Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $150.5 million, an increase of approximately 6% compared to Q4 2024, and within the guidance range of $146 million to $152 million [6] - Adjusted EBITDA for the quarter was $16.5 million, reflecting a 17% increase quarter over quarter, with adjusted EBITDA margins at approximately 26% [6][7] - Cash and cash equivalents as of March 31, 2025, were $17.3 million, with total liquidity of $53.8 million [11][12] Business Line Data and Key Metrics Changes - Cementing revenue increased by approximately 4% to $57.2 million, with jobs completed rising by approximately 11% [12][13] - Wireline revenue grew by approximately 7% to $29.6 million, with 7,713 wireline stages completed, an increase of approximately 15% [13] - Coiled tubing revenue increased by approximately 16% to $29.9 million, driven by a 36% increase in coiled tubing days [14] Market Data and Key Metrics Changes - The U.S. rig count remained flat in Q1 2025, yet the company achieved revenue growth across all service lines [7] - Pricing across service lines was mostly stable, except for wireline operations in the Northeast, which experienced lower stage pricing due to previous bidding processes [8][9] Company Strategy and Development Direction - The company is focused on market share gains and cost reductions, with a strong emphasis on technology development and maintaining service quality [6][19] - The recent appointment of Joey Hall to the Board of Directors is aimed at enhancing industry expertise within the company [20] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the impact of declining oil prices and increased costs due to tariffs on future activity levels [16][18] - The company anticipates Q2 revenue to decline compared to Q1, projecting between $138 million and $148 million [19] - Management remains optimistic about the long-term outlook for natural gas and its potential positive impact on earnings [17] Other Important Information - The company refinanced its ABL revolving credit facility, increasing liquidity and financial flexibility [10][11] - The average blended revenue per cementing job decreased by approximately 6%, while the average blended revenue per wireline stage decreased by approximately 7% [12][13] Q&A Session Summary Question: Pricing pressures and impacted business lines - Management indicated that pricing pressure is primarily seen in the cementing division, particularly in West Texas, due to tariff impacts and commodity price evaluations [24][25] Question: Oil price guidance and its implications - Management stated it is too early to provide specific guidance on oil prices, emphasizing the importance of market evaluations by customers [31][32] Question: Ability to pass on tariff costs to customers - Management confirmed plans to pass on tariff costs to customers, as the service sector cannot absorb these increases [33][34] Question: Outlook for natural gas markets - Management expressed excitement about the natural gas market, particularly in Haynesville, but confirmed no plans to relocate equipment at this time [36][37] Question: International tool sales and opportunities - Management reported positive performance in international tool sales and highlighted ongoing development of completion tools to meet stringent international requirements [38][39]