Core Insights - TETRA Technologies, Inc. will host an Investor Day on September 25, 2025, at the New York Stock Exchange to outline its strategic objectives and growth initiatives for the next five years [1][3] - The company has received the 2025 Hart Energy Special Meritorious Engineering Award for its TETRA Oasis Total Desalination Solution, recognizing its innovative contributions to sustainable water management [4] Company Overview - TETRA Technologies, Inc. operates globally across six continents, focusing on environmentally conscious services and solutions in energy services, industrial chemicals, and critical minerals [5] - The company is expanding into the low-carbon energy market, leveraging its chemistry expertise and mineral resources to meet the demand for sustainable energy [5] Investor Day Details - The Investor Day will provide insights into TETRA's operational achievements and technical strengths in fluid chemistry solutions, particularly for energy and industrial chemicals [2] - The event will include a Q&A session and showcase videos of TETRA's latest innovations and R&D efforts from its Technology Center in Conroe, Texas [2]

Financial Performance - TETRA Technologies reported a record first-quarter Adjusted EBITDA of $32.3 million, a 41% increase sequentially and year-over-year, driven by strong performance in Completion Fluids and Products [2][3] - Total revenue for the first quarter was $157 million, reflecting a 17% sequential increase and a 4% increase compared to the previous year [2][8] - Net income before taxes and discontinued operations was $5.1 million, down from $7.4 million in the prior quarter due to unrealized mark-to-market gains [8] Segment Performance - Completion Fluids & Products generated revenue of $93 million, with adjusted EBITDA margins increasing to 35.7% from 27.3% in the previous quarter, supported by stronger deepwater activity [3][9] - Water & Flowback Services experienced a 2% decline in revenue sequentially, but adjusted EBITDA margins improved year-over-year by 340 basis points despite lower frac activity levels [3][11] Outlook and Guidance - The company anticipates a strong second quarter, expecting to benefit from seasonal peaks in European industrial chemicals and the completion of multiple deepwater projects [4] - Adjusted EBITDA guidance for the first half of 2025 has been revised to between $57 million and $65 million, with revenue guidance adjusted to between $315 million and $345 million [4] Cash Flow and Capital Expenditures - TETRA generated $3.9 million in cash from operating activities and $4.2 million in free cash flow during the first quarter, after investing $11.2 million in the Arkansas bromine project [5][18] - Total capital expenditures for the quarter were $18 million, with significant investments directed towards the Arkansas bromine facility [18][20] Balance Sheet and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $41 million and long-term debt of $180 million, resulting in a net leverage ratio of 1.5X [20][19] - Liquidity improved to $220 million as of April 28, 2025, including an unused $75 million delayed draw feature under the Term Credit Agreement [19] Emerging Growth Initiatives - TETRA is advancing its desalination project, TETRA Oasis TDS, in collaboration with EOG Resources, targeting the recycling of produced water for beneficial reuse [13] - The company is positioned to benefit from increased sales of battery electrolytes to Eos Energy Enterprises as they ramp up production [14]

Core Viewpoint - TETRA Technologies, Inc. is committed to refreshing its Board of Directors to enhance value creation and maintain effective governance, amidst ongoing challenges from activist shareholder Brad Radoff [1][2][5]. Board Refreshment and Governance - TETRA plans to nominate Julie Sloat, a former CEO of American Electric Power, for election to its Board, while independent director Mark E. Baldwin will retire [2][3]. - Over the past five years, TETRA has proactively refreshed its Board with five retirements and four new additions, ensuring a diverse and experienced leadership team [3][4]. - The Board has focused on maintaining clear disclosures regarding governance policies and strategic planning, aiming for a well-rounded Board with expertise in various relevant fields [3][4]. Performance and Strategy - Since the appointment of CEO Brady Murphy in 2019, TETRA has achieved a total shareholder return of approximately 60%, with a five-year total shareholder return of 1117%, significantly outperforming industry indices [11][17]. - The company’s long-term strategy includes leveraging synergies between its Completion Fluids & Products and Water & Flowback Services segments, while also expanding into energy storage and desalination markets [11][7]. - TETRA has maintained disciplined capital allocation, achieving a record Return on Net Capital Employed (RONCE) of 17.8% over the last two years, up from 13.4% in 2022 [11][19]. Activist Campaign and Response - Brad Radoff has initiated an activist campaign to replace a majority of the Board's independent members, despite TETRA's efforts to engage in good faith discussions [5][6]. - The Board's Nominating, Governance and Sustainability Committee is assessing Radoff's proposed candidates, noting that some have poor records of delivering shareholder value [6][7]. - TETRA emphasizes that destabilizing the current Board would not be in the best interests of shareholders, as it continues its director refreshment approach [6][7].