Calfrac Well Services (CFW) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 revenue of $370.1M, up 12% year-over-year, driven by record performance in Argentina, offset by lower North American pricing and activity.

• Adjusted EBITDA rose 112% to $55.3M, reflecting strong Argentina results and improved operational efficiencies.

• Net income from continuing operations was $7.8M ($0.09/share diluted), reversing a net loss of $2.9M in Q1 2024.

• Cash flow from operating activities was negative $7.1M, impacted by higher interest payments and working capital use.

Financial highlights

• Revenue increased 12% year-over-year to $370.1M; Adjusted EBITDA up 112% to $55.3M.

• Net income from continuing operations was $7.8M, or $0.09 per share diluted.

• Capital expenditures totaled $42.1M, with $22.3M for Argentina expansion and $9.3M for North American fleet modernization.

• Cash and cash equivalents at quarter-end were $15.5M, with 70% held in Argentina.

• Working capital rose to $266.1M, up from $229.9M at year-end 2024.

Outlook and guidance

• North American oil-weighted completion activity expected to be lower year-over-year, but natural gas completions to rise.

• Tier IV DGB fleet modernization in North America nearly complete; five fleets now operating.

• Argentina expected to deliver strong full-year results, though Q1 margins from spot work are not expected to persist.

• Argentina capital program includes new wireline capabilities and expanded coiled tubing services.