Drilling Tools International Corp. Reports 2025 Second Quarter Results
Company maintains full year 2025 outlook
HOUSTON, Aug. 13, 2025 /PRNewswire/ -- Drilling Tools International Corp. (NASDAQ: DTI) ("DTI" or the "Company"), a global oilfield services company that designs, engineers, manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, as well as other cutting-edge solutions across the well life cycle, today reported its results for the three months ended June 30, 2025.
DTI generated total consolidated revenue of $39.4 million in the second quarter of 2025. Second quarter Tool Rental revenue was $32.8 million, and Product Sales revenue totaled $6.7 million. Net Loss and Adjusted Net Loss((1)) for the second quarter were approximately $2.4 million and $725,000, respectively. Diluted EPS and Adjusted Diluted EPS((1)) for the second quarter were a loss of $0.07 per share and a loss of $0.02 per share, respectively. Second quarter Adjusted EBITDA((1)) was $9.3 million and Adjusted Free Cash Flow((1)(2)) was $1.8 million. As of June 30, 2025, DTI had approximately $1.1 million of cash and cash equivalents and Net Debt((1)) of $55.8 million.
Wayne Prejean, President and Chief Executive Officer of DTI, stated, "The second quarter played out largely as we expected with lower commodity prices resulting in reductions in rig count and customer activity, particularly on US land. As a result, our Western Hemisphere business was down from Q1. However, our performance in Q2 remained solid despite the continued activity decline. This enabled us to deliver financial results that exceeded our internal forecasts, which included our first positive Adjusted Free Cash Flow for any second quarter since becoming public. Historically, the second quarter is weaker due to the impacts of spring break-up in Canada and other seasonality. I'm pleased with the continued strong performance of our organization as our efforts thus far have helped DTI efficiently navigate the evolving energy landscape to deliver resilient financial results.
"We also continue to benefit from our recent acquisitions with a more diversified geographic footprint and customer base as the rental tool business gains traction in the Eastern Hemisphere. Quarter over quarter, our Eastern Hemisphere segment grew revenue by 46% and contributed approximately 14% of our total revenue in the current quarter. This momentum has allowed us to grow consolidated Revenue and Adjusted EBITDA compared to the second quarter of 2024 by 5% and 4%, respectively, despite the market softness.
"Looking forward, commodity prices have somewhat stabilized in recent weeks after a period of volatility, however, average rig count and activity levels have continued to trend downward. In the past, current oil prices would typically support higher drilling and completions activity than we are seeing today, but our customers have remained cautious as uncertainty persists. While the market works to find its footing, we expect uncertainty to continue causing disruptions through both pricing pressure and utilization. In anticipation of these disruptions, last quarter we implemented a program to cut expenses by approximately $6 million this year to align our spending with the activity levels of our customers. We are pleased to report that we are on track to meet or exceed this goal. Should the market deteriorate further, we have contingency plans to cut additional costs. We remain committed to identifying cost reduction opportunities and maintaining operational flexibility to quickly respond to the current challenging environment.
"While the activity declines to date have not been quite as severe as we initially anticipated, we have begun to experience pricing pressures, and continue to expect these to compress margins in the back half of this year. As such, we are maintaining our previously disclosed guidance ranges as follows:
2025 Full Year Outlook
Revenue $145 million $165 million Adjusted EBITDA(1) $32 million $42 million Adjusted EBITDA Margin(1) 22 % 25 % Adjusted Free Cash Flow(1)(2) $14 million $19 million
(1) Adjusted Net Income (Loss), Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt, and Adjusted Free Cash Flow are non-GAAP financial
measures. See "Non-GAAP Financial Measures" at the end of this release for a discussion of reconciliations to the most directly comparable financial measures
calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").
(2)
Adjusted Free Cash Flow defined as Adjusted EBITDA less Gross Capital Expenditures.
2025 Second Quarter Conference Call Information
DTI's 2025 second quarter conference call can be accessed live via dial-in or webcast on Thursday, August 14, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) by dialing 201-389-0869 and asking for the DTI call at least 10 minutes prior to the start time, or via live webcast by logging onto the webcast at this URL address: https://investors.drillingtools.com/news-events/events. An audio replay will be available through August 21, 2025 by dialing 201-612-7415 and using passcode 13754878#. Also, an archive of the webcast will be available shortly after the call at https://investors.drillingtools.com/news-events/events for 90 days. Please submit any questions for management prior to the call via email to DTI@dennardlascar.com.
About Drilling Tools International Corp.
DTI is a Houston, Texas based leading oilfield services company that manufactures and rents downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells. With roots dating back to 1984, DTI operates from 15 service and support centers across North America and maintains 11 international service and support centers across the EMEA and APAC regions. To learn more about DTI, please visit: www.drillingtools.com.
Contact:
DTI Investor Relations
Ken Dennard / Rick Black
InvestorRelations@drillingtools.com
Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of the Company may include, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact included in this press release are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, statements regarding DTI and its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward looking statements in this press release may include, for example, statements about: (1) the demand for DTI's products and services, which is influenced by the general level activity in the oil and gas industry; (2) DTI's ability to retain its customers, particularly those that contribute to a large portion of its revenue; (3) DTI's ability to employ and retain a sufficient number of skilled and qualified workers, including its key personnel; (4) DTI's ability to source tools and raw materials at a reasonable cost; (5) DTI's ability to market its services in a competitive industry; (6) DTI's ability to execute, integrate and realize the benefits of acquisitions, and manage the resulting growth of its business; (7) potential liability for claims arising from damage or harm caused by the operation of DTI's tools, or otherwise arising from the dangerous activities that are inherent in the oil and gas industry; (8) DTI's ability to obtain additional capital; (9) potential political, regulatory, economic and social disruptions in the countries in which DTI conducts business, including changes in tax laws or tax rates; (11) DTI's dependence on its information technology systems, in particular Customer Order Management Portal and Support System, for the efficient operation of DTI's business; (11) DTI's ability to comply with applicable laws, regulations and rules, including those related to the environment, greenhouse gases and climate change; (12) DTI's ability to maintain an effective system of disclosure controls and internal control over financial reporting; (13) the potential for volatility in the market price of DTI's common stock; (14) the impact of increased legal, accounting, administrative and other costs incurred as a public company, including the impact of possible shareholder litigation; (15) the potential for issuance of additional shares of DTI's common stock or other equity securities; (16) DTI's ability to maintain the listing of its common stock on Nasdaq; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in in DTI's most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the Securities and Exchange Commission (the "SEC"). You should carefully consider the risks and uncertainties including those described in Part I, Item 1A - "Risk Factors" of our Annual Report on Form 10-K filed on March 14, 2025 and in comparable "Risk Factor" sections of our Quarterly Reports on Form 10-Q filed after such Form 10-K. Such forward-looking statements are based on the beliefs of management of DTI, as well as assumptions made by, and information currently available to DTI's management and are subject to numerous conditions, many of which are beyond the control of DTI. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in DTI's most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Drilling Tools International Corp.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(In thousands of U.S. dollars and rounded)
Three Months Ended June 30,
2025 2024
Revenue, net:
Tool rental $32,756 $28,328
Product sale 6,665 9,205
Total revenue, net 39,421 37,533
Costs and other deductions:
Cost of tool rental revenue 7,402 6,998
Cost of product sale revenue 2,494 3,000
Selling, general, and administrative expense 21,023 19,619
Depreciation and amortization expense 6,830 5,681
Interest expense, net 1,336 811
Loss (gain) on asset disposal 85 (51)
Loss (gain) on remeasurement of previously held equity interest (480)
Goodwill impairment
Other operating and non-operating expense, net 1,912 1,672
Total costs and other deductions 41,082 37,250
Income (loss) before income tax expense (1,661) 283
Income tax benefit (expense) (746) 82
Net income (loss) $(2,407) $365
Basic earnings (loss) per share $(0.07) $0.01
Diluted earnings (loss) per share $(0.07) $0.01
Basic weighted-average common shares outstanding 35,573,749 29,816,202
Diluted weighted-average common shares outstanding 35,573,749 30,873,436
Comprehensive income (loss):
Net income (loss) $(2,407) $365
Foreign currency translation adjustment, net of tax 2,199 102
Net comprehensive income (loss) $(208) $467
Drilling Tools International Corp.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(In thousands of U.S. dollars and rounded)
Six months ended June 30,
2025 2024
Revenue, net:
Tool rental $67,289 $58,294
Product sale 15,012 16,213
Total revenue, net 82,301 74,507
Costs and other deductions:
Cost of tool rental revenue 15,090 13,482
Cost of product sale revenue 6,051 5,053
Selling, general, and administrative expense 42,633 37,560
Depreciation and amortization expense 13,552 11,047
Interest expense, net 2,645 992
Loss (gain) on asset disposal 72 (42)
Loss (gain) on remeasurement of previously held equity interest (729)
Goodwill impairment 1,901
Other operating and non-operating expense, net 3,846 2,798
Total costs and other deductions 85,790 70,161
Income (loss) before income tax expense (3,489) 4,346
Income tax benefit (expense) (587) (854)
Net income (loss) $(4,076) $3,492
Basic earnings (loss) per share $(0.11) $0.12
Diluted earnings (loss) per share $(0.11) $0.12
Basic weighted-average common shares outstanding 35,583,139 29,792,385
Diluted weighted-average common shares outstanding 35,583,139 30,321,002
Comprehensive income (loss):
Net income (loss) $(4,076) $3,492
Foreign currency translation adjustment, net of tax 3,141 (409)
Net comprehensive income (loss) $(935) $3,083
Drilling Tools International Corp.
Consolidated Balance Sheets (Unaudited)
(In thousands of U.S. dollars and rounded)
June 30, December 31,
2025 2024
ASSETS
Current assets
Cash $1,145 $6,185
Accounts receivable, net 41,557 39,606
Related party note receivable, current 909 909
Inventories 18,279 17,502
Prepaid expenses and other current assets 4,245 3,874
Total current assets 66,134 68,076
Property, plant and equipment, net 79,310 75,571
Operating lease right-of-use asset 22,831 22,718
Intangible assets, net 40,666 37,232
Goodwill, net 14,704 12,147
Deferred financing costs, net 642 817
Related party note receivable, less current portion 4,443 4,262
Deposits and other long-term assets 1,549 1,608
Total assets $230,279 $222,431
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $11,534 $11,983
Accrued expenses and other current liabilities 9,927 7,864
Current portion of operating lease liabilities 4,296 4,121
Current maturities of long-term debt 6,291 6,995
Total current liabilities 32,047 30,963
Operating lease liabilities, less current portion 18,917 18,765
Revolving line of credit 33,140 27,142
Long-term debt, less current portion 17,485 19,676
Deferred tax liabilities, net 6,168 5,926
Total liabilities 107,757 102,472
Commitments and contingencies (See Note 15)
Shareholders' equity
Common stock, $0.0001 par value, shares authorized 500,000,000 as of 4 3
June 30, 2025 and December 31, 2024, 35,661,297 issued and outstanding as of
June 30, 2025 and 34,704,696 shares issued and outstanding as of December
31, 2024
Less: Treasury stock at cost, 202,611 and 0 shares as of June 30, 2025 and (608)
December 31, 2024, respectively
Additional paid-in-capital 129,520 125,415
Accumulated deficit (7,657) (3,582)
Accumulated other comprehensive income (loss) 1,264 (1,877)
Total shareholders' equity 122,522 119,959
Total liabilities and shareholders' equity $230,279 $222,431
Drilling Tools International Corp.
Consolidated Statements of Cash Flows (Unaudited)
(In thousands of U.S. dollars and rounded)
For the six months ended June 30,
2025 2024
Cash flows from operating activities:
Net income (loss) $(4,076) $3,492
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization 13,552 11,047
Amortization of deferred financing costs 174 139
Non-cash lease expense 2,466 2,315
Unrealized loss on currency translation 567
Write off of excess and obsolete inventory 510
Write off of excess and obsolete property and equipment 195 179
Provision (recovery) for credit losses 356 (16)
Deferred tax expense (1,766) (400)
Loss (gain) on sale of property 72 (42)
Unrealized loss (gain) on equity securities (729)
Gain on sale of lost-in-hole equipment (5,454) (4,987)
Stock-based compensation expense 1,183 1,064
Interest income on related party note receivable (182)
Goodwill impairment 1,901
Changes in operating assets and liabilities:
Accounts receivable, net 453 (1,449)
Prepaid expenses and other current assets 670 1,958
Inventories 1,291 (49)
Operating lease liabilities (2,250) (2,226)
Accounts payable (3,963) (2,158)
Accrued expenses and other current liabilities (1,073) (3,745)
Net cash flows from operating activities 4,626 4,393
Cash flows from investing activities:
Acquisition of a business, net of cash acquired (5,622) (18,261)
Purchase of intangible assets (1,095)
Proceeds from sale of property, plant, and equipment 38 59
Purchase of property, plant, and equipment (12,594) (16,312)
Proceeds from sale of lost-in-hole equipment 7,132 7,786
Net cash flows from investing activities (12,141) (26,728)
Cash flows from financing activities:
Payment of deferred financing costs (672)
Purchase of treasury stock (608)
Proceeds from term loan 25,000
Repayment of term loan (2,500) (833)
Repayment of promissory note (442)
Proceeds from revolving line of credit 33,789 1,469
Repayment on revolving line of credit (27,791) (1,469)
Net cash flows from financing activities 2,448 23,495
Effect of changes in foreign exchange rates 27 (377)
Net change in cash (5,040) 783
Cash at beginning of period 6,185 6,003
Cash at end of period $1,145 $6,786
Non-GAAP Financial Measures
This release includes Adjusted EBITDA, Adjusted Free Cash Flow, Net Debt, Adjusted Basic Earnings (Loss) Per Share, Adjusted Diluted Earnings (Loss) Per Share and Adjusted Net Income (Loss) measures. Each of the metrics are "non-GAAP financial measures" as defined in Regulation G of the Securities Exchange Act of 1934.
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Adjusted EBITDA is not a measure of net earnings or cash flows as determined by GAAP. We define Adjusted EBITDA as net earnings (loss) before interest, taxes, depreciation and amortization, further adjusted for (i) goodwill and/or long-lived asset impairment charges, (ii) stock-based compensation expense, (iii) restructuring charges, (iv) transaction and integration costs related to acquisitions and (v) other expenses or charges to exclude certain items that we believe are not reflective of ongoing performance of our business.
We believe Adjusted EBITDA and Adjusted EBITDA Margin is useful because it allows us to supplement the GAAP measures in order to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We exclude the items listed above in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP, or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.
Adjusted Free Cash Flow is a supplemental non-GAAP financial measure, and we define Adjusted Free Cash Flow as Adjusted EBITDA less Gross Capital Expenditures. We use Adjusted Free Cash Flow as a financial performance measure used for planning, forecasting, and evaluating our performance. We believe that Adjusted Free Cash Flow is useful to enable investors and others to perform comparisons of current and historical performance of the Company. As a performance measure, rather than a liquidity measure, the most closely comparable GAAP measure is net income (loss).
Net Debt is a supplemental non-GAAP financial measure, and we define Net Debt as total debt less cash and cash equivalents. We use Net Debt to determine our outstanding debt obligations that would not be readily satisfied by our cash and cash equivalents on hand. We believe this metric is useful to analysts and investors in determining our leverage position since we have the ability to, and may decide to, use a portion of our cash and cash equivalents to reduce debt.
We define Adjusted Net Income (Loss) as consolidated net income (loss) adjusted for (i) goodwill and/or long-lived asset impairment charges, (ii) restructuring charges, (iii) transaction and integration costs related to acquisitions, (iv) income taxes expense which is calculated by applying our effective tax rate on unadjusted net income to adjusted pre-tax income, and (v) other expenses or charges to exclude certain items that we believe are not reflective of the ongoing performance of our business. We believe Adjusted Net Income (Loss) is useful because it allows us to exclude non-recurring items in evaluating our operating performance.
We define Adjusted Basic Earnings (Loss) and Adjusted Diluted Earnings (Loss) per share as the quotient of adjusted net income (loss) and diluted weighted average common shares. We believe that Adjusted Diluted Earnings (Loss) per share provides useful information to investors because it allows us to exclude non-recurring items in evaluating our operating performance on a diluted per share basis.
This release also includes certain projections of non-GAAP financial measures. Reconciliation of these items to net income include gains or losses on sale or consolidation transactions, accelerated depreciation, impairment charges, gains or losses on retirement of debt, variations in effective tax rate and fluctuations in net working capital, which are difficult to predict and estimate and are primarily dependent on future events.
The following tables present a reconciliation of the non-GAAP financial measures of Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Net Income to the most directly comparable GAAP financial measures for the periods indicated:
Drilling Tools International Corp.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(In thousands of U.S. dollars and rounded)
Three months ended June 30,
2025 2024
Net income (loss) $(2,407) $365
Add (deduct):
Income tax expense (benefit) 746 (82)
Depreciation and amortization 6,830 5,681
Interest expense, net 1,336 811
Stock option expense 642 855
Management fees 188 187
Loss (gain) on sale of property 85 (51)
Loss (gain) on remeasurement of previously held equity interest (480)
Goodwill impairment
Transaction expense 215 2,020
Other operating and non-operating expense, net 1,697 (341)
Adjusted EBITDA $9,332 $8,965
Six months ended June 30,
2025 2024
Net income (loss) $(4,076) $3,492
Add (deduct):
Income tax expense (benefit) 587 854
Depreciation and amortization 13,552 11,047
Interest expense, net 2,645 992
Stock option expense 1,183 1,064
Management fees 375 375
Loss (gain) on sale of property 71 (42)
Loss (gain) on remeasurement of previously held equity interest (729)
Goodwill impairment 1,901
Transaction expense 947 2,909
Other operating and non-operating expense, net 2,900 (104)
Adjusted EBITDA $20,085 $19,858
Drilling Tools International Corp.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(In thousands of U.S. dollars and rounded)
Three months ended June 30,
2025 2024
Net income (loss) $(2,407) $365
Add (deduct):
Income tax expense (benefit) 746 (82)
Depreciation and amortization 6,830 5,681
Interest expense, net 1,336 811
Stock option expense 642 855
Management fees 188 187
Loss (gain) on sale of property 85 (51)
Loss (gain) on remeasurement of previously held equity interest (480)
Goodwill impairment
Transaction expense 215 2,020
Other operating and non-operating expense, net 1,697 (341)
Capital expenditures (7,551) (10,084)
Adjusted Free Cash Flow $1,781 $(1,119)
Six months ended June 30,
2025 2024
Net income (loss) $(4,076) $3,492
Add (deduct):
Income tax expense (benefit) 587 854
Depreciation and amortization 13,552 11,047
Interest expense, net 2,645 992
Stock option expense 1,183 1,064
Management fees 375 375
Loss (gain) on sale of property 71 (42)
Loss (gain) on remeasurement of previously held equity interest (729)
Goodwill impairment 1,901
Transaction expense 947 2,909
Other operating and non-operating expense, net 2,900 (104)
Capital expenditures (12,594) (16,312)
Adjusted Free Cash Flow $7,491 $3,545
Drilling Tools International Corp.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(In thousands of U.S. dollars and rounded)
Three months ended June 30,
2025 2024
Net income (loss) $(2,407) $365
Transaction expense 215 2,020
Goodwill impairment
Restructuring charges 629
Software implementation 316
Income tax expense (benefit) 746 (82)
Adjusted Income Before Tax $(501) $2,303
Adjusted Income tax expense (benefit) 225 (666)
Adjusted Net Income (loss) $(726) $2,968
Adjusted Basic earnings (loss) per share $(0.02) $0.10
Adjusted Diluted earnings (loss) per share $(0.02) $0.10
Basic weighted-average common shares outstanding 35,573,749 29,816,202
Diluted weighted-average common shares outstanding 35,573,749 30,873,436
Six months ended June 30,
2025 2024
Net income (loss) $(4,076) $3,492
Transaction expense 947 2,909
Goodwill impairment 1,901
Restructuring charges 998
Software implementation 448
Income tax expense (benefit) 587 854
Adjusted Income Before Tax $805 $7,255
Adjusted Income tax expense (benefit) (135) 1,426
Adjusted Net Income (loss) $940 $5,829
Adjusted Basic earnings (loss) per share $0.03 $0.20
Adjusted Diluted earnings (loss) per share $0.03 $0.19
Basic weighted-average common shares outstanding 35,583,139 29,792,385
Diluted weighted-average common shares outstanding 36,622,914 30,321,002
Drilling Tools International Corp.
Reconciliation of Estimated Consolidated Net
Income to Adjusted EBITDA
(In thousands of U.S. dollars and rounded)
(Unaudited)
Twelve Months Ended December 31,
2025
Low High
Net income (loss) $(8,500) $(3,000)
Add (deduct)
Interest expense, net 4,600 5,300
Income tax expense (benefit) (500) 500
Depreciation and amortization 26,900 28,000
Management fees 700 800
Other expense 3,600 4,300
Stock option expense 2,400 2,900
Goodwill impairment 1,900 2,000
Transaction expense 900 1,200
Adjusted EBITDA $32,000 $42,000
Revenue 145,000 165,000
Adjusted EBITDA Margin 22 % 25 %
Drilling Tools International Corp.
Reconciliation of Estimated Consolidated Net
Income to Adjusted Free Cash Flow
(In thousands of U.S. dollars and rounded)
(Unaudited)
Twelve Months Ended December 31,
2025
Low High
Net income (loss) $(8,500) $(3,000)
Add (deduct)
Interest expense, net 4,600 5,300
Income tax expense (benefit) (500) 500
Depreciation and amortization 26,900 28,000
Management fees 700 800
Other expense 3,600 4,300
Stock option expense 2,400 2,900
Goodwill impairment 1,900 2,000
Transaction expense 900 1,200
Capital expenditures (18,000) (23,000)
Adjusted Free Cash Flow $14,000 $19,000
Adjusted Free Cash Flow Margin 10 % 12 %
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SOURCE Drilling Tools International Corp.
