$TTI

TETRA TECHNOLOGIES INC

CIK:0000844965|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues from product sales and services	$ 185,657	$ 173,872	$ 341,910	$ 331,012
Cost of revenues:
Cost of product sales and services	130,343	116,346	239,195	220,911
Depreciation, amortization and accretion	9,600	9,189	18,776	18,340
Impairments and other charges	0	93	0	611
Total cost of revenues	139,943	125,628	257,971	239,862
Gross profit	45,714	48,244	83,939	91,150
General and administrative expense	25,584	25,259	50,993	49,393
Operating income	20,130	22,985	32,946	41,757
Interest expense, net	3,267	4,194	6,504	8,918
Other expense (income), net	1,009	(645)	(1,002)	8,317
Income before taxes	15,854	19,436	27,444	24,522
Income tax expense	5,617	8,131	8,888	9,168
Net income attributable to TETRA stockholders	$ 10,237	$ 11,305	$ 18,556	$ 15,354
Basic net income per common share:
Net income attributable to TETRA stockholders (in dollars per share)	$ 0.07	$ 0.08	$ 0.14	$ 0.12
Weighted average basic shares outstanding (in shares)	138,997	133,152	136,761	132,753
Diluted net income per common share:
Net income attributable to TETRA stockholders (in dollars per share)	$ 0.07	$ 0.08	$ 0.13	$ 0.12
Weighted average diluted shares outstanding (in shares)	140,619	133,422	138,955	133,371
Product sales
Revenues:
Revenues from product sales and services	$ 103,607	$ 102,717	$ 186,905	$ 190,886
Cost of revenues:
Cost of product sales and services	69,162	57,323	123,148	107,088
Services
Revenues:
Revenues from product sales and services	82,050	71,155	155,005	140,126
Cost of revenues:
Cost of product sales and services	$ 61,181	$ 59,023	$ 116,047	$ 113,823

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 18,556	$ 15,354
Reconciliation of net income to net cash provided by operating activities:
Depreciation, amortization and accretion	18,776	18,340
Impairments and other charges	0	611
(Gain) loss on investments	(497)	42
Equity-based compensation expense	3,702	3,607
Provision for (recovery of) credit losses	68	(117)
Amortization and expense of financing costs	1,177	979
Gain on sale of assets	(256)	(136)
Non-cash cumulative foreign currency translation adjustment loss from dissolution of Canadian subsidiary	0	9,516
Deferred income tax (benefit) expense	1,093	3,008
Other non-cash credits	(172)	(224)
Changes in operating assets and liabilities:
Accounts receivable	(15,825)	(4,495)
Inventories	(814)	(2,089)
Prepaid expenses and other current assets	3,746	4,662
Trade accounts payable and accrued expenses	(6,343)	1,756
Other	(680)	1,454
Net cash provided by (used in) operating activities	22,531	52,268
Investing activities:
Purchases of property, plant and equipment, net	(42,334)	(37,443)
Proceeds from sale of investments	0	19,011
Proceeds from sale of property, plant and equipment	259	247
Other investing activities	(100)	(90)
Net cash used in investing activities	(42,175)	(18,275)
Financing activities:
Proceeds from credit agreements and long-term debt	1,268	194
Public offering proceeds, net of offering costs of $6,603	108,397	0
Principal payments on credit agreements and long-term debt	(268)	(194)
Payments on financing lease obligations	(2,438)	(2,070)
Taxes paid upon vesting of equity-based compensation	(6,438)	(1,234)
Proceeds/cash settlements from common stock and exercised stock options	1,232	0
Payments on seller financed purchases	0	(1,280)
Net cash provided by (used in) financing activities	101,753	(4,584)
Effect of exchange rate changes on cash	(156)	2,184
Increase in cash and cash equivalents	81,953	31,593
Cash, cash equivalents and restricted cash at beginning of period	72,680	37,208
Cash, cash equivalents and restricted cash at end of period	154,633	68,801
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents at end of period	154,583	68,749
Restricted cash at end of period	50	52
Total cash, cash equivalents and restricted cash at end of period shown in the consolidated statements of cash flows	154,633	68,801
Non-cash financing activities:
Deferred Offering Costs	$ 233	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 154,583	$ 72,628
Restricted cash	50	52
Trade accounts receivable, net of allowances of $440 and $397, respectively	114,367	99,578
Inventories	117,057	115,726
Prepaid expenses and other current assets	24,917	28,694
Total current assets	410,974	316,678
Property, plant and equipment, net	230,174	194,197
Deferred tax assets, net	86,738	87,322
Operating lease right-of-use assets	34,123	36,999
Patents, trademarks and other intangible assets, net of accumulated amortization of $50,264 and $48,775, respectively	19,737	21,463
Investments	11,090	11,827
Other assets	7,278	7,275
Total long-term assets	389,140	359,083
Total assets	800,114	675,761
Current liabilities:
Trade accounts payable	55,002	54,517
Current portion of long-term debt	8,125	4,750
Compensation and employee benefits	20,668	28,934
Operating lease liabilities, current portion	11,880	11,326
Accrued taxes	14,629	15,001
Accrued liabilities and other	49,615	39,325
Current liabilities associated with discontinued operations	7,360	7,360
Total current liabilities	167,279	161,213
Long-term debt, net	175,190	176,607
Operating lease liabilities	28,640	32,664
Asset retirement obligations	15,825	15,526
Deferred income taxes	2,677	2,498
Other liabilities	3,976	4,766
Total long-term liabilities	226,308	232,061
Commitments and contingencies (Note 6)
Equity:
Common stock, par value 0.01 per share; 250,000,000 shares authorized at June 30, 2026 and December 31, 2025; 151,211,454 and 137,252,465 shares issued at June 30, 2026 and December 31, 2025, respectively, and 148,072,779 and 134,113,790 shares outstanding at June 30, 2026 and December 31, 2025, respectively	1,512	1,373
Additional paid-in capital	607,190	500,436
Treasury stock, at cost; 3,138,675 shares held at June 30, 2026 and December 31, 2025	(19,957)	(19,957)
Accumulated other comprehensive loss	(34,086)	(32,677)
Retained deficit	(146,864)	(165,420)
Total TETRA stockholders’ equity	407,795	283,755
Noncontrolling interests	(1,268)	(1,268)
Total equity	406,527	282,487
Total liabilities and equity	$ 800,114	$ 675,761