Revenue Increase
Revenues increased 26% to $421 million, partly due to the Pintail acquisition. Non-pressure pumping service lines represented 74% of total revenues during the second quarter.
Growth in Non-Pressure Pumping Segments
Revenue growth was noted in downhole tools, coiled tubing, rental tools, and tubular services. Coiled tubing was up 12% sequentially, and rental tool revenues increased 17% versus the prior quarter.
Pintail Acquisition Impact
Pintail revenues contributed approximately $99 million in the second quarter or 23% of total revenues. The acquisition is expected to be accretive in 2025.
Adjusted EBITDA Growth
Adjusted EBITDA was $65.6 million, up from $48.9 million, with the margin increasing 90 basis points sequentially to 15.6%.