Business
Drilling Tools International Corp. Reports 2026 First Quarter Results
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, 2026.
About this update from Drilling Tools International Corporation
[{"type":"text","content":"Completes Transition to Fully Independent, Broadly Held Public Company with Refreshed Board","length":91,"tagName":"p","attribs":{}},{"type":"text","content":"Reaffirms 2026 Outlook","length":22,"tagName":"p","attribs":{}},{"type":"text","content":"HOUSTON, May 7, 2026 /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, 2026.","length":486,"tagName":"p"},{"type":"text","content":"For the first quarter of 2026, DTI generated total consolidated revenue of $38.0 million. First quarter Tool Rental revenue was $28.9 million, and Product Sales revenue totaled approximately $9.0 million. Net Loss attributable to common stockholders for the first quarter was $1.5 million, or a loss of $0.04 per share. Adjusted Net Loss(1) was $1.0 million and Adjusted Diluted EPS(1) for the first quarter was a loss of $0.03 per diluted share. First quarter Adjusted EBITDA(1) was $7.5 million and Adjusted Free Cash Flow(1)(2) was a loss of $160,000. As of March 31, 2026, DTI had $2.8 million of cash and cash equivalents, and net debt of $48.9 million.","length":658,"tagName":"p"},{"type":"text","content":"Wayne Prejean, Chairman of the Board and Chief Executive Officer, stated, "Our first quarter results came in largely in-line with our expectations minus some softness in Canada due to the spring breakup arriving earlier this year. While we continue to operate in a complicated market environment, including uncertainty in the Middle East and volatile commodity prices, we are leveraging our differentiated, specialized product suite to capture international market share and preserve our leading position in downhole drilling tools worldwide. I'm also pleased that, despite a 4% year-over-year decline in global rig count, we remain confident in our ability to achieve and reaffirm our full year guidance, which constitutes growth at the midpoint when compared to our 2025 results. Our ClearPath and Drill-N-Ream product lines are gaining significant tract...