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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission File Number 1-13455
TETRA Technologies, Inc.
(Exact name of registrant as specified in its charter)

Delaware | 74-2148293
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.)
24955 Interstate 45 North |
The Woodlands, |
Texas | 77380
(Address of Principal Executive Offices) | (Zip Code)

(281) 367-1983
(Registrant’s Telephone Number, Including Area Code)
_______________________________________________________________________
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock | TTI | New York Stock Exchange
Preferred Share Purchase Right | N/A | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☐ | Accelerated filer | ☒
Non-accelerated filer | ☐ | Smaller reporting company | ☐
|  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 28, 2025, there were 133,279,724 shares outstanding of the Company’s Common Stock, $0.01 par value per share.

TETRA Technologies, Inc. and Subsidiaries
Table of Contents
| Page
PART I—FINANCIAL INFORMATION |
Item 1. Financial Statements |
Consolidated Statements of Operations | 1
Consolidated Statements of Comprehensive Income | 2
Consolidated Balance Sheets | 3
Consolidated Statements of Equity | 5
Consolidated Statements of Cash Flows | 6
Notes to Consolidated Financial Statements | 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20
Item 3. Quantitative and Qualitative Disclosures about Market Risk | 32
Item 4. Controls and Procedures | 32
PART II—OTHER INFORMATION |
Item 1. Legal Proceedings | 33
Item 1A. Risk Factors | 33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 33
Item 3. Defaults Upon Senior Securities | 33
Item 4. Mine Safety Disclosures | 33
Item 5. Other Information | 33
Item 6. Exhibits | 34
SIGNATURES | 35

PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Product sales | $ | 102,717 |  |  | $ | 96,622 |  |  | $ | 190,886 |  |  | $ | 169,959 |
Services | 71,155 |  |  | 75,313 |  |  | 140,126 |  |  | 152,948 |
Total revenues | 173,872 |  |  | 171,935 |  |  | 331,012 |  |  | 322,907 |
Cost of revenues: |  |  |  |  |  |  |
Cost of product sales | 57,323 |  |  | 61,078 |  |  | 107,088 |  |  | 106,484 |
Cost of services | 59,023 |  |  | 58,830 |  |  | 113,823 |  |  | 124,538 |
Depreciation, amortization and accretion | 9,189 |  |  | 8,774 |  |  | 18,340 |  |  | 17,530 |
Impairments and other charges | 93 |  |  | — |  |  | 611 |  |  | — |
Total cost of revenues | 125,628 |  |  | 128,682 |  |  | 239,862 |  |  | 248,552 |
Gross profit | 48,244 |  |  | 43,253 |  |  | 91,150 |  |  | 74,355 |
General and administrative expense | 25,259 |  |  | 22,137 |  |  | 49,393 |  |  | 44,435 |
Interest expense, net | 4,194 |  |  | 6,185 |  |  | 8,918 |  |  | 12,137 |
Loss on debt extinguishment | — |  |  | — |  |  | — |  |  | 5,535 |
Other (income) expense, net | (645) |  |  | 2,452 |  |  | 8,317 |  |  | (1,526) |
Net income before taxes | 19,436 |  |  | 12,479 |  |  | 24,522 |  |  | 13,774 |
Provision for income taxes | 8,131 |  |  | 4,839 |  |  | 9,168 |  |  | 5,219 |
Net income | 11,305 |  |  | 7,640 |  |  | 15,354 |  |  | 8,555 |
Loss attributable to noncontrolling interests | — |  |  | 3 |  |  | — |  |  | 3 |
Net income attributable to TETRA stockholders | $ | 11,305 |  |  | $ | 7,643 |  |  | $ | 15,354 |  |  | $ | 8,558 |
Basic net income per common share: |  |  |  |  |  |  |
Net income attributable to TETRA stockholders | $ | 0.08 |  |  | $ | 0.06 |  |  | $ | 0.12 |  |  | $ | 0.07 |
Weighted average basic shares outstanding | 133,152 |  |  | 131,263 |  |  | 132,753 |  |  | 130,858 |
Diluted net income per common share: |  |  |  |  |  |  |
Net income attributable to TETRA stockholders | $ | 0.08 |  |  | $ | 0.06 |  |  | $ | 0.12 |  |  | $ | 0.06 |
Weighted average diluted shares outstanding | 133,422 |  |  | 132,169 |  |  | 133,371 |  |  | 132,115 |

See Notes to Consolidated Financial Statements
1

TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 11,305 |  |  | $ | 7,640 |  |  | $ | 15,354 |  |  | $ | 8,555 |
Foreign currency translation adjustment from continuing operations, net of taxes of $0 in 2025 and 2024 | 5,313 |  |  | (1,959) |  |  | 9,189 |  |  | (3,593) |
Reclassification of non-cash cumulative foreign currency translation adjustment loss to net income from dissolution of Canadian subsidiary | — |  |  | — |  |  | 9,516 |  |  | — |
Unrealized gain (loss) on investment | (416) |  |  | (5) |  |  | (135) |  |  | 232 |
Comprehensive income | 16,202 |  |  | 5,676 |  |  | 33,924 |  |  | 5,194 |
Less: Comprehensive loss attributable to noncontrolling interests | — |  |  | 3 |  |  | — |  |  | 3 |
Comprehensive income attributable to TETRA stockholders | $ | 16,202 |  |  | $ | 5,679 |  |  | $ | 33,924 |  |  | $ | 5,197 |

See Notes to Consolidated Financial Statements
2

TETRA Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands)

| June 30, 2025 |  | December 31, 2024
| (Unaudited) |  |
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 68,749 |  | $ | 36,987
Restricted cash | 52 |  | 221
Trade accounts receivable, net of allowances of $538 in 2025 and $626 in 2024 | 110,302 |  | 104,813
Inventories | 108,537 |  | 101,697
Prepaid expenses and other current assets | 23,993 |  | 25,910
Total current assets | 311,633 |  | 269,628
Property, plant and equipment: |  |  |
Land and building | 24,930 |  | 24,475
Machinery and equipment | 333,615 |  | 323,044
Automobiles and trucks | 10,575 |  | 10,325
Chemical plants | 75,530 |  | 69,815
Construction in progress | 53,016 |  | 34,910
Total property, plant and equipment | 497,666 |  | 462,569
Less accumulated depreciation | (335,281) |  | (320,409)
Net property, plant and equipment | 162,385 |  | 142,160
Other assets: |  |  |
Patents, trademarks and other intangible assets, net of accumulated amortization of $58,514 in 2025 and $55,421 in 2024 | 23,235 |  | 24,923
Deferred tax assets, net | 94,702 |  | 98,149
Operating lease right-of-use assets | 32,394 |  | 29,797
Investments | 8,971 |  | 28,159
Other assets | 12,256 |  | 12,379
Total other assets | 171,558 |  | 193,407
Total assets | $ | 645,576 |  | $ | 605,195

See Notes to Consolidated Financial Statements
3

TETRA Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(In Thousands, Except Share Amounts)

| June 30, 2025 |  | December 31, 2024
| (Unaudited) |  |
LIABILITIES AND EQUITY |  |  |
Current liabilities: |  |  |
Trade accounts payable | $ | 52,145 |  | $ | 43,103
Compensation and employee benefits | 19,942 |  | 23,022
Operating lease liabilities, current portion | 10,730 |  | 8,861
Accrued taxes | 12,782 |  | 12,493
Accrued liabilities and other | 24,908 |  | 30,040
Current liabilities associated with discontinued operations | 5,830 |  | 5,830
Total current liabilities | 126,337 |  | 123,349
Long-term debt, net | 180,504 |  | 179,696
Operating lease liabilities | 25,687 |  | 25,041
Asset retirement obligations | 15,286 |  | 14,786
Deferred income taxes | 4,575 |  | 4,912
Other liabilities | 3,569 |  | 4,104
Total long-term liabilities | 229,621 |  | 228,539
Commitments and contingencies (Note 6) |  |  |
Equity: |  |  |
TETRA stockholders’ equity: |  |  |
Common stock, par value 0.01 per share; 250,000,000 shares authorized at June 30, 2025 and December 31, 2024; 136,418,399 shares issued at June 30, 2025 and 134,951,081 shares issued at December 31, 2024 | 1,364 |  | 1,350
Additional paid-in capital | 495,095 |  | 492,722
Treasury stock, at cost; 3,138,675 shares held at June 30, 2025 and December 31, 2024 | (19,957) |  | (19,957)
Accumulated other comprehensive loss | (32,552) |  | (51,122)
Retained deficit | (153,071) |  | (168,425)
Total TETRA stockholders’ equity | 290,879 |  | 254,568
Noncontrolling interests | (1,261) |  | (1,261)
Total equity | 289,618 |  | 253,307
Total liabilities and equity | $ | 645,576 |  | $ | 605,195

See Notes to Consolidated Financial Statements
4

TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Equity
(In Thousands)
(Unaudited)

| Common Stock Par Value |  | Additional Paid-In Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Retained Deficit |  | Noncontrolling Interest |  | Total Equity
|  |  |  | Currency Translation |  | Unrealized Gain (Loss) on Investment |  |  |
Balance at December 31, 2024 | $ | 1,350 |  |  | $ | 492,722 |  |  | $ | (19,957) |  |  | $ | (52,957) |  |  | $ | 1,835 |  |  | $ | (168,425) |  |  | $ | (1,261) |  |  | $ | 253,307 |
Net income for first quarter 2025 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,049 |  |  | — |  |  | 4,049 |
Reclassification of non-cash cumulative foreign currency translation adjustment loss to net income from dissolution of Canadian subsidiary | — |  |  | — |  |  | — |  |  | 9,516 |  |  | — |  |  | — |  |  | — |  |  | 9,516 |
Translation adjustment, net of taxes of $0 | — |  |  | — |  |  | — |  |  | 3,876 |  |  | — |  |  | — |  |  | — |  |  | 3,876 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 281 |  |  | — |  |  | — |  |  | 281 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,722 |
Equity-based compensation | — |  |  | 1,860 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,860 |
Other | 12 |  |  | (1,158) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,146) |
Balance at March 31, 2025 | $ | 1,362 |  |  | $ | 493,424 |  |  | $ | (19,957) |  |  | $ | (39,565) |  |  | $ | 2,116 |  |  | $ | (164,376) |  |  | $ | (1,261) |  |  | $ | 271,743 |
Net income for second quarter 2025 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,305 |  |  | — |  |  | 11,305 |
Translation adjustment, net of taxes of $0 | — |  |  | — |  |  | — |  |  | 5,313 |  |  | — |  |  | — |  |  | — |  |  | 5,313 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (416) |  |  | — |  |  | — |  |  | (416) |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16,202 |
Equity-based compensation | — |  |  | 1,747 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,747 |
Other | 2 |  |  | (76) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (74) |
Balance at June 30, 2025 | $ | 1,364 |  |  | $ | 495,095 |  |  | $ | (19,957) |  |  | $ | (34,252) |  |  | $ | 1,700 |  |  | $ | (153,071) |  |  | $ | (1,261) |  |  | $ | 289,618 |

| Common Stock Par Value |  | Additional Paid-In Capital |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Retained Deficit |  | Noncontrolling Interest |  | Total Equity
|  |  |  | Currency Translation |  | Unrealized Gain (Loss) on Investment |  |  |
Balance at December 31, 2023 | $ | 1,332 |  |  | $ | 489,156 |  |  | $ | (19,957) |  |  | $ | (45,886) |  |  | $ | 655 |  |  | $ | (276,709) |  |  | $ | (1,257) |  |  | $ | 147,334 |
Net income for first quarter 2024 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 915 |  |  | — |  |  | 915 |
Translation adjustment, net of taxes of $0 | — |  |  | — |  |  | — |  |  | (1,634) |  |  | — |  |  | — |  |  | — |  |  | (1,634) |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 237 |  |  | — |  |  | — |  |  | 237 |
Comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (482) |
Equity-based compensation | — |  |  | 1,623 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,623 |
Other | 11 |  |  | (2,339) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,328) |
Balance at March 31, 2024 | $ | 1,343 |  |  | $ | 488,440 |  |  | $ | (19,957) |  |  | $ | (47,520) |  |  | $ | 892 |  |  | $ | (275,794) |  |  | $ | (1,257) |  |  | $ | 146,147 |
Net income (loss) for second quarter 2024 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,643 |  |  | (3) |  |  | 7,640 |
Translation adjustment, net of taxes of $0 | — |  |  | — |  |  | — |  |  | (1,959) |  |  | — |  |  | — |  |  | — |  |  | (1,959) |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | (5) |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,676 |
Equity-based compensation | — |  |  | 1,800 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,800 |
Other | 3 |  |  | (48) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (45) |
Balance at June 30, 2024 | $ | 1,346 |  |  | $ | 490,192 |  |  | $ | (19,957) |  |  | $ | (49,479) |  |  | $ | 887 |  |  | $ | (268,151) |  |  | $ | (1,260) |  |  | $ | 153,578 |

See Notes to Consolidated Financial Statements
5

TETRA Technologies, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands, Unaudited)

| Six Months Ended June 30,
| 2025 |  | 2024
Operating activities: |  |  |
Net income | $ | 15,354 |  |  | $ | 8,555 |
Reconciliation of net income to net cash provided by operating activities: |  |  |
Depreciation, amortization and accretion | 18,340 |  |  | 17,530 |
Impairments and other charges | 611 |  |  | — |
(Gain) loss on investments | 42 |  |  | (2,841) |
Equity-based compensation expense | 3,607 |  |  | 3,423 |
Recovery of credit losses | (117) |  |  | (167) |
Amortization and expense of financing costs | 979 |  |  | 884 |
Loss on debt extinguishment | — |  |  | 5,535 |
Gain on sale of assets | (136) |  |  | (67) |
Non-cash cumulative foreign currency translation adjustment loss from dissolution of Canadian subsidiary | 9,516 |  |  | — |
Provision for deferred income taxes | 3,008 |  |  | 100 |
Other non-cash credits | (224) |  |  | (786) |
Changes in operating assets and liabilities: |  |  |
Accounts receivable | (4,495) |  |  | (23,625) |
Inventories | (2,089) |  |  | 11,995 |
Prepaid expenses and other current assets | 4,662 |  |  | (3,160) |
Trade accounts payable and accrued expenses | 1,756 |  |  | (6,490) |
Other | 1,454 |  |  | 129 |
Net cash provided by operating activities | 52,268 |  |  | 11,015 |
Investing activities: |  |  |
Purchases of property, plant and equipment, net | (37,443) |  |  | (31,219) |
Proceeds from sale of investments | 19,011 |  |  | — |
Proceeds from sale of property, plant and equipment | 247 |  |  | 372 |
Other investing activities | (90) |  |  | (194) |
Net cash used in investing activities | (18,275) |  |  | (31,041) |
Financing activities: |  |  |
Proceeds from credit agreements and long-term debt | 194 |  |  | 184,613 |
Principal payments on credit agreements and long-term debt | (194) |  |  | (163,372) |
Payments on financing lease obligations | (2,070) |  |  | (640) |
Debt issuance costs | — |  |  | (5,956) |
Shares withheld for taxes on equity-based compensation | (1,234) |  |  | (2,387) |
Other financing activities | (1,280) |  |  | (1,280) |
Net cash provided by (used in) financing activities | (4,584) |  |  | 10,978 |
Effect of exchange rate changes on cash | 2,184 |  |  | (685) |
Increase (decrease) in cash and cash equivalents | 31,593 |  |  | (9,733) |
Cash, cash equivalents and restricted cash at beginning of period | 37,208 |  |  | 52,485 |
Cash, cash equivalents and restricted cash at end of period | $ | 68,801 |  |  | $ | 42,752 |
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets |  |  |
Cash and cash equivalents at end of period | $ | 68,749 |  |  | $ | 37,713 |
Restricted cash at end of period | 52 |  |  | 5,039 |
Total cash, cash equivalents and restricted cash at end of period shown in the consolidated statements of cash flows | $ | 68,801 |  |  | $ | 42,752 |

See Notes to Consolidated Financial Statements
6

TETRA Technologies, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
NOTE 1 – ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES
Organization
We are an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century. We were incorporated in Delaware in 1981. Our products and services are delivered through two reporting segments – Completion Fluids & Products Division and Water & Flowback Services Division.
Our Completion Fluids & Products Division manufactures and markets clear brine fluids (“CBFs”), additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The Division also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of markets outside the energy industry. Calcium chloride is used in the oil and gas industry, and also has broad industrial applications to the agricultural, road, food and beverage, and lithium production markets. Our Completion Fluids & Products Division also markets TETRA PureFlow, an ultra-pure zinc bromide, as well as TETRA PureFlow Plus, an ultra-pure zinc bromide/zinc chloride blend, to battery technology companies.
Our Water & Flowback Services Division provides onshore oil and gas operators with comprehensive water management services. The Division also provides frac flowback, production well testing, and other associated services in many of the major oil and gas producing regions in the United States, as well as in oil and gas basins in certain countries in Latin America, Europe, and the Middle East. We are also developing and pilot testing technologies to treat and desalinate produced water from oil wells for beneficial reuse, including surface discharge.
Unless the context requires otherwise, when we refer to “we,” “us,” and “our,” we are describing TETRA Technologies, Inc. and its subsidiaries on a consolidated basis.
Presentation
Our unaudited consolidated financial statements include the accounts of our wholly owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The information furnished reflects all normal recurring adjustments, which are, in the opinion of management, necessary to provide a fair statement of the results for the interim periods. Operating results for the period ended June 30, 2025 are not necessarily indicative of results that may be expected for the twelve months ended December 31, 2025.
The accompanying unaudited consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the U.S. Securities and Exchange Commission (“SEC”) and do not include all information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. These financial statements should be read in conjunction with the financial statements for the year ended December 31, 2024 and notes thereto included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025 (the “2024 Annual Report”).
Discontinued Operations
In early 2018, we closed a series of related transactions that resulted in the disposition of our former Offshore segment. Our former Offshore segment is reported as discontinued operations for all periods presented. We may be required to satisfy certain decommissioning liabilities under third-party indemnity agreements and corporate guarantees for which costs may be significant. During the three months ended September 30, 2024, we accrued $5.8 million of decommissioning expense and liability associated with our former Offshore segment for which costs might be above the value of surety bonds on properties previously disposed. See Note 6 - “Commitments and Contingencies” for additional discussion of contingencies related to discontinued operations.
7

Significant Accounting Policies
Our significant accounting policies are described in the notes to our consolidated financial statements for the year ended December 31, 2024 included in our 2024 Annual Report. Other than reporting restricted cash as described below, there have been no significant changes in our accounting policies or the application thereof during the second quarter of 2025.
Out-of-Period Correction
During the three months ended March 31, 2025, we recorded an adjustment to our deferred tax liability related to a correction to our 2024 tax provision. This adjustment increased income tax benefit by $1.2 million and increased net income per share attributable to TETRA stockholders by $0.01 in the consolidated statement of operations for the three months ended March 31, 2025. The Company assessed the impact of this out-of-period adjustment and concluded that it was not material to the financial statements previously issued for any interim or annual period, and the adjustment during the quarter ended March 31, 2025 is not expected to be material to the annual financial statements for 2025.
Restricted Cash
Restricted cash is classified as a current asset when it is expected to be repaid or settled in the next twelve-month period. As of June 30, 2025, restricted cash consists of less than $0.1 million held in escrow in connection with our Arkansas development.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclose contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, and impairments during the reporting period. Actual results could differ from those estimates, and such differences could be material.
Mineral Resources Arrangement
We have rights to the brine underlying our approximately 40,000 gross acres of brine leases in the Smackover Formation in Southwest Arkansas, including rights to the bromine and lithium contained in the brine. In June 2023, we entered into a memorandum of understanding (“MOU”) with Saltwerx LLC (“Saltwerx”), an indirect wholly owned subsidiary of ExxonMobil Corporation, relating to the Evergreen Unit, and potential bromine and lithium production from brine produced from the unit. We completed an initial preliminary economic assessment in early 2023 for the extraction of the brine and for a bromine processing plant. On January 8, 2024, we announced the completion of a technical resources report for the Evergreen Unit in Arkansas. We capitalized approximately $10.9 million and $22.0 million for the three and six months ended June 30, 2025, respectively, and $9.8 million and $13.9 million for the three and six months ended June 30, 2024, respectively, of costs associated with the development of our properties in Arkansas.
Foreign Currency Translation
We have designated the Euro, the British pound, the Canadian dollar, the Brazilian real as the functional currencies for our operations in Finland and Sweden, the United Kingdom, Canada and Brazil, respectively. The United States dollar is the designated functional currency for most of our other non-U.S. operations. The cumulative translation effects of translating the applicable accounts from the functional currencies into the United States dollar at current exchange rates are included as a separate component of equity. Foreign currency exchange (gains) losses are included in other (income) expense, net and totaled $(0.8) million and $8.1 million during the three and six months ended June 30, 2025, respectively, and $2.5 million and $2.4 million during the three and six months ended June 30, 2024, respectively. Foreign currency exchange (gains) losses during the six months ended June 30, 2025 include recognition of a $9.5 million cumulative foreign currency translation adjustment loss, which was reclassified from accumulated other comprehensive loss due to the dissolution of our former subsidiary in Canada during the three months ended March 31, 2025.
8

Fair Value Measurements
We utilize fair value measurements to account for certain items and account balances within our consolidated financial statements. Fair value measurements are utilized on a recurring basis in the determination of the carrying values of certain investments. See Note 7 - “Fair Value Measurements” for further discussion. Fair value measurements are also utilized on a nonrecurring basis in certain circumstances, including the impairment of long-lived assets (a Level 3 fair value measurement).
Supplemental Cash Flow Information
Supplemental cash flow information is as follows:

| Six Months Ended June 30,
| 2025 |  | 2024
| (in thousands)
Interest paid | $ | 10,046 |  |  | $ | 10,830 |
Income taxes paid | $ | 6,189 |  |  | $ | 2,991 |
| June 30, 2025 |  | December 31, 2024
| (in thousands)
Accrued capital expenditures | $ | 4,050 |  |  | $ | 7,131 |

New Accounting Pronouncements
Standards not yet adopted
In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40)” ("ASU 2024-03"). ASU 2024-03 requires additional disclosures about certain expenses included in the income statement, including purchases of inventory, employee compensation, intangible asset amortization and depreciation. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The new standard requires companies to disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted.
The Company is currently evaluating the expected impact of these standards but does not expect them to have a significant impact on its consolidated financial statements upon adoption as the standards expand disclosures only.
NOTE 2 – REVENUE
Revenue from Contracts with Customers
Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $22.3 million and $30.4 million as of June 30, 2025 and December 31, 2024, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets.
Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $0.7 million and $0.4 million as of June 30, 2025 and December 31, 2024, respectively, and vary based on the timing of invoicing and performance obligations being met. Unearned income is included in accrued liabilities and other in our consolidated balance sheets. We recognized approximately $0.1 million and $0.2 million during the three and six months ended June 30, 2025, respectively, and $2.0 million and $1.0 million of revenue during the three and six months ended June 30,
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2024, respectively, deferred in unearned income as of the beginning of the period. During the six months ended June 30, 2025 and June 30, 2024, contract costs were not significant.
We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 9 - “Industry Segments.” In addition, we disaggregate revenue from contracts with customers by geography based on the following table below.

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands)
Completion Fluids & Products |  |  |  |  |  |  |
United States | $ | 56,342 |  |  | $ | 41,560 |  |  | $ | 117,485 |  |  | $ | 82,996 |
International | 53,103 |  |  | 58,459 |  |  | 84,977 |  |  | 94,305 |
| 109,445 |  |  | 100,019 |  |  | 202,462 |  |  | 177,301 |
Water & Flowback Services |  |  |  |  |  |  |
United States | 54,909 |  |  | 60,765 |  |  | 110,788 |  |  | 125,476 |
International | 9,518 |  |  | 11,151 |  |  | 17,762 |  |  | 20,130 |
| 64,427 |  |  | 71,916 |  |  | 128,550 |  |  | 145,606 |
Total Revenue |  |  |  |  |  |  |
United States | 111,251 |  |  | 102,325 |  |  | 228,273 |  |  | 208,472 |
International | 62,621 |  |  | 69,610 |  |  | 102,739 |  |  | 114,435 |
| $ | 173,872 |  |  | $ | 171,935 |  |  | $ | 331,012 |  |  | $ | 322,907 |

NOTE 3 – INVENTORIES
Components of inventories as of June 30, 2025 and December 31, 2024 are as follows:

| June 30, 2025 |  | December 31, 2024
| (in thousands)
Finished goods | $ | 91,066 |  |  | $ | 90,919 |
Raw materials | 5,375 |  |  | 1,599 |
Parts and supplies | 9,955 |  |  | 7,297 |
Work in progress | 2,141 |  |  | 1,882 |
Total inventories | $ | 108,537 |  |  | $ | 101,697 |

Finished goods inventories include newly manufactured clear brine fluids as well as used brines that are repurchased from certain customers for recycling.
NOTE 4 – INVESTMENTS
Our investments as of June 30, 2025 and December 31, 2024 consist of the following:

| June 30, 2025 |  | December 31, 2024
| (in thousands)
Investment in Kodiak | $ | — |  |  | $ | 18,393 |
Investment in Standard Lithium | 1,568 |  |  | 1,168 |
Other investments | 7,403 |  |  | 8,598 |
Total Investments | $ | 8,971 |  |  | $ | 28,159 |

In January 2025, we sold our Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak”) shares for proceeds of $19.0 million, net of transaction and broker fees. During the six months ended June 30, 2025, we recorded a net gain of $0.6 million from the sale of our Kodiak shares.
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We are party to agreements whereby Standard Lithium has the right to explore for, and an option to acquire the rights to produce and extract, lithium in our Arkansas leases and other additional potential resources in the Mojave region of California. The Company received stock of Standard Lithium under the terms of the arrangements.
We also hold investments in convertible notes, common units and preferred units issued by two privately-held companies. These convertible notes, common units and preferred units are not publicly traded and may not be offered, sold, transferred or pledged until such common units are registered pursuant to an effective registration statement or pursuant to an exemption from registration. Our exposure to potential losses is limited to our investments, including capitalized and accrued interest associated with the convertible notes.
See Note 7 - “Fair Value Measurements” for further information.
NOTE 5 – LONG-TERM DEBT AND OTHER BORROWINGS
Consolidated long-term debt as of June 30, 2025 and December 31, 2024 consists of the following:

|  | Scheduled Maturity |  | June 30, 2025 |  | December 31, 2024
|  |  |  | (in thousands)
Term Credit Agreement(1) |  | January 1, 2030 |  | $ | 180,504 |  |  | $ | 179,696 |
Total long-term debt |  |  |  | $ | 180,504 |  |  | $ | 179,696 |

(1) Net of unamortized discount of $4.6 million and $5.0 million as of June 30, 2025 and December 31, 2024, respectively, and net of unamortized deferred financing costs of $4.9 million and $5.3 million as of June 30, 2025 and December 31, 2024, respectively.
Term Credit Agreement
Pricing on the Term Credit Agreement is the secured overnight financing rate (“SOFR”) plus 5.75%. The interest rate per annum on borrowings under the Term Credit Agreement is 10.17% as of June 30, 2025 and the maturity date of the Term Credit Agreement is January 1, 2030. The Term Credit Agreement includes a $75 million delayed-draw term loan available until January 12, 2026 to provide capital to advance our Arkansas bromine processing project. The Company is required to pay a commitment fee on the unutilized commitments with respect to the delayed-draw term loan at the rate of 1.5% per annum.
The Term Credit Agreement contains certain affirmative and negative covenants, including covenants that restrict the ability of the Company and certain of its subsidiaries to take certain actions including, among other things and subject to certain significant exceptions, the incurrence of debt, the granting of liens, engaging in mergers and other fundamental changes, the making of investments, entering into transactions with affiliates, the payment of dividends and other restricted payments, the prepayment of other indebtedness and the sale of assets. The Term Credit Agreement also requires the Company to maintain a Leverage Ratio (as defined in the Term Credit Agreement) of not more than 4.0 to 1.0 as of the end of each fiscal quarter and Liquidity (as defined in the Term Credit Agreement) of not less than $50.0 million at all times.
All obligations under the Term Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest on substantially all of the property of the Company and its domestic subsidiaries, subject to the lien priorities set forth in the intercreditor agreement with the agent under our ABL Credit Agreement.
Our Term Credit Agreement requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the Term Credit Agreement) within five business days of filing our Annual Report.
The Term Credit Agreement includes customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments, and change of control.
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ABL Credit Agreement
As of June 30, 2025, we had no borrowings outstanding and $0.2 million letters of credit or guarantees under our ABL Credit Agreement. Deferred financing costs of $1.0 million and $1.0 million as of June 30, 2025 and December 31, 2024, respectively, were classified as other long-term assets on the accompanying consolidated balance sheet as there was no outstanding balance on our ABL Credit Agreement. As of June 30, 2025, our ABL Credit Agreement provides, with certain restrictions, for a senior secured revolving credit facility of up to $100.0 million with a $25.0 million accordion. The credit facility is subject to a borrowing base determined monthly by reference to the value of inventory and accounts receivable, and includes a sublimit of $20.0 million for letters of credit, and a swingline loan sublimit of $11.5 million. The ABL Credit Agreement matures on May 13, 2029. Subject to compliance with the covenants, borrowing base, and other provisions of the ABL Credit Agreement that may limit borrowings, we had availability of $55.4 million under this agreement.
Borrowings under the ABL Credit Agreement bear interest at a rate per annum equal to, at the option of TETRA, either (i) the standard overnight financing rate plus 0.10%, (ii) a base rate plus a margin based on a fixed charge coverage ratio, or (iii) the Daily Simple Risk Free Rate plus 0.10%. The base rate is determined by reference to the highest of (a) the prime rate of interest as announced from time to time by Bank of America, N.A. (b) the Federal Funds Effective Rate (as defined in the ABL Credit Agreement) plus 0.5% per annum and (c) the standard overnight financing rate (adjusted to reflect any required bank reserves) for a one-month period on such day plus 1.0% per annum, provided that the base rate shall not be less than 1.0%. Borrowings have an applicable margin ranging from 2.00% to 2.50% per annum for SOFR-based loans and 1.00% to 1.50% per annum for base-rate loans, based upon the applicable fixed charge coverage ratio. In addition to paying interest on the outstanding principal under the ABL Credit Agreement, TETRA is required to pay a commitment fee in respect of the unutilized commitments at an applicable rate of 0.375% per annum. TETRA is also required to pay a customary letter of credit fee equal to the applicable margin on loans and fronting fees.
All obligations under the ABL Credit Agreement and the guarantees of those obligations are secured, subject to certain exceptions, by a security interest for the benefit of the ABL Lenders on substantially all of the personal property of TETRA and certain subsidiaries of TETRA, the equity interests in certain domestic subsidiaries, and a maximum of 65% of the equity interests in certain foreign subsidiaries.
Swedish Credit Facility
The Company has a revolving credit facility for seasonal working capital needs of subsidiaries in Sweden (“Swedish Credit Facility”). As of June 30, 2025, we had no balance outstanding and availability of approximately $5.3 million under the Swedish Credit Facility. During each year, all outstanding loans under the Swedish Credit Facility must be repaid for at least 30 consecutive days. Borrowings bear interest at a rate of 2.95% per annum. The Swedish Credit Facility expires on December 31, 2025 and the Company intends to renew it annually.
Finland Credit Agreement
The Company also has an agreement guaranteed by certain accounts receivable and inventory in Finland (“Finland Credit Agreement”). As of June 30, 2025, there were $1.6 million of letters of credit outstanding against the Finland Credit Agreement. The Finland Credit Agreement expires on January 31, 2026 and the Company intends to renew it annually.
Covenants
Our credit agreements contain certain affirmative and negative covenants, including covenants that restrict the ability to pay dividends or other restricted payments. As of June 30, 2025, we are in compliance with all covenants under the credit agreements.
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NOTE 6 – COMMITMENTS AND CONTINGENCIES
Litigation
We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity.
There have been no material developments in our legal proceedings during the quarter ended June 30, 2025. For additional discussion of our legal proceedings, please see our 2024 Annual Report.
Product Purchase Obligations
In the normal course of our Completion Fluids & Products Division operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products. Some of these agreements have terms and conditions that specify a minimum or maximum level of purchases over the term of the agreement. Other agreements require us to purchase the entire output of the raw material or finished product produced by the manufacturer. Our purchase obligations under these agreements apply only with regard to raw materials and finished products that meet specifications set forth in the agreements. We recognize a liability for the purchase of such products at the time we receive them. As of June 30, 2025, the aggregate amount of the fixed and determinable portion of the purchase obligation pursuant to our Completion Fluids & Products Division’s supply agreements was approximately $44.5 million, including $5.7 million for the remainder of 2025, $22.3 million in 2026, $15.5 million in 2027, and $1.0 million in 2028. As of June 30, 2025, we also have commitments of $22.3 million related to long-lead power infrastructure for our Completion Fluids & Products Division’s bromine plant in Arkansas, including $8.8 million due during the remainder of 2025 and $13.5 million due over five years beginning after electric service is available.
Contingencies Related to Discontinued Operations
In early 2018, we closed the Maritech Asset Purchase and Sale Agreement (“Maritech APA") and Maritech Membership Interest Purchase Agreement (“Maritech MIPA”) with Orinoco Natural Resources, LLC (“Orinoco”) that together provided for the purchase by Orinoco of all of Maritech’s remaining oil and gas properties and related assets and all outstanding membership interests of Maritech. Under the Maritech APA, Orinoco assumed responsibility for all of Maritech’s decommissioning liabilities related to the leases sold to Orinoco (the “Orinoco Lease Liabilities”) and, under the Maritech MIPA, Orinoco assumed all other liabilities of Maritech, including the decommissioning liabilities associated with Maritech’s interests in oil and gas properties previously sold by Maritech and select infrastructure still operated by Maritech (the “Legacy Liabilities”), subject to certain limited exceptions unrelated to the decommissioning liabilities. To the extent that Maritech or Orinoco fails to satisfy decommissioning liabilities associated with any of the Orinoco Lease Liabilities or the Legacy Liabilities, we may be required to satisfy such liabilities under third party indemnity agreements and corporate guarantees that we previously provided to the U.S. Department of the Interior (“BSEE”) and other parties, respectively, for which costs may be significant. Pursuant to a Bonding Agreement entered into as part of these Orinoco transactions (the “Bonding Agreement”), Orinoco provided non-revocable performance bonds from a surety company in an aggregate amount of $46.8 million to cover the performance by Orinoco and Maritech of certain specific asset retirement obligations of Maritech (the “Initial Bonds”) and agreed to replace the Initial Bonds with other non-revocable performance bonds in the aggregate sum of $47.0 million (collectively, the “Replacement Bonds”). In the event Orinoco does not provide the Replacement Bonds, Orinoco is required to make certain cash escrow payments to us. To date, no cash escrow payments have been made. On August 16, 2024, we issued a letter to Orinoco and the bond company demanding realignment of the existing bonds and/or issuance of Replacement Bonds pursuant to the terms of the Bonding Agreement to better align bond coverage with the more likely liability risks. To date, no written response has been received.
The payment obligations of Orinoco under the Bonding Agreement were guaranteed by Thomas M. Clarke and Ana M. Clarke pursuant to a separate guaranty agreement (the “Clarke Bonding Guaranty Agreement”). Orinoco has not delivered the Replacement Bonds and neither it nor the Clarkes has made any of the agreed upon cash escrow payments. We filed a lawsuit against Orinoco and the Clarkes to enforce the terms of the Bonding Agreement and the Clarke Bonding Guaranty Agreement. The trial court initially granted summary judgment in favor
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of Orinoco and the Clarkes, dismissing our claims against Orinoco under the Bonding Agreement and against the Clarkes under the Clarke Bonding Guaranty Agreement. We filed an appeal with the trial court requesting a new trial on the summary judgment or modification of the judgment. On November 5, 2019, the trial court signed an order granting our motion for a new trial and vacating the prior summary judgment order. The parties are awaiting direction from the court on a new scheduling order and/or trial setting. The Initial Bonds, which are non-revocable, remain in effect.
In addition, Maritech and certain other interest owners have received decommissioning orders from BSEE and could receive additional decommissioning orders in the future. Such decommissioning orders received by Maritech and other interest owners relate to asset retirement obligations for certain properties in the Gulf of America. From time to time, we also receive demand notices from third parties related to certain corporate guarantees or other arrangements covering such decommissioning liabilities and other potential claims related to onshore decommissioning activities. While the ultimate outcome of such matters cannot be predicted at this time, if Maritech or other interest owners default, BSEE or third parties may seek to enforce certain corporate guarantees or third party indemnity agreements against us for a portion of such decommissioning obligations, which may be significant. On February 13, 2025, Arena Energy, LLC filed a complaint in U.S. District Court for the Southern District of Texas seeking indemnification from us and Maritech for decommissioning costs related to a Maritech oil and gas platform in the Gulf of America. We intend to vigorously defend against the claims brought by Arena Energy, LLC but we are presently unable to predict the duration, scope or result of this proceeding, as the litigation is in its early stages.
If we become liable in the future for any decommissioning liability associated with any property covered by either an Initial Bond or Replacement Bond while such bonds are outstanding and any payment made to us under such bond is insufficient to satisfy such liability, the Bonding Agreement provides that Orinoco will pay us an amount equal to such deficiency. If Orinoco fails to pay any such amount, such amount must be paid by the Clarkes under the Clarke Bonding Guaranty Agreement. Our financial condition and results of operations may be negatively affected if we become liable for a significant portion of the decommissioning liabilities and Orinoco or the Clarkes are unable to cover any such deficiency.
With respect to certain properties in the Gulf of America, we have been advised that the cost of the decommissioning work to plug and abandon certain wells is projected to be significantly higher than the approximately $10.7 million bond supporting the liability, which was put in place by Maritech and other interest owners based on earlier cost estimates. We have also been advised more recently that Maritech’s prior working interest with respect those plugging and abandonment (“P&A”) costs are expected to exceed its share of the bond. In September 2024, P&A operations commenced pursuant to a cost sharing agreement among certain parties for decommissioning certain properties in the Gulf of America. While Maritech is not a party to this cost sharing agreement, a predecessor of Maritech has advised us that it expects to seek reimbursement from us for the portion of decommissioning costs it has contractually agreed to pay pursuant to the terms of the cost sharing agreement. While the ultimate outcome of this matter cannot be predicted, we could potentially be liable for an estimated amount in the range of $5.8 million to $19.4 million, depending on the outcome of negotiations and whether other partners or property owners in the chain of title fulfill their respective obligations under their agreements. Additionally, we understand that in connection with the P&A operations being performed, Maritech and the other named obligees have made a demand on the related bond. We have made efforts to protect Maritech’s proportionate share of the bond proceeds (approximately $3.9 million), including demanding that the surety segregate or ensure that Maritech’s share is applied solely to satisfy its proportionate share of the decommissioning costs. We accrued a liability of $5.8 million related to this obligation during the year ended December 31, 2024.
NOTE 7 – FAIR VALUE MEASUREMENTS
Financial Instruments
Investments
Our investments in Kodiak and Standard Lithium are recorded in investments on our consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements). The stock component of consideration received from Standard Lithium is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. Changes in the value of stock are recorded in other (income) expense, net in our consolidated statements of operations.
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We also hold investments in convertible notes, common units, and preferred units issued by two privately-held companies. Our investment in certain preferred units as of December 31, 2024 were recorded based on observable market-based inputs for preferred units issued to several investors during August through October 2024 (Level 2 fair value measurement). Our investment in convertible notes, common units, and certain preferred units are recorded in our consolidated financial statements based on internal valuations with assistance from a third-party valuation specialist (Level 3 fair value measurement). The valuations are impacted by key assumptions, including the assumed probability and timing of potential debt or equity offerings. One of the convertible notes includes an option to convert the note into equity interests. The change in the fair value of the embedded option, as well as the preferred units and common units, are included in other (income) expense, net in our consolidated statements of operations. The change in the fair value of the convertible note, excluding the embedded option, is included in other comprehensive income (loss) in our consolidated statements of comprehensive income.
The change in our investments for the three and six months ended June 30, 2025 and June 30, 2024 are as follows:

|  | Three Months Ended June 30, 2025
|  | Fair Value Measurements Using
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  |  |  | Significant Unobservable Inputs |  |
|  | (Level 1) |  |  |  | (Level 3) |  | Total
|  | (in thousands)
Investment balance at beginning of period |  | $ | 1,016 |  |  |  |  | $ | 8,670 |  |  | $ | 9,686 |
Unrealized gain (loss) on equity securities |  | 552 |  |  |  |  | (191) |  |  | 361 |
Unrealized loss on embedded option |  | — |  |  |  |  | (660) |  |  | (660) |
Unrealized loss on convertible note, excluding embedded option |  | — |  |  |  |  | (416) |  |  | (416) |
Investment balance at end of period |  | $ | 1,568 |  |  |  |  | $ | 7,403 |  |  | $ | 8,971 |

|  | Three Months Ended June 30, 2024
|  | Fair Value Measurements Using
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  |  |  | Significant Unobservable Inputs |  |
|  | (Level 1) |  |  |  | (Level 3) |  | Total
|  | (in thousands)
Investment balance at beginning of period |  | $ | 13,148 |  |  |  |  | $ | 7,238 |  |  | $ | 20,386 |
Unrealized gain on equity securities |  | 131 |  |  |  |  | — |  |  | 131 |
Unrealized loss on embedded option |  | — |  |  |  |  | (85) |  |  | (85) |
Unrealized loss on convertible note, excluding embedded option |  | — |  |  |  |  | (5) |  |  | (5) |
Investment balance at end of period |  | $ | 13,279 |  |  |  |  | $ | 7,148 |  |  | $ | 20,427 |

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|  | Six Months Ended June 30, 2025
|  | Fair Value Measurements Using
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs |  |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
|  | (in thousands)
Investment balance at beginning of period |  | $ | 19,561 |  |  | $ | 1,388 |  |  | $ | 7,210 |  |  | $ | 28,159 |
Sale of investments |  | (18,393) |  |  | — |  |  | — |  |  | (18,393) |
Reclassification between Level 2 and Level 3 fair value |  | — |  |  | (1,388) |  |  | 1,388 |  |  | — |
Unrealized gain (loss) on equity securities |  | 400 |  |  | — |  |  | (177) |  |  | 223 |
Unrealized loss on embedded option |  | — |  |  | — |  |  | (883) |  |  | (883) |
Unrealized loss on convertible note, excluding embedded option |  | — |  |  | — |  |  | (135) |  |  | (135) |
Investment balance at end of period |  | $ | 1,568 |  |  | $ | — |  |  | $ | 7,403 |  |  | $ | 8,971 |

|  | Six Months Ended June 30, 2024
|  | Fair Value Measurements Using
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  |  |  | Significant Unobservable Inputs |  |
|  | (Level 1) |  |  |  | (Level 3) |  | Total
|  | (in thousands)
Investment balance at beginning of period |  | $ | 10,154 |  |  |  |  | $ | 7,200 |  |  | $ | 17,354 |
Unrealized gain on equity securities |  | 3,125 |  |  |  |  | — |  |  | 3,125 |
Unrealized loss on embedded option |  | — |  |  |  |  | (284) |  |  | (284) |
Unrealized gain on convertible note, excluding embedded option |  | — |  |  |  |  | 232 |  |  | 232 |
Investment balance at end of period |  | $ | 13,279 |  |  |  |  | $ | 7,148 |  |  | $ | 20,427 |

Recurring fair value measurements by valuation hierarchy as of June 30, 2025 and December 31, 2024 are as follows:

|  |  |  | Fair Value Measurements Using
|  | Total as of |  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description |  | June 30, 2025 |  | (Level 1) |  | (Level 2) |  | (Level 3)
|  | (in thousands)
Investment in Standard Lithium |  | $ | 1,568 |  |  | $ | 1,568 |  |  | $ | — |  |  | $ | — |
Other investments |  | 7,403 |  |  | — |  |  | — |  |  | 7,403 |
Total investments |  | $ | 8,971 |  |  |  |  |  |  |

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|  |  |  | Fair Value Measurements Using
|  | Total as of |  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
Description |  | December 31, 2024 |  | (Level 1) |  | (Level 2) |  | (Level 3)
|  | (in thousands)
Investment in Kodiak |  | $ | 18,393 |  |  | $ | 18,393 |  |  | $ | — |  |  | $ | — |
Investment in Standard Lithium |  | 1,168 |  |  | 1,168 |  |  | — |  |  | — |
Other investments |  | 8,598 |  |  | — |  |  | 1,388 |  |  | 7,210 |
Total investments |  | $ | 28,159 |  |  |  |  |  |  |

Other
The fair values of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities, short-term borrowings and long-term debt approximate their carrying amounts. See Note 5 - “Long-Term Debt and Other Borrowings” for further discussion.
NOTE 8 – NET INCOME PER SHARE
The following is a reconciliation of the weighted average number of common shares outstanding with the number of shares used in the computations of net income per common and common equivalent share:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands)
Number of weighted average common shares outstanding | 133,152 |  |  | 131,263 |  |  | 132,753 |  |  | 130,858 |
Assumed vesting of equity awards | 270 |  |  | 906 |  |  | 618 |  |  | 1,257 |
Average diluted shares outstanding | 133,422 |  |  | 132,169 |  |  | 133,371 |  |  | 132,115 |

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NOTE 9 – INDUSTRY SEGMENTS
We manage our operations through two segments: Completion Fluids & Products Division and Water & Flowback Services Division.
Summarized financial information concerning the business segments is as follows:

| Three Months Ended
| June 30, 2025
| Completion Fluids & Products |  | Water & Flowback Services |  | Corporate |  |  |  | Total
| (in thousands)
Revenue | $ | 109,445 |  |  | $ | 64,427 |  |  | $ | — |  |  |  |  | $ | 173,872 |
Cost of product sales and services | 62,594 |  |  | 53,752 |  |  | — |  |  |  |  | 116,346 |
Depreciation, amortization and accretion | 2,214 |  |  | 6,881 |  |  | 94 |  |  |  |  | 9,189 |
Impairments and other charges | — |  |  | 93 |  |  | — |  |  |  |  | 93 |
General and administrative expense | 6,900 |  |  | 4,815 |  |  | 13,544 |  |  |  |  | 25,259 |
Interest (income) expense, net | (302) |  |  | 13 |  |  | 4,483 |  |  |  |  | 4,194 |
Other (income) expense, net | (94) |  |  | 144 |  |  | (695) |  |  |  |  | (645) |
Net income (loss) before taxes | $ | 38,133 |  |  | $ | (1,271) |  |  | $ | (17,426) |  |  |  |  | $ | 19,436 |
Capital expenditures | $ | 13,671 |  |  | $ | 5,784 |  |  | $ | 32 |  |  |  |  | $ | 19,487 |
| Six Months Ended
| June 30, 2025
| Completion Fluids & Products |  | Water & Flowback Services |  | Corporate |  |  |  | Total
| (in thousands)
Revenue | $ | 202,462 |  |  | $ | 128,550 |  |  | $ | — |  |  |  |  | $ | 331,012 |
Cost of product sales and services | 116,909 |  |  | 104,002 |  |  | — |  |  |  |  | 220,911 |
Depreciation, amortization and accretion | 4,391 |  |  | 13,761 |  |  | 188 |  |  |  |  | 18,340 |
Impairments and other charges | — |  |  | 611 |  |  | — |  |  |  |  | 611 |
General and administrative expense | 13,583 |  |  | 10,550 |  |  | 25,260 |  |  |  |  | 49,393 |
Interest (income) expense, net | (417) |  |  | 6 |  |  | 9,329 |  |  |  |  | 8,918 |
Other (income) expense, net | (813) |  |  | 9,778 |  |  | (648) |  |  |  |  | 8,317 |
Net income (loss) before taxes | $ | 68,809 |  |  | $ | (10,158) |  |  | $ | (34,129) |  |  |  |  | $ | 24,522 |
Capital expenditures | $ | 27,514 |  |  | $ | 9,848 |  |  | $ | 81 |  |  |  |  | $ | 37,443 |
| June 30, 2025
Total assets | $ | 330,507 |  |  | $ | 165,795 |  |  | $ | 149,274 |  |  |  |  | $ | 645,576 |

18

| Three Months Ended
| June 30, 2024
| Completion Fluids & Products |  | Water & Flowback Services |  | Corporate |  |  |  | Total
| (in thousands)
Revenue | $ | 100,019 |  |  | $ | 71,916 |  |  | $ | — |  |  |  |  | $ | 171,935 |
Cost of product sales and services | 64,027 |  |  | 55,881 |  |  | — |  |  |  |  | 119,908 |
Depreciation, amortization and accretion | 2,361 |  |  | 6,329 |  |  | 84 |  |  |  |  | 8,774 |
General and administrative expense | 6,991 |  |  | 4,457 |  |  | 10,689 |  |  |  |  | 22,137 |
Interest (income) expense, net | (135) |  |  | 68 |  |  | 6,252 |  |  |  |  | 6,185 |
Other expense, net | 122 |  |  | 2,025 |  |  | 305 |  |  |  |  | 2,452 |
Net income (loss) before taxes | $ | 26,653 |  |  | $ | 3,156 |  |  | $ | (17,330) |  |  |  |  | $ | 12,479 |
Capital expenditures | $ | 10,160 |  |  | $ | 4,944 |  |  | $ | 288 |  |  |  |  | $ | 15,392 |
| Six Months Ended
| June 30, 2024
| Completion Fluids & Products |  | Water & Flowback Services |  | Corporate |  |  |  | Total
| (in thousands)
Revenue | $ | 177,301 |  |  | $ | 145,606 |  |  | $ | — |  |  |  |  | $ | 322,907 |
Cost of product sales and services | 112,491 |  |  | 118,531 |  |  | — |  |  |  |  | 231,022 |
Depreciation, amortization and accretion | 4,748 |  |  | 12,617 |  |  | 165 |  |  |  |  | 17,530 |
General and administrative expense | 13,684 |  |  | 8,961 |  |  | 21,790 |  |  |  |  | 44,435 |
Interest (income) expense, net | (404) |  |  | 144 |  |  | 12,397 |  |  |  |  | 12,137 |
Loss on debt extinguishment | — |  |  | — |  |  | 5,535 |  |  |  |  | 5,535 |
Other (income) expense, net | 337 |  |  | 1,476 |  |  | (3,339) |  |  |  |  | (1,526) |
Net income (loss) before taxes | $ | 46,445 |  |  | $ | 3,877 |  |  | $ | (36,548) |  |  |  |  | $ | 13,774 |
Capital expenditures | $ | 17,902 |  |  | $ | 12,952 |  |  | $ | 365 |  |  |  |  | $ | 31,219 |
| December 31, 2024
Total assets | $ | 290,788 |  |  | $ | 158,475 |  |  | $ | 155,932 |  |  |  |  | $ | 605,195 |

NOTE 10 – SUBSEQUENT EVENTS
The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the event described below.
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act ("OBBBA"), which includes a broad range of tax reform provisions affecting businesses. The Company is evaluating the OBBBA to determine whether it is expected to materially impact the Company's effective tax rate or cash flows.
19

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and accompanying notes included in this Quarterly Report. In addition, the following discussion and analysis should also be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025 (“2024 Annual Report”). This discussion includes forward-looking statements that involve certain risks and uncertainties.
Business Overview
We are an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century. We are also developing and pilot testing technologies to treat and desalinate produced water from oil wells for beneficial reuse, including surface discharge. We are composed of two segments – Completion Fluids & Products Division and Water & Flowback Services Division.
Consolidated revenue for the first six months of 2025 of $331.0 million increased compared to the prior year due to strong results from our Completion Fluids & Products Division, which offset expected weaker United States onshore activity in our Water & Flowback Services Division.
Completion Fluids & Products Division revenues for the first six months of 2025 increased compared to both the first three months of 2025 and the first six months of 2024, led by deepwater Gulf of America as we completed the three-well CS Neptune project. The Completion Fluids & Products division also benefited from the seasonally strong industrial chemicals calcium chloride business.
Our Water & Flowback Services revenues increased slightly compared to the first three months of 2025 and decreased 11.7% compared to the first six months of 2024, reflecting lower onshore activity in the United States, as well as lower service revenues following the sale of early production facilities in Latin America in 2024. Water & Flowback Services gross profit margins decreased reflecting the lower onshore activity, as well as costs to close underperforming service lines in the United States. We continue to take proactive actions to reduce costs, right size our support structure, minimize capital expenditures and close underperforming service lines within Water & Flowback Services.
We remain committed to pursuing initiatives that leverage our completion fluids and fluids chemistry expertise, our significant bromine and lithium assets and technologies, and our leading calcium chloride production capabilities. In 2024, we published a definitive feasibility study and updated our technical resources report with respect to bromine from our Evergreen Brine Unit. We have ongoing negotiations with various bromine providers for bridging supply agreements that, if and when finalized, will give us flexibility on the timing of a plant start-up, allowing us to accumulate additional cash from our existing base business. These initiatives are expected to provide us the bromine supply volumes necessary for the growing deepwater market plus the growing long-duration battery requirements, while deferring investments in Arkansas or scaling up our bromine production at lower levels than previously anticipated. If and when the bridging supply agreement is finalized, we will announce our revised Arkansas investment and timing plans. We continue to advance our development efforts in Arkansas and we expect to complete the first phase of the project by year end, including site preparation and installation of the bromine tower.
We are prioritizing our strategic initiatives on projects that can immediately impact our near-term results, focused on TETRA CS Neptune fluids in the Gulf of America, TETRA PureFlow+ electrolyte and our TETRA Oasis Total Desalination Solution ("TDS"), an end-to-end water treatment and desalination solution for re-use and mineral extraction applications for produced water from oil and gas wells. Following the commercial announcement of our Oasis TDS water desalination technology, we engaged a third-party firm and launched the engineering design of a first commercial plant. This step will facilitate commercial discussions for the multiple clients that have visited our research center to gain insight into Oasis and executed non-disclosure agreements (“NDAs”). We are very encouraged by our prospects to provide a solution that will enable the industry to desalinate and reuse produced water for agricultural, industrial, and other beneficial purposes.
20

Results of Operations
The following information should be read in conjunction with the Consolidated Financial Statements and the associated Notes contained elsewhere in this report. The analysis herein reflects the optional approach to discuss results of operations on a sequential-quarter basis, which we believe provides information that is most useful in assessing our quarterly results of operations.
Three months ended June 30, 2025 compared with three months ended March 31, 2025.
Consolidated Comparisons

| Three Months Ended |  | Period to Period Change
| June 30, |  | March 31, |  | $ Change |  | % Change
| 2025 |  | 2025 |  |
| (in thousands, except percentages)
Revenues | $ | 173,872 |  |  | $ | 157,140 |  |  | $ | 16,732 |  |  | 10.6 | %
Gross profit | 48,244 |  |  | 42,906 |  |  | 5,338 |  |  | 12.4 | %
Gross profit as a percentage of revenue | 27.7 | % |  | 27.3 | % |  |  |  |
General and administrative expense | 25,259 |  |  | 24,134 |  |  | 1,125 |  |  | 4.7 | %
General and administrative expense as a percentage of revenue | 14.5 | % |  | 15.4 | % |  |  |  |
Interest expense, net | 4,194 |  |  | 4,724 |  |  | (530) |  |  | (11.2) | %
Other (income) expense, net | (645) |  |  | 8,962 |  |  | 9,607 |  |  | NM(1)
Income before taxes | 19,436 |  |  | 5,086 |  |  | 14,350 |  |  | 282.1 | %
Income before taxes as a percentage of revenue | 11.2 | % |  | 3.2 | % |  |  |  |
Provision for income taxes | 8,131 |  |  | 1,037 |  |  | 7,094 |  |  | 684.1 | %
Net income attributable to TETRA stockholders | $ | 11,305 |  |  | $ | 4,049 |  |  | $ | 7,256 |  |  | 179.2 | %

(1) Percent change is not meaningful
Consolidated revenues increased sequentially primarily due to higher activity for the Completion Fluids & Products division, led by deepwater Gulf of America as we completed the three-well CS Neptune project and the seasonally stronger industrial chemicals calcium chloride business in Northern Europe. See Divisional Comparisons section below for a more detailed discussion of the change in our revenues.
Consolidated gross profit increased primarily due to stronger activity levels from the Completion Fluids & Products Division, partially offset by weaker margins from our Water & Flowback Services Divisions. See Divisional Comparisons section below for additional discussion.
Consolidated interest expense, net decreased compared to the prior quarter primarily due to an increase in the interest expense capitalized for our Arkansas development.
Consolidated other (income) expense, net, changed compared to the prior quarter primarily due to recognition of the $9.5 million cumulative currency translation adjustment loss associated with the dissolution of a former subsidiary in Canada in the first quarter, as well as increased foreign exchange gains in Brazil. Consolidated other (income) expense, net also includes a $0.6 million net increase in unrealized losses on investments.
Consolidated provision for income tax was $8.1 million expense during the current quarter, compared to $1.0 million expense during the prior quarter. The change in our tax provision compared to the prior quarter was primarily due to the higher income before taxes and the $1.2 million out-of-period tax benefit recognized in the prior quarter. Our consolidated effective tax rate for the three months ended June 30, 2025 was 41.8%.
21

Divisional Comparisons
Completion Fluids & Products Division

| Three Months Ended |  | Period to Period Change
| June 30, |  | March 31, |  | $ Change |  | % Change
| 2025 |  | 2025 |  |
| (in thousands, except percentages)
Revenues | $ | 109,445 |  |  | $ | 93,018 |  |  | $ | 16,427 |  |  | 17.7 | %
Gross profit | 44,637 |  |  | 36,526 |  |  | 8,111 |  |  | 22.2 | %
Gross profit as a percentage of revenue | 40.8 | % |  | 39.3 | % |  |  |  |
General and administrative expense | 6,900 |  |  | 6,683 |  |  | 217 |  |  | 3.2 | %
General and administrative expense as a percentage of revenue | 6.3 | % |  | 7.2 | % |  |  |  |
Interest income, net | (302) |  |  | (115) |  |  | 187 |  |  | 162.6 | %
Other income, net | (94) |  |  | (719) |  |  | 625 |  |  | 86.9 | %
Net income before taxes | $ | 38,133 |  |  | $ | 30,677 |  |  | $ | 7,456 |  |  | 24.3 | %
Net income before taxes as a percentage of revenue | 34.8 | % |  | 33.0 | % |  |  |  |

Revenues for our Completion Fluids & Products Division increased due to the successful completion of the final two TETRA CS Neptune wells in the Gulf of America, the seasonally strong calcium chloride business in Northern Europe, higher completion fluids sales in South America and higher TETRA PureFlow+ electrolyte sales in the United States.
Gross profit for our Completion Fluids & Products Division increased compared to the prior quarter primarily due to the increase in revenues mentioned above. Profit margins improved primarily due to the effect of changes in product mix, including the higher-margin CS Neptune fluid sales, which generate higher margins than other projects. Our profitability in future periods will continue to be affected by the mix of our products and services, market demand for our products and services, and drilling and completions activity.
Other income, net decreased primarily due to a $0.7 million decrease in foreign exchange gains, primarily in Brazil.
Water & Flowback Services Division

| Three Months Ended |  | Period to Period Change
| June 30, |  | March 31, |  | $ Change |  | % Change
| 2025 |  | 2025 |  |
| (in thousands, except percentages)
Revenues | $ | 64,427 |  |  | $ | 64,122 |  |  | $ | 305 |  |  | 0.5 | %
Gross profit | 3,701 |  |  | 6,474 |  |  | (2,773) |  |  | (42.8) | %
Gross profit as a percentage of revenue | 5.7 | % |  | 10.1 | % |  |  |  |
General and administrative expense | 4,815 |  |  | 5,735 |  |  | (920) |  |  | (16.0) | %
General and administrative expense as a percentage of revenue | 7.5 | % |  | 8.9 | % |  |  |  |
Interest (income) expense, net | 13 |  |  | (7) |  |  | 20 |  |  | NM(1)
Other expense, net | 144 |  |  | 9,634 |  |  | (9,490) |  |  | (98.5) | %
Net loss before taxes | $ | (1,271) |  |  | $ | (8,888) |  |  | $ | 7,617 |  |  | 85.7 | %
Net loss before taxes as a percentage of revenue | (2.0) | % |  | (13.9) | % |  |  |  |

(1) Percent change is not meaningful
Revenues for our Water & Flowback Services Division increased slightly compared to the prior quarter driven by resilience in our international business and increased flowback activity from improving SandStorm and Auto-Drillout utilization in key markets in the United States despite an overall decline in United States onshore activity.
Gross profit for our Water & Flowback Services Division declined reflecting the weaker environment and costs to close underperforming service lines in the United States.
22

The Water & Flowback Services Division decrease in net loss before taxes compared to the prior quarter is primarily due recognition of a $9.4 million cumulative currency translation adjustment loss associated with the dissolution of a former subsidiary in Canada in the first quarter and a $0.9 million decrease in general and administrative expense from cost reduction efforts, partially offset by lower gross profit.
Corporate Overhead

| Three Months Ended |  | Period to Period Change
| June 30, |  | March 31, |  | $ Change |  | % Change
| 2025 |  | 2025 |  |
| (in thousands, except percentages)
Depreciation and amortization | $ | 94 |  |  | $ | 94 |  |  | $ | — |  |  | — | %
General and administrative expense | 13,544 |  |  | 11,716 |  |  | 1,828 |  |  | 15.6 | %
Interest expense, net | 4,483 |  |  | 4,846 |  |  | (363) |  |  | (7.5) | %
Other (income) expense, net | (695) |  |  | 47 |  |  | 742 |  |  | NM(1)
Net loss before taxes | $ | (17,426) |  |  | $ | (16,703) |  |  | $ | 723 |  |  | 4.3 | %

(1) Percent change is not meaningful
Corporate overhead net loss before taxes increased compared to the prior quarter primarily due to a $1.8 million increase in general and administrative expenses due to increased wage and benefit related expenses to support higher activity levels in certain service lines, and an increase in other expense due to a $0.6 million increase in unrealized losses on investments. These were partially offset by a $0.9 million increase in foreign exchange gains on intercompany dividends and foreign currency hedges.
Six months ended June 30, 2025 compared with six months ended June 30, 2024.
Consolidated Comparisons

| Six Months Ended |  |  |  |
| June 30, |  | Period to Period Change
| 2025 |  | 2024 |  | $ Change |  | % Change
| (in thousands, except percentages)
Revenues | $ | 331,012 |  |  | $ | 322,907 |  |  | $ | 8,105 |  |  | 2.5 | %
Gross profit | 91,150 |  |  | 74,355 |  |  | 16,795 |  |  | 22.6 | %
Gross profit as a percentage of revenue | 27.5 | % |  | 23.0 | % |  |  |  |
General and administrative expense | 49,393 |  |  | 44,435 |  |  | 4,958 |  |  | 11.2 | %
General and administrative expense as a percentage of revenue | 14.9 | % |  | 13.8 | % |  |  |  |
Interest expense, net | 8,918 |  |  | 12,137 |  |  | (3,219) |  |  | (26.5) | %
Loss on debt extinguishment | — |  |  | 5,535 |  |  | (5,535) |  |  | (100.0) | %
Other (income) expense, net | 8,317 |  |  | (1,526) |  |  | (9,843) |  |  | NM(1)
Net income before taxes | 24,522 |  |  | 13,774 |  |  | 10,748 |  |  | 78.0 | %
Net income before taxes as a percentage of revenue | 7.4 | % |  | 4.3 | % |  |  |  |
Provision for income taxes | 9,168 |  |  | 5,219 |  |  | 3,949 |  |  | 75.7 | %
Net income | 15,354 |  |  | 8,555 |  |  | 6,799 |  |  | 79.5 | %
Loss attributable to noncontrolling interests | — |  |  | 3 |  |  | (3) |  |  | (100.0) | %
Net income attributable to TETRA stockholders | $ | 15,354 |  |  | $ | 8,558 |  |  | $ | 6,796 |  |  | 79.4 | %

(1) Percent change is not meaningful
Consolidated revenues increased compared to the prior year due to stronger activity from our Completion Fluids & Products Division partially offset by lower revenues from our Water & Flowback Services Division. See Divisional Comparisons section below for a more detailed discussion of the change in our revenues.
Consolidated gross profit increased in the current year primarily due to strong margins from our Completion Fluids & Products, partially offset by weaker margins from our Water & Flowback Services Divisions.
23

Consolidated general and administrative expenses increased compared to the prior year due to higher professional services, compensation and other expenses.
Interest expense, net decreased $3.2 million due to lower interest rates on our Term Credit Agreement as well as an increase in the interest expense capitalized for our Arkansas development.
Consolidated loss on debt extinguishment decreased $5.5 million from non-cash unamortized finance costs expensed in connection with the repayment of our prior Term Credit Agreement in January 2024.
Consolidated other (income) expense, net, changed compared to the prior year primarily due to a $5.7 million increase in foreign exchange loss, including recognition of the cumulative currency translation adjustment loss associated with the dissolution of a former subsidiary in Canada in the first quarter of 2025, and a $2.9 million decrease in net unrealized gains on investments.
Consolidated provision for income taxes was $9.2 million expense during the current year, compared to $5.2 million expense during the prior year. The change in our tax provision compared to the prior year was primarily due to the higher income before taxes. Our consolidated effective tax rate for the current year is 37.4%, compared to 37.9% during the prior year.
Divisional Comparisons
Completion Fluids & Products Division

| Six Months Ended |  |  |  |
| June 30, |  | Period to Period Change
| 2025 |  | 2024 |  | $ Change |  | % Change
| (in thousands, except percentages)
Revenues | $ | 202,462 |  |  | $ | 177,301 |  |  | $ | 25,161 |  |  | 14.2 | %
Gross profit | 81,162 |  |  | 60,062 |  |  | 21,100 |  |  | 35.1 | %
Gross profit as a percentage of revenue | 40.1 | % |  | 33.9 | % |  |  |  |
General and administrative expense | 13,583 |  |  | 13,684 |  |  | (101) |  |  | (0.7) | %
General and administrative expense as a percentage of revenue | 6.7 | % |  | 7.7 | % |  |  |  |
Interest income, net | (417) |  |  | (404) |  |  | 13 |  |  | 3.2 | %
Other (income) expense, net | (813) |  |  | 337 |  |  | 1,150 |  |  | NM(1)
Net income before taxes | $ | 68,809 |  |  | $ | 46,445 |  |  | $ | 22,364 |  |  | 48.2 | %
Net income before taxes as a percentage of revenue | 34.0 | % |  | 26.2 | % |  |  |  |

(1) Percent change is not meaningful
Revenues for our Completion Fluids & Products Division increased primarily due to the three CS Neptune wells in the Gulf of America, as well as higher Northern Europe industrial chemical sales and North America ultra-pure zinc bromide electrolyte sales.
Gross profit for our Completion Fluids & Products Division increased compared to the prior year due to higher revenues. Profit margins improved primarily due to the effect of changes in product mix, including the higher-margin CS Neptune fluid sales. Our profitability in future periods will continue to be affected by the timing of and the mix of our products and services, market demand for our products and services, and drilling and completions activity.
Net income before taxes for our Completion Fluids & Products Division increased compared to the prior year driven by higher gross profit. Other (income) expense, net also improved due to a $1.3 million increase in foreign exchange gains, primarily in Brazil, and a $1.0 million increase in unrealized gain from our investment in Standard Lithium shares, partially offset by a $0.8 million increase in unrealized loss from the change in fair value of our investments issued by a privately-held company.
24

Water & Flowback Services Division

| Six Months Ended |  |  |  |
| June 30, |  | Period to Period Change
| 2025 |  | 2024 |  | $ Change |  | % Change
| (in thousands, except percentages)
Revenues | $ | 128,550 |  |  | $ | 145,606 |  |  | $ | (17,056) |  |  | (11.7) | %
Gross profit | 10,176 |  |  | 14,458 |  |  | (4,282) |  |  | (29.6) | %
Gross profit as a percentage of revenue | 7.9 | % |  | 9.9 | % |  |  |  |
General and administrative expense | 10,550 |  |  | 8,961 |  |  | 1,589 |  |  | 17.7 | %
General and administrative expense as a percentage of revenue | 8.2 | % |  | 6.2 | % |  |  |  |
Interest expense, net | 6 |  |  | 144 |  |  | (138) |  |  | (95.8)%
Other expense, net | 9,778 |  |  | 1,476 |  |  | (8,302) |  |  | 562.5%
Net income (loss) before taxes | $ | (10,158) |  |  | $ | 3,877 |  |  | $ | (14,035) |  |  | (362.0) | %
Net income (loss) before taxes as a percentage of revenue | (7.9) | % |  | 2.7 | % |  |  |  |

Revenues for our Water & Flowback Services Division decreased due to lower United States drilling and completion activity as well as lower service revenues following the sale of early production facilities in Latin America in 2024.
Gross profit for our Water & Flowback Services Division decreased slightly from the prior year reflecting lower activity in the United States onshore market.
Net income (loss) before taxes for our Water & Flowback Services Division changed to a loss in the current year compared to income in the prior year primarily due to recognition of the $9.5 million cumulative currency translation adjustment loss associated with the dissolution of a former subsidiary in Canada, as well as a $1.6 million increase in general and administrative expense due to higher compensation expense including costs to close underperforming service lines in the United States.
Corporate Overhead

| Six Months Ended |  |  |  |
| June 30, |  | Period to Period Change
| 2025 |  | 2024 |  | $ Change |  | % Change
| (in thousands, except percentages)
Depreciation and amortization | $ | 188 |  |  | $ | 165 |  |  | $ | 23 |  |  | 13.9 | %
General and administrative expense | 25,260 |  |  | 21,790 |  |  | 3,470 |  |  | 15.9 | %
Interest expense, net | 9,329 |  |  | 12,397 |  |  | (3,068) |  |  | (24.7) | %
Loss on debt extinguishment | — |  |  | 5,535 |  |  | (5,535) |  |  | (100.0) | %
Other income, net | (648) |  |  | (3,339) |  |  | (2,691) |  |  | (80.6) | %
Net loss before taxes | $ | (34,129) |  |  | $ | (36,548) |  |  | $ | (2,419) |  |  | (6.6) | %

Corporate overhead net loss before taxes decreased primarily due to a $5.5 million loss associated with the early extinguishment of our prior term credit agreement in January 2024 and a $3.1 million decrease in unrealized gains related to share price changes of our investment in Kodiak which we sold in January 2025, and a $3.1 million decrease in interest expense, net due to lower interest rates on our Term Credit Agreement as well as an increase in the interest expense capitalized for our Arkansas development, partially offset by a $3.5 million increase in general and administrative expenses primarily from an increase in professional services and compensation expenses.
25

Non-GAAP Financial Measures
We use U.S. GAAP financial measures such as revenues, gross profit, income (loss) before taxes, and net cash provided by operating activities, as well as certain non-GAAP financial measures, including Adjusted EBITDA, as performance measures for our business.
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) before taxes, excluding impairments, certain special, non-recurring or other charges (or credits), including loss on debt extinguishment, interest, depreciation and amortization and certain non-cash items such as equity-based compensation expense and foreign currency translation adjustments not associated with current operations. The most directly comparable GAAP financial measure is net income (loss) before taxes. Adjustments to long-term incentives represent adjustments to valuation of long-term cash incentive compensation awards that are related to prior years. These costs are excluded from Adjusted EBITDA because they did not relate to the periods presented and are considered to be outside of normal operations. Long-term incentives are earned over a three-year period and the costs are recorded over the three-year period they are earned. The amounts accrued or incurred are based on a cumulative of the three-year period. Equity-based compensation expense represents compensation that has been or will be paid in equity and is excluded from Adjusted EBITDA because it is a non-cash item.
Adjusted EBITDA is used by management as a supplemental financial measure to assess financial performance, without regard to charges or credits that are considered by management to be outside of its normal operations and without regard to financing methods, capital structure or historical cost basis, and to assess the Company’s ability to incur and service debt and fund capital expenditures.
26

The following tables reconcile net income (loss) before taxes to Adjusted EBITDA for the periods indicated:

| Three Months Ended
| June 30, 2025
| Completion Fluids & Products |  | Water & Flowback Services |  | Corporate SG&A |  | Corporate Other |  | Total
| (in thousands, except percentages)
Revenues | $ | 109,445 |  |  | $ | 64,427 |  |  | $ | — |  |  | $ | — |  |  | $ | 173,872 |
Net income (loss) before taxes | 38,133 |  |  | (1,271) |  |  | (13,544) |  |  | (3,882) |  |  | 19,436 |
Impairments and other charges | — |  |  | 93 |  |  | — |  |  | — |  |  | 93 |
Former CEO stock appreciation right credit | — |  |  | — |  |  | (22) |  |  | — |  |  | (22) |
Transaction, restructuring and other expenses | 69 |  |  | 685 |  |  | 488 |  |  | — |  |  | 1,242 |
Interest (income) expense, net | (302) |  |  | 13 |  |  | — |  |  | 4,483 |  |  | 4,194 |
Depreciation, amortization and accretion | 2,214 |  |  | 6,881 |  |  | — |  |  | 94 |  |  | 9,189 |
Equity-based compensation expense | — |  |  | — |  |  | 1,747 |  |  | — |  |  | 1,747 |
Adjusted EBITDA | $ | 40,114 |  |  | $ | 6,401 |  |  | $ | (11,331) |  |  | $ | 695 |  |  | $ | 35,879 |
Adjusted EBITDA as a % of revenue | 36.7 | % |  | 9.9 | % |  |  |  |  |  | 20.6 | %
| Three Months Ended
| March 31, 2025
| Completion Fluids & Products |  | Water & Flowback Services |  | Corporate SG&A |  | Corporate Other |  | Total
| (in thousands, except percentages)
Revenues | $ | 93,018 |  |  | $ | 64,122 |  |  | $ | — |  |  | $ | — |  |  | $ | 157,140 |
Net income (loss) before taxes | 30,677 |  |  | (8,888) |  |  | (11,716) |  |  | (4,987) |  |  | 5,086 |
Cost of product sales and services adjustments | 477 |  |  | — |  |  | — |  |  | — |  |  | 477 |
Impairments and other charges | — |  |  | 518 |  |  | — |  |  | — |  |  | 518 |
Former CEO stock appreciation right credit | — |  |  | — |  |  | (151) |  |  | — |  |  | (151) |
Transaction, restructuring and other expenses | — |  |  | 302 |  |  | 784 |  |  | — |  |  | 1,086 |
Non-cash cumulative foreign currency translation adjustment loss from dissolution of Canadian subsidiary | — |  |  | 9,516 |  |  | — |  |  | — |  |  | 9,516 |
Interest (income) expense, net | (115) |  |  | (7) |  |  | — |  |  | 4,846 |  |  | 4,724 |
Depreciation, amortization and accretion | 2,177 |  |  | 6,880 |  |  | — |  |  | 94 |  |  | 9,151 |
Equity-based compensation expense | — |  |  | — |  |  | 1,860 |  |  | — |  |  | 1,860 |
Adjusted EBITDA | $ | 33,216 |  |  | $ | 8,321 |  |  | $ | (9,223) |  |  | $ | (47) |  |  | $ | 32,267 |
Adjusted EBITDA as a % of revenue | 35.7 | % |  | 13.0 | % |  |  |  |  |  | 20.5 | %
| Three Months Ended
| June 30, 2024
| Completion Fluids & Products |  | Water & Flowback Services |  | Corporate SG&A |  | Corporate Other |  | Total
| (in thousands, except percentages)
Revenues | $ | 100,019 |  |  | $ | 71,916 |  |  | $ | — |  |  | $ | — |  |  | $ | 171,935 |
Net income (loss) before taxes | 26,653 |  |  | 3,156 |  |  | (10,689) |  |  | (6,641) |  |  | 12,479 |
Former CEO stock appreciation right credit | — |  |  | — |  |  | (428) |  |  | — |  |  | (428) |
Transaction, restructuring and other expenses | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Unusual foreign exchange loss | — |  |  | 1,387 |  |  | — |  |  | — |  |  | 1,387 |
Interest (income) expense, net | (135) |  |  | 68 |  |  | — |  |  | 6,252 |  |  | 6,185 |
Depreciation, amortization and accretion | 2,361 |  |  | 6,329 |  |  | — |  |  | 84 |  |  | 8,774 |
Equity-based compensation expense | — |  |  | — |  |  | 1,800 |  |  | — |  |  | 1,800 |
Adjusted EBITDA | $ | 28,916 |  |  | $ | 10,940 |  |  | $ | (9,317) |  |  | $ | (305) |  |  | $ | 30,234 |
Adjusted EBITDA as a % of revenue | 28.9 | % |  | 15.2 | % |  |  |  |  |  | 17.6 | %

Adjusted EBITDA is a financial measure that is not in accordance with U.S. GAAP and should not be considered an alternative to net income, operating income, cash provided by operating activities, or any other measure of financial performance presented in accordance with U.S. GAAP. This measure may not be comparable to similarly titled financial metrics of other companies, as other companies may not calculate Adjusted EBITDA in the same manner as we do. Management compensates for the limitations of Adjusted EBITDA as an analytical tool
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by reviewing the comparable U.S. GAAP measures, understanding the differences between the measures, and incorporating this knowledge into management’s decision-making processes.
Liquidity and Capital Resources
We believe that our capital structure allows us to meet our financial obligations on both a short-term and long-term basis. Our liquidity at the end of the second quarter was $204.5 million. Liquidity is defined as unrestricted cash plus availability of $75 million under the delayed draw from our Term Credit Agreement and availability under our credit agreements. Information about the terms and covenants of our debt agreements can be found in Note 5 - Long Term Debt and Other Borrowings.
Our consolidated sources and uses of cash are as follows:

| Six Months Ended June 30,
| 2025 |  | 2024
| (in thousands)
Operating activities | $ | 52,268 |  |  | $ | 11,015 |
Investing activities | $ | (18,275) |  |  | $ | (31,041) |
Financing activities | $ | (4,584) |  |  | $ | 10,978 |

Operating Activities
Consolidated cash flows provided by operating activities increased compared to the first six months of 2024 primarily due to an increase in gross profit and working capital changes.
Investing Activities
Total cash capital expenditures during the first six months of 2025 were $37.4 million, which reflects increased expenditures for advancement of our Arkansas brine resource development and additions to accommodate industry-wide activity. Our Completion Fluids & Products Division spent $27.5 million on capital expenditures, including $22.0 million for our Arkansas brine resource development, including preparing the site and bromine tower for the plant. Our Water & Flowback Services Division spent $9.8 million on capital expenditures to maintain, automate and upgrade its water management and flowback equipment fleet.
Investing activities during the first six months of 2025 also included $19.0 million of proceeds from the sale of our Kodiak shares, net of broker commissions and fees.
We have rights to the brine underlying our approximately 40,000 gross acres of brine leases in the Smackover Formation in Southwest Arkansas, including rights to the bromine and lithium contained in the brine. Additional information on these resources is described in Part I, “Item 2. Properties” in our 2024 Annual Report. The extraction of lithium and bromine from these brine leases will likely require a significant amount of time and capital, which are subject to further analysis and consideration. In August 2024, we published a definitive feasibility study and updated our technical resources report with respect to bromine from our Evergreen Brine Unit. We have ongoing negotiations with various bromine providers for bridging supply agreements that, if and when finalized, will give us flexibility on the timing of a plant start-up, allowing us to accumulate additional cash from our existing base business operations. These initiatives are expected to provide us the bromine supply volumes necessary for the growing deepwater market plus the growing long-duration battery storage requirements, while deferring investments in Arkansas or scaling up our bromine production at lower levels than previously anticipated. We continue to advance our development efforts in Arkansas and we expect to complete the first phase of the project by year end, including site preparation and installation of the bromine tower.
Historically, a significant majority of our planned capital expenditures have been related to identified opportunities to grow and expand our existing businesses. We are also focused on enhancing shareholder value by capitalizing on our key mineral assets, brine mineral extraction expertise, and deep chemistry competency to expand our offerings into the low carbon energy markets. However, we continue to review all capital expenditure plans carefully in an effort to conserve cash. If the forecasted demand for our products and services increases or decreases, or we proceed with development of brine resources in Arkansas, the amount of planned expenditures on growth and expansion may be adjusted.
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Financing Activities
Our financing activities for the first six months of 2025 include $2.1 million of capital lease payments associated with equipment leased primarily for the early production facilities in Argentina and equipment leases in the United States. We may supplement our existing cash balances and cash flow from operating activities with short-term borrowings, long-term borrowings, issuances of equity and debt securities, and other sources of capital. We are aggressively managing our working capital and capital expenditure needs in order to maximize our liquidity in the current environment.
For additional information on our credit agreements, see Note 5 - “Long-Term Debt and Other Borrowings” in the Notes to Consolidated Financial Statements.
Other Sources and Uses of Cash
In addition to our credit facilities, we fund our short-term liquidity requirements from cash generated by our operations and from short-term vendor financing. In addition, as of June 30, 2025, the market value of our investment in Standard Lithium was $1.6 million, with no holding restrictions on our ability to monetize our interests.
In addition, we are party to agreements in which Standard Lithium has the right to explore for, and an option to acquire the right to produce and extract lithium in our Arkansas leases as well as additional potential resources, in the Mojave region of California. Standard Lithium exercised its option with respect to our Arkansas leases on October 6, 2023. On April 22, 2025, the Arkansas Oil and Gas Commission approved Standard Lithium’s SWA Lithium application to establish a unit for acreage under an option agreement between Standard Lithium, SWA Lithium and TETRA. TETRA is entitled to a 2.5% royalty on gross revenues from the lithium that Standard Lithium produces from the TETRA option acreage. In addition, TETRA maintains the rights to the bromine and other minerals extracted from the brine produced by Standard Lithium in their approved unit.
In May 2025, we filed a universal shelf Registration Statement on Form S-3 with the SEC, which was declared effective by the SEC. Pursuant to this registration statement, we have the ability to sell debt or equity securities in one or more public offerings up to an aggregate public offering price of $400 million. This shelf registration statement currently provides us additional flexibility with regards to potential financing that we may undertake when market conditions permit or our financial condition may require.
Should additional capital be required, the ability to raise such capital through the issuance of additional debt or equity securities may currently be limited. Instability or volatility in the capital markets at the times we need to access capital may affect the cost of capital and the ability to raise capital for an indeterminable length of time. If it is necessary to issue additional equity to fund our capital needs, additional dilution of our common stockholders will occur. We periodically evaluate engaging in strategic transactions and may consider divesting non-core assets where our evaluation suggests such transactions are in the best interest of our business. In challenging economic environments, we may experience increased delays and failures by customers to pay our invoices. If our customers delay paying or fail to pay us a significant amount of our outstanding receivables, it could have an adverse effect on our liquidity. An increase in unpaid aged receivables would also negatively affect our borrowing availability under the ABL Credit Agreement.
As of June 30, 2025, we had no “off balance sheet arrangements” that may have a current or future material effect on our consolidated financial condition or results of operations.
Critical Accounting Policies and Estimates
There have been no material changes or developments in the evaluation of the accounting estimates and
the underlying assumptions or methodologies pertaining to our Critical Accounting Policies and Estimates disclosed
in our 2024 Annual Report. In preparing our consolidated financial statements, we make assumptions, estimates, and judgments that affect the amounts reported. These judgments and estimates may change as new events occur, as new information is acquired, and as changes in our operating environments are encountered. Actual results are likely to differ from our current estimates, and those differences may be material.
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Commitments and Contingencies
Litigation
For discussion of our legal proceedings, please see our 2024 Annual Report and Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in this Quarterly Report.
Long-Term Debt
For information on our credit agreements, see Note 5 - “Long-Term Debt and Other Borrowings” in the Notes to Consolidated Financial Statements.
Leases
We have operating leases for some of our transportation equipment, office space, warehouse space, operating locations and machinery and equipment, as well as a sales-type lease and subleases for certain facilities. We have finance leases for certain facility storage tanks and equipment rentals. Information about the terms of our lease agreements can be found in our 2024 Annual Report.
Product and Asset Purchase Obligations
For information on product and asset purchase obligations, see Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements.
Cautionary Statement for Purposes of Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this Quarterly Report are identifiable by the use of the following words, the negative of such words, and other similar words: “anticipates”, “assumes”, “believes”, “budgets”, “could”, “estimates”, “expects”, “forecasts”, “goal”, “intends”, “may”, “might”, “plans”, “predicts”, “projects”, “schedules”, “seeks”, “should”, “targets”, “will”, and “would”.
These forward-looking statements reflect our current views with respect to future events and financial performance and are based on assumptions that we believe to be reasonable, but such forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to: economic and operating conditions that are outside of our control, including the trading price of our common stock, and the supply, demand, and prices of oil and natural gas; the availability of adequate sources of capital to us; the effect of inflation on the cost of goods and services; the activity levels of our customers; our operational performance; actions taken by our customers, suppliers, competitors and third-party operators; the availability of raw materials and labor at reasonable prices; risks related to acquisitions and our growth strategy; restrictions under our debt agreements and the consequences of any failure to comply with debt covenants; the effect and results of litigation, commercial disputes, regulatory matters, settlements, audits, assessments, and contingencies; potential regulatory initiatives to restrict hydraulic fracturing activities on federal lands as well as other actions to more stringently regulate certain aspects of oil and gas development such as air emissions and water discharges; risks related to our foreign operations; risks related to our non-controlling equity investments; information and operational technology risks, including the risk of cyberattack; our health, safety and environmental performance; the effects of consolidation on our customers and competitors; global or national health concerns, including the outbreak of pandemics or epidemics such as the coronavirus (COVID-19); acts of terrorism, war or political or civil unrest in the United States or elsewhere, including the current conflict between Russia and Ukraine, the conflict in the Israel-Gaza region, heightened tensions with Iran, including the potential closure of the Strait of Hormuz, and other and continued hostilities in the Middle East, maritime piracy attacks; and statements regarding our beliefs, expectations, plans, goals, future events and performance and other statements that are not purely historical.
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These statements include statements concerning changes in general economic conditions, opportunity risks, such as the potential extraction of lithium, bromine and other minerals, including potential extraction of those minerals designated as critical minerals, from our Evergreen Brine Unit, demand therefor, or realizing industrial and other benefits expected from bromine processing; the timing and success of our bromine production wells and the construction of our bromine processing facility and related engineering activities and risks inherent in the construction of such facility, including the ability to obtain local governmental and regulatory approvals; the accuracy of our resources report or the timing of future updates to our resources report, feasibility study and economic assessment regarding our lithium, bromine and other mineral acreage; equipment supply, equipment defects and/or our ability to timely obtain equipment components; competition from existing or new competitors; and risks associated with changes in laws and regulations, or the imposition of economic or trade sanctions affecting international commercial transactions, including legislative, regulatory and policy changes, such as unexpected changes in tariffs, trade barriers, price and exchange control. With respect to our disclosures of measured, indicated and inferred mineral resources, including bromine, lithium carbonate equivalent concentrations, and other minerals, it is unclear whether they will ever be economically developed. Investors are cautioned that mineral resources do not have demonstrated economic value and further exploration may not result in the estimation of a mineral reserve. Further there are a number of uncertainties related to processing lithium, which is an inherently difficult process, including, for example, the development of the technology to do so successfully and economically. Therefore, investors are cautioned not to assume that all or any part of our resources can be economically or legally commercialized. In particular, investors are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally commercialized, or that it will ever be upgraded to a higher category. With respect to the Company’s disclosures of the potential joint venture for the Evergreen Brine Unit, it is uncertain about the ability of the parties to successfully negotiate one or more definitive agreements, the future relationship between the parties, and the ability to successfully and economically produce lithium and bromine from the Evergreen Unit.
Management believes that these forward-looking statements are reasonable as and when made. However, investors are cautioned not to place undue reliance on any such forward-looking statements. Such statements speak only as of the date on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations, forecasts or projections. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes in general economic conditions; opportunity risks, such as mineral extraction, demand therefor, or realizing industrial and other benefits expected from bromine processing; our ability to develop a bromine processing facility and risks inherent in the construction such facility; equipment supply, equipment defects and/or our ability to timely obtain equipment components; competition from existing or new competitors; risks associated with changes in laws and regulations, or the imposition of economic or trade sanctions affecting international commercial transactions, including legislative, regulatory and policy changes, such as unexpected changes in tariffs, trade barriers, price and exchange controls; and the other factors described in Part II, “Item 1A. Risk Factors” and elsewhere in this report and in our 2024 Annual Report, and those described from time to time in our future reports filed with the SEC.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Interest Rate Risk
The interest on our borrowings is subject to market risk exposure related to changes in applicable interest rates. Borrowings under the Term Credit Agreement bear interest at a rate per annum of SOFR plus 5.75%. The Company is required to pay a commitment fee on the unutilized commitments with respect to the delayed-draw term loan at the rate of 1.5% per annum. Borrowings under our ABL Credit Agreement, if any, bear interest at an agreed-upon percentage rate spread above SOFR. Borrowings under our Swedish Credit Facility, if any, bear interest at fixed rates of 2.95%. We are not a party to an interest rate swap contract or other derivative instrument designed to hedge our exposure to interest rate fluctuation risk. As of June 30, 2025, we had no borrowings outstanding under our ABL Credit Agreement or Swedish Credit Facility. The following table sets forth as of June 30, 2025, the principal amount due under our long-term debt obligations and the respective interest rate.

|  |  |  | Interest |  | June 30, 2025
|  | Scheduled Maturity |  | Rate |
|  |  |  |  |  | (in thousands)
Term Credit Agreement |  | January 1, 2030 |  | 10.17% |  | $ | 190,000 |
TETRA total debt |  |  |  |  |  | $ | 190,000 |

Exchange Rate Risk
We have currency exchange rate risk exposure related to revenues, expenses, operating receivables, and payables denominated in foreign currencies. We may enter into short-term foreign-currency forward derivative contracts as part of a program designed to mitigate the currency exchange rate risk exposure on selected transactions of certain foreign subsidiaries. Although contracts pursuant to this program will serve as an economic hedge of the cash flow of our currency exchange risk exposure, they are not expected to be formally designated as hedge contracts or qualify for hedge accounting treatment. Accordingly, any change in the fair value of these derivative instruments during a period will be included in the determination of earnings for that period. As of June 30, 2025, we did not have any foreign currency exchange contracts outstanding.
Item 4. Controls and Procedures.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2025, the end of the period covered by this quarterly report.
There were no changes in our internal controls over financial reporting that occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
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PART II
OTHER INFORMATION
Item 1. Legal Proceedings.
For information regarding litigation, see “Item 3. Legal Proceedings” in our 2024 Annual Report and
Note 6 - “Commitments and Contingencies” in the Notes to Consolidated Financial Statements included in this Quarterly Report.
Item 1A. Risk Factors.
Except as set forth below, as of the date of this filing, TETRA and its operations continue to be subject to the risk factors previously disclosed in the “Risk Factors” sections contained in our 2024 Annual Report.
Current geopolitical events and macroeconomic conditions could adversely affect our business, financial condition and results of operations.
Demand for our services and products is particularly sensitive to the level of exploration, development, and production activity of, and the corresponding capital spending by, oil and natural gas companies. Furthermore, the industry may experience a potential shift of priorities driven by changes in the global economy, fluctuating commodity prices and evolving tariffs — all of which could impact upstream oil and gas investment and, in turn, affect demand for our products and services. The level of exploration, development, and production activity is directly affected by oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Geopolitical events and macroeconomic conditions have contributed to oil and natural gas price volatility and are likely to continue to do so in the future. We are monitoring the military conflicts between Russia and Ukraine and Israel and Iran, as well as the related export controls and financial and economic sanctions imposed on certain industry sectors and parties involved in such conflicts. We are also monitoring the impact on the Strait of Hormuz as a result of the unrest in the Middle East. If Iran were to close the Strait of Hormuz, we would experience potential shipment delays, cost increases, among others, which could adversely affect our business. The broader consequences of the Russian-Ukrainian conflict and unrest in the Middle East, which may include further sanctions, embargoes, supply chain disruptions, regional instability and geopolitical shifts, may have adverse effects on global macroeconomic conditions, increase volatility in the price and demand for oil and natural gas, increase exposure to cyberattacks, cause disruptions in global supply chains, increase foreign currency fluctuations, cause constraints or disruption in the capital markets and limit sources of liquidity. We cannot predict the extent of the conflict’s effect on our business and results of operations as well as on the global economy and energy markets.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
None.
Item 5. Other Information.
Rule 10b5-1 Trading Arrangements
During the three months ended June 30, 2025, no director or officer of TETRA adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits.
Exhibits:

3.1 | Certificate of Designation of Series A Junior Participating Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on March 1, 2023 (SEC File No. 001-13455)).
3.2 | Amended and Restated Certificate of Incorporation of TETRA Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on May 25, 2023 (SEC File No. 001-13455)).
3.3 | Second Amended and Restated Bylaws of TETRA Technologies, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on May 25, 2023 (SEC File No. 001-13455)).
10.1*** | TETRA Technologies, Inc. Third Amended and Restated 2018 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on June 12, 2025 (SEC File No. 001-13455).
10.2* *** | Form of TETRA Technologies, Inc. Third Amended and Restated 2018 Equity Incentive Plan Restricted Stock Unit Award Agreement.
10.3* *** | Form of TETRA Technologies, Inc. Third Amended and Restated 2018 Equity Incentive Plan Restricted Stock Unit Award Agreement for outside directors.
31.1* | Certification Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2* | Certification Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1** | Certification Furnished Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2** | Certification Furnished Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH++ | XBRL Taxonomy Extension Schema Document.
101.CAL++ | XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF++ | XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB++ | XBRL Taxonomy Extension Label Linkbase Document.
101.PRE++ | XBRL Taxonomy Extension Presentation Linkbase Document.
104* | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL documents

* Filed with this report.
** Furnished with this report.
*** Management contract or compensatory plan or arrangement.
++ Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Operations for the three and six-month periods ended June 30, 2025 and 2024; (ii) Consolidated Statements of Comprehensive Income for the three and six-month periods ended June 30, 2025 and 2024; (iii) Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024; (iv) Consolidated Statements of Equity for the six-month periods ended June 30, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2025 and 2024; and (vi) Notes to Consolidated Financial Statements for the six months ended June 30, 2025.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | TETRA Technologies, Inc.
Date: | July 29, 2025 | By: | /s/Brady M. Murphy
|  |  | Brady M. Murphy
|  |  | President and Chief Executive Officer
|  |  | Principal Executive Officer
Date: | July 29, 2025 | By: | /s/Elijio V. Serrano
|  |  | Elijio V. Serrano
|  |  | Senior Vice President and Chief Financial Officer
|  |  | Principal Financial Officer and Principal Accounting Officer

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