Tetra Technologies reported second-quarter results that reflected sequential and year-over-year growth across multiple operating metrics. Revenue reached $185.7 million, representing a 19% sequential increase and 7% growth from the prior-year period. The company attributed gains to strength in international and offshore operations, which offset the impact of delayed fluid shipments to the Middle East. Income from continuing operations totaled $10.2 million compared with $8.3 million in the first quarter. Adjusted EBITDA increased 24% sequentially to $31.9 million, with adjusted EBITDA margin improving to 17.2% from 16.4% in the prior quarter.
International and global offshore revenue reached 10-year highs during the second quarter and first half of the year, according to company statements. Argentina emerged as a particularly strong contributor, with Tetra on pace to double its 2026 revenue in that country relative to 2025 levels, driven by early production facilities and flowback technology deployment in the Vaca Muerta Basin. The company’s Completion Fluids & Products segment generated $113.1 million in second-quarter revenue, rising 23% sequentially and 3% year over year, while the Water & Flowback Services segment reached $72.5 million, up 12% from the first quarter and 13% from a year earlier.
Tetra’s board approved a final investment decision for an Arkansas bromine facility during the quarter. The company completed an equity offering that generated approximately $108 million in net proceeds to support the project. The facility is targeted for completion in the fourth quarter of 2027, with startup expected for early 2028. The company introduced TETRA Neptune Z-Lite, a completion fluid for high-pressure deepwater applications, and secured a three-well contract with Beacon Offshore Energy in the Gulf of America. Tetra also advanced engineering work on its Oasis TDS produced-water desalination technology.
At quarter-end, the company held $154.6 million in cash and cash equivalents with $183.3 million in total debt, resulting in net debt of $28.7 million. Operating cash flow reached $34.4 million during the quarter, while total capital expenditures were $23.3 million. Management expects deepwater activity to continue strengthening into 2027, with Gulf of America activity anticipated to shift more toward completions in the coming year.
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