1 unchanged sentence
In addition to the information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A.
−Removed: Risk Factors” included in our 2025 Annual Report, and in our other filings with the SEC, which could materially affect our business, results of operations, financial condition or cash flows.
+Added: Risk Factors” included in our 2025 Annual Report, and under the heading "Part II Item 1A Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and in our other filings with the SEC, which could materially affect our business, results of operations, financial condition or cash flows.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, results of operations, financial condition or cash flows.
−Removed: There have been no material changes in our risk factors from those described in our 2025 Annual Report and our other SEC filings, except as follows:
−Removed: The current war between Iran and the United States and Israel will likely continue to adversely impact our operations in the Middle East.
−Removed: Cactus International, a 65% owned subsidiary of the Company, has plants in the UAE and Saudi Arabia that are subject to continued interruptions in operations due to the war between Iran, and United States and Israel.
−Removed: The war has also impeded traffic through the Strait of Hormuz impacting our supply chain in the region and impacting the operations and concerns for the safety of our employees and of our customers in the Middle East.
−Removed: We have experienced and expect to continue to experience significant delays and decreased order activities from our customers because of this disruption.
−Removed: The delays in orders potentially impacts not only our operations through Cactus International but also international sales by our Spoolable Technologies segment.
−Removed: There is no way to predict when this conflict will be resolved and when operations can be restored to the conditions that existed before the war.
+Added: There have been no material changes in our risk factors from those described in our 2025 Annual Report, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and our other SEC filings, except as follows:
+Added: Ongoing conflict between the United States, Iran and other countries in the Middle East could continue to adversely impact our operations in the Middle East.
+Added: Cactus International, a 65% owned subsidiary of the Company, has plants in the UAE and Saudi Arabia.
+Added: Both Cactus Wellhead and Cactus International, as well as our Spoolable Technologies segment, maintain significant operations in the Middle East.
+Added: As long as the conflict between or among the United States, Iran and other countries in the Middle East continues, (i) those plants and operations are subject to interruptions, (ii) customer operations may be disrupted resulting in fewer orders, (iii) traffic through the Strait of Hormuz will likely negatively impact our supply chain in the region, (iv) there may be increased safety concerns for our employees and (v) our integration plan for Cactus International may be delayed.
+Added: There is no way to predict when this conflict will be resolved and when operations can be restored to the conditions that existed before the conflict began.
Until such conditions are restored, we expect that our operations in the Middle East and our financial results will be adversely impacted.
−Removed: The current war between Iran and the United States and Israel may impact or delay our ability to realize the anticipated benefits from Cactus International.
−Removed: The disruptions resulting from the war between Iran and the United States and Israel may impact our ability to integrate the Cactus International business with the Company’s business.
−Removed: As a result, our ability to achieve expected revenue, margin and synergy targets related to the transaction may also be adversely impacted.
−Removed: Continued disruptions could result in failure to achieve some or all the benefits expected to result from Cactus International and, if such benefits are delayed or not achieved, our business could be harmed.
−Removed: We cannot estimate the potential impact on our operations and financial results given the uncertain and unpredictable nature of the current situation.
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.