Drilling Segment Success
Drilling segment revenue more than tripled sequentially, with gross margin reaching the highest level in the segment's history.
Positive Free Cash Flow
The company delivered positive free cash flow from operations, supported by the monetization of underutilized assets.
Aviation Asset Expansion
Invested in new aviation assets within rentals, with three engines and one auxiliary power unit staged for deployment.
Balance Sheet Strength
Maintained a strong balance sheet with $110.9 million of unrestricted cash and total liquidity of approximately $153.4 million.
SG&A Expense Reduction
SG&A expenses reduced by roughly 40% from the previous year, reflecting streamlined operations.