Capital expenditures were $10 million, elevated due to construction of a new manufacturing facility in Batam, Indonesia.
Cash flow from operations grew 61% sequentially to $15 million; free cash flow was $8 million.
Completion and Production Services segment revenues were $29 million with adjusted EBITDA of $8 million and a 28% margin, benefiting from facility and equipment sale gains.
Downhole Technologies segment revenues were $29 million with $1 million adjusted EBITDA, impacted by noncash lease and impairment charges.
Net income was $3 million or $0.05 per share, including $3 million of charges and credits; adjusted net income was $5 million or $0.09 per share.
No borrowings were outstanding on the revolving credit facility as of June 30, 2025.
Offshore/Manufactured Products segment revenues were $107 million with adjusted EBITDA of $21 million and a 20% margin, up from 19% in Q1.
Oil States generated revenues of $165 million and adjusted consolidated EBITDA of $21 million in Q2 2025.
The company repurchased $7 million of common stock and $15 million of convertible senior notes during the quarter.
Adjusted gross profit increased 12% year-over-year to $101 million with an adjusted gross margin of 27.8%, improving sequentially by 130 basis points despite tariff impacts.
Array Technologies reported Q2 2025 revenue of $362 million, a 42% increase year-over-year and 20% sequentially, driven by a 52% increase in volume shipped.
Free cash flow improved significantly to $37 million from $2 million in the prior year period, supported by working capital improvements.
Net income attributable to common shareholders was $28 million, up 138% year-over-year and $26 million sequentially, with adjusted EBITDA of $64 million and a margin of 17.5%.
The company ended the quarter with $377 million in cash and total liquidity above $500 million, with net debt leverage ratio of 1.7x and no outstanding senior secured debt.
Dafinchi