Quarterly ResultMay 4, 2026, 04:38 PM
Innovex Q1 Net Loss $17M; Revenue $239M; Acquires DIS, Buys Back Shares
AI Summary
Innovex International, Inc. reported a net loss of $17 million for the first quarter of 2026 on revenue of $239 million, a 13% sequential decrease. Despite the loss, driven largely by a $48.8 million legal settlement provision, the company achieved an Adjusted EBITDA of $49 million and generated $14 million in Free Cash Flow. Strategically, Innovex completed the acquisition of Drilling Innovative Solutions, LLC for $16 million and repurchased $14.1 million of its shares, while also securing significant subsea project awards in Asia.
Key Highlights
- Reported Q1 2026 Net Loss of $17 million (7% Net Loss Margin).
- Q1 2026 Revenue was $239 million, down 13% QoQ and 1% YoY.
- Achieved Q1 2026 Adjusted EBITDA of $49 million (21% margin).
- Acquired Drilling Innovative Solutions, LLC (DIS) for $16 million.
- Repurchased $14.1 million of shares at $24.59 per share.
- Recorded a $48.8 million provision for legal settlement in Q1.
- Generated $14 million in Free Cash Flow; ended quarter with $201 million cash.
- Provided Q2 2026 revenue guidance of $235-$245 million and Adjusted EBITDA of $43-$48 million.