Financial Performance - TETRA Technologies reported a second quarter 2025 revenue of $173.9 million, an 11% sequential increase from $157.1 million in the first quarter of 2025 [4][5] - Adjusted EBITDA for the second quarter was $35.9 million, up from $32.3 million in the previous quarter, reflecting a margin of 20.6% [2][5] - Net income before taxes for the second quarter was $19.4 million, a significant increase of $14.4 million sequentially [5][4] Segment Performance - Completion Fluids & Products segment revenue increased by 18% sequentially and 9% year-over-year, with adjusted EBITDA margins rising to 36.7% [6][7] - Water & Flowback Services revenue remained flat despite a 14% decline in U.S. frac activity, with adjusted EBITDA margins decreasing to 10% [8][9] Cash Flow and Balance Sheet - The company generated $48.3 million in net cash from operating activities during the second quarter, with total adjusted free cash flow of $26.5 million [20][5] - As of June 30, 2025, TETRA had cash and cash equivalents of $69 million and a net leverage ratio of 1.2 times adjusted EBITDA [22][21] Growth Initiatives - TETRA is advancing its Arkansas bromine processing facility project, having invested $44 million since 2024, with expectations to generate incremental revenue of $200 million to $250 million at full production [11][10] - The company is also focusing on emerging growth markets, including energy storage and produced water recycling, with significant potential for reshaping its business profile [13][19] Full Year Guidance - For the full year 2025, TETRA expects GAAP net income before taxes to be between $21 million and $34 million, with adjusted EBITDA projected between $100 million and $110 million [3]