TETRA TECHNOLOGIES INC

Listed Company

TTICIK 0000844965NYSEAcceleratedCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$3.00M

Total Assets

$675.76M

Equity

$283.75M

Shares Out

135.39M

Op. Cash Flow

$100.36M

Business

TETRA TECHNOLOGIES INC is an energy services and solutions company focused on developing environmentally conscious services and low‑carbon energy initiatives for the oil and gas industry and adjacent markets. It manufactures and markets clear brine fluids (CBFs), calcium chloride and other bromide and halide products, zinc‑bromide battery electrolyte, water treatment and recycling solutions, and provides frac flowback, production testing, and associated field services. The company operates through two reportable segments: Completion Fluids & Products Division and Water & Flowback Services Division. Its products and services are sold to onshore and offshore oil and gas operators and other industrial customers across the United States and in select Latin American, European, Asian, Middle Eastern, and African markets via direct sales, distributors, and service contracts.

Summary from filing dated 2025-02-25

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	FY 2021 2021-12-31
Revenue	631	599	626	553	388
Cost of product sales and services	434	423	438	400	—
Depreciation, amortization and accretion	37	36	34	33	34
Impairments and other charges	4	109,000	3	3	600,000
Insurance recoveries	0	0	−3	−4	0
Total operating costs and expenses	475	459	473	432	329
Gross profit	156	140	154	121	59
Exploration and pre-development costs	0	0	12	7	0
General and administrative expense	101	90	97	92	75
Operating income	55	50	45	—	—
Interest expense, net	17	22	22	16	16
Loss on debt extinguishment	0	6	0	0	—
Other expense (income), net	12	−7	−9	−4	−17
Income from continuing operations before income taxes	27	29	32	11	−15
Income tax expense (benefit)	22	−85	6	4	2
Income from continuing operations	4	114	25	8	−17
(Loss) income from discontinued operations, net of income taxes	−1	−5	278,000	195,000	120
Net income	3	108	26	8	104
Less loss attributable to noncontrolling interest	7,000	4,000	27,000	43,000	−269,000
Net income attributable to TETRA stockholders	3	108	26	8	103
Income from continuing operations, basic (in dollars per share)	0.03	0.87	0.2	0.06	−0.13
(Loss) income from discontinued operations, net of taxes, basic (in dollars per share)	−0.01	−0.04	0	0	0.95
Net income attributable to TETRA stockholders, basic (in dollars per share)	0.02	0.83	0.2	0.06	0.82
Weighted average basic shares outstanding (in shares)	133	131	130	128	127
Income from continuing operations, diluted (in dollars per share)	0.03	0.86	0.2	0.06	−0.13
(Loss) income from discontinued operations, net of taxes, diluted (in dollars per share)	−0.01	−0.04	0	0	0.95
Net income attributable to TETRA stockholders, diluted (in dollars per share)	0.02	0.82	0.2	0.06	0.82
Weighted average diluted shares outstanding (in shares)	135	132	131	130	127

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 and cash equivalents	73	37	52	14	32
Restricted cash	100,000	221,000	0	0	0
Trade accounts receivable, net of allowance for credit losses of $397 and $626, respectively	100	105	112	130	91
Inventories	116	102	97	72	69
Prepaid expenses and other current assets	29	26	—	—	—
Total current assets	317	270	282	238	210
Land and building	25	24	—	—	—
Machinery and equipment	339	323	305	319	345
Automobiles and vehicles	11	10	—	—	—
Chemical plants	78	70	—	—	—
Construction in progress	91	35	10	8	5
Total property, plant and equipment	544	463	416	427	455
Less accumulated depreciation	−350	−320	−308	−326	−366
Net property, plant and equipment	194	142	108	102	89
Deferred tax assets	87	98	910,000	—	—
Operating lease right-of-use assets	37	30	32	34	37
Investments	12	28	17	14	11
Other intangible assets, net	21	25	29	33	37
Other assets	7	12	10	13	14
Total other assets	165	193	—	—	—
Total assets	676	605	479	434	398
Trade accounts payable	55	43	52	49	38
Compensation and employee benefits	29	23	27	31	21
Operating lease liabilities, current portion	11	9	9	8	8
Accrued taxes	15	12	10	10	7
Accrued liabilities and other	39	30	27	26	22
Current liabilities associated with discontinued operations	7	6	0	920,000	1
Total current liabilities	156	123	126	124	97
Long-term debt, net	181	180	158	156	152
Operating lease liabilities	33	25	28	28	31
Asset retirement obligations	16	15	14	14	13
Deferred income taxes	2	5	2	2	2
Other liabilities	5	4	4	3	5
Total long-term liabilities	237	229	206	204	203
Commitments and contingencies (Note 11 - Commitments and Contingencies)	—	—	—	—	—
Common stock, par value 0.01 per share; 250,000,000 shares authorized at December 31, 2025 and December 31, 2024; 137,252,465 and 134,951,081 shares issued at December 31, 2025 and December 31, 2024, respectively; and 134,113,790 and 131,812,406 shares outstanding at December 31, 2025 and December 31, 2024, respectively	1	1	1	1	1
Additional paid-in capital	500	493	489	478	476
Treasury stock, at cost; 3,138,675 shares	−20	−20	−20	−20	−20
Accumulated other comprehensive loss	−33	−51	−45	−49	−47
Retained deficit	−165	−168	−277	−302	−310
Total TETRA stockholders equity	284	255	149	108	100
Noncontrolling interests	−1	−1	−1	−1	−1
Total equity	282	253	147	106	99
Total liabilities and equity	676	605	479	434	398

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	FY 2021 2021-12-31
Depreciation, amortization and accretion	37	36	34	33	34
Impairments and other charges	4	109,000	3	—	—
Gain on investments	−2	−9	−539,000	−180,000	2
Deferred income tax expense (benefit)	8	−94	−734,000	—	—
Equity-based compensation expense	7	7	11	7	5
Provision for credit losses	86,000	217,000	285,000	42,000	−654,000
Amortization and expense of financing costs	2	1	3	3	3
Insurance recoveries associated with damaged equipment	0	0	−3	−4	−110,000
Non-cash cumulative foreign currency translation adjustment loss from dissolution of Canadian subsidiary	10	0	0	—	—
Gain on sale of assets	−354,000	−338,000	−562,000	−1	−482,000
Other non-cash credits	−931,000	−1	−1	−482,000	−624,000
Accounts receivable	6	6	20	−40	−28
Inventories	−10	−9	−23	−4	5
Prepaid expenses and other current assets	101,000	−7	2	−5	−7
Trade accounts payable and accrued expenses	27	−4	−128,000	23	27
Other	9	−3	−278,000	−4	−4
Net cash provided by operating activities	100	37	70	19	5
Purchases of property, plant and equipment, net	−81	−61	−38	−40	−21
Purchases of investments	0	−1	−350,000	0	−5
Proceeds from sale of investments	19	0	4	0	18
Proceeds from sale of property, plant and equipment	641,000	3	7	2	2
Proceeds from insurance recoveries associated with damaged equipment	0	0	3	4	110,000
Other investing activities	−199,000	−275,000	−2	−987,000	934,000
Net cash used in investing activities	−61	−59	−27	−37	−5
Proceeds from credit agreements and long-term debt	390,000	185	98	14	2
Principal payments on credit agreements and long-term debt	−390,000	−164	−100	−12	−50
Payments on finance lease obligations	−5	−1	−2	−1	0
Debt issuance costs	0	−7	0	0	—
Taxes paid upon vesting of equity-based compensation	−3	−3	0	0	—
Proceeds from exercise of stock options	4	0	0	—	—
Other financing activities	−1	−1	0	0	−1
Net cash (used in) provided by financing activities	−5	9	−5	40,000	−50
Effect of exchange rate changes on cash	2	−2	377,000	−452,000	−2
Increase (decrease) in cash and cash equivalents	35	−15	39	−18	−52

Filings

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