Drilling Tools International Corp

Listed Company

DTICIK 0001884516NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthOil & Gas Field Machinery & EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$159.63M

Net Income

$-3.76M

Total Assets

$222.18M

Equity

$122.86M

Shares Out

35.19M

Op. Cash Flow

$19.92M

Business

Drilling Tools International Corp is a global oilfield services company that designs, engineers, manufactures and rents downhole tools and wellbore solutions for onshore and offshore horizontal and directional drilling. It offers a rental-focused fleet including directional drilling tools, drill pipe and collars, wellbore optimization tools (e.g., Drill‑N‑Ream and RotoSteer), downhole inspection and machining services, and specialty products such as desanders and patented casing/completion technologies. Operations are organized into Directional Tool Rentals, Premium Tools, Wellbore Optimization, and Other Products & Services divisions, serving North America and international markets via service centers, stocking points and direct sales channels.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenue, net	160	154	152	130
Selling, general, and administrative expense	82	79	68	52
Depreciation and amortization expense	27	24	20	20
Interest expense, net	5	3	−1	−477,000
Loss (gain) on asset disposal	65,000	−60,000	−489,000	0
Loss (gain) on remeasurement of previously held equity interest	—	−368,000	−255,000	—
Goodwill impairment	2	0	—	—
Other operating and non-operating expense, net	5	8	—	—
Total costs and other deductions	162	151	124	104
Income (loss) before income tax expense	−3	3	20	25
Income tax benefit (expense)	−905,000	30,000	−5	−4
Net income (loss)	−4	3	15	21
Net income (loss) attributable to Drilling Tools International stockholders	−4	3	15	21
Basic earnings (loss) per share	−0.11	0.09	0.67	1.66
Diluted earnings (loss) per share	−0.11	0.09	0.59	1.07
Basic weighted-average common shares outstanding	36	32	21	12
Diluted weighted-average common shares outstanding	36	32	25	20
Foreign currency translation adjustment, net of tax	3	−2	−114,000	200,000
Net comprehensive income (loss)	−1	1	15	21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	4	6	6	2	1
Accounts receivable, net	38	40	30	29	20
Inventories	18	18	5	3	—
Prepaid expenses and other current assets	4	4	5	4	—
Total current assets	65	68	46	40	1
Property, plant and equipment, net	73	76	66	44	—
Operating lease right-of-use asset	25	23	19	20	—
Intangible assets, net	40	37	216,000	263,000	—
Goodwill	15	12	0	—	—
Deferred financing costs, net	468,000	817,000	409,000	226,000	—
Deposits and other long-term assets	917,000	2	879,000	383,000	—
Total assets	222	222	132	105	210
Accounts payable	10	12	8	7	—
Accrued expenses and other current liabilities	11	8	11	7	238,696
Current portion of operating lease liabilities	4	4	4	3	—
Current maturities of long-term debt	6	7	0	—	—
Total current liabilities	31	31	22	36	—
Operating lease liabilities, less current portion	21	19	15	17	—
Revolving line of credit	25	27	—	—	—
Long-term debt, less current portion	15	20	0	—	—
Deferred tax liabilities, net	7	6	7	3	—
Total liabilities	99	102	44	56	249,996
Commitments and contingencies (See Note 14)	—	—	—	—	—
Common stock, $0.0001 par value, shares authorized 500,000,000 as of December 31, 2025 and December 31, 2024, 35,661,297 issued and outstanding as of December 31, 2025 and 34,704,696 shares issued and outstanding as of December 31, 2024	4,000	3,000	3,000	1,000	615
Less: Treasury stock at cost, 505,169 and 0 shares as of December 31, 2025 and December 31, 2024, respectively	−1	—	0	0	—
Additional paid-in-capital	131	125	95	52	1
Accumulated deficit	−7	−4	−6	−21	−235,380
Accumulated other comprehensive income (loss)	664,000	−2	−225,000	−111,000	—
Total Drilling Tools International stockholder's equity	123	120	89	31	11
Non-controlling interest	12,000	—	—	—	—
Total equity	123	120	89	—	—
Total liabilities and shareholders' equity	222	222	132	105	210

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Amortization of deferred financing costs	349,000	313,000	139,000	94,000
Non-cash lease expense	6	5	5	4
Unrealized loss on currency remeasurement	194,000	225,000	0	—
Write off of excess and obsolete inventory	797,000	0	75,000	45,000
Write off of property and equipment	720,000	0	122,000	510,000
Provision (recovery) for credit losses	584,000	424,000	117,000	307,000
Deferred tax expense/(benefit)	−539,000	−778,000	—	—
Loss (gain) on sale of property	59,000	−60,000	−101,000	−127,000
Realized loss on equity securities	0	12,000	0	—
Unrealized (gain) loss on equity securities	0	−368,000	255,000	−234,000
Gain on sale of lost-in-hole equipment	−12	−10	—	—
Stock-based compensation expense	2	2	4	0
Interest Income on related party note receivable	−207,000	−151,000	—	—
Accounts receivable, net	4	−4	−1	−9
Prepaid expenses and other current assets	2	874,000	519,000	−3
Inventories	953,000	−4	−2	−906,000
Operating lease liabilities	−5	−5	−4	−4
Accounts payable	−5	−78,000	−2	−1
Accrued expenses and other current liabilities	−1	−5	583,000	5
Net cash flows from operating activities	20	6	23	14
Acquisition of a business, net of cash acquired	−6	−47	0	—
Proceeds from sale of property and equipment	38,000	79,000	202,000	1
Purchase of property, plant and equipment	−20	−23	−44	−25
Proceeds from sale of lost-in-hole equipment	14	15	20	21
Proceeds from sale of equity securities	0	1	0	—
Purchases of intangible assets	−2	−12,000	0	—
Net cash flows from investing activities	−13	−54	−24	−3
Investment from non-controlling interest into VIE	12,000	0	—	—
Purchase of treasury stock	−1	0	—	—
Payment of deferred financing costs	0	−722,000	−324,000	−251,000
Proceeds from revolving line of credit	53	39	73	—
Payments on revolving line of credit	−55	−11	−91	−117
Repayment of promissory note	−903,000	0	—	—
Proceeds from term loan	0	25	0	—
Payments on term loan	−5	−4	0	−1
Net cash flows from financing activities	−9	48	4	−9
Effect of Changes in Foreign Exchange Rate	108,000	−175,000	−114,000	173,000
Net Change in Cash	−3	182,000	4	2

Filings

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