Financial Performance - Total consolidated revenue for the first quarter of 2025 was $42.9 million, with Tool Rental revenue at approximately $34.5 million and Product Sales revenue totaling $8.3 million, representing a 16% increase year-over-year[2][3]. - Adjusted EBITDA for the first quarter was $10.8 million, showing an 18% growth compared to the same period last year[2][3]. - The company reported a net loss of approximately $1.7 million for the first quarter, with diluted EPS at a loss of $0.05 per share[2][3][15]. - Tool rental revenue increased from $29.97 million in Q1 2024 to $34.53 million in Q1 2025, while product sales rose from $7.01 million to $8.35 million in the same period[15]. - Adjusted EBITDA for Q1 2025 was $10,754 million, slightly down from $10,891 million in Q1 2024, indicating a decrease of about 1.3%[29]. - Adjusted Free Cash Flow for Q1 2025 was $5,711 million, an increase from $4,663 million in Q1 2024, reflecting a growth of approximately 22.4%[31]. - Net income for the three months ended March 31, 2025, was a loss of $1,669 million, compared to a profit of $3,126 million for the same period in 2024[19]. Guidance and Projections - Updated full-year 2025 revenue guidance is set between $145 million and $165 million, with Adjusted EBITDA guidance between $32 million and $42 million[6]. - The Adjusted EBITDA margin is projected to be between 22% and 25% for the full year 2025[6]. - For the three months ended March 31, 2025, Drilling Tools International Corp. reported a net income ranging from $(4,500) thousand to $(1,500) thousand[34]. - Adjusted EBITDA is estimated to be between $32,000 thousand and $42,000 thousand, with an adjusted EBITDA margin of 22% to 25%[34]. - Revenue for the same period is projected to be between $145,000 thousand and $165,000 thousand[34]. - Adjusted Free Cash Flow is expected to range from $14,000 thousand to $19,000 thousand, with an adjusted free cash flow margin of 10% to 12%[36]. Expenses and Liabilities - The company has implemented a new program to cut expenses by approximately $6 million in response to market volatility and uncertainty[4][5]. - Total current liabilities rose to $34,801 million as of March 31, 2025, compared to $30,963 million at December 31, 2024, marking an increase of approximately 12.0%[17]. - The company incurred transaction expenses of $732 million in Q1 2025, down from $889 million in Q1 2024, reflecting a decrease of about 17.7%[31]. - Goodwill impairment recorded in Q1 2025 was $1,901 million, with no such impairment reported in Q1 2024[29]. - Goodwill impairment is projected to be between $1,800 thousand and $2,000 thousand[34]. - Depreciation and amortization expenses are estimated between $26,500 thousand and $28,000 thousand[34]. - Interest expense, net, is projected to be between $3,700 thousand and $5,000 thousand[34]. - The company anticipates other expenses to range from $1,500 thousand to $3,000 thousand[34]. - Stock option expenses are estimated to be between $2,500 thousand and $3,000 thousand[34]. Cash and Assets - As of March 31, 2025, the company had approximately $2.8 million in cash and cash equivalents and net debt of $52.1 million[2][15]. - Cash at the end of Q1 2025 was $2,789 million, a significant decrease from $14,049 million at the end of Q1 2024, representing a decline of about 80.2%[19]. - Total assets increased to $233,169 million as of March 31, 2025, up from $222,431 million at December 31, 2024, representing a growth of approximately 3.3%[17]. - Basic weighted-average common shares outstanding increased to 35,592,737 in Q1 2025 from 29,768,568 in Q1 2024, indicating a rise of approximately 19.6%[33]. Shareholder Actions - The board authorized a $10 million share repurchase program to enhance shareholder value, reflecting confidence in the company's long-term strategy[8][9].
ROC ENERGY ACQUI(ROC) - 2025 Q1 - Quarterly Results