Earnings ·
Reports Q3 net loss of $0.07 per share and raises full-year capex outlook to $22M-$23M
DTIDrilling Tools International Corp
Drilling Tools International reported a third-quarter net loss attributable to shareholders of approximately $2.6 million, or $0.07 per diluted share, on revenue of $40.6 million. Adjusted EBITDA was $9.5 million and adjusted free cash flow was approximately $3.8 million. The company raised its full-year 2026 capital expenditure outlook to $22 million-$23 million from the previous range of $17 million-$22 million, citing targeted growth investments for offshore Norway contracts and rising U.S. land activity. Consequently, the adjusted free cash flow forecast was revised downward to $13 million-$22 million. Management expects full-year revenue between $155 million and $170 million and adjusted EBITDA between $35 million and $45 million. The filing also notes the proposed acquisition of Saltire Energy Limited, expected to close in Q1 2027 subject to regulatory approval and stockholder consent. Drilling Tools International is a global oilfield services company that designs, manufactures, and rents downhole drilling tools for onshore and offshore horizontal and directional drilling operations.