Total Revenue

Increased from $43.189M to $62.465M (44% increase)

Total Revenue surged by 44% primarily due to an overall improvement in operational activity compared to Q1 2024, reflecting enhanced service delivery and customer uptake that reversed previous period challenges. " "

Operating Income

Turned from a loss of $12.032M in Q1 2024 to a positive $509K in Q1 2025

The dramatic turnaround in operating income indicates that cost efficiencies and improved operational performance effectively offset prior losses, suggesting a significant recovery in the company's core operations. " "

Net Loss

Narrowed from $11.811M in Q1 2024 to $537K in Q1 2025

The substantial reduction in net loss reflects a combination of improved operating results, reduced financing costs, and better overall management of expenses, leading to a strong bottom‐line recovery relative to the previous period. " "

Interest Expense

Dropped sharply from $6.637M in Q1 2024 to $153K in Q1 2025

The sharply lower interest expense is largely due to the absence of significant non‐recurring financing charges that burdened Q1 2024, combined with potential debt paydowns and refinancing efforts that reduced interest-bearing liabilities in Q1 2025. " "

Total Assets

Declined approximately 40% from $628.070M in Q1 2024 to $374.354M in Q1 2025

The notable reduction in total assets suggests asset sales or write-downs that were not present in Q1 2024; this contraction, alongside a similar decline in total equity, indicates a recalibration of the company’s balance sheet that warrants further review. " "

Total Equity

Fell by about 44% from $448.264M in Q1 2024 to $252.511M in Q1 2025

The decline in total equity is consistent with a significant drop in retained earnings and comprehensive losses experienced in the previous period, compounded by the asset adjustments that reduced the overall book value of the company. " "

Cash and Cash Equivalents

Increased roughly 157% from $22.021M in Q1 2024 to $56.650M in Q1 2025

The substantial increase in cash and cash equivalents implies improved cash management, likely fueled by asset sales or favorable financing activities absent in Q1 2024, resulting in a much stronger liquidity position in Q1 2025. " "

Operating Cash Flow

Weakened considerably from $47.349M in Q1 2024 to $2.711M in Q1 2025

Despite improved earnings, the sharp decline in operating cash flow signals challenges in converting operational performance into cash, possibly due to increased working capital requirements or timing differences in revenue recognition versus cash collection compared to Q1 2024. " "

Capital Expenditures (CapEx)

FY 2025

$12 million "

$12 million "

no change

Pressure Pumping Fleet Modernization and Utilization Management

Q2 2024: Emphasis on Tier 4 DGB upgrades with modest utilization (0.3–0.6 fleets). " " Q3 2024: Internal modernization with Tier 4 dual fuel pumps and anticipation of demand increases. " " Q4 2024: Improved utilization with two active fleets and a focus on maintenance investments. " " "

Q1 2025: Increased utilization in well completions (average of 1.3 active fleets vs. 1.1 previously) with cautious, measured fleet modernization amid market uncertainties. " " "

Positive momentum in utilization coupled with a deliberate, cost‐effective approach to fleet upgrades.

Cost Management and Reliance on Cost-Cutting Measures

Q2 2024: Focus on disciplined cost management and aligning CapEx with customer demand. " " Q3 2024: Emphasis on efficient cost management, reduced CapEx, and lower professional fees expected in future periods. " " Q4 2024: Continued reliance on cost‐cutting with adjustments in SG&A and improved EBITDA trends. " " "

Q1 2025: Implementation of robust cost-cutting measures including a 34% sequential reduction in SG&A and strategies to manage staffing and repairs if utilization weakens. " " "

Consistent commitment to cost efficiency that is further enhanced in Q1 2025.

Organic Growth in Transmission & Distribution and Engineering Segments

Q2 2024: Identification of organic opportunities through upticks in bidding and infrastructure projects. " Q3 2024: Notable growth in T&D with expanded engineering capacity and increased bidding activity. " Q4 2024: Expansion through adding 20 crews and leveraging a strong backlog in these segments. " "

Q1 2025: Continued sequential organic growth, with strong performance in engineering and T&D supporting a 32% increase in well completions revenue. " "

Sustained robust organic growth with expanded capacity and strategic backlog management.

Stable Sand Pricing Environment and Market Demand Uncertainty

Q2 2024: Stable pricing observed despite a slight decline and ongoing market demand softness. " Q3 2024: Pricing remained stable with persistent uncertainty in utilization and calendar white space. " Q4 2024: Evidence of somewhat stabilized sand pricing amid reduced volumes, with expectations for incremental demand in 2025. "

Q1 2025: Continued observation of a stable sand pricing environment—highlighted by strong demand in Western Canada—while acknowledging persistent market demand uncertainties driven by macro factors. " " "

Overall pricing stability persists even as broader market uncertainty remains a challenge.

Financial Restructuring and PREPA Settlement Impact

Q2 2024: Detailed settlement agreement with PREPA, including a $188.4M settlement used to pay down debt and improve liquidity. " " " Q3 2024: Receipt of settlement installments led to debt elimination and enhanced cash positions. " " Q4 2024: Recorded significant noncash charges and noted the settlement’s impact on net loss. "

Q1 2025: There is no discussion of this topic, indicating it is no longer a focal point in current commentary.

A marked drop in emphasis suggests that this topic has been largely resolved or de-prioritized in the current period.

Strategic Expansion Initiatives and Capital Expenditure Strains

Q2 2024: Discussion of using settlement proceeds for reinvestment and aligning CapEx (budget raised to $12M) with market demand. " " Q3 2024: Investment in additional infrastructure, fleet modernization, and exploring strategic acquisition opportunities. " " " Q4 2024: Organic growth initiatives highlighted through crew additions and strategic asset transactions, with disciplined CapEx (approximately $6.1M for Q4). " "

Q1 2025: Continued strategic expansion through opportunistic transactions (e.g., aircraft purchase and sale of subsidiaries) and maintaining a measured CapEx approach for fleet modernization (CapEx of $7.2M; 2025 budget at $12M). " " "

A consistent strategic push, now enhanced by tangible asset deals, while maintaining disciplined spending amid market uncertainties.

Storm-Related Revenue Opportunities and Risks

Q2 2024: Noted increased storm-related work generating higher revenue and proactive crew deployment for an active storm season. " " " Q3 2024: Recognition of revenue opportunities from hurricanes, though acknowledging variability and inherent risks. " " Q4 2024: Engagement with co-ops to further enhance storm-related revenue opportunities. "

Q1 2025: This topic is not mentioned in the current period’s discussion.

A decline in mention implies reduced short-term focus, likely due to fewer disruptive storm events or a strategic pivot.

Limited Involvement in the Growing Microgrid Market

Q2 2024: Minimal involvement noted, with work done primarily through local utilities. " Q3 2024 & Q4 2024: No further commentary provided on the topic.

Q1 2025: There is no mention of microgrid activities, consistent with earlier limited engagement.

Continued limited involvement, with the topic receiving little to no strategic emphasis over time.