Total Revenue

Down 12% (from $377.83M to $332.88M)

Total revenue decreased by about 12% YoY, driven largely by a reduction in pressure pumping activity amid overall industry headwinds. Lower demand and competitive pricing pressures impacted major service lines, resulting in the decline. " "

Net Income

Down over 56% (from $27.47M to $12.03M)

Net income dropped by more than 56% YoY as lower revenues combined with higher fixed expenses and declining asset utilization eroded profit margins. The result reflects the compounded effect of a challenging operating environment and adverse cost absorption compared to the prior period. "

Operating Income

Down 62% (from $32.35M to $12.39M)

Operating income fell by roughly 62% YoY as the revenue decline directly hit operating margins and profitability. Increased cost pressures coupled with fixed overheads contributed to a steeper drop than the revenue percentage decline, highlighting operating leverage challenges. "

Basic Earnings per Share

Down from $0.13 to $0.06

Basic EPS decreased significantly as a direct consequence of the net income decline while the weighted average shares remained relatively stable. This reflects the lower profitability transmitted to shareholders compared to the previous period. "

Net Cash Provided by Operating Activities

Down nearly 30% (to $39.87M)

Operating cash flow declined by nearly 30% YoY as reduced revenue and profitability lowered cash generation despite some offsetting working capital improvements. The decline underscores the impact of lower operating performance relative to the prior quarter. "

Capital Expenditures

Eased by about 39% (to –$32.27M)

Capital expenditures dropped roughly 39% YoY, indicating a moderation in investment spending compared to the previous period. This reduction likely reflects a strategic shift in capital allocation with less aggressive spending on new equipment and upgrades in Q1 2025. "

Ending Cash and Cash Equivalents

Increased from $212.20M to $326.72M

Ending cash and cash equivalents increased markedly YoY as lower capital outlays and eased financing activities, such as reduced share repurchases, helped bolster the cash balance. Despite softer operating cash flows, improved balance sheet management compared to Q1 2024 contributed to the higher cash position. "

Capital Expenditures (CapEx)

FY 2025

$150 million to $200 million "

$165 million to $215 million "

raised

Fleet Additions

FY 2025

Acquisition plans: no new Tier 4 DGB fleet; timeline 6–9 months "

no current guidance

no current guidance

Normalized Tax Rate

FY 2025

no prior guidance

27.2% "

no prior guidance

Pintail Revenue Contribution

FY 2025

no prior guidance

“Pintail generated a little over $400 million in 2024, $100 million per quarter” "

no prior guidance

Pintail CapEx

FY 2025

no prior guidance

Likely up to $20 million on an annualized basis "

no prior guidance

Depreciation

FY 2025

no prior guidance

Expected to approximate annualized CapEx "

no prior guidance

Interest Expense

FY 2025

no prior guidance

Associated with a $50 million seller note at SOFR +200bps "

no prior guidance

EPS and Cash Flow Impact

FY 2025

no prior guidance

Expected to be accretive to EPS and cash flow "

no prior guidance

Strategic M&A and Accretive Acquisitions

Discussed extensively in Q2–Q4 2024 with emphasis on portfolio rebalancing, disciplined capital allocation, and targeting accretive transactions " " "

In Q1 2025, the focus remains on strategic, accretive acquisitions such as the Pintail deal, with added emphasis on enhancing cash flow and exposure to large customers " " "

Consistent focus: The company continues its disciplined, accretive strategy with little change in sentiment over the periods.

Pressure Pumping Business Challenges and Pricing Pressures

Q2–Q4 2024 discussions noted oversupply, challenging utilization (especially for Tier 2 diesel), idling of assets, and pricing pressures in a competitive market " " "

Q1 2025 maintained similar concerns with flat revenues, pricing concessions, and differentiation in performance between Tier 4 DGB and Tier 2 equipment "

Persistent challenge: Tactical adjustments are made but the challenges largely remain from prior periods.

Disciplined Capital Allocation and Strong Cash Position

Earlier periods featured steady emphasis on conservative spending, strong cash metrics, and consistent free cash flow generation to support organic growth and M&A " " "

Q1 2025 highlighted a robust cash position of $327 million and continued disciplined capital allocation with cautious CapEx "

Steady & positive: The strategic discipline in capital spending remains strong with some improvement in cash metrics.

Multi-Segment Exposure with Emphasis on Downhole Technology

Q2–Q4 2024 showcased downhole tools as a key non-pressure pumping segment with innovations (e.g., new motor, unplug system) and significant revenue contribution (approximately 27–29%) " " "

Q1 2025 reinforced the importance of downhole technology, contributing 28.2% of revenues and noting early traction for new drill and unplug products " "

Consistent and upbeat: The focus on diversification through downhole technology remains robust and positive.

Technological Upgrades and Fleet Modernization

In Q2–Q4 2024, investments in Tier 4 DGB fleets and innovative downhole tools were emphasized, alongside plans to retire older assets and improve fleet efficiency " " "

Q1 2025 stressed high utilization of Tier 4 DGB assets over Tier 2 equipment and confirmed no plans to add a new frac fleet in 2025 "

Continued modernization: The company is steadily replacing aging assets while being cautious in capital spending.

Market Visibility and Cyclical Uncertainty in Project Scheduling

Across Q2–Q4 2024, visibility was limited with short-term (semi-dedicated) customer contracts, seasonal factors, and uncertainty from policy/regulatory and market dynamics " " "

Q1 2025 revealed similar challenges with limited visibility, macro uncertainty (including tariffs), and variable scheduling horizons for spot versus semi‑dedicated customers " "

Ongoing ambiguity: Uncertainty remains a constant factor with little improvement in visibility.

Asset Utilization Concerns Including Aging Equipment and Optimal Fleet Size

Q2–Q4 2024 discussions focused on managing an optimal fleet size by retiring aging diesel assets, idling crews when necessary, and emphasizing upgrades – reducing the overall fleet count " " " "

Q1 2025 reiterated a disciplined approach by not planning a new frac fleet, reallocating aging equipment, and balancing pricing with utilization strategies " "

Consistent vigilance: The asset management strategy remains steady, focusing on optimized utilization amid aging equipment.

Customer Relationships and Contract Structure (semi‑dedicated vs. long‑term agreements)

Prior periods (Q2–Q4 2024) noted the reliance on spot and semi‑dedicated contracts with limited long‑term firm agreements, providing only multi‑month visibility for many customers " " " "

In Q1 2025, the same dynamics were noted with semi‑dedicated relationships offering only a few months’ visibility and minimal long‑term commitments "

Stable approach: The company continues to operate with flexible, short‑term contracts while accepting inherent visibility challenges.

Impact of Non‑Recurring Insurance Costs on Margins

Q4 2024 was impacted by non‑recurring, elevated insurance costs (a few million dollars) that negatively affected margins and EBITDA; this was not mentioned in Q2–Q3 2024 " " "

In Q1 2025, insurers’ costs did not recur, resulting in a modest sequential improvement in margins "

Improvement noticed: The one‑off insurance cost issue has receded, leading to better margins compared to Q4 2024.

Reluctance to Invest in Electric Fleets and Associated Market Share Risks

Addressed in Q2 and Q4 2024 with a clear preference for dual‑fuel (Tier 4 DGB) technology and reluctance to invest organically in electric fleets despite noting associated market challenges " "

Q1 2025 did not mention electric fleet investments, suggesting a de‑prioritization of this topic in the current discussion

Reduced emphasis: The topic has faded from the current period, indicating that it is less of an immediate concern.

Changing Sentiment on Acquisition Value Amid Commoditization

Q2 2024 highlighted more reasonable valuations, while Q3 and Q4 2024 discussions noted compressed bid/ask spreads and the importance of quality acquisitions amid commoditization " " " "

Q1 2025 did not explicitly revisit this sentiment but continued to pursue accretive acquisitions, implying stable underlying views

Implicit consistency: While not directly mentioned, the favorable acquisition environment appears to persist without major sentiment swings.

Performance and Diversification in Non‑Pressure Pumping Service Lines

Q2 2024 showed robust growth in several non‑pressure pumping segments (e.g., 7% in downhole, 18% in thru tubing) and Q3–Q4 2024 featured mixed performance with some segments declining seasonally while others grew " " " "

In Q1 2025, performance was mixed—with downhole and cementing largely flat, coiled tubing declining slightly, and rental tools up 7%—but overall diversification was still seen as a stabilizing factor "

Resilient yet mixed: Diversification remains a strength, although some service lines are underperforming, reflecting a cautious market environment.

Uncertainty in Drilling and Completion Activity Timing

Q2 2024 detailed uncertainty due to oil price fluctuations, E&P discipline, and challenges predicting activity timing; Q3–Q4 2024 echoed these concerns along with regulatory and policy vagueness " " "

In Q1 2025, uncertainty persisted with macro factors (tariffs, falling oil prices) influencing the timing of both drilling and completion activities, along with possible shifts toward workovers " " "

Persistent uncertainty: The overall uncertainty remains high with similar themes recurring across all periods.