OIS · Oil States International, Inc.

Oil States International's first quarter 2026 results showed revenues of $145.4 million, a 19% decline from the prior quarter's $178.5 million and 9% below the year-ago $159.9 million, primarily due to heightened geopolitical conflict and uncertainty in the Middle East causing contract delays, reduced revenue, and increased costs in Offshore Manufactured Products, which fell 26% sequentially to $91.4 million despite a $430 million backlog and 0.9x book-to-bill. GAAP net income was $1.1 million or $0.02 per share after $4.1 million in asset impairment and restructuring charges related to exiting U.S. land-based operations, compared to a $117.2 million net loss in Q4 2025 driven by $124.6 million charges. Adjusted net income of $5.2 million ($0.09/share) and Adjusted EBITDA of $16.7 million reflected ongoing cost controls amid transitory project deferrals. Segment-wise, Completion and Production Services revenues dipped 7% to $21.5 million with continued U.S. land exits, while Downhole Technologies held steady at $32.4 million but faced delayed profitability from higher raw material costs. Corporate expenses were $13.2 million. Balance sheet strengthened with $59 million cash exceeding debt by $4 million at quarter-end; on April 1, retired $52.7 million convertible notes using cash, revolver borrowings, and stock issuance. CEO Lloyd Hajdik highlighted focus on cost control, asset monetization, and debt reduction for enhanced flexibility amid volatility. No forward guidance provided.