$KLXE

KLX Energy Services Holdings, Inc.

CIK:0001738827|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 167.3	$ 159.0	$ 312.0	$ 313.0
Costs and expenses:
Cost of sales	130.9	125.6	250.0	249.4
Depreciation and amortization	20.8	23.7	42.7	48.4
Selling, general and administrative	19.0	18.0	34.4	39.6
Research and development costs	0.5	0.4	0.9	0.8
Impairment and other charges	0.5	0.0	0.5	0.0
Bargain purchase gain	(6.5)	0.0	(6.5)	0.0
Operating income (loss)	2.1	(8.7)	(10.0)	(25.2)
Non-operating expense:
Interest income	(0.0)	(0.0)	(0.0)	(0.3)
Interest expense	12.5	11.0	24.2	21.3
(Gain) loss on debt extinguishment	(0.3)	0.0	(0.3)	1.2
Net loss before income tax	(10.1)	(19.7)	(33.9)	(47.4)
Income tax (benefit) expense	(1.7)	0.2	(1.5)	0.4
Net loss	$ (8.4)	$ (19.9)	$ (32.4)	$ (47.8)
Net loss per share-basic (in dollars per share)	$ (0.41)	$ (1.04)	$ (1.62)	$ (2.63)
Net loss per share-diluted (in dollars per share)	$ (0.41)	$ (1.04)	$ (1.62)	$ (2.63)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (32.4)	$ (47.8)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities
Depreciation and amortization	42.7	48.4
Impairment and other charges	0.5	0.0
Non-cash compensation	0.9	1.4
Amortization of deferred financing fees	3.0	1.2
Provision for inventory reserve	0.3	0.6
Change in allowance for credit losses	0.5	0.4
Gain on disposal of property, equipment and other	(4.1)	(3.8)
Non-cash interest expense	15.0	7.1
(Gain) loss on debt extinguishment	(0.3)	1.2
Bargain purchase gain	(6.5)	0.0
Deferred taxes	(1.8)	0.0
Other	(0.4)	0.6
Changes in operating assets and liabilities:
Accounts receivable	(11.8)	(9.5)
Inventories	(1.5)	(2.0)
Prepaid expenses and other current and non-current assets	(1.0)	0.8
Accounts payable	1.3	(3.8)
Other current and non-current liabilities	6.4	(13.3)
Net cash flows provided by (used in) operating activities	10.8	(18.5)
Cash flows from investing activities:
Purchases of property and equipment	(17.3)	(27.7)
Proceeds from sale of property and equipment	5.6	6.4
Wolf Pack Acquisition	(13.5)	0.0
Net cash flows used in investing activities	(25.2)	(21.3)
Cash flows from financing activities:
Proceeds from stock issuance, net of costs	(0.1)	0.6
Borrowings under 2028 ABL Facility	114.9	62.0
Proceeds from issuance of 2030 Senior Notes and warrants	0.0	225.2
Payments on finance lease obligations	(11.0)	(10.6)
Proceeds from note payable	13.2	5.7
Payments of debt issuance costs	0.0	(8.5)
Change in financed payables	(2.8)	(2.8)
Other	(0.2)	(0.4)
Net cash flows provided by (used in) financing activities	16.6	(34.5)
Net change in cash and cash equivalents	2.2	(74.3)
Cash and cash equivalents, beginning of period	5.7	91.6
Cash and cash equivalents and restricted cash, end of period	7.9	17.3
Cash paid during period for:
Income taxes paid, net of refunds	0.2	1.0
Interest	6.1	14.9
Supplemental schedule of non-cash activities:
Accrued capital expenditures	11.8	12.0
Non-cash interest expense (paid in kind)	15.0	7.1
Debt-for-equity exchanges	2.2	0.0
Prior ABL Facility
Cash flows from financing activities:
Repayments on ABL Facility	0.0	(50.0)
2028 ABL Facility
Cash flows from financing activities:
Repayments on ABL Facility	(94.9)	(17.0)
2025 Senior Notes
Cash flows from financing activities:
Repayments of Senior Notes	0.0	(236.3)
2030 Senior Notes
Cash flows from financing activities:
Repayments of Senior Notes	(2.5)	$ (2.4)
Supplemental schedule of non-cash activities:
Debt-for-equity exchanges	$ 2.2

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 7.9	$ 5.7
Accounts receivable–trade, net of allowance for credit losses of $1.9 and $1.7	121.9	102.7
Inventories, net	32.0	30.7
Prepaid expenses and other current assets	17.1	10.8
Total current assets	178.9	149.9
Property and equipment, net	164.8	161.1
Operating lease assets	21.7	22.3
Intangible assets, net	0.9	1.1
Other assets	5.6	5.9
Total assets	371.9	340.3
Current liabilities:
Accounts payable	77.3	68.7
Accrued interest	0.5	0.4
Accrued liabilities	47.7	26.0
Current portion of long-term debt	4.6	4.4
Current portion of operating lease liabilities	7.5	7.1
Current portion of finance lease liabilities	14.0	19.6
Total current liabilities	151.6	126.2
Long-term debt	284.3	253.9
Long-term operating lease liabilities	15.3	15.9
Long-term finance lease liabilities	17.3	17.4
Other non-current liabilities	5.8	1.1
Commitments, contingencies and off-balance sheet arrangements (Note 7)
Stockholders’ equity:
Common stock, $0.01 par value; 110.0 authorized; 21.6 and 18.9 issued	0.2	0.2
Additional paid-in capital	575.7	571.3
Treasury stock, at cost, 0.6 shares and 0.5 shares	(6.4)	(6.2)
Accumulated deficit	(671.9)	(639.5)
Total stockholders’ deficit	(102.4)	(74.2)
Total liabilities and stockholders’ deficit	$ 371.9	$ 340.3