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- **Revenue & Margin Growth**: Q3 revenue up 5% to $167 million, adjusted EBITDA margin expands to 13% (100 bps Q/Q).
- **Segment Standout**: Northeast Mid-Con segment revenue surges 29%, driven by completions activity and reduced white space.
- **Cost Efficiency**: SG&A expenses down 30% YoY, with 2025 guidance for 9-10% of revenue.
- **Natural Gas Growth**: Dry gas revenue up 15% Q/Q, aligning with Haynesville rig count rebound and LNG export expansion.
- **Q4 Outlook**: Mid-single-digit revenue decline, but stable margins supported by cost controls and fleet turnover.
- **Balance Sheet Health**: $65 million liquidity, with Q4 free cash flow expected to improve due to working capital unwind.

**【CEO Summary Section】**
- **Q3 Revenue Growth**: $167 million (5% sequential increase), driven by a 29% surge in Northeast Mid-Con segment revenue.
- **Adjusted EBITDA**: $21 million (14% sequential increase), with margin expanding 100 basis points to 13%.
- **Segment Performance**: 
  - **Northeast Mid-Con**: Outperformed with 29% revenue growth, benefiting from reduced white space and completions activity.
  - **Southwest**: Revenue declined 4% (vs. 9% rig count drop), outperforming industry trends.
  - **Rockies**: Revenue down 6%, impacted by delayed completions and refrac activity decline.
- **Operational Efficiency**: Q3 revenue and EBITDA per rig ($318k, $40k) were 20% and 227% higher than Q4 2021 levels, reflecting cost optimization.
- **2026 Outlook**: Anticipates stable demand, margin resilience, and benefits from natural gas demand growth (e.g., LNG exports).

**【CFO Financial Commentary】**
- **Cost Control**: Adjusted SG&A expenses reduced 30% year-over-year to $14.8 million, with 2025 guidance of 9-10% of revenue.
- **Balance Sheet**: 
  - Total debt: $259.2 million (unchanged Q/Q), with $65 million liquidity ($8.3 million cash, $56.9 million ABL availability).
  - Q3 interest PIK: $6 million, with 100% cash payment in Q3.
- **Cash Flow**: Q3 free cash flow: $11 million, with Q4 expected to improve due to working capital unwind.
- **Capital Efficiency**: Q3 CapEx: $12 million (6% sequential decline), with 2025 net CapEx guidance of $30-35 million.

**【Q&A Highlights】**
- **Northeast Mid-Con Strength**: 15% Q/Q dry gas revenue growth, driven by Haynesville activity rebound (6 rigs added) and market share gains.
- **Rockies Challenges**: Margin pressure from episodic completions delays, highlighting negative operating leverage.
- **Q4 Guidance**: Mid-single-digit revenue decline (less severe than 2024's 13% drop), with stable margins supported by cost controls and fleet turnover.
- **2026 Outlook**: Optimism around natural gas demand (11 Bcf/d new LNG capacity) and consolidation-driven opportunities, with recent RFQ wins.
- **Balance Sheet Flexibility**: Liquidity maintained at $65 million, with Q4 asset sales and prudent PIK decisions to manage leverage.

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