Business
/C O R R E C T I O N -- Drilling Tools International Corp./
Drilling Tools International Corp., (NASDAQ: DTI) ("DTI" or the "Company"), a global oilfield services company that designs, engineers, manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, as well as other cutting-edge solutions across the well life cycle, today reported its results for the three months ended March 31, 2025.
About this update from Drilling Tools International Corporation
[{"type":"text","content":"In the news release, Drilling Tools International Corp. Reports 2025 First Quarter Results, issued 13-May-2025 by Drilling Tools International Corp. over PR Newswire, we are advised by the company that the column headers of the last two tables, "Reconciliation of Estimated Consolidated Net Income to Adjusted EBITDA" and "Reconciliation of Estimated Consolidated Net Income to Adjusted Free Cash Flow", should read "Twelve Months Ended December 31, 2025" rather than "Three Months Ended March 31, 2025" as originally issued inadvertently. The complete, corrected release follows:","length":620,"tagName":"p"},{"type":"heading","content":"Drilling Tools International Corp. Reports 2025 First Quarter Results","length":69,"tagName":"h3","attribs":{}},{"type":"text","content":"Board Authorizes a $10 Million Share Repurchase Program","length":55,"tagName":"p","attribs":{}},{"type":"text","content":"HOUSTON, May 13, 2025 /PRNewswire/ -- Drilling Tools International Corp., (NASDAQ: DTI) ("DTI" or the "Company"), a global oilfield services company that designs, engineers, manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, as well as other cutting-edge solutions across the well life cycle, today reported its results for the three months ended March 31, 2025.","length":488,"tagName":"p"},{"type":"text","content":"DTI generated total consolidated revenue of $42.9 million in the first quarter of 2025. First quarter Tool Rental revenue was approximately $34.5 million and Product Sales revenue totaled $8.3 million. Total Operating Expenses were $39.6 million and Operating Income was $3.3 million. Net Loss for the first quarter was approximately $1.7 million and Adjusted Net Income(1) for the quarter was $0.7 million. Diluted EPS and Adjusted Diluted EPS(1) for the first quarter were a loss of $0.05 per share and an income of $0.02 per share, respectively. First quarter Adjusted EBITDA(1) was $10.8 million and Adjusted Free Cash Flow(1)(2) was $5.7 million. As of March 31, 2025, DTI had approximately $2.8 million of cash and cash equivalents and net debt of $52.1 million.","length":774,"tagName":"p"},{"type":"text","content":"Wayne Prejean, President and Chief Executive Officer of ...