---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-052062"
form_type: "8-K"
ticker: "INVX"
cik: "0001042893"
company_name: "Innovex International, Inc."
filed_at: "2024-05-02T23:59:59+00:00"
generated_at: "2026-06-02T23:46:39.327236+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Dril-Quip Q1 revenue $110.3M (+21% YoY), net loss $20.0M; Suspends guidance on pending Innovex merger

## Summary
- Revenue $110.3M, down 12.7% sequentially, up 21.4% YoY; net loss $20.0M ($0.58 per share) vs net income $1.8M in Q4 2023.
- Adjusted EBITDA $10.2M declined $6.4M sequentially; gross margin 28.9% improved 147 bps sequentially and 99 bps YoY.
- Incurred $19.0M in merger-related expenses for the pending combination with Innovex, which drove the net loss.
- Cash used in operations $4.1M; free cash flow -$8.9M; capital expenditures $4.8M, mainly for equipment and rental tools.
- Guidance suspended due to pending merger with Innovex; investors cautioned not to rely on historical outlooks.

## SEC filing metadata
- accession: 0000950170-24-052062
- form_type: 8-K
- ticker: INVX
- cik: 0001042893
- company_name: Innovex International, Inc.
- filed_at: 2024-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042893/000095017024052062/0000950170-24-052062-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042893/000095017024052062/drq-20240502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-052062
- JSON: https://secwatch.observer/filing/0000950170-24-052062.json
- Plain text: https://secwatch.observer/filing/0000950170-24-052062.txt

## Key facts
- Earnings Releases
  Innovex International, Inc. reported three months ended March 31, 2024 results: revenue $110.3 million, net income net loss of $20.0 million, EPS a loss of $0.58 per share.
  - Period: three months ended March 31, 2024
  - Revenue: $110.3 million
  - Net income: net loss of $20.0 million
  - EPS: a loss of $0.58 per share
  - Result: reported results
  source text: technologies for use in the energy industry, today reported operational and financial results for the three months ended March 31, 2024. First Quarter Highlights • Revenue of $110.3 million decreased 12.7% sequentially and increased 21.4% year-over-year • Net Subsea Product Bookings of $41.1 million • Net Loss of $20.0 million decreased $21.8 million sequentially
  evidence_url: https://www.sec.gov/Archives/edgar/data/1042893/000095017024052062/0000950170-24-052062-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.