$CLB

Core Laboratories Inc. /DE/

CIK:0001958086|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
REVENUE:
Revenue	$ 124,609	$ 130,159	$ 246,406	$ 253,744
OPERATING EXPENSES:
General and administrative expense, exclusive of depreciation expense shown below	10,953	10,464	25,671	24,111
Depreciation	3,685	3,561	7,241	7,154
Amortization	140	109	348	233
Other (income) expense, net	(691)	(2,967)	(1,336)	(632)
OPERATING INCOME	9,151	15,291	11,038	19,708
Interest expense	2,846	2,711	5,737	5,313
Income before income taxes	6,305	12,580	5,301	14,395
Income tax expense	507	1,911	256	3,657
Net income	5,798	10,669	5,045	10,738
Net income (loss) attributable to non-controlling interest	(158)	33	(122)	256
Net income attributable to Core Laboratories Inc.	$ 5,956	$ 10,636	$ 5,167	$ 10,482
EARNINGS PER SHARE INFORMATION:
Basic earnings per share	$ 0.13	$ 0.23	$ 0.11	$ 0.23
Basic earnings per share attributable to Core Laboratories Inc.	0.13	0.23	0.11	0.22
Diluted earnings per share	0.12	0.23	0.11	0.23
Diluted earnings per share attributable to Core Laboratories Inc.	$ 0.13	$ 0.22	$ 0.11	$ 0.22
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	46,030	46,632	46,052	46,702
Diluted	46,878	47,364	46,954	47,509
Service [Member]
REVENUE:
Revenue	$ 94,277	$ 96,219	$ 188,529	$ 191,310
OPERATING EXPENSES:
Cost of services and product sales exclusive of depreciation expense shown below	75,736	74,053	151,851	147,033
Product [Member]
REVENUE:
Revenue	30,332	33,940	57,877	62,434
OPERATING EXPENSES:
Cost of services and product sales exclusive of depreciation expense shown below	$ 25,635	$ 29,648	$ 51,593	$ 56,137

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 5,045	$ 10,738
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	5,934	4,697
Depreciation and amortization	7,589	7,387
Inventory write-off and obsolescence	432	1,620
Net provision for credit losses	92	1,603
Changes in value of life insurance policies	(1,281)	(834)
Deferred income taxes	(1)	(3,167)
Insurance recovery on property, plant and equipment	(175)	(1,557)
Realization of pension obligation	94	89
Other non-cash items	(113)	511
Changes in assets and liabilities:
Accounts receivable	4,619	(3,717)
Inventories	(3,897)	(1,991)
Prepaid expenses and other current assets	(907)	(817)
Other assets	(7)	(109)
Accounts payable	3,257	6,647
Accrued expenses	(8,420)	(886)
Unearned revenues	(476)	(218)
Other liabilities	(11)	587
Net cash provided by operating activities	11,774	20,583
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures - operations	(8,135)	(6,259)
Capital expenditures - rebuilding of Aberdeen facility	(2,524)	(1,648)
Proceeds from insurance recovery - Aberdeen facility	0	4,678
Acquisitions, net of cash acquired	0	(617)
Proceeds from sale of assets	3,074	2,196
Patents and other intangibles	11	0
Net proceeds on life insurance policies	252	778
Net cash used in investing activities	(7,322)	(872)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt	(77,625)	(27,000)
Proceeds from long-term debt	81,000	25,000
Dividends paid	(920)	(938)
Repurchase of common stock	(6,688)	(4,761)
Other financing activities	(186)	19
Net cash used in financing activities	(4,419)	(7,680)
NET CHANGE IN CASH AND CASH EQUIVALENTS	33	12,031
CASH AND CASH EQUIVALENTS, beginning of period	22,702	19,157
CASH AND CASH EQUIVALENTS, end of period	22,735	31,188
Supplemental disclosures of cash flow information:
Cash payments for interest	4,313	4,065
Cash payments (net of refunds) for income taxes	6,546	4,874
Non-cash investing and financing activities:
Capital expenditures incurred but not paid for as of the end of the period	$ 1,303	$ 819

Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

CURRENT ASSETS:

Cash and cash equivalents

$ 22,735

$ 22,702

Accounts receivable, net of allowance for credit losses of $6,504 and $6,317 at 2026 and 2025, respectively

108,817

113,528

Inventories

57,961

54,496

Prepaid expenses

10,953

9,734

Income taxes receivable

7,265

7,270

Other current assets

6,629

6,935

TOTAL CURRENT ASSETS

214,360

214,665

PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $318,900 and $320,707 at 2026 and 2025, respectively

100,390

99,447

RIGHT OF USE ASSETS

52,870

54,346

INTANGIBLES, net of accumulated amortization and impairment of $19,879 and $19,531 at 2026 and 2025, respectively

6,752

7,118

GOODWILL

105,796

105,789

DEFERRED TAX ASSETS, net

70,574

67,381

OTHER ASSETS

36,036

35,264

TOTAL ASSETS

586,778

^[1]

584,010

CURRENT LIABILITIES:

Accounts payable

40,163

37,275

Accrued payroll and related costs

21,736

26,525

Taxes other than payroll and income

3,509

4,272

Unearned revenues

5,076

5,552

Operating lease liabilities

11,940

11,456

Income taxes payable

1,615

4,255

Other current liabilities

17,011

16,680

TOTAL CURRENT LIABILITIES

101,050

106,015

LONG-TERM DEBT, net

113,861

110,255

LONG-TERM OPERATING LEASE LIABILITIES

39,314

42,309

DEFERRED COMPENSATION

29,938

29,381

DEFERRED TAX LIABILITIES, net

7,553

7,995

OTHER LONG-TERM LIABILITIES

16,293

15,847

COMMITMENTS AND CONTINGENCIES

EQUITY:

Preference stock, 6,000,000 shares authorized, $0.01 par value; none issued or outstanding

Common stock, 200,000,000 shares authorized, $0.01 par value, 46,966,868 issued and 45,884,100 outstanding at 2026; 46,966,868 issued and 46,095,379 outstanding at 2025

470

Additional paid-in capital

115,512

110,245

Retained earnings

176,909

172,662

Accumulated other comprehensive income (loss)

(5,678)

(5,806)

Treasury stock (at cost), 1,082,768 and 871,489 shares at 2026 and 2025, respectively

(14,544)

(11,585)

Total Core Laboratories Inc. shareholders' equity

272,669

265,986

Non-controlling interest

6,100

6,222

TOTAL EQUITY

278,769

272,208

TOTAL LIABILITIES AND EQUITY

$ 586,778

$ 584,010

[1]	(4) Total assets at June 30, 2025 included in the Reservoir Description operating segment have been adjusted for certain prior period immaterial corrections. See Note 2 - Significant Accounting Policies Update.