TETRA TECHNOLOGIES, INC. ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS

THE WOODLANDS, Texas, Oct. 31, 2022 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) today announced third-quarter 2022 financial results.

Third-quarter 2022 revenue of $135 million increased 41% from the third quarter of 2021 but decreased 4% from the second quarter of 2022 reflecting the seasonality of our European industrial chemicals business. Net income before discontinued operations was break even, inclusive of $2.7 million of non-recurring charges and expenses. This compares to net income before discontinued operations of $1.8 million in the second quarter of 2022, inclusive of $4.9 million of non-recurring charges and expenses. Net income per share from continuing operations was also break even in the third quarter compared to $0.01 in the second quarter of 2022. Adjusted net income per share from continuing operations was $0.02 compared to $0.05 in the second quarter of 2022 and to $0.01 in the third quarter of 2021.

Adjusted EBITDA for the third quarter was $18.6 million (13.8% of revenue) compared to $18.7 million (13.3% of revenue) in the second quarter of 2022, and up 24% year-on-year from $15.0 million in the third quarter of 2021. The third quarter of 2022 included unrealized losses on investments of $548,000. Excluding these unrealized losses on investments, Adjusted EBITDA for the third quarter of 2022 was $19.1 million.

Cash flow from operating activities was $2.1 million in the third quarter of 2022 compared to $17.9 million in the second quarter of 2022. Adjusted free cash flow from continuing operations was a use of $9.8 million, primarily driven by a build of inventory to support new and previously announced deepwater contract awards.