secwatch.observer — SEC 8-K summary
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Issuer:     Drilling Tools International Corp (DTI)
CIK:        0001884516
Form:       8-K
Filed at:   2023-11-13T23:59:59+00:00
Accession:  0001193125-23-276116
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Drilling Tools Q3 revenue $38.1M (+4.4% YoY); net income $4.3M vs $6.7M; FY outlook reiterated
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- Net revenue $38.1M, up 4.4% from $36.5M in Q3 2022; rental tool revenue rose 9.4% to $29.4M.
- Net income $4.3M ($0.21 diluted EPS) vs $6.7M ($0.36) in Q3 2022; higher tax, personnel, and insurance costs drove decline.
- Adjusted EBITDA $12.7M vs $13.0M in prior-year quarter; cash $4.0M and undrawn $60M revolver.
- Maintains FY2023 guidance: revenue $150-158M, Adj. EBITDA $50-54M, net income $12-19M, capex $44-46M.
- CEO notes revenue fell only 5% from Dec 2022 vs ~20% rig count decline, outperforming the market.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1884516/000119312523276116/0001193125-23-276116-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1884516/000119312523276116/d309237d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-276116

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