Core Insights - Flux Power Holdings, Inc. reported a 7.2% increase in revenue for the second fiscal quarter of 2026, reaching $14.1 million, marking a recovery from previous quarter challenges due to tariffs and pricing [6][9] - The company achieved GAAP profitability for the first time in its history, with a net income of $0.6 million or $0.03 per share, compared to a net loss of $2.6 million or ($0.15) per share in the prior quarter [9][10] - Significant operational improvements were noted, including a 31% reduction in core operating expenses and a 610 basis point increase in gross margin from the prior quarter [3][6] Financial Performance - Revenue for the second fiscal quarter of 2026 rose to $14.1 million from $13.2 million in the prior quarter [6] - Gross profit increased to $4.9 million, representing 34.7% of revenue, compared to $3.8 million or 28.6% of revenue in the prior quarter [6] - Operating expenses decreased to $4.1 million from $5.9 million in the prior quarter, largely due to cost reduction measures [7] - Operating income was $0.8 million, a turnaround from an operating loss of $2.2 million in the previous quarter [8] - Non-GAAP operating income for the second quarter was $1.2 million, compared to a non-GAAP operating loss of $1.7 million in the prior quarter [8][10] Product and Technology Developments - The company introduced the next-generation telematics hardware device, SkyLNK, which features advanced capabilities including four times more sensors and new machine learning functionalities [4][9] - Flux Power received a U.S. patent for its State of Health technology, which utilizes advanced algorithms for predictive diagnostics to enhance battery lifespan [9] - The company enhanced its software offerings with AI-driven Intelligent Alerting in SkyEMS, potentially improving fleet uptime by 10% to 30% [9] Strategic Outlook - Despite the positive results, the company anticipates a sequential decline in revenues for the upcoming fiscal third quarter due to uncertainties related to tariff changes and fluctuating customer order patterns [5] - The focus remains on executing strategic initiatives aimed at driving future growth and operational efficiency [5]

Financial Data and Key Metrics Changes - In Q4 2025, natural gas and oil sales increased to $365 million, an 8% growth compared to Q4 2024, despite lower production [6][9] - The company generated $222 million of operating cash flow, or $0.75 per share, with adjusted EBITDAX of $277 million and adjusted net income of $46 million, or $0.16 per share [7][10] - For the full year 2025, production averaged 1.2 Bcfe per day, a 14% decrease from 2024, but oil and gas sales rose by 15% to $1.4 billion due to improved natural gas prices [10][11] Business Line Data and Key Metrics Changes - The 2025 drilling program replaced 229% of production with 1 TCFE of drilling-related proved reserve additions, achieving a finding cost of $1.02 per MCFE [5][16] - In Q4 2025, the company turned 4 new Western Haynesville wells online, increasing the total to 12 wells for the year, with an average initial production rate of 29 million cubic feet per day [7][27] - The average lateral length of wells in the Legacy Haynesville was 11,738 feet, with an average initial production rate of 25 million cubic feet per day [26] Market Data and Key Metrics Changes - The average NYMEX settlement price for natural gas in Q4 was $3.55, with the average Henry Hub spot price at $3.69, reflecting a 4% increase [11][12] - Realized gas prices during Q4 averaged $3.29, with a basis differential of $0.26 compared to the NYMEX settlement price [12] Company Strategy and Development Direction - The company plans to focus on building out its assets in the Western Haynesville to benefit from long-term growth in natural gas demand driven by LNG exports and data center power needs [37][39] - A partnership with NextEra for a data center project aims to support hyperscaler development with an initial capacity of 2 gigawatts, potentially expanding to 8 gigawatts [5][38] - The company aims to maintain the lowest producing cost structure in the industry while striving for additional drilling efficiencies [39][42] Management's Comments on Operating Environment and Future Outlook - Management noted the volatility in gas prices and the impact of weather on supply and demand dynamics, indicating flexibility in capital spending based on market conditions [51][54] - The company expects natural gas demand to grow by approximately 3 Bcf annually through 2030, driven by LNG facilities and data centers [54][56] Other Important Information - The company completed $445 million in divestitures in 2025, improving its balance sheet and reducing debt [5][6] - Total shareholder return over the last two years was 162%, the highest among public E&P companies [6] Q&A Session Summary Question: Guidance and Capital Spending Flexibility - Analyst inquired about the capital budget's alignment with gas price expectations and the potential for adjusting capital spending based on market conditions [47] - Management confirmed the ability to flex drilling budgets and emphasized the importance of investing in production growth while maintaining flexibility [51][53] Question: NextEra Partnership and Data Center Project - Analyst asked about the scaling of the NextEra partnership from 2 GW to 8 GW and the advantages of selling to NextEra [57] - Management highlighted the strategic location and infrastructure advantages, indicating strong demand for the project [60] Question: Pinnacle Gas Services Recapitalization - Analyst questioned the recapitalization plan for Pinnacle Gas Services and its implications for funding and midstream ambitions [63] - Management outlined plans to eliminate preferred equity and establish a new credit facility to support growth [65][69]

Financial Data and Key Metrics Changes - West Fraser reported an adjusted EBITDA of -$79 million in Q4 2025, an improvement from -$144 million in the previous quarter, which included a $67 million out-of-period duty expense [4] - For the full year 2025, adjusted EBITDA was $56 million, down from $673 million in 2024 [4] - Cash flow from operations was negative $172 million in Q4, with net debt at $131 million, compared to a net cash position of $212 million reported last quarter [10] Business Line Data and Key Metrics Changes - The lumber segment posted an adjusted EBITDA of -$57 million in Q4, compared to -$123 million in Q3, excluding the $67 million export duty expense [7] - The North America EWP segment reported -$24 million of adjusted EBITDA in Q4, compared to -$15 million in Q3, with a $239 million non-cash restructuring charge related to the curtailment of the OSB mill in High Level, Alberta [8] - The pulp and paper segment reported -$1 million of adjusted EBITDA in Q4, an improvement from -$6 million in Q3 [8] - The Europe segment's adjusted EBITDA was $4 million in Q4, up from $1 million in Q3, indicating a moderately improved business environment [8] Market Data and Key Metrics Changes - The overall Q4 results showed sequential EBITDA improvement supported by reduced log costs and lower manufacturing costs, although offset by lower lumber and OSB prices [9] - Southern yellow pine shipments were 6% lower quarter-over-quarter, while unit manufacturing costs were also lower [10] Company Strategy and Development Direction - The company has focused on high-grading its mill portfolio, including closures of higher-cost assets and ramping up the Allendale OSB mill in South Carolina and the new Henderson lumber mill in Texas [5][15] - West Fraser has removed over 1.1 billion board feet of capacity since 2022, representing a 16% decrease in lumber operating capacity [15] - The company has invested nearly $1 billion in capital over the last four years to modernize assets and improve operational flexibility [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the difficult end markets in 2025 but emphasized a long-term focus on operational excellence and cost management [14][15] - The company remains optimistic about its future, particularly with the ramp-up of the Henderson Mill and ongoing portfolio optimization [15][17] - Management is cautious about the demand outlook for OSB compared to lumber, reflecting mixed sentiment from customers regarding growth in the repair and remodeling markets [51][53] Other Important Information - The company had over $1.2 billion of available liquidity at year-end, providing financial flexibility to navigate economic challenges [5][13] - Management is actively managing the portfolio to be low-cost and diverse to mitigate uncertainties in the market [17] Q&A Session Summary Question: Can you provide insights on margins between SPF and SYP in Q4? - Management noted that the spread between pricing for SPF and SYP has started to close as customer demand patterns adjust [20][21] Question: How sustainable are the lower costs observed in Q4? - Management indicated that the trends in cost structure are a result of efforts made over the last several years to lower costs [23] Question: What are the M&A opportunities given the current lumber market? - Management emphasized the importance of asset quality and the ability to react to quality opportunities that may arise [26][27] Question: How should we view the ramp-up of the Henderson Mill in a muted demand environment? - Management stated that the Henderson Mill is in early stages of startup and is expected to replace existing volume in the market [30] Question: What is the outlook for housing measures from the administration? - Management expressed optimism about discussions on housing affordability and its potential positive impact on lumber demand [49][50] Question: What drives the difference in demand outlook for OSB versus lumber? - Management noted mixed customer sentiment regarding growth in the R&R side, maintaining a cautious view on demand [51][53]

Financial Data and Key Metrics Changes - The company reported a strong operational cash flow and free cash flow in Q4 2025, even amidst a lower price cycle, indicating resilience and competitiveness in its business model [5][6] - The cash cost reached BRL 778 per ton in Q4 2025, a 3% reduction from Q3 2025, marking the lowest cash cost performance since Q4 2021 [23][24] - The company generated a positive free cash flow of $400 million in Q4 2025, reducing net debt to $12.6 billion and decreasing leverage to 3.2 times [26] Business Line Data and Key Metrics Changes - The pulp business unit achieved record shipment volumes in Q4 2025, driven by operational excellence in the supply chain [4] - The paper and packaging business unit saw strong volumes, particularly in the U.S., with a 21% year-over-year increase in packaging prices despite declining paper prices in export markets [8][10] - The company ceased operations at its Rio Verde Mill, which had the highest cash cost in its portfolio, expecting a positive impact on 2026 results by reallocating production to more competitive mills [12] Market Data and Key Metrics Changes - In Brazil, print and write paper demand increased by 1% in the first two months of Q4 2025, while paperboard demand grew by 2% [9] - The U.S. market experienced stable shipments in Q4 2025, but production increased by 2% due to new capacity, leading to pressure on operating rates [10] - In China, paper and board production increased by 17% in Q4 2025 compared to Q4 2024, contributing to higher demand for hardwood pulp [13] Company Strategy and Development Direction - The company views 2025 as an inflection point for total operational disbursement (TOD), aiming to improve competitiveness and cash generation capabilities [5][29] - A comprehensive multi-year program is being implemented to enhance competitiveness, focusing on reducing total operational disbursement [24] - The company is strategically positioning inventories for Q2 2026, anticipating maintenance downtimes that will reduce output [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted a more constrictive business environment for 2026 due to changes in supply and demand dynamics, particularly in the pulp market [29] - The delay of new market pulp capacity in Indonesia and the revocation of forestry licenses are expected to tighten supply, positively impacting market dynamics [71][73] - The company anticipates a gradual decline in cash costs throughout 2026, despite challenges in the first quarter due to planned maintenance [24][60] Other Important Information - The company renewed its revolving credit facility, increasing the line from $1.3 billion to $1.8 billion while reducing costs [26] - A new buyback program was announced to acquire up to 40 million shares over the next 18 months, following a previous buyback of 15 million shares [28] Q&A Session Summary Question: Insights on pulp market dynamics in China - Management indicated that despite new pulp capacity, the net effect on supply is neutral due to lower operating rates and shutdowns, leading to a positive import trend for hardwood pulp [34][35] Question: Future CAPEX trends - Management acknowledged potential for lower CAPEX in 2026 due to non-recurring items but refrained from providing specific guidance [33][37] Question: Buyback execution strategy - The company remains focused on deleveraging but is opportunistic with buybacks, considering various market factors [41][42] Question: Potential divestments and their impact on deleveraging - Management noted that divestments are not a primary strategy for deleveraging, which will primarily come from operational improvements [43][44] Question: Paper prices in China and their impact on pulp prices - Management confirmed that while paper prices are a factor, pulp prices generally lead the market, and they expect a recovery in paper prices [48][50] Question: U.S. packaging market outlook - The company expressed confidence in its U.S. packaging business, citing stable demand and long-term contracts that insulate it from market volatility [53][55]

Financial Data and Key Metrics Changes - The company reported a strong operational cash flow and free cash flow in Q4 2025, demonstrating resilience despite lower price cycles [5][6] - EBITDA for Q4 2025 reached $4.8 billion, an 8% increase quarter-over-quarter, supported by higher volumes and better prices in US dollar terms [15][21] - Cash costs were reported at BRL 778 per ton, marking a 3% reduction from Q3 2025, driven by lower input costs and operational stability [21][22] Business Line Data and Key Metrics Changes - The pulp business unit achieved record shipment volumes in Q4 2025, with a notable price recovery in all markets, particularly in China and Asia [4][12] - The paper and packaging business unit also delivered strong volumes, with a 21% year-over-year increase in the U.S. market, despite declining paper prices in export markets [7][10] - The company ceased operations at its Rio Verde Mill, which had the highest cash cost in its portfolio, expecting a positive impact on 2026 results [11] Market Data and Key Metrics Changes - In Brazil, print and write demand increased by 1% in the first two months of Q4 compared to the same period last year, while paperboard demand grew by 2% [8][9] - The U.S. market saw stable SBS shipments in Q4, but production increased by 2%, leading to pressure on operating rates [9] - International markets remained weak, with declining demand and oversupply, particularly in Europe [8][10] Company Strategy and Development Direction - The company aims to improve competitiveness through a multi-year program focused on reducing total operational disbursement [22][23] - The management highlighted the importance of maintaining liquidity and reducing net debt, targeting a reduction to $11 billion [40] - The joint venture with KC is progressing as planned, with expectations for closing in mid-2026 [27] Management's Comments on Operating Environment and Future Outlook - Management noted a more constrictive business environment for 2026 due to changes in supply and demand dynamics, particularly in the pulp market [27][68] - The delay of new market pulp capacity and revocation of forestry licenses in Indonesia are expected to tighten supply further [68] - The company anticipates a gradual decline in cash costs over the course of 2026, despite challenges in the first half of the year [22][59] Other Important Information - The company generated positive free cash flow of $400 million in Q4 2025, contributing to a reduction in net debt to $12.6 billion [24] - A new buyback program was announced to acquire up to 40 million shares over the next 18 months [26] - The company is maintaining a healthy portfolio of FX hedges, with significant potential cash adjustments expected [25] Q&A Session All Questions and Answers Question: Insights on pulp market dynamics in China - Management provided updates on the pulp market, indicating a strong demand in China and a net zero effect of verticalization in 2025, with expectations for 2.8-3 million tons of new capacity in 2026 [32][34] Question: CAPEX trends and expectations - Management discussed the potential for lower CAPEX in 2026 due to non-recurring items, but did not provide specific guidance [31][35] Question: Buyback execution strategy - The company emphasized an opportunistic approach to buybacks, focusing on leveraging its balance sheet while considering market conditions [39][40] Question: Potential divestments and their impact on deleveraging - Management indicated that divestments would focus on non-core assets, particularly in the forestry business, but emphasized that deleveraging would primarily come from operational improvements [41][42] Question: Paper prices in China and their impact on pulp prices - Management noted that while paper prices are a factor, pulp prices typically drive paper prices, and they expect a recovery in paper prices [45][49] Question: U.S. packaging market outlook - The company highlighted its strong position in the U.S. packaging market, with stable demand and protected pricing under long-term contracts [51][52]

Core Insights - Goodyear's strategy in 2023 focused on cost reduction and revenue increase through divestitures, generating $2.3 billion from the sale of the Dunlop brand and other assets [3][4] - The company achieved over $1.3 billion in free cash flow in Q4, which contributed to a $1.6 billion reduction in debt compared to the previous year [4] - Goodyear's fourth quarter 2025 net sales were flat at $4.9 billion, with a full-year net sales decline of 3.2% to approximately $18.3 billion, resulting in a net loss of $1.7 billion [8] Financial Performance - Goodyear's divestitures and cash flow significantly improved its financial position, allowing for substantial debt reduction [4] - The company reported a net loss of $1.7 billion for the fourth quarter of 2025, contrasting with a net profit of $46 million in 2024 [8] - The corporate transformation plan, "Goodyear Forward," achieved $1.5 billion in savings, exceeding its initial goals [8] Operational Changes - Goodyear plans to spend approximately $130 million on various costs, including $65 million in tariffs, with additional expenses related to logistics and factory inefficiencies [7] - The company is reducing its workforce by 1,750 employees, with significant layoffs at the Danville, Virginia plant due to the elimination of commercial tire operations [5][6] - The focus of production at the Danville facility has shifted to rubber-mixing and aviation tires [6]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net sales of $645 million, a 3.5% decrease from $667.7 million in Q4 2024 [5][20] - Adjusted EBITDA for Q4 was $35 million, down from $75 million in the prior year, with an adjusted EBITDA margin of 5.4% [6][24] - Full-year 2025 net sales were $2.7 billion, up 1% year-over-year, driven by contributions from Supreme and pricing improvements [25][26] - Net income for Q4 was a loss of $42 million compared to a profit of $14 million in Q4 2024, resulting in a net income margin of -6.5% [23][27] - Full-year adjusted EBITDA was $298.2 million, down 18% from $363.6 million in 2024, with an adjusted EBITDA margin of 10.9% [28] Business Line Data and Key Metrics Changes - The U.S. single-family new construction market declined high single digits in Q4 and mid-single digits for the full year, with MasterBrand's new construction sales outperforming the broader market [8][9] - In the repair and remodel segment, the U.S. cabinet R&R market declined mid-single digits in both Q4 and the full year, driven by low existing home turnover [9][10] - The Canadian market also faced mid-single-digit declines in both new construction and R&R demand [10] Market Data and Key Metrics Changes - 2025 marked the third consecutive year of market contraction, influenced by elevated interest rates and lower consumer confidence [8] - The company expects continued headwinds in the new construction market into 2026, with demand closely tied to financing conditions and consumer sentiment [9][11] - The anticipated Canadian market conditions for 2026 remain pressured due to similar affordability and turnover dynamics [10] Company Strategy and Development Direction - The company is focused on maintaining financial flexibility through targeted cash management and cost reductions, with $30 million in planned cost reductions for 2026 [12][34] - MasterBrand aims to capture synergies from the Supreme integration and the pending American Woodmark transaction, expecting approximately $90 million in run-rate cost synergies post-close [17][29] - The company is implementing a coordinated mitigation strategy to manage tariff impacts, including sourcing flexibility and operational adjustments [15][32] Management Comments on Operating Environment and Future Outlook - Management noted ongoing demand pressure and a complex trade backdrop, with expectations for a transitional year in 2026 as market trends persist [5][40] - The company anticipates a modest recovery in 2027, supported by improving affordability and easing financing conditions [12][42] - Management emphasized the importance of disciplined execution and cash generation to navigate the current environment [41][36] Other Important Information - The company ended 2025 with $183.3 million in cash and $441.9 million in liquidity available under its revolving credit facility [29][30] - Tariffs continue to pressure costs, with a 25% tariff on cabinets and related products expected to remain in place throughout 2026 [14][31] - The company expects to fully offset tariff costs on a run-rate basis by the end of 2026 through mitigation initiatives [37][38] Q&A Session Summary Question: Can you break down the full-year market outlook by end channel? - Management indicated that both the builder and R&R markets are expected to decline mid-single digits, with uncertainty around the spring season influencing guidance [46] Question: What drove the sequential deceleration in price realization? - Management attributed the deceleration to a mix shift towards lower price point products and the timing of price adjustments to mitigate tariffs [47][48] Question: Can you provide more detail on the residential construction weakness? - Management noted a significant drop-off in late November, similar to the prior year, impacting overall volume and factory efficiency [52] Question: What are the details on the $30 million in expected savings for 2026? - Management clarified that the $30 million represents annualized savings expected throughout the year, primarily from structural cost adjustments [53] Question: How confident is the company in offsetting tariff costs? - Management expressed confidence in their long-term strategy to cover tariff costs, though timing remains uncertain due to the dynamic pricing environment [54][55]

Toyota Motor Corporation reported a 43% plunge in net profits to JPY 1.26 trillion (US$ 8 billion) in the third quarter of the current fiscal year (FY26), between October and December 2025, down from JPY 2.19 trillion a year earlier, which the company blamed on the introduction last year of import tariffs in the US. Revenues rose by 8.6% to JPY 13.46 trillion (US$ 86 billion). Toyota also announced that its current CEO and president, Koji Sato, will step down at the beginning of the next fiscal year, in ...

Financial Data and Key Metrics Changes - In 2025, ConocoPhillips reported a production growth of 2.5% on a pro forma basis, while achieving a return of 45% of cash flow from operations (CFO) to shareholders [4][10] - The company generated $1.02 per share in adjusted earnings and $4.3 billion of CFO in the fourth quarter [10] - Capital expenditures for the fourth quarter were $3 billion, totaling $12.6 billion for the full year [10][12] - Cash balances increased by $1 billion, and net debt was reduced by nearly $2 billion, highlighting a strong financial position [11][12] Business Line Data and Key Metrics Changes - The Lower 48 segment showed improved drilling and completion efficiencies, with a more than 15% increase in 2025 [14] - Production guidance for 2026 is set at 2.23 million to 2.26 million barrels of oil equivalent per day, indicating modest growth [13] - The company expects to continue delivering more production for less capital in the Lower 48, benefiting from high-quality asset bases [13][14] Market Data and Key Metrics Changes - ConocoPhillips closed over $3 billion in asset sales during 2025, progressing towards a $5 billion divestiture target [11] - The organic reserve replacement ratio for 2025 was just under 100%, with a trailing three-year average of 106% [11][88] Company Strategy and Development Direction - The primary focus for 2026 is to achieve a combined reduction of $1 billion in capital spending and operating costs while growing production [6][12] - The company aims to maintain a top-quartile dividend growth rate, with expectations of free cash flow breakeven declining into the low $30 per barrel WTI range by the end of the decade [6][12] - ConocoPhillips is investing in diverse major projects to enhance free cash flow generation, anticipating a $7 billion free cash flow inflection by 2029 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resource-rich position amid a maturing US shale industry, emphasizing a focus on organic growth rather than M&A [21][22] - The company is optimistic about the long-term outlook for oil demand, particularly with LNG and Willow projects coming online at a critical time [62] Other Important Information - The company has made significant progress in its LNG strategy, growing its offtake portfolio to approximately 10 million tons per annum [5] - The four major projects underway are expected to drive substantial free cash flow growth through the end of the decade [9] Q&A Session Summary Question: Industry consolidation and Conoco's role - Management indicated that the company has completed its heavy lifting on M&A and is now focused on organic growth opportunities within its portfolio [21][22] Question: Update on Venezuela and Citgo sale - Management reiterated their focus on recovering owed amounts from Venezuela and noted no changes regarding the Citgo sale [25][27] Question: Evaluation of international opportunities - Management discussed ongoing efforts to improve fiscal conditions in Libya and the potential for new opportunities in Equatorial Guinea [30][32] Question: Alaska exploration program objectives - The exploration program aims to identify resource opportunities to extend production capacity at Willow and enhance existing infrastructure [35][36] Question: Trends in well productivity in Lower 48 - Management highlighted strong productivity improvements in the Delaware and Eagle Ford basins, driven by technology and optimization strategies [41][43] Question: Breakeven trajectory and capital expenditure assumptions - Current free cash flow breakeven is in the mid-$40s, with expectations to decline to the low $30s by 2030 as new projects come online [45][51] Question: Free cash flow contribution from LNG projects - Management expects $1 billion annual free cash flow improvement from 2026 to 2028, with significant contributions from LNG projects [76][78]

Core Insights - Patterson-UTI Energy, Inc. (PTEN) reported a narrower adjusted net loss of 2 cents per share for Q4 2025, better than the Zacks Consensus Estimate of an 11-cent loss and an improvement from a 12-cent loss in the same quarter last year [1][9] - Total revenues reached $1.2 billion, exceeding the Zacks Consensus Estimate by 5%, primarily driven by strong performance in the Completion Services segment [2][9] - The board of directors increased the quarterly dividend by 25% to 10 cents per share, payable on March 16, 2026 [3] Segment Performance - **Drilling Services**: Revenues were $360.8 million, down 11.6% year-over-year, missing the estimate of $365 million. Operating income was $43 million, beating the estimate of $37.7 million [4] - **Completion Services**: Revenues increased by 7.8% year-over-year to $701.6 million, surpassing the estimate of $647 million. The operating loss narrowed to $3.6 million from a loss of $50.2 million in the previous year [5] - **Drilling Products**: Revenues decreased by 3.2% year-over-year to $83.8 million, missing the estimate of $85 million. Operating profit was $6.8 million, compared to a loss of $0.2 million in the prior year [6] - **Other Services**: Revenues fell by 71.3% year-over-year to $4.7 million, missing the estimate of $4.8 million [6] Financial Position - Capital expenditures for the quarter were $138.5 million, slightly down from $140.3 million in the prior year. As of December 31, 2025, cash and cash equivalents were $420.6 million, with long-term debt of $1.2 billion and a debt-to-capitalization ratio of 27.5% [8] - Total operating costs and expenses were $1.151 billion, down from $1.1935 billion in Q4 2024 [8] Q1 2026 Outlook - The company expects an average rig count in the low-to-mid 90s for the Drilling Services segment in Q1 2026, with adjusted gross profit anticipated to decline by less than 5% from Q4 2025 [11] - For Completion Services, adjusted gross profit is expected to be around $95 million, while Drilling Products segment's adjusted gross profit is anticipated to improve slightly [12] - Selling, general and administrative (SG&A) expenses are projected to be about $65 million, with total depreciation, depletion, amortization, and impairment expenses expected to be approximately $225 million for the upcoming quarter [13]