Drilling Tools International Corp 2025年度报告

DTI ANNUAL UPDATE Drilling Tools International Corp. (Nasdaq: DTI)remained focused on prudent capital allocation, shareholder value creationand steady growth despite a declining global rig count environment throughout 2025 and into early 2026. The companycontinues to expand its global footprint and enhance its technological capabilities within the oilfield services sector. ƒNet Debt Reduction:Net Debt Reduction of $5.5 million throughout the year, bringing net leverage to 1.1x. ƒShare Repurchases:$1.3 million in buybacks completed, totaling approximately 505,000 shares repurchased at an averageprice of $2.50 per share.ƒGrowth Capital Investments:investments in high-margin product lines, including the ClearPath® stabilization technologiesand premium threaded connections.ƒStrategic M&A Integration:New acquisitions moderated in 2025 as DTI focused on integration and growth across its fourprior transactions. This thoughtful approach to capital allocation underscores DTI’s ability to deploy capital effectively, onboard accretive acquisitions,generate attractivereturns for shareholders, and strengthen its balance sheet while maintaining a leading-edge portfolio of rentalassets and consumable items. 357%Revenue grew by 357%from $35 million in 2012to $160 million in 2025 78%YOY growth of EH revenue contribution,totaling 14% of total 63K+Over 63,000 rental toolsand drilling equipmentin our fleet 26DTI operates from 15 locations in NorthAmerica and maintains 11 internationalservice and support centers in Europe,Middle East, and Asia-Pacific (1)Adjusted Free Cash Flow is a non-GAAP financial measure that represents net income (loss) adjusted for income tax expense/(benefit), depreciationand amortization, interest expense, net, stock option expense, management fees, gain on sale of property, loss on asset disposal, loss (gain) onremeasurement of previously held equity interest, transaction expense, other expense, net, and gross capital expenditures. Management believesthis non-GAAP measure provides useful information for evaluating the Company's cash generation capabilities. DEAR FELLOW STOCKHOLDERS 2025 was a year of resilience and disciplined execution for Drilling Tools International (DTI),demonstrating our ability to generate significant free cash flow and deliver consistent returns even amidchallenging market conditions. Despite a 7% decline in global rig count year over year, our strategic focuson operational excellence, geographic diversification, and capital discipline enabled us to achieve results ator above the high end of our guidance ranges while strengthening our financial position. Integration Excellence and "One DTI" Financial Performance and Free Cash Flow Generation •Consolidated revenue was $159.6 million, consisting of tool rentalrevenues of $129.6 million and product sales of $30.1 million.•Adjusted EBITDA for 2025 reached $39.3 million.•Adjusted Net Income was $3.4 million, or 10 cents per adjusteddiluted earnings per share.•Adjusted Free Cash Flow was $19.2 million, marking the secondconsecutive year of annual free cash flow growth since goingpublic in 2023(1). We have made substantial progress on our "One DTI" synergyprogram, successfully aligning our operating divisions intointegrated systems and processes. A major milestone was theonboarding of new business units into our Compass platform,which manages assets and transactions for our customers. Thisintegration streamlines workflows, enhances accountability,and materially shortens the timeline for incorporating futureacquisitions into the DTI platform. The integration of Superior Drilling Products continues todeliver the vertical and horizontal synergies we anticipated,including cost savings and margin improvements. We remainon track to achieve our previously announced synergy targetsand have identified additional opportunities beyond our initialprojections. These operational improvements strengthen ourfoundation and position DTI for meaningful financialimprovement as activity levels rebound. These results underscore DTI’s proven ability to operate efficiently,harvest cash in challenging market environments, and navigate theevolving energy landscape with consistent financial discipline. Our capital allocation strategy in 2025 reflected our commitment tostrengthening the balance sheet and returning value to stockholders.DTI also deployed approximately $1,300,000 through its share buybackprogram during the year, demonstrating our commitment toenhancing stockholder value through multiple capital allocation levers. Technology and Innovation Leadership Strategic Expansion and Geographic Diversification Our technology portfolio continues to differentiate DTI in themarketplace. The Deep Casing group has successfully deployedinnovative tools like the MechLok Swivel and Rubblizer, whichare gaining global traction. In addition, our TurboCaser andTurbo Runner technologies are contributing to our globalfootprint as a standard product fo