Oil States International(US:OIS)2026-02-20 12:01Financial Performance - Consolidated revenues for Q4 2025 were $178.5 million, an 8% increase sequentially and year-over-year[3] - Adjusted EBITDA for Q4 2025 was $22.8 million, a 9% improvement from the prior quarter[5] - The net loss for Q4 2025 was $117.2 million, or $2.04 per share, primarily due to asset impairments and restructuring charges totaling $124.9 million[6] - Total revenues for Q4 2025 reached $178.5 million, a 8% increase from $165.2 million in Q3 2025 and a 8% increase from $164.6 million in Q4 2024[29] - Net loss for Q4 2025 was $117.2 million, compared to a net income of $1.9 million in Q3 2025 and a net income of $15.2 million in Q4 2024[29] - Operating income for the year ended December 31, 2025 was a loss of $98.0 million, compared to a loss of $1.7 million for the year ended December 31, 2024[29] - Adjusted EBITDA for the year ended December 31, 2025, was $83.396 million, an increase from $77.026 million in the previous year[45] - The company’s net loss for the three months ended December 31, 2025, was $117.246 million, compared to a net income of $1.900 million in the previous quarter[45] Segment Performance - The Offshore Manufactured Products segment reported revenues of $123.3 million, with an operating income of $20.3 million and an Adjusted Segment EBITDA of $25.0 million[8] - The Completion and Production Services segment reported revenues of $23.1 million, with an operating loss of $2.3 million and an Adjusted Segment EBITDA of $7.4 million[10] - Downhole Technologies segment recorded revenues of $32.1 million but faced an operating loss of $113.5 million due to non-cash impairment charges[12] - Offshore Manufactured Products revenue reached $123.284 million, up from $108.627 million quarter-over-quarter and $107.253 million year-over-year[36] - Completion and Production Services segment achieved an adjusted operating income of $2.678 million for the three months ended December 31, 2025, compared to an adjusted operating income of $3.635 million in the previous quarter[42] - Downhole Technologies segment reported an operating loss of $113.544 million for the three months ended December 31, 2025, significantly higher than the loss of $4.667 million in the previous quarter[42] Cash Flow and Capital Expenditures - Cash flows from operations for Q4 2025 were $50.1 million, with free cash flows of $53.6 million used to retire $50 million of convertible senior notes[16] - Cash flows from operating activities for the year ended December 31, 2025 were $105.1 million, significantly up from $45.9 million in 2024[34] - Free cash flow for Q4 2025 was $53,563 thousand, significantly higher than $23,178 thousand in Q3 2025, marking a 130% increase[54] - Capital expenditures for Q4 2025 were $3,005 thousand, down from $8,706 thousand in Q3 2025, showing a reduction of 65%[54] Assets and Liabilities - Total assets decreased to $883.4 million as of December 31, 2025, down from $1.0 billion as of December 31, 2024[32] - Current liabilities increased to $266.2 million as of December 31, 2025, compared to $157.7 million as of December 31, 2024[32] - The company’s total stockholders' equity decreased to $573.2 million as of December 31, 2025, down from $680.7 million as of December 31, 2024[32] Impairments and Charges - The company recorded a non-cash inventory impairment charge of $20.8 million in Q4 2025[29] - The company reported a total of $100.3 million in impairments of long-lived assets, goodwill, and assets held for sale for the year ended December 31, 2025[34] - The company incurred impairments of intangible assets totaling $80.248 million for the three months ended December 31, 2025[44] - Impairments of intangible assets totaled $80,248 thousand in Q4 2025, with no impairments recorded in Q3 2025[51] - The company reported total adjustments, before taxes, of $124,863 thousand for Q4 2025, compared to $3,566 thousand in Q3 2025, indicating substantial impairment charges[51] Credit and Financing - The company entered into a new credit agreement in January 2026, providing for borrowings of up to $75 million under a revolving credit facility and $50 million under a multi-draw term loan facility[18] Technology and Innovation - New technology contracts were awarded for Managed Pressure Drilling and Riser Gas Handling Systems, aimed at reducing non-productive time and costs[20] Shareholder Information - The weighted average number of diluted common shares outstanding decreased to 57,520 thousand in Q4 2025 from 58,016 thousand in Q3 2025[51]