International Revenue Growth
Revenue outside of North America reached an all-time high, doubling from 5% to 10% of total revenue in 2024, contributing to a 250 basis point improvement in adjusted gross margin.
Record Year-End Financial Position
The company ended 2024 with a net cash position of nearly $18 million and generated approximately $12 million in free cash flow, reflecting 54% of adjusted EBITDA.
Revenue Growth Across All Regions
Fourth quarter revenues increased by 20% compared to the previous year, with international revenue up 280%, Canada up 20%, and the U.S. up 18%.
Innovative Product Development
New technologies like the dissolvable frac plug and stage saver composite plug were introduced, expanding offerings and addressing customer challenges in North America.
Strong Adjusted EBITDA Growth
Adjusted EBITDA for the fourth quarter was $8.2 million, up from $2.5 million in the same period in 2023, and for the full year, it improved to $22.3 million from $11.9 million in 2023.