Revenue and EBITDA Growth
Revenue for Q1 2025 was $150.5 million, an increase of approximately 6% versus Q4. Adjusted EBITDA increased by approximately 17% quarter-over-quarter with incremental adjusted EBITDA margins at approximately 26%.
Market Share Gains in Cementing
Cementing business increased its revenue by approximately 4% and jobs completed by approximately 11% despite a flat rig count environment.
Coiled Tubing Revenue Surge
Coiled tubing revenue increased by approximately 16% quarter-over-quarter, with utilization significantly higher than in Q4.
Successful Refinancing of ABL Credit Facility
The new asset-based revolving credit facility provides $125 million of commitments and extends the previous maturity by approximately 9 months to November 2027.