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Superior Drilling Products Inc. (NYSE American: SDPI) is an industry leader specializing in the innovative design and manufacturing of drilling tool technologies for the oil, natural gas, and mining services industry. Headquartered in Vernal, Utah, the company has been a top player in the polycrystalline diamond compact (PDC) drill bit market for over two decades.
SDPI's core business includes the development and commercialization of advanced drilling tools, such as the patented Drill-N-Ream® wellbore conditioning tool and the Strider™ oscillation system technology. These tools enhance the efficiency and effectiveness of horizontal and directional drilling operations, providing cost-saving solutions that drive production efficiencies for the oil and gas sector.
Additionally, Superior Drilling Products is known for its state-of-the-art remanufacturing capabilities. The company refurbishes PDC drill bits, extending their life and improving their performance, which is particularly valued by leading oil field service companies. The company operates a cutting-edge drill tool fabrication facility in Vernal, Utah, that supports both its proprietary product lines and custom fabrication for clients.
In recent news, Superior Drilling Products has entered into a definitive agreement to be acquired by Drilling Tools International Corp. (NASDAQ: DTI) for approximately $32.2 million. This acquisition, expected to close in the third quarter of 2024, aims to leverage the synergies between the two companies. DTI, a prominent oilfield services company, has been the exclusive North American distributor for SDPI's Drill-N-Ream® tool since 2016. The merger is set to drive manufacturing and distribution efficiencies, particularly expanding the reach of the Drill-N-Ream technology into the Middle East market.
Financially, SDPI has showcased strong performance, with the majority of its revenue derived from North America. The company is poised for growth both domestically and internationally, with a strategic focus on increasing its market presence and enhancing shareholder value through innovation and strategic partnerships.
This merger with DTI is seen as a significant milestone, promising to bolster SDPI's market position and accelerate its growth trajectory in the oilfield services industry.
Superior Drilling Products (SDPI) announced the closure of a registered direct offering of 1,739,131 shares at $1.15 each, generating approximately $2.0 million in gross proceeds. After expenses, net proceeds are expected to be around $1.7 million for general corporate purposes, including potential capital expenditures and debt repayment. EF Hutton served as the placement agent. The offering was conducted under an effective shelf registration statement filed with the SEC.
Superior Drilling Products, Inc. (SDPI) announced a registered direct offering to sell approximately $2.0 million worth of common stock, priced at $1.15 per share. A total of 1,739,131 shares will be sold, with the proceeding expected to close around October 19, 2021. EF Hutton is acting as the exclusive placement agent for this offering, conducted under an effective shelf registration statement. The funds will be utilized to support business operations and growth initiatives.
Superior Drilling Products, Inc. (NYSE American: SDPI) announced participation in the Emerging Growth Conference on September 1, 2021. The presentation, led by CEO Troy Meier and CFO Christopher Cashion, will begin at 1:30 PM Eastern Time. A webcast link and presentation materials will be available on the company’s website.
SDP specializes in innovative drilling tool technologies, enhancing production efficiencies in the oil and natural gas sectors. For further details, visit www.sdpi.com.
Superior Drilling Products, Inc. (NYSE American: SDPI) reported a strong second quarter for 2021, with total revenues reaching $3.4 million, a 40.2% increase from the previous quarter. North American revenue surged 74% year-over-year due to increased tool sales and restoration of market conditions. Operating costs decreased, contributing to an operating income of $116,000. While net loss was reduced to $67,000, the company showed a considerable improvement in Adjusted EBITDA to $957,000, evidencing operational leverage. Cash position strengthened to $2.7 million, enhancing liquidity.
Superior Drilling Products, Inc. (NYSE American: SDPI) will release its second quarter 2021 financial results on August 13, 2021, before markets open. A conference call and webcast will follow at 10:00 a.m. MT to discuss the results and corporate strategy, including a Q&A session. The call can be accessed via phone or the company’s website. SDP specializes in innovative drilling tool technologies designed to enhance efficiency in the oil and gas industry.
Superior Drilling Products, Inc. (NYSE American: SDPI) reported a significant sequential revenue increase of 57% to $2.425 million in Q1 2021, driven by a 74% rise in North American revenue from tool sales. Despite a year-on-year decline of 54.7% due to the pandemic's effects, the company notes growing demand for its Drill-N-Ream® tools and improved market conditions. Operating expenses rose 13%, while net loss increased to $1.1 million. Cash reserves improved to $2.3 million. CEO Troy Meier expressed optimism about recovery and market share growth, although international markets lag behind.
Superior Drilling Products, Inc. (NYSE American: SDPI) will release its first quarter 2021 financial results before market opening on May 12, 2021. A conference call and webcast will follow at 10:00 a.m. MT, reviewing financial results and corporate strategy. A replay of the call will be available until May 19, 2021. SDP specializes in innovative drilling tool technologies aimed at enhancing production efficiencies in the oil and natural gas drilling sectors, including patented tools like Drill-N-Ream® and Strider™.
Superior Drilling Products (SDPI) reported Q4 and full-year 2020 financial results, showing a significant decline in revenue primarily due to COVID-19, with total annual revenue at $10.5 million, down from $19.0 million in 2019, a 44.9% decrease. Q4 revenue was relatively stable at $1.5 million. North American revenue increased 8% sequentially, while international revenue fell 45.1% year-over-year. The company achieved a net loss of $0.6 million for Q4, improving from a $1.7 million loss in Q3. Despite challenges, SDPI remains optimistic about market recovery in 2021.
Superior Drilling Products (SDPI) announced preliminary 2020 revenue of $10.5 million, with $1.5 million for Q4. U.S. market revenue was $1.2 million, contributing to an 80% increase in contract services revenue this quarter. International revenue grew 43% to $1.9 million compared to 2019. Cash reserves increased to $1.96 million at year-end. CEO Troy Meier emphasized progress in expanding market penetration and achieving AS9100D certification. Complete financial results will be released on March 11, 2021.
Superior Drilling Products, Inc. (SDPI) has received approval from NYSE American for a compliance plan to maintain its listing, with a deadline of May 18, 2022, to meet listing standards. The company reported stockholders' equity at approximately $4.7 million, below the required $6 million, and has experienced losses over the last five fiscal years. Management remains optimistic about their strategies and believes in their potential to drive efficiency and growth in the drilling tools market.
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