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Superior Drilling Products (SDPI) reported Q1 2024 financial results. The company's total revenue was $4.95 million, down 21.3% year-over-year but up 15.8% sequentially. North America contributed 86% of this revenue, while international sales grew 10.1% sequentially. The decline in tool sales was attributed to a reduced U.S. rig count. Operating income was $159,000, down 88.4% year-over-year. Net loss stood at $1.82 million, largely impacted by $1.7 million in acquisition-related expenses. Adjusted EBITDA increased 91% sequentially to $839,000. A merger agreement with Drilling Tools International, valued at $32.2 million, is expected to close in Q3 2024.
Drilling Tools International Corp. (NASDAQ: DTI), a global oilfield services company, announced its participation in several investor conferences in Q2 2024. CEO Wayne Prejean will host one-on-one meetings at the EF Hutton Annual Global Conference in New York City on May 15. On May 29, Prejean will join a CEO panel at the Louisiana Energy Conference in New Orleans and host investor meetings with CFO David Johnson. DTI will also present at the Sidoti Virtual Small Cap Conference on June 12-13. Presentations and meeting details are available on DTI's Investor Relations website.
Drilling Tools International Corp. (NASDAQ: DTI) reported $37 million in total consolidated revenue for Q1 2024. Tool Rental net revenue was $30 million, Product Sales net revenue was $7 million. Operating income was $5.1 million with Adjusted Net Income of $3.8 million. Adjusted EBITDA was $10.9 million, and Adjusted Free Cash Flow was $4.7 million. The company's CEO reaffirmed the 2024 outlook and highlighted recent acquisitions and financial standing.
