Bri-Chem (BRY) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales were $19.9 million, down 7% YoY, primarily due to lower US drilling activity; adjusted EBITDA improved to $465 thousand from a loss of $443 thousand.

• Adjusted net loss narrowed to $618 thousand from $1.767 million; reported net loss was $412 thousand versus $1.506 million.

Financial highlights

• Gross margin dollars decreased $385 thousand YoY, primarily reflecting lower sales in fluid distribution.

• Operating loss was $23 thousand versus $144 thousand; improvement was attributed to higher foreign exchange gains.

• Adjusted EBITDA was $465 thousand versus a loss of $443 thousand, with adjusted EBITDA margin at 2% versus negative 2%; improvement was primarily attributable to foreign exchange gains.

• Adjusted net loss per diluted share was $0.02 versus $0.07; reported net loss per diluted share was $0.02 versus $0.06.

Outlook and guidance

• Remainder-of-2025 rig count expectations are cautiously optimistic, contingent on sustained commodity pricing and improving customer balance sheets.

• Priorities include capital discipline, operational efficiency, risk mitigation, and adjusting strategy to macroeconomic, geopolitical, and industry trends.

• Potential longer-term Canadian growth opportunities may follow stronger energy-independence collaboration and accelerated domestic infrastructure approvals.