Arun Jayaram

Scott Gruber

Stephen Gengaro

Jeffrey LeBlanc

David Anderson

Donald Crist

J. David Anderson

John Anderson

- Cactus reported **Q3 2025 revenue of $264 million** and **adjusted EBITDA of $87 million**, resulting in an **adjusted EBITDA margin of 32.9%**.  **[0001699136_2216354_0]** **[0001699136_2216354_1]**  Adjusted earnings per share were **$0.67**.  **[0001699136_2216354_1]** 
- **Pressure Control margins improved sequentially** due to tariff mitigation and cost reduction efforts, while **Spoolable Technologies sales and margins exceeded expectations** driven by higher international shipments.  **[0001699136_2216354_0]** 
- For Q4 2025, **Pressure Control revenue is expected to be relatively flat** at approximately $169 million with adjusted EBITDA margins of **31% to 33%**.  **[0001699136_2216354_3]**  **Spoolable Technologies revenue is projected to be down low double digits sequentially**, with adjusted EBITDA margins of **34% to 36%**.  **[0001699136_2216354_3]** 
- The planned acquisition of a majority interest in Baker Hughes' Surface Pressure Control business is proceeding, with closing expected in **early 2026**.  **[0001699136_2216354_1]** **[0001699136_2216354_4]**  International expansion for Spoolable Technologies continues, achieving its highest international revenue since acquisition.  **[0001699136_2216354_3]**

Cactus Reports Q3 2025 Financial Results and Provides Q4 Outlook

- Cactus, Inc. reported **revenue of $264.0 million**, **net income of $50.2 million**, and **diluted earnings per Class A share of $0.60** for the third quarter of 2025.  **[1699136_0001628280-25-047215_whd-2025093025xexhibit991.htm:0]** 
- The company achieved **Adjusted EBITDA of $86.9 million** for Q3 2025.  **[1699136_0001628280-25-047215_whd-2025093025xexhibit991.htm:0]** 
- As of September 30, 2025, Cactus had **cash and cash equivalents of $445.6 million** with no bank debt, and its Board of Directors declared a **quarterly cash dividend of $0.14 per Class A share** in October 2025.  **[1699136_0001628280-25-047215_whd-2025093025xexhibit991.htm:0]** **[1699136_0001628280-25-047215_whd-2025093025xexhibit991.htm:5]** 
- For Q4 2025, the company anticipates the U.S. land rig count to be flat to slightly down, with Pressure Control revenues expected to be relatively flat and Spoolable Technologies experiencing a typical seasonal decline; the acquisition of a 65% interest in Baker Hughes' Surface Pressure Control business is now expected to close in early 2026.  **[1699136_0001628280-25-047215_whd-2025093025xexhibit991.htm:1]** **[1699136_0001628280-25-047215_whd-2025093025xexhibit991.htm:1]**

Cactus, Inc. Announces Third Quarter 2025 Results

- Cactus reported **Q3 2025 revenue of $264.0 million**, with **net income of $50.2 million** and **diluted earnings per Class A share of $0.60**.  **[1699136_8de261f47ced44a3b7955fb435339111_0]** 
- The company achieved **Adjusted EBITDA of $86.9 million**, representing an **Adjusted EBITDA margin of 32.9%** for the third quarter of 2025.  **[1699136_8de261f47ced44a3b7955fb435339111_0]** 
- As of September 30, 2025, Cactus maintained a strong liquidity position with **$445.6 million in cash and cash equivalents** and **no bank debt outstanding**.  **[1699136_8de261f47ced44a3b7955fb435339111_0]** **[1699136_8de261f47ced44a3b7955fb435339111_2]** 
- The Board of Directors declared a **quarterly cash dividend of $0.14 per Class A share** in October 2025.  **[1699136_8de261f47ced44a3b7955fb435339111_0]** **[1699136_8de261f47ced44a3b7955fb435339111_2]** 
- Integration planning for the acquisition of a 65% interest in Baker Hughes' Surface Pressure Control business is progressing, with **closing anticipated in early 2026**.  **[1699136_8de261f47ced44a3b7955fb435339111_1]**

Cactus Announces Third Quarter 2025 Results

- Cactus, Inc. plans to acquire **65%** of Baker Hughes Company's surface pressure control business (SPC) for **$344.5 million**, with the transaction expected to close in **late 2025 or early 2026**.  **[1699136_0001699136-25-000126_whd-20250902exhibit991.htm:10]** 
- The acquisition will be funded by **cash on hand and Cactus' undrawn $225 million revolving credit facility**.  **[1699136_0001699136-25-000126_whd-20250902exhibit991.htm:10]** 
- This strategic move is intended to enhance geographic diversification, particularly in the **Middle East** (SPC's 2024 revenue was approximately **85% from the Middle East**), and leverage SPC's **>$600 million backlog** as of December 31, 2024.  **[1699136_0001699136-25-000126_whd-20250902exhibit991.htm:10]**  
- For Q3 2025, Cactus anticipates Pressure Control revenue to be **down mid-to-high single digits** and Spoolable Technologies revenue to be **down high single digits** compared to Q2 2025.   
- The company also announced an **8% quarterly dividend increase in July 2025**.

Cactus, Inc. Announces Acquisition of Baker Hughes' Surface Pressure Control Business and Provides Q3 2025 Outlook

- Arizona Sonoran Copper Company (ASCU) acquired **2,123 acres** of private land adjacent to its Cactus Project, with **2,043 acres** acquired on August 29, 2025, and an additional **80-acre parcel** on June 27, 2025.  **[1699136_1252d117f189406792faf6c3dd8a5674_0]** 
- This acquisition is expected to provide the necessary acreage to support the anticipated development and operations plan for the Cactus Project, including plant infrastructure, and is considered a **major de-risking event** for the project.  **[1699136_1252d117f189406792faf6c3dd8a5674_0]** **[1699136_1252d117f189406792faf6c3dd8a5674_2]**  The consolidated land package for the Cactus Project now totals **7,843 acres**.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]** 
- The Purchased Lands were acquired at an average price of approximately **$49,200 per acre**.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]**  Approximately **6%** of the aggregate purchase price was paid on closing, with the balance deferred over the next four years under vendor carry-back loans.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]** 
- ASCU anticipates securing project financing as early as **Q4 2026**, with the intention to pre-pay the consortium Vendor Loans in full prior to their August 29, 2029, maturity.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]** **[1699136_1252d117f189406792faf6c3dd8a5674_3]**

Arizona Sonoran Copper Company Acquires Additional Land for Cactus Project

- Arizona Sonoran Copper Company has completed its Pre-Feasibility Study (PFS) drilling program, totaling **232,000 ft (70,715 m)** at the Cactus Project in Arizona, which included infill drilling to upgrade Inferred Mineral Resource Estimates (MRE) to Indicated classification.  **[1699136_5591a8a053584df29aceafe20e9859ae_0]** 
- The Company expects a **high mineral resource estimate conversion rate** from the PFS drilling, with an updated MRE for the Cactus Project anticipated soon, feeding into the PFS expected in **2H 2025**.  **[1699136_5591a8a053584df29aceafe20e9859ae_0]** 
- The Definitive Feasibility Study (DFS) infill drilling program has commenced, targeting approximately **80,000 ft (24,000 m)** of drilling with an expected completion by **early 2026** to upgrade the MRE to the Measured classification.  **[1699136_5591a8a053584df29aceafe20e9859ae_1]** 
- Drilling highlights include significant continuous mineralization intercepts such as **1,048 ft (319 m) @ 0.80% CuT** at Parks/Salyer and **761 ft (232 m) @ 0.98% CuT** at Cactus East.  **[1699136_5591a8a053584df29aceafe20e9859ae_2]**

Cactus (WHD)