TETRA Technologies, Inc. announced strong second-quarter 2025 financial results, with Adjusted EBITDA reaching $35.9 million and adjusted EBITDA margins of 20.6%, both exceeding expectations. The company's base business free cash flow was $37.4 million for the quarter.
For the first six months of 2025, TETRA achieved a historical record Adjusted EBITDA of $68.1 million for its current reporting segments, surpassing the upper range of its previous guidance by $3.1 million. Total revenue for Q2 2025 was $173.87 million, an 11% sequential improvement, driven by the successful completion of the three-well CS Neptune Gulf of America project and strong industrial chemicals sales.
The Completion Fluids & Products segment saw its adjusted EBITDA margin increase by 100 basis points sequentially to 36.7%. The Water & Flowback Services revenue remained flat sequentially, outperforming a 14% decline in U.S. frac activity. The company also reaffirmed its full-year 2025 guidance, expecting Adjusted EBITDA between $100 million and $110 million and revenue between $610 million and $630 million.
TETRA continues to advance its Arkansas bromine project, having invested $22 million in the first half of 2025, bringing the total investment since 2024 to $44 million. The project aims to bring the plant online by the end of 2027, with projected incremental annual revenues of $200 million to $250 million at full capacity. Additionally, the Texas governor signed a law in June 2025, allowing oil and gas companies to treat and sell produced water for reuse, which supports TETRA's Oasis TDS initiative.
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