Select Water Solutions | 8-K: FY2025 Q3 Revenue Beats Estimate at USD 322.24 M

Revenue: As of FY2025 Q3, the actual value is USD 322.24 M, beating the estimate of USD 306.08 M.

EPS: As of FY2025 Q3, the actual value is USD 0.03.

EBIT: As of FY2025 Q3, the actual value is USD 8.691 M.

Water Infrastructure: Revenue for the third quarter of 2025 was $78.8 million, compared to $80.9 million in the second quarter of 2025 and $82.0 million in the third quarter of 2024.
Water Services: Revenue for the third quarter of 2025 was $166.9 million, compared to $215.7 million in the second quarter of 2025 and $234.0 million in the third quarter of 2024.
Chemical Technologies: Revenue for the third quarter of 2025 was $76.6 million, compared to $67.7 million in the second quarter of 2025 and $55.3 million in the third quarter of 2024.

Net Income: Net income for the third quarter of 2025 was $2.3 million, compared to $11.7 million in the second quarter of 2025 and $18.8 million in the third quarter of 2024.
Gross Profit: Gross profit for the third quarter of 2025 was $43.6 million, compared to $57.8 million in the second quarter of 2025 and $62.4 million in the third quarter of 2024.
Operating Expenses: Total operating expenses for the third quarter of 2025 were $45.3 million, compared to $42.3 million in the second quarter of 2025 and $37.9 million in the third quarter of 2024.
Adjusted EBITDA: Adjusted EBITDA for the third quarter of 2025 was $59.5 million, compared to $72.6 million in the second quarter of 2025 and $72.8 million in the third quarter of 2024.

Operating Cash Flow: Cash flow provided by operations for the third quarter of 2025 was $71.7 million, compared to $82.6 million in the second quarter of 2025 and $51.9 million in the third quarter of 2024.
Free Cash Flow: Free cash flow for the third quarter of 2025 was - $19.4 million, compared to $10.8 million in the second quarter of 2025.

Gross Margin Before D&A: Gross margin before D&A for Water Infrastructure was 53.1% in the third quarter of 2025, compared to 55.2% in the second quarter of 2025 and 56.7% in the third quarter of 2024.
Chemical Technologies Gross Margin Before D&A: Gross margin before D&A for Chemical Technologies was 19.9% in the third quarter of 2025, compared to 17.5% in the second quarter of 2025 and 12.4% in the third quarter of 2024.

Select Water Solutions anticipates Water Infrastructure growing approximately 10% sequentially during the fourth quarter of 2025, with gross margins before D&A remaining consistently above 50%.
The company expects consolidated revenues to remain relatively steady during the fourth quarter, with consolidated Adjusted EBITDA increasing sequentially to an estimated $60 – $64 million.
Select Water Solutions is modestly increasing its 2025 net capital expenditures guidance range to $250 – $275 million, impacting near-term cash flows but benefiting Water Infrastructure growth in 2026.