TETRA Technologies Reports Record Adjusted EBITDA for Q1 2025, Raises First-Half Outlook

THE WOODLANDS, TEXAS – TETRA Technologies, Inc. (NYSE: TTI) reported strong financial results for the first quarter of 2025, achieving a record adjusted EBITDA of $32.3 million, a 41% sequential increase, driven primarily by the Completion Fluids & Products segment. The company also updated its first-half 2025 guidance, reflecting improved visibility and operational momentum.

Q1 2025 Financial Highlights:
Revenue: $157 million, up 17% sequentially and 4% year-over-year

Adjusted EBITDA: $32.3 million, up from $22.8 million in Q4 2024

GAAP EPS: $0.03 | Adjusted EPS: $0.11

Net cash from operations: $3.9 million

Free cash flow from base business: $15.4 million

Capital expenditures: $18 million, including $11.2 million for Arkansas bromine project

Segment Performance:
???? Completion Fluids & Products

Revenue: $93 million

Adjusted EBITDA: $33.2 million (35.7% margin)

Driven by increased demand for TETRA CS Neptune fluids and European chemical sales

???? Water & Flowback Services

Revenue: $64 million

Adjusted EBITDA: $8.3 million (13.0% margin)

Margins remained stable despite weak U.S. frac activity

Outlook & Guidance:
TETRA raised its first-half 2025 Adjusted EBITDA guidance to $57M–$65M (previously $55M–$65M). Revenue guidance was revised to $315M–$345M, slightly lower on the low end, reflecting timing shifts in project execution. Adjusted net income before taxes is expected between $24M–$35M.

CEO Brady Murphy highlighted a favorable deepwater outlook, the ongoing ramp-up of electrolyte sales to Eos Energy, and commercial interest in the company’s water desalination technology, which targets the treatment of produced water in the Permian Basin.

Strategic and Growth Developments:
Arkansas bromine project remains on track with regulatory approval for the Evergreen Unit expansion and first production wells planned

Lithium upside via royalty rights through a joint venture with Standard Lithium

Commercial pilot launched with EOG Resources for water desalination using TETRA Oasis TDS

TETRA reaffirmed its strategic role as a key supplier to Eos Energy’s Z3™ utility-scale battery platform

Financial Position:
Liquidity: $208 million as of Q1-end, increased to $220 million by late April

Cash: $41 million | Net Debt: $139 million

Net leverage ratio: 1.5x

Return on net capital employed (RONCE): 16.4%