Record First Quarter Bookings
Cactus reported record levels of pressure control product revenues per rig and record first quarter bookings in the Spoolable Technologies segment, indicating strong demand and performance.
Revenue and EBITDA Growth
Total Q1 revenues were $280 million, up 3% sequentially, with an adjusted EBITDA of $94 million, up 1.2% sequentially, showing continued financial growth.
Strong Cash Position and Dividends
Cactus increased its cash balance to $348 million and paid a quarterly dividend of $0.13 per share, reflecting a strong financial position and shareholder return.
Successful International Expansion
Sales to international locations increased by 30% quarter-over-quarter, driven by robust demand in Canada and the shipment of the first commercial order of sour service pipe for high H2S applications.