Sends Letter to TTI Board Highlighting Decades-Long Underperformance, Lack of Strategy, Poor Corporate Governance, Failed Succession Planning and Board EntrenchmentBelieves TTI Board is More Concerned with Preserving the Seats of Chairman John F. Glick and Directors Mark E. Baldwin and Thomas R. Bates, Jr., Than Addressing the Company's Corporate Strategy, Capital Allocation and Governance FailuresBelieves TTI Board Change is Urgently Needed to Create Long-Term Value for StockholdersHOUSTON, March 24, 2025 ...

THE WOODLANDS, Texas, March 10, 2025 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) announced that it has hired Kurt Hallead as Treasurer and Vice President of Investor Relations. Mr. Hallead will assume responsibility for TETRA's treasury, investor relations, and financial planning and analysis ("FP&A") functions.  Kurt joins the Company with over 30 years of experience as an equity research analyst covering the energy sector, most recently as Head of Global Energy at The Be ...

Company Overview - TETRA Technologies, Inc. is an energy services and solutions company focused on environmentally conscious services and solutions [2] - The company operates on six continents and has a portfolio that includes Energy Services, Industrial Chemicals, and Critical Minerals [2] - TETRA provides products and services to the oil and gas industry and calcium chloride for diverse applications [2] - The company is expanding into the low-carbon energy market, leveraging chemistry expertise, key mineral acreage, and global infrastructure to meet sustainable energy demands [2] Conference Participation - TETRA's senior management will participate in the Roth 37th Annual Conference in Dana Point, California on March 17 and 18, 2025 [1] - CEO Brady Murphy and VP of Investor Relations Kurt Hallead will host one-on-one meetings with institutional investors during the conference [1]

Financial Data and Key Metrics Changes - The fourth quarter adjusted EBITDA margins improved to 17% from 16.6% in the third quarter and 15.8% in the fourth quarter of 2023, despite lower revenue quarter on quarter and year on year [8] - The company achieved a record volume of 89 million barrels of treated and recycled produced water for frac reuse in the fourth quarter [10] - For the first half of 2025, the company projects net income before taxes between $19 million and $34 million and adjusted EBITDA between $55 million and $65 million, approaching or exceeding a ten-year record high [21][22] Business Line Data and Key Metrics Changes - The Water and Flowback segment achieved EBITDA margins of 13.8%, impacted by a year-end completion slowdown, with rig count and frac fleet count down more than double digits from last year [10] - The Completion Fluids and Products segment revenue was down 1% for the full year but grew EBITDA by 2% year over year, with total revenue of $311 million, the second highest since 2015 [11] - The industrial chemicals business achieved its highest revenue and adjusted EBITDA in the company's history, with 2024 revenue growth over 2023 of over 9% [12] Market Data and Key Metrics Changes - The company noted a decline in rig count and frac fleets by 17% and 30%, respectively, over the past two years, while the volume of produced water continues to increase [16] - The company expects to ramp up meaningful volumes of zinc bromide-based electrolyte, which is anticipated to increase its contribution to total revenue [12] Company Strategy and Development Direction - The company is focusing on solutions for produced water treatment and recycling, including desalination for beneficial reuse, as part of its capital allocation strategy [10][14] - Strategic investments in Brazil and the Gulf of America are expected to support increased deepwater activity and contribute to strong free cash flow in the first half of 2025 [14][34] - The company is exploring capital-light solutions for bromine production and lithium opportunities, aiming to fund projects through free cash flow without taking on debt [24][26][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of the U.S. business, driven by strong activity in the Gulf of Mexico and the growing long-duration battery electrolyte business [30] - The company anticipates a strong start to 2025, projecting significant year-over-year increases in both revenue and EBITDA in the first half of 2025 [21][22] - Management highlighted the importance of addressing the industry's challenge of produced water disposal and the potential for regulatory restrictions [18][19] Other Important Information - The company eliminated the valuation allowance for deferred taxes, reflecting confidence in utilizing net operating loss carryforwards in the coming years [30] - Cash on hand at the end of December was $37 million, with total liquidity of almost $207 million as of the conference call date [38] Q&A Session Summary Question: Insights on 2025 growth opportunities - Management indicated that the first half of 2025 will benefit from longer-term projects, with a focus on the CS Neptune pipeline and increased electrolyte volumes from Eos [49][50] Question: Guidance for second half of 2025 - Management expressed caution regarding visibility for the second half of 2025 but noted confidence in ongoing deepwater projects and electrolyte sales [58] Question: Capacity for pilot projects in desalination - Management confirmed the ability to place orders for additional pilot units in 2025, with ongoing discussions for several pilots [66] Question: Revenue contribution from Brazil deepwater program - Management stated that the Brazil deepwater program is expected to contribute significantly over the next two years, with a focus on heavier brine completion projects [68] Question: Bromine project timeline - Management indicated that the lead time for the bromine project is longer than a few months, with significant progress already made in engineering and site preparation [72] Question: Demand for recycled water and customer discussions - Management noted increasing momentum for the Oasis solution, with ongoing discussions with operators and the need to address regulatory and logistical challenges [80][82]

Tetra Technologies (TTI) came out with quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -25%. A quarter ago, it was expected that this oil and gas services company would post earnings of $0.03 per share when it actually produced earnings of $0.03, delivering no surprise.Over the last four quarters, ...

Financial Performance - Consolidated revenues for 2024 decreased by $27.151 million, or 4.3%, to $599.111 million compared to $626.262 million in 2023[206] - Gross profit decreased by $13.792 million, or 9.0%, resulting in a gross profit margin of 23.3% for 2024, down from 24.5% in 2023[206] - Income before discontinued operations increased significantly by $88.141 million, or 345.9%, to $113.620 million in 2024 compared to $25.479 million in 2023[206] - Net income attributable to TETRA stockholders rose by $82.500 million, or 320.0%, reaching $108.284 million in 2024, up from $25.784 million in 2023[206] - Adjusted EBITDA for 2024 was $99.4 million, representing 16.6% of total revenue, compared to $106.8 million and 17.1% in 2023, indicating a slight decline in profitability[227] - Total revenue for 2024 was $599.1 million, a decrease from $626.3 million in 2023, reflecting a challenging market environment[227] Division Performance - The Completion Fluids & Products Division reported revenues of $311.301 million, a slight decrease of $1.729 million, or 0.6%, from $313.030 million in 2023[214] - The Water & Flowback Services Division experienced a revenue decline of $25.422 million, or 8.1%, with total revenues of $287.810 million in 2024 compared to $313.232 million in 2023[217] Expenses and Costs - General and administrative expenses decreased by $6.621 million, or 6.9%, to $89.969 million in 2024 from $96.590 million in 2023[206] - Corporate overhead loss before taxes decreased by $7.5 million, or 10.3%, from $72.3 million in 2023 to $64.9 million in 2024, primarily due to an $8.3 million increase in unrealized gains on investments[222] - Operating cash flows decreased by $33.7 million, from $70.2 million in 2023 to $36.5 million in 2024, primarily due to decreased activity levels and changes in product mix[230] - General and administrative expenses decreased by $4.0 million, or 8.2%, primarily due to a $4.5 million reduction in salary-related expenses[222] Tax and Valuation - The effective tax rate for 2024 was (295.3)%, a significant change from 19.6% in 2023, primarily due to the reversal of the valuation allowance related to deferred tax assets[213] Strategic Investments and Projects - The company is focusing on strategic investments in TETRA CS Neptune fluids and water desalination projects to enhance near-term results[203] - A definitive feasibility study for bromine production was published in August 2024, with ongoing negotiations for bridging supply agreements to support future operations[202] - The company is negotiating bridging supply agreements for bromine, which may allow for flexibility in plant start-up timing and defer investments in Arkansas[232] Capital Expenditures and Liquidity - Total cash capital expenditures in 2024 were $60.7 million, with $23.4 million allocated to the Water & Flowback Services Division and $37.0 million to the Completion Fluids & Products Division[231] - Liquidity at the end of Q4 2024 was $182.2 million, consisting of $37.0 million in unrestricted cash and $145.2 million in available credit[228] - The company entered into a $265.0 million Term Credit Agreement in January 2024 to refinance prior debt and support the Arkansas bromine processing project[236] - A $5.5 million loss on debt extinguishment was recorded in 2024 due to non-cash unamortized finance costs related to the repayment of the previous Term Credit Agreement[222] Debt and Credit Facilities - The amended ABL Credit Agreement provides a senior secured revolving credit facility of up to $100.0 million with a $25.0 million accordion, maturing on May 13, 2029[238] - As of December 31, 2024, the company had no balance outstanding under the ABL Credit Agreement and $65.7 million available, increasing to $79.8 million as of February 25, 2025[239] - The Swedish Credit Facility has an availability of approximately $4.5 million as of December 31, 2024, with an interest rate of 2.95% per annum, expiring on December 31, 2025[240] - The Finland Credit Agreement had $1.4 million of letters of credit outstanding as of December 31, 2024, and has been renewed through January 31, 2026[241] - The New Term Credit Agreement consists of a $190.0 million funded term loan and a $75.0 million delayed-draw term loan, with a weighted average interest rate of 10.23%[256][257] Asset Management - The company sold its Kodiak shares for proceeds of $19.0 million in January 2025, net of transaction and broker fees[243] - As of December 31, 2024, the market value of equity holdings in Kodiak and Standard Lithium were $18.4 million and $1.2 million, respectively[243] - The company may consider divesting non-core assets and engaging in strategic transactions to enhance its business[244] Compliance and Risk - The company is in compliance with all covenants of its debt agreements as of December 31, 2024[242] - The company has currency exchange rate risk exposure related to revenues and expenses in foreign currencies, with no foreign currency exchange contracts outstanding as of December 31, 2024[258]

Exhibit 99.1 TETRA TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER AND TOTAL YEAR 2024 RESULTS AND PROVIDES FIRST-HALF 2025 GUIDANCE Fourth Quarter Financial Highlights THE WOODLANDS, Texas, February 25, 2025 / PR Newswire / - TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) today announced fourth quarter and total year 2024 results. Brady Murphy, TETRA's President and Chief Executive Officer, stated, "Our fourth quarter results were in-line with our expectations as strong offshore activity led by ...

Core Insights - TETRA Technologies, Inc. reported fourth quarter and total year 2024 results, highlighting a mixed performance with strong offshore activity but weaker U.S. onshore activity [1][2] - The company achieved an adjusted EBITDA margin of 17.0%, an improvement from previous quarters, despite a decrease in revenue [2][5] - TETRA's strategic focus on produced water led to record high treatment and recycling volumes, alongside the successful commercial launch of the TETRA Oasis Total Desalination Solution [2][8] Financial Performance - Fourth quarter 2024 revenue was $135 million, a decrease of 5% from the third quarter [5][16] - Net income from continuing operations was $102 million, significantly higher than $2.8 million in the previous quarter, largely due to non-recurring tax credits [5][10] - Adjusted EBITDA for the fourth quarter was $22.8 million, down 3% from the third quarter, with margins impacted by lower production volumes [6][9] Cash Flow and Investments - Cash flow from operating activities was $5.6 million, a decline from $19.9 million in the third quarter [7][10] - The company reported an adjusted free cash flow use of $9.3 million in the fourth quarter, compared to a positive $6.3 million in the third quarter [7][10] - TETRA monetized its equity investment in Kodiak Gas Services, generating approximately $19 million in cash proceeds [2][6] Strategic Initiatives - TETRA invested $22 million in strategic initiatives in Arkansas, focusing on engineering and reservoir studies for a bromine project [10][11] - The company anticipates a strong first half of 2025, with expected net income before taxes between $19 million and $34 million [3][12] - TETRA is prioritizing projects that can impact near-term results, including TETRA CS Neptune fluids and water desalination technologies [12][11] Tax and Deferred Assets - A favorable adjustment of $97.5 million to deferred tax assets was recognized, reflecting TETRA's profitable position and expectations of stronger future profits [4][15] - The company estimates that its U.S. federal tax loss carryforward can offset approximately $345 million of taxable pretax income in 2025 and beyond [4][15] Yearly Overview - Total year revenue for 2024 was $599 million, a decrease of $27 million from 2023, with international operations contributing to the decline [16][17] - Income from continuing operations improved to $113.6 million in 2024, compared to $25.5 million in 2023 [16][17] - Adjusted EBITDA for the full year was $99 million, down from $107 million in 2023, with margins decreasing slightly [16][17]

Core Viewpoint - Thiogenesis Therapeutics, Corp. has entered into a consulting and investor relations agreement with Bull Markets Media GmbH to enhance its shareholder base and expand its network in Europe [1][2]. Group 1: Agreement Details - The consulting fee for the agreement is C$60,000, with 50% payable upon signing and the remainder due on June 1, 2025 [3]. - The agreement includes the grant of 100,000 stock options to the consultant, allowing the acquisition of shares at $0.64 each for a term of 3 years, with options vesting in tranches [3]. - The agreement has a duration of twelve months and can be renewed annually for up to two additional years [3]. Group 2: Company Overview - Thiogenesis Therapeutics is a clinical-stage biopharmaceutical company focused on developing sulfur-containing prodrugs aimed at treating serious pediatric diseases with unmet medical needs [5]. - The company utilizes a streamlined 505 (b)(2) regulatory pathway in the US and a hybrid system in Europe for regulatory submissions, which allows for the use of existing safety data [5]. - Initial target indications for the company's products include Mitochondrial Encephalopathy Lactic Acidosis and Stroke (MELAS), Leigh syndrome, Rett syndrome, and pediatric MASH [5]. Group 3: Regulatory and Compliance - The agreement with the consultant is subject to acceptance by the TSX Venture Exchange [4]. - The company has received final acceptance from the TSXV for its investor relations contract with Triomphe Holdings Ltd. [4].

Company Overview - Thiogenesis Therapeutics, Corp. is a clinical-stage biotechnology company focused on developing disulfides that enhance the production of intracellular antioxidants and therapeutic compounds [1][5] - The company operates through its wholly owned subsidiary based in San Diego, California, and is listed on both the TSX Venture Exchange under the symbol TTI and the OTCQX Best Market under the symbol TTIPF [1][5] Market Activity - Thiogenesis' common shares are now trading on the OTCQX Best Market, which is the highest-level market of OTC Markets, enhancing visibility and accessibility to U.S. investors [1] - The company has achieved Depository Trust Company (DTC) eligibility status, allowing for electronic settlement of its common shares, which facilitates trading for U.S. investors [2] Clinical Development - On January 27, 2025, Thiogenesis announced it received final regulatory clearance to initiate a Phase 2 clinical trial in Europe for the treatment of Mitochondrial Encephalomyopathy with Lactic Acidosis and Stroke-like episodes (MELAS) [3] - The company is targeting serious pediatric diseases with unmet medical needs, including MELAS, Leigh's syndrome, Rett syndrome, and pediatric MASH [5] Disease Background - MELAS is a rare inherited mitochondrial disorder often caused by a mutation in the MT-TL1 gene, with initial symptoms including seizures, vomiting, and muscle weakness [4] - The disease typically presents before the age of 20 and has no approved drugs, making it a viable target for Thiogenesis' therapeutic development [4]