Drilling tools international reports second quarter 2023 financial results

Second quarter 2023 revenue grew 25% year-over-year to $37.9 million successful completion of business combination; shares commenced trading on nasdaq houston, aug. 14, 2023 (globe newswire) -- drilling tools international corp., (“dti” or the “company”) (nasdaq: dti), a leading oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in horizontal and directional drilling, operating from 22 locations across north america, europe and the middle east, today reported its financial and operational results for the quarter ended june 30, 2023. second quarter financial highlights net revenue of $37.9 million increased 25% from $30.4 million in q2 2022 operating expenses of $(31.3) million were higher compared to $(22.3) million in q2 2022 net income was $0.9 million, compared to $5.9 million in q2 2022 diluted earnings per share was $0.05, compared to $0.30 in q2 2022 adjusted ebitda was $13.3 million, compared to $8.8 million in q2 2022 operational and business highlights completed business combination with roc energy acquisition corp. became a publicly traded company, commencing trading on nasdaq on june 21, under the ticker “dti” in june, announced the appointment of thomas “roe” patterson to the dti board of directors.
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