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Mar 31, 2022
TETRA Q1 2022 Earnings Report
Reported EPS of $0.06, net income of $7.7 million, and adjusted EBITDA of $20.5 million.
Key Takeaways
TETRA Technologies, Inc. announced strong first quarter 2022 results with revenue of $130 million, net income of $7.7 million, and adjusted EBITDA of $20.5 million. The company's strategy to emerge stronger from the COVID-driven downturn is ahead of schedule, with business segment results reaching levels not seen for several years.
First quarter revenue was $130 million, up 68% year-on-year and 15% sequentially from Q4 2021.
Net income before discontinued operations was $7.7 million, compared to a net loss of $703,000 in the fourth quarter.
Adjusted EBITDA was $20.5 million, a 57% increase over the fourth quarter of 2021.
Cash flow from operating activities was $5.9 million in the first quarter of 2022.
Revenue by Segment
Forward Guidance
Company expects to have the bromine and lithium fluid analysis results completed within the coming weeks.
Positive Outlook
- Company expects that this will allow them to complete an inferred resources study for both the bromine and lithium in their approximate 40,000 gross acre brine leases in Arkansas.
- Company is in the process of bidding to award the work for a preliminary economic assessment (“PEA”) to determine the economics of developing the 3,600 net acres for which they hold exclusive brine rights to meet our demand for bromine-based fluids for a growing oil and gas market as well as a rapidly expanding energy storage market.
- In addition to the bromine, they plan to extract lithium from the same brine feed - which they expect will greatly benefit the financial returns for the project.
- Company continues to ship high purity zinc bromine solution, TETRA PureFlow® to Eos Energy Enterprises, Inc. (“Eos”) under our recently announced strategic partnership.
- The size of the shipments are expected to increase as Eos expands its production capacity to meet its growing backlog and significant amount of identified opportunities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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