TETRA Technologies, Inc. announced its fourth-quarter and full-year 2024 financial results, with fourth-quarter revenue of $135 million, a 5% sequential decrease. For the full year 2024, revenue was $599 million, a $27 million decrease from 2023, while Adjusted EBITDA was $99 million, down from $107 million in 2023.
A significant financial highlight was a favorable adjustment of $97.5 million to the deferred tax assets valuation allowance in the fourth quarter of 2024. This adjustment reflects TETRA's profitable position in the United States and is expected to offset approximately $345 million of U.S. taxable income, providing a substantial cash flow tax benefit in the coming years.
The company also monetized its entire equity investment in Kodiak Gas Services Inc. in early January 2025, generating approximately $19 million in cash proceeds. For the first half of 2025, TETRA provided guidance expecting Adjusted EBITDA between $55 million and $65 million, which would be near or above a ten-year record high, and net income before taxes between $19 million and $34 million.
TETRA's strategic initiatives continue to advance, with $22 million invested in the Arkansas bromine project in 2024. The company is negotiating bridging supply agreements to provide flexibility on plant start-up timing and potentially lower capital investments for this project. The commercial launch of TETRA Oasis Total Desalination Solution (TDS) in December was also highlighted as a well-received strategic focus.
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