TTI · TETRA Technologies, Inc.

TETRA Technologies reported strong first-quarter 2026 results, with revenue of $156.3 million and Adjusted EBITDA of $25.6 million, marking ten-year highs for a first quarter excluding the prior-year TETRA Neptune project. The Completion Fluids & Products segment generated $91.7 million in revenue with a 28.0% Adjusted EBITDA margin, while Water & Flowback Services contributed $64.5 million in revenue and a 14.1% margin. Management highlighted robust performance in Brazil and the Gulf of America, as well as ten-year-high revenues in Industrial Chemicals and Production Testing subsegments. The company maintained its 2026 guidance, expecting modest revenue growth driven by higher electrolyte sales and long-term contracts in Argentina, with Completion Fluids margins in the 25-30% range and Water & Flowback margins in the mid-teens. The Middle East conflict did not materially affect Q1 results, though some completion fluid sales in Q2 may be delayed. The Arkansas bromine project remains on time and on budget, with Phase 2 underway and first production expected in 2028. The OASIS desalination project achieved 96% uptime over 50 days, and electrolyte revenue grew meaningfully in 2025. The balance sheet remains solid with net debt of $146.3 million and a net leverage ratio of 1.5x. Overall, the quarter reflects strong execution and progress toward the ONE TETRA 2030 strategic targets.