UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 1-13455 TETRA Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 74-2148293 (State or Other Jurisdic ...

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 6% quarter-over-quarter and by 8% year-over-year, marking the highest adjusted EBITDA since Q1 2020 [4][5] - Cash flow from operating activities was $9 million in Q1 2023, compared to cash used of $7 million in Q4 2022 [14] - Net leverage was 2.0x at the end of Q1 2023, with unrestricted cash of $17 million and liquidity of $86 million [15] Business Line Data and Key Metrics Changes - Completion Fluids & Products revenue was $69 million, a 4% sequential increase, with adjusted EBITDA of $18 million and margins of 26.1% [8] - Water & Flowback Services revenue improved by 36% year-over-year to $77 million, with adjusted EBITDA of $12.9 million, reflecting a 57% year-over-year increase [9][10] Market Data and Key Metrics Changes - Revenue from international markets grew by 17% compared to Q1 2022, driven by stronger activity in Latin America [5] - The European industrial chemicals business has nearly returned to pre-Russia-Ukraine conflict levels, contributing to a strong second quarter forecast [9] Company Strategy and Development Direction - The company is focused on margin expansion, maximizing returns on capital, and generating meaningful cash flow in 2023 [7][20] - Investments in international markets and completion fluids businesses are expected to contribute to earnings as the deepwater market recovers [20] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the deepwater market upcycle and anticipates a strong second quarter, projecting revenue between $165 million and $175 million [16][20] - The company is working on low carbon energy initiatives and evaluating lithium and bromine resources in Arkansas, with a focus on strategic partnerships [12][29] Other Important Information - The company completed a completion fluids investment in Brazil, which will more than double its deepwater operational capacity [5] - The third early production facility in Argentina is expected to come online in Q2 2023, supporting growth in the Water & Flowback Services segment [11] Q&A Session Summary Question: Overview of water technology and competitive environment - Management provided updates on exclusive technology agreements for water desalination and expressed confidence in completing a commercial plant design by year-end [21][22] Question: Market opportunities for Neptune products - Management highlighted strong opportunities in the North Sea and potential projects in the Gulf of Mexico, with expectations for execution in 2024 [24][25] Question: EBITDA headwinds in Q3 - Management indicated that strong market conditions in deepwater completion fluids could mitigate seasonal drops in Q3 [27] Question: Impact of IRA on lithium projects - Management acknowledged the importance of the U.S. lithium market and expressed optimism about future partnerships for lithium and bromine projects [28][29] Question: Factors affecting Water & Flowback EBITDA margins - Management identified margin enhancement initiatives, including automation and new applications for SandStorm technology, as key drivers [32][33] Question: Timeline for bromine project construction - Management indicated readiness to begin construction immediately upon board approval, having already identified long lead items [37] Question: Free cash flow expectations - Management expects strong free cash flow in the second half of the year as inventory is converted to receivables [40] Question: Calcium chloride sales outlook - Management anticipates year-over-year growth in calcium chloride sales, with preparations for inventory build-up post-peak season [41][42]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 1-13455 FORM 10-Q TETRA Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 74-2148293 24955 Interstate 45 Nor ...

Financial Data and Key Metrics Changes - The company reported a sequential revenue growth of 9% in Q4 2022 compared to Q3 2022 and a 42% increase for the full year over 2021 [4] - Adjusted EBITDA for Q4 2022 was $20.3 million, up from $18.6 million in Q3 2022, with a full-year adjusted EBITDA increase of 112% over 2021 [4][5] - Cash from operating activities was a use of $7 million in Q4, while adjusted free cash flow from continuing operations was a use of $14 million [15] Business Line Data and Key Metrics Changes - Completion fluids and products segment revenue for Q4 2022 was $66 million, a 12% increase from Q3 2022, with adjusted EBITDA of $16 million [7] - Water and Flowback segment revenues reached $81 million, growing 52% year-on-year and 7% quarter-on-quarter, marking the highest quarterly revenue since Q2 2018 [8][9] - The Water and Flowback segment achieved a full-year revenue growth of 66% and adjusted EBITDA increased by 191% [9] Market Data and Key Metrics Changes - The combined markets of the Gulf of Mexico and international offshore businesses saw a 20% sequential revenue increase and over 50% year-on-year growth [5] - The company expects a 25% increase in deepwater floater rigs by 2025, indicating a strengthening offshore market [6] Company Strategy and Development Direction - The company is entering a multiyear growth cycle for offshore markets, supported by increased floater day rates and contract durations [6] - Investments were made to strengthen the offshore completion fluids business, including acquisitions that will increase fluid capacity by 70% in the UK and 15% in the Gulf of Mexico [6][7] - The company is focused on margin expansion and cash generation while continuing to invest in capital projects with short-term returns [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the offshore market's growth and the potential for increased demand for completion fluids [6][31] - The company is committed to evaluating the Arkansas brine resource and expects to provide updates as the project progresses [31][32] Other Important Information - The company holds significant marketable securities, including shares of Standard Lithium and CSI Compressed Gas, valued at approximately $15 million [19] - The company has accumulated approximately $411 million of tax loss carryforwards, which will be beneficial as profitability improves [20] Q&A Session All Questions and Answers Question: Can you talk about the offshore completion fluids market and visibility with customers? - Management noted that they are seeing traction in the North Sea and expect more repetitive jobs in the offshore business, with a meaningful uptick in Neptune opportunities likely in 2024 and beyond [33] Question: How do you view the ability to ramp up production of PureFlow? - Management indicated that there is plenty of capacity at the West Memphis facility to ramp up production with little to no capital required [34] Question: What should be considered for sequential performance in Q1 2023? - Management expects a rebound in margins for the Water and Flowback business and plans to ramp up in Q2 with the European chemicals business recovering [37][39] Question: Is the target for $100 million EBITDA in 2023 reasonable? - Management refrained from providing full-year guidance due to unpredictable economic factors [41] Question: Where do you see the company in 24 months? - Management highlighted growth opportunities in produced water and completion fluids, with expectations for the Arkansas project to be fully evaluated [42][43] Question: How should we think about free cash flow generation for this year? - Management expects to be strongly free cash flow positive in 2023, with lower capital expenditures compared to 2022 [45] Question: Any updates on the regulatory review for desalination and produced water? - Management stated that each operator will need their own permits, and they are confident their technology will meet regulatory requirements [50] Question: How do you view your market share in the deepwater completion fluids market? - Management estimated a 30% market share in high-value completion fluids, with 70% of deepwater wells in the Gulf of Mexico requiring bromine-based fluids [56]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . COMMISSION FILE NUMBER 1-13455 TETRA Technologies, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or ...

TETRA Technologies, Inc. (NYSE:TTI) Q3 2022 Results Conference Call November 1, 2022 10:30 AM ET Company Participants Brady Murphy - CEO Elijio Serrano - CFO Conference Call Participants Stephen Gengaro - Stifel Tim Moore - EF Hutton Martin Malloy - Johnson Rice Operator Good morning, and welcome to TETRA Technologies Third Quarter 2022 Results Conference Call. The speakers for today's call are Brady Murphy, Chief Executive Officer; and Elijio Serrano, Chief Financial Officer. [Operator Instructions] Please ...

PART I—FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited consolidated financial statements detail its operational results, financial position, and cash flows [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported increased revenue but lower net income for the third quarter and nine months ended September 30, 2022 Consolidated Statements of Operations (In Thousands) | | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | :--- | :--- | :--- | | | **2022** | **2021** | **2022** | **2021** | | **Total revenues** | $135,012 | $95,474 | $405,765 | $275,124 | | **Gross profit** | $29,473 | $15,747 | $90,000 | $40,049 | | **Income (loss) before discontinued operations** | ($63) | $2,495 | $9,430 | ($16,102) | | **Net income attributable to TETRA stockholders** | $278 | $2,513 | $9,743 | $104,474 | | **Diluted EPS attributable to TETRA stockholders** | $0.00 | $0.02 | $0.08 | $0.83 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets and liabilities increased slightly as of September 30, 2022, compared to year-end 2021 Consolidated Balance Sheets (In Thousands) | | Sep 30, 2022 (Unaudited) | Dec 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $224,292 | $210,390 | | **Total assets** | $413,486 | $398,266 | | **Total current liabilities** | $111,504 | $97,142 | | **Total long-term debt, net** | $153,873 | $151,936 | | **Total liabilities** | $311,730 | $299,703 | | **Total TETRA stockholders' equity** | $102,969 | $99,704 | | **Total liabilities and equity** | $413,486 | $398,266 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow improved significantly for the nine months ended September 30, 2022, despite higher investing activities Consolidated Statements of Cash Flows (In Thousands) | (In Thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $25,948 | $10,424 | | **Net cash used in investing activities** | ($28,280) | ($12,164) | | **Net cash used in financing activities** | ($2,771) | ($38,656) | | **Decrease in cash and cash equivalents** | ($6,304) | ($42,031) | | **Cash and cash equivalents at end of period** | $25,247 | $41,863 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the company's two operating segments, discontinued operations, revenue sources, and a key legal contingency - The company operates through two segments: **Completion Fluids & Products Division** and **Water & Flowback Services Division**[25](index=25&type=chunk) - In January 2021, the company sold the general partner of CSI Compressco, resulting in a primarily non-cash accounting **gain of $120.6 million** reported in discontinued operations[38](index=38&type=chunk) - The company is in arbitration with its bromine supplier, LANXESS Corporation, over a disputed price increase, with an **unpredictable outcome**[62](index=62&type=chunk) Revenue by Geography (in thousands) | Revenue by Geography (in thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **United States** | $285,508 | $178,983 | | **International** | $120,257 | $96,141 | | **Total Revenue** | **$405,765** | **$275,124** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial results, liquidity, capital resources, and strategic initiatives for its two operating divisions [Business Overview](index=21&type=section&id=Business%20Overview) The company's two segments benefited from strong market conditions while advancing low-carbon energy resource initiatives - The company is focused on bromine-based completion fluids, calcium chloride, water management solutions, and frac flowback services[76](index=76&type=chunk) - A maiden inferred resource estimation for its Arkansas acreage indicated **5.25 million short tons of elemental bromine** and **234,000 short tons of Lithium Carbonate Equivalent (LCE)**[81](index=81&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Sequential revenue decreased due to seasonality, but year-over-year revenue and gross profit grew significantly Consolidated Sequential Comparison (in thousands) | Consolidated Comparison (in thousands) | Q3 2022 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $135,012 | $140,716 | (4.1)% | | **Gross profit** | $29,473 | $28,107 | 4.9% | | **Gross profit %** | 21.8% | 20.0% | - | | **Income before taxes** | $2,115 | $1,280 | 65.2% | Consolidated Year-over-Year Comparison (in thousands) | Consolidated Comparison (in thousands) | 9 Months 2022 | 9 Months 2021 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $405,765 | $275,124 | 47.5% | | **Gross profit** | $90,000 | $40,049 | 124.7% | | **Gross profit %** | 22.2% | 14.6% | - | | **Income (loss) before taxes** | $12,329 | ($13,963) | 188.3% | [Non-GAAP Financial Measures](index=29&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a key non-GAAP metric, remained stable sequentially at $18.6 million in Q3 2022 - **Adjusted EBITDA** is defined as earnings before interest, taxes, depreciation, amortization, and other non-recurring adjustments[111](index=111&type=chunk) Adjusted EBITDA (in thousands) | Adjusted EBITDA (in thousands) | Q3 2022 | Q2 2022 | | :--- | :--- | :--- | | **Completion Fluids & Products** | $14,703 | $17,705 | | **Water & Flowback Services** | $13,188 | $9,945 | | **Corporate & Other** | ($9,296) | ($8,953) | | **Total Adjusted EBITDA** | **$18,595** | **$18,697** | [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position of $92.3 million while funding growth-oriented capital expenditures - **Total liquidity** at the end of Q3 2022 was **$92.3 million**, comprising cash and credit facility availability[114](index=114&type=chunk) - **Capital expenditures** for the first nine months of 2022 were **$32.7 million**, primarily for the Water & Flowback Services Division[117](index=117&type=chunk) - The company holds rights to approximately 40,000 gross acres in Arkansas with an estimated inferred resource of **5.25 million short tons of bromine** and **234,000 short tons of LCE**[120](index=120&type=chunk)[121](index=121&type=chunk) Sources and Uses of Cash (in thousands) | Sources and Uses of Cash (in thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | **Operating activities** | $25,948 | $10,424 | | **Investing activities** | ($28,280) | ($12,164) | | **Financing activities** | ($2,771) | ($38,656) | [Quantitative and Qualitative Disclosures about Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is primarily exposed to market risks from variable interest rates and foreign currency fluctuations - The company has interest rate risk exposure, with its Term Credit Agreement bearing a **variable rate of 8.77%** as of September 30, 2022[141](index=141&type=chunk)[142](index=142&type=chunk) - The company is exposed to **foreign currency exchange rate risk** from revenues and expenses denominated in various foreign currencies[32](index=32&type=chunk)[143](index=143&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of the end of the reporting period[144](index=144&type=chunk) - **No material changes** occurred in internal control over financial reporting during the quarter[145](index=145&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is in an ongoing arbitration with a key supplier over a disputed price increase for elemental bromine - The company filed for arbitration against LANXESS Corporation over a **disputed price increase for elemental bromine**[148](index=148&type=chunk)[149](index=149&type=chunk) - LANXESS filed a counterclaim to validate the price increase and seek damages; the **arbitration is currently pending**[150](index=150&type=chunk)[151](index=151&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor related to the Inflation Reduction Act of 2022 could impact demand from oil and gas customers - A new risk factor has been identified related to the **Inflation Reduction Act of 2022 (IRA 2022)**[153](index=153&type=chunk) - The IRA 2022 could accelerate the transition away from fossil fuels and **adversely affect demand** for the company's services from its oil and gas customers[153](index=153&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its equity securities during the third quarter of 2022 - The company made **no purchases of its equity securities** during the period from July 1, 2022, to September 30, 2022[155](index=155&type=chunk) [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - **None** reported[156](index=156&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) No mine safety disclosures were reported for the period - **None** reported[157](index=157&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) No other material information was reported for the period - **None** reported[158](index=158&type=chunk) [Exhibits](index=37&type=section&id=Item%206.%20Exhibits) The report includes required CEO/CFO certifications and financial data files formatted in XBRL - The report includes **certifications pursuant to Sections 302 and 906** of the Sarbanes-Oxley Act of 2002[160](index=160&type=chunk)[161](index=161&type=chunk) - **XBRL financial data files** are attached as exhibits[161](index=161&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 1-13455 TETRA Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 74-2148293 (State or Other Jurisdic ...

Financial Data and Key Metrics Changes - For Q2 2022, revenue grew 8% sequentially and 38% year-over-year, with adjusted EBITDA of $18.7 million, a decrease of $1.8 million sequentially due to various charges [13][44] - Cash from operating activities was $17.9 million, an improvement of $11.9 million sequentially, exceeding pre-pandemic results [14][48] - Adjusted earnings per share was $0.05 compared to $0.06 in Q1 and a loss of $0.02 in Q2 of the previous year [43] Business Line Data and Key Metrics Changes - Water & Flowback Services revenue increased 16% sequentially and 75% year-over-year, with adjusted EBITDA margins of 15.1% [26][27] - Completion Fluids & Products revenue increased 2% sequentially, but adjusted EBITDA decreased by $4 million, with margins at 23.7% compared to 26.1% in Q1 [33][34] Market Data and Key Metrics Changes - The European chemical business was impacted by supply chain disruptions due to the Russia/Ukraine conflict, but still achieved 24% adjusted EBITDA margins [10] - The offshore and deepwater markets are showing signs of a multiyear growth cycle, supported by a forecasted 5-year high in subsea tree orders in 2022 [11] Company Strategy and Development Direction - The company is focusing on low carbon energy markets, which require critical minerals and chemistry expertise, creating significant growth opportunities [40] - Plans to execute a preliminary economic assessment for bromine and lithium extraction, with expectations for completion by year-end [24][84] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating inflationary pressures and supply chain disruptions, with technology investments yielding growth opportunities [39][41] - The company anticipates continued demand for its products, particularly in the Water & Flowback segment, despite limited frac crew capacity [76] Other Important Information - Total debt outstanding was $153 million at the end of June, down from $222 million in 2019, with a net leverage ratio improved to 1.7x [53] - Liquidity at the end of Q2 was $103 million, the highest since 2019, indicating strong cash management [54] Q&A Session Summary Question: Potential of calcium chloride in lithium extraction - Management confirmed that calcium chloride is being used by an international lithium provider, with encouraging results and potential for broader application [62] Question: Supplier outlook for Finland calcium chloride production - Management acknowledged the fluid situation due to the Russia/Ukraine conflict but expressed optimism about resolving supply issues [65][66] Question: Third quarter expectations for fluids business - Management expects a typical seasonal drop-off in Northern Europe but anticipates offsetting factors from increased sales in other areas [72] Question: Progress on low carbon initiatives - Management is engaged with CarbonFree and remains optimistic about future projects, although timelines for announcements are uncertain [95] Question: Direct lithium extraction technology viability - Management expressed confidence in adapting direct lithium extraction technology for Arkansas, despite current commercial applications being limited [119]

©2022 TETRA Technologies, Inc. 1 TETRA Technologies, Inc. May 2022 Disclaimer Forward-Looking Statements The information in this presentation includes "forward-looking statements." All statements, other than statements of historical fact included in this presentation, regarding our management, strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words ...