026, the date the financial statements were available to be issued.

We entered into new credit facilities in Argentina, which are collateralized by a $ 3.0 million letter of credit issued under our ABL Credit Agreement in January 2026.

We borrowed $ 1.0 million under new credit facilities in April 2026 for capital expenditure needs for our subsidiary in Argentina, which borrowings bear interest at a weighted average rate of 7.13 % per annum.

Principal and interest are due at maturity of the facilities in December 2026 .

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