Select Water Q1 revenue $374M, net income $9.6M, adj. EBITDA $64M; Q2 guide $68-72M

Select Water Solutions, Inc.

Revenue $374.4M, up 7% sequentially; net income $9.6M vs net loss $2.1M in Q4 2024.
Adjusted EBITDA $64.0M, up 14% sequentially; Q2 2025 adjusted EBITDA guided to $68-72M.
Signed 11-year Delaware Basin contract with 265,000+ acres; expects $100-125M incremental capex.
2025 net capex raised to $225-250M; free cash flow conversion guided to 5-15% of adjusted EBITDA.
New $300M revolver and $250M term loan executed; invested additional $10M in AV Farms water rights.

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