Innovex International, Inc.

Innovex International, Inc. announced its agreement to acquire TCO Group AS, a Norwegian company specializing in oil and gas equipment and services, for approximately $95 million. The transaction will be funded with $30 million in newly-issued Innovex common stock and $65 million in cash. TCO Group reported strong 2025 financials, including $70 million in revenue and $12 million in net income, and the acquisition is projected to be 13% accretive to Innovex's Earnings Per Share.

Innovex International, Inc. reported a net loss of $(16.67) million, or $(0.24) per share, for the first quarter of 2026, a significant decline from net income of $14.76 million in the prior year. This loss was primarily driven by a $48.80 million provision for legal settlement. Total revenues slightly decreased to $239.03 million. The company also repurchased and retired 575,000 shares of common stock for approximately $14.1 million during the quarter.

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.