Revenue: As of FY2025 Q3, the actual value is USD 678 M, missing the estimate of USD 854.6 M.

EPS: As of FY2025 Q3, the actual value is USD -0.11, missing the estimate of USD 0.3133.

EBIT: As of FY2025 Q3, the actual value is USD 7 M.

Financial Highlights

• Sales: $678 million in Q3 2025, a 15% decrease compared to Q2 2025.
• Gross Profit: $125 million, or 18.4% of sales, compared to $157 million, or 20.4% of sales, in Q3 2024.
• Adjusted Gross Profit: $148 million, or 21.8% of sales, compared to $162 million, or 21.0% of sales, in Q3 2024.
• Net Loss from Continuing Operations: - $9 million, compared to net income of $29 million in Q3 2024.
• Adjusted Net Income from Continuing Operations: $11 million, compared to $24 million in Q3 2024.
• Adjusted EBITDA: $36 million, or 5.3% of sales, compared to $47 million, or 6.1% of sales, in Q3 2024.
• Revenue Backlog: $571 million, a 4% increase compared to the same period last year, with a 21% year-on-year increase in the U.S. segment backlog.

Sales by Segment

• U.S. Sales: $550 million, a $94 million, or 15%, decrease from the same quarter in 2024.
  • PTI Sector: Sales decreased by $54 million, or 30%.
  • DIET Sector: Sales decreased by $39 million, or 23%.
  • Gas Utilities Sector: Revenue decreased by $1 million.
• International Sales: $128 million, a $1 million, or 1%, increase compared to the same period in 2024.

Sales by Sector

• Gas Utilities Sector: $292 million, a decrease of $1 million from Q3 2024.
• DIET Sector: $199 million, a decrease of $40 million, or 17%, from Q3 2024.
• PTI Sector: $187 million, a decrease of $52 million, or 22%, from Q3 2024.

Balance Sheet and Cash Flow

• Cash Balance: $59 million as of September 30, 2025.
• Long-term Debt: $476 million (including current portion).
• Net Debt: $417 million.
• Cash Used in Continuing Operations: - $36 million in Q3 2025.
• Liquidity: $536 million as of September 30, 2025.

Outlook / Guidance

• Revenue Growth: Anticipated mid-to-high single-digit percentage revenue growth sequentially for the entire company in Q4 2025.
• Cash Flow: Expected improved cash flow outlook for 2026 as invoicing returns to normalized levels.
• Merger with DNOW Inc.: Expected to close in Q4 2025, creating a premier energy and industrial solutions provider.