Drilling Tools closes SDP acquisition for ~$32.2M; Q2 revenue flat, Adj. EBITDA $9.0M

Drilling Tools International Corp

Closed acquisition of Superior Drilling Products for ~$32.2M in cash and stock; issued ~4.85M shares, paid $14.9M cash.
Q2 revenue $37.5M flat YoY; operating income $2.2M; Adjusted EBITDA $9.0M.
Identified >$4.5M SG&A synergies, 60% CapEx savings on new DNR tools, and NOL tax benefits.
Updated FY 2024 guidance: revenue $155-170M, Adj. EBITDA $41-47M, Adj. FCF $20-25M.
U.S. rig count softness led to cost reduction program with $2.4M annualized savings.

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