TETRA Technologies, Inc. announced its third-quarter 2024 financial results, reporting revenue of $142 million, a 6% decrease from the third quarter of 2023 and an 18% sequential decrease from the second quarter of 2024. The company posted a net loss of $3.0 million, which included a $5.8 million charge for decommissioning obligations from discontinued operations and $0.5 million in non-recurring charges.
Despite the revenue decline, TETRA achieved an Adjusted EBITDA of $23.5 million, with Completion Fluids & Products recording strong Adjusted EBITDA margins of 31.7%, a sequential increase of 280 basis points. The Water & Flowback Services segment reported revenues of $77 million, improving 6.5% sequentially, with Adjusted EBITDA margins of 14.6%.
A significant development was the award of a multi-well, multi-year deepwater completion fluids contract in Brazil, establishing TETRA as the high-density offshore completion fluids market leader in the region. The company also invested $8.7 million in its Arkansas bromine project during the quarter, which has a definitive feasibility study projecting incremental annual revenues of $200 million to $250 million at full capacity. Management anticipates a strong start to 2025, driven by this Brazil award, the TETRA CS Neptune project, and increased zinc bromide-based battery electrolyte shipments.
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