Drilling Tools (DTI) Reports Q3 2026 Revenue Growth and Saltire Acquisition Details
Drilling Tools (DTI) reported third-quarter revenue of $40.6 million, marking a 5% year-over-year increase driven by rising rig counts and improved tool utilization. The company saw significant growth in product sales, which rose 25% annually, while adjusted EBITDA climbed 14% sequentially to $9.5 million with a 23% margin. The quarter was characterized by strategic expansion, most notably the pending acquisition of Saltire for $80 million in cash and 17.4 million shares. This transaction is expected to significantly expand DTI's pro forma fleet to 100,000 tools. Despite a net loss of $2.6 million due to one-time transaction expenses, the company achieved an adjusted free cash flow of $3.8 million and reduced its net debt to $47.4 million. Looking ahead, management provided full-year revenue guidance of $155 million to $170 million. While the company is investing heavily in offshore technology and ClearPath systems for European markets, it has revised its adjusted free cash flow guidance downward due to increased discretionary growth investments.
Tickers: $DTI
Topics: Acquisition Expenses EBITDA Free Cash Flow Net Loss Revenue Growth