Full-Year Revenue and Adjusted EBITDA
Delivered $546.9M in total revenue for FY2025 and $73.2M of adjusted EBITDA (13.4% margin), demonstrating solid profitability and execution through a challenging market environment.
Fourth Quarter Sequential Improvement
Q4 revenue of $142.2M (up from $128.9M in Q3) with Q4 adjusted EBITDA of $20.3M (14.3% margin) versus $16.8M (~13%) in Q3; net income improved to $3.2M ($0.14/sh) from $1.2M ($0.05/sh) in the prior quarter. Rig hours grew 16% sequentially to 128,500 hours.
High-Spec Rigs and Processing Momentum
High Specification Rigs revenue of $92.3M in Q4 (up from $80.9M in Q3 and $87.0M in 2024). Processing Solutions & Ancillary Services revenue of $37.5M in Q4, a 22% sequential increase driven partly by the AWS acquisition.
Strategic AWS Acquisition and Pro Forma Opportunity
Completed American Well Services acquisition, using approximately $40M of free cash flow to close the deal; integration progressing on plan. Company cites a pro forma annual EBITDA generation opportunity of >$100M for 2026 from the combined platform.
ECO Hybrid Electric Rig Program Traction
Rolled out first two ECO rigs in 2025 (one rig used <22 generator hours in first 450 hours via battery/regeneration), signed a contract for 15 ECO rigs with a key operator, and expects 15 ECO rigs in the Lower 48 by 2027. Management indicates manufacturing capacity can scale and initial deployments are differentiated in customer feedback.
Strong Liquidity and Capital Returns
Ended the year with $67.7M total liquidity ($57.4M revolver availability + $10.3M cash), only $3.5M drawn. Generated $42.9M free cash flow (FCF) in 2025 with an EBITDA-to-FCF conversion rate near 60% for the third consecutive year, returned >40% of FCF to shareholders via dividends and repurchases (nearly 1,000,000 shares repurchased for $12.3M).
Operational Discipline and Safety Focus
Management emphasized consistent field execution, disciplined pricing, cost control, and successful integration milestones, supporting resiliency in core businesses despite headwinds.