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 2024 Annual Report and the risk factors and other cautionary statements contained 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 2024 Annual Report or our other SEC filings except as follows:

Changes in global trade policies, including the impact of tariffs, may have a material adverse effect on our business and results of operations.

Recent tariff increases, and related policy changes implemented by the US Government, have created volatility in the oil and gas markets and will likely result in higher operating expenses and lower demand for our products, which could adversely affect our results of operations and cash flows. U.S. tariff increases on imports of steel, aluminum, and derivative products virtually worldwide may impact our costs and profitability at our U.S. manufacturing and production facilities. Additionally, the imposition of high tariffs on products from China, as well as varying levels of tariffs on products from India and Vietnam could have a less favorable impact on our supply chain diversification plans. Further, should our current suppliers be unable to provide the necessary raw materials or components or otherwise fail to deliver materials and components timely and, in the quantities required, as a result of global trade policies or other reasons, resulting delays in the provision of products or services to our customers could have a material adverse effect on our business, results of operations and cash flows. In addition, our results of operations may be adversely affected by further rising costs to the extent we are unable to recoup them from our customers.