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Drilling Tools International Corp. Reports 2024 Year End and Fourth Quarter Results
DTIDrilling Tools International (DTI) Prnewswire·2025-03-13 20:15

Core Insights - Drilling Tools International Corp. (DTI) anticipates continued growth in consolidated revenue, adjusted EBITDA, and adjusted free cash flow for 2025, with significant international revenue growth projected [1][4][31]. Financial Performance - For the year 2024, DTI reported total consolidated revenue of 154.4million,withtoolrentalrevenueatapproximately154.4 million, with tool rental revenue at approximately 117.9 million and product sales revenue totaling 36.5million[2][11].−Totaloperatingexpensesfor2024were36.5 million [2][11]. - Total operating expenses for 2024 were 141.0 million, resulting in an income from operations of 13.4million.Thenetincomefortheyearwas13.4 million. The net income for the year was 3.0 million, with an adjusted net income of 10.1million[2][12].−Thedilutedearningspershare(EPS)for2024were10.1 million [2][12]. - The diluted earnings per share (EPS) for 2024 were 0.09, while the adjusted diluted EPS was 0.31[2][12].QuarterlyPerformance−Inthefourthquarterof2024,DTIgeneratedtotalconsolidatedrevenueof0.31 [2][12]. Quarterly Performance - In the fourth quarter of 2024, DTI generated total consolidated revenue of 39.8 million, with tool rental revenue of approximately 31.5millionandproductsalesrevenueof31.5 million and product sales revenue of 8.3 million [3][13]. - The total operating expenses for the fourth quarter were 38.0million,leadingtoanincomefromoperationsof38.0 million, leading to an income from operations of 1.8 million. The net loss for the quarter was (1.3)million,withanadjustednetincomeof1.3) million, with an adjusted net income of 0.6 million [3][13]. Future Outlook - DTI's CEO expressed confidence in the company's acquisition growth strategy and its ability to navigate a challenging demand environment, expecting to build upon 2024 results and significantly grow international revenue in 2025 [4][31]. - The company projects full-year 2025 revenue between 163millionand163 million and 183 million, with adjusted EBITDA expected to range from 40millionto40 million to 50 million [5][31]. Cash Flow and Debt - DTI reported adjusted free cash flow of 17.2millionfor2024,withcashandcashequivalentsofapproximately17.2 million for 2024, with cash and cash equivalents of approximately 6.2 million and net debt of $47.6 million as of December 31, 2024 [2][12][15]. - The company plans to continue analyzing additional acquisition targets to enhance scale and geographic expansion, which is expected to strengthen demand for its products and services [4][31].