Drilling Tools International Corp
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
DTI$1.48-6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Income and Comprehensive Income
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| (In thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 |
| Revenue, net: | ||||
| Tool rental | $28,116 | $29,361 | $86,410 | $90,639 |
| Product sale | 11,977 | 8,777 | 28,190 | 26,206 |
| Total revenue, net | 40,093 | 38,138 | 114,600 | 116,845 |
| Operating costs and expenses: | ||||
| Cost of tool rental revenue | 4,076 | 7,337 | 17,558 | 21,578 |
| Cost of product sale revenue | 5,726 | 1,814 | 10,779 | 5,862 |
| Selling, general, and administrative expense | 19,855 | 16,552 | 57,415 | 50,999 |
| Depreciation and amortization expense | 6,185 | 5,303 | 17,232 | 15,035 |
| Total operating costs and expenses | 35,842 | 31,006 | 102,984 | 93,474 |
| Income from operations | 4,251 | 7,132 | 11,616 | 23,371 |
| Other expense, net: | ||||
| Interest expense, net | (1,038) | (73) | (2,030) | (995) |
| Gain (loss) on sale of property | 19 | — | 61 | 68 |
| Gain (loss) on remeasurement of previously held equity interest | (361) | (535) | 368 | (148) |
| Other (expense) | (2,443) | (135) | (5,241) | (6,170) |
| Total other expense, net | (3,823) | (743) | (6,842) | (7,245) |
| Income before income tax expense | 428 | 6,389 | 4,774 | 16,126 |
| Income tax (expense)/benefit | 439 | (2,102) | (415) | (5,201) |
| Net income | $867 | $4,287 | $4,359 | $10,925 |
| Accumulated dividends on redeemable convertible preferred stock | — | — | — | 314 |
| Net income available to common shareholders | $867 | $4,287 | $4,359 | $10,611 |
| Basic earnings per share | $0.03 | $0.14 | $0.14 | $0.57 |
| Diluted earnings per share | $0.03 | $0.14 | $0.14 | $0.46 |
| Basic weighted-average common shares outstanding* | 33,072,097 | 29,768,568 | 30,893,602 | 18,608,708 |
| Diluted weighted-average common shares outstanding* | 33,547,056 | 30,043,546 | 31,404,333 | 23,554,593 |
| Other comprehensive income (loss): | ||||
| Net income | $867 | $4,287 | $4,359 | $10,925 |
| Foreign currency translation adjustment, net of tax | 1,161 | 90 | 753 | (117) |
| Comprehensive income | $2,028 | $4,377 | $5,112 | $10,808 |
- Shares of legacy redeemable convertible preferred stock and legacy common stock have been retroactively restated to give effect to the Merger.
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