Cactus, Inc.

In addition to the information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in our 2025 Annual Report, and under the heading "Part II Item 1A Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and in our other filings with the SEC, which could materially affect our business, results of operations, financial condition or cash flows. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, results of operations, financial condition or cash flows. There have been no material changes in our risk factors from those described in our 2025 Annual Report, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and our other SEC filings, except as follows:

Ongoing conflict between the United States, Iran and other countries in the Middle East could continue to adversely impact our operations in the Middle East.

Cactus International, a 65% owned subsidiary of the Company, has plants in the UAE and Saudi Arabia. Both Cactus Wellhead and Cactus International, as well as our Spoolable Technologies segment, maintain significant operations in the Middle East. As long as the conflict between or among the United States, Iran and other countries in the Middle East continues, (i) those plants and operations are subject to interruptions, (ii) customer operations may be disrupted resulting in fewer orders, (iii) traffic through the Strait of Hormuz will likely negatively impact our supply chain in the region, (iv) there may be increased safety concerns for our employees and (v) our integration plan for Cactus International may be delayed. There is no way to predict when this conflict will be resolved and when operations can be restored to the conditions that existed before the conflict began. Until such conditions are restored, we expect that our operations in the Middle East and our financial results will be adversely impacted.