Strong Revenue Growth
Third quarter revenue of $44 million increased by 15% compared to the prior year, with international revenues up 89%, U.S. revenues up 39%, and Canadian revenues up 3%.
Increased EBITDA
Adjusted EBITDA of $7.1 million exceeded the guided range, with a $4.6 million improvement over the first 9 months of 2023.
International Expansion Success
International revenue for the first 9 months of 2024 reached $12 million, already surpassing the full year 2023, with expectations to exceed the previous record of $15 million set in 2019.
New Product Developments
Development of a larger frac sleeve for 7-inch casing and successful trials of a high-performance dissolvable frac plug position NCS for expanded market opportunities.
Strong Balance Sheet
Cash balance of $15.3 million and total liquidity over $37 million with positive net cash position of $6.7 million.