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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) 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.