Cactus (WHD) Q1 2026 revenue reached $388 million, up significantly due to Cactus International integration. Adjusted EBITDA rose to $100 million, though margins contracted from acquisition impacts and Middle East disruptions. The company raised synergy targets to $15 million annually. Backlog declined amid contract renegotiations and geopolitical tensions. Management anticipates flat Q2 revenue for Pressure Control and mid-single-digit growth for Spoolable Technologies, while focusing on working capital optimization and supply chain realignment to mitigate tariff exposures.
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