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- **Revenue Growth**: Q3 2025 revenue up 8% YoY to $153 million, with 9M25 reaching a 10-year high of $484 million.
- **Strategic Wins**: Argentina contracts to double 2026 revenue; Brazil deepwater projects and Gulf of America Neptune wells driving completion fluids growth.
- **Bromine Plant Progress**: Arkansas plant on track for 2027 completion, with $200-250 million annual revenue potential.
- **Desalination Momentum**: FEED study completed, targeting first facility in 2026 with $1 million/1,000 bbl CapEx.
- **Eos Expansion**: Electrolyte production ramping up, with Eos expanding manufacturing capacity for long-duration energy storage.

**【Management Opening Remarks】**
- CFO transition announced: Elijio Serrano to retire in March 2026, replaced by Matt Sanderson. Transition will ensure continuity in executing the One TETRA 2030 strategy.
- Q3 2025 highlights: Revenue of $153 million (8% YoY growth), adjusted EBITDA of $25 million (7% YoY growth), driven by offshore completion fluids and industrial calcium chloride.
- 9M25 milestones: Highest 10-year revenue ($484 million) and adjusted EBITDA ($93 million), with Completion Fluids & Products EBITDA margin up 500 bps YoY.

**【CEO Strategic Updates】**
- **Completion Fluids & Products**: 39% YoY revenue growth, Brazil deepwater projects and Gulf of America Neptune wells driving $6.9 million EBITDA increase. Full-year 2025 completion fluids expected to hit a 10-year high.
- **Argentina Expansion**: 100% utilization of SandStorm units, $58 million in new contracts, with 2026 revenue expected to double YoY.
- **Arkansas Bromine Plant**: Phase 1 on track for 2027 completion, projected to add $200-250 million annual revenue and $90-115 million EBITDA.
- **One TETRA 2030 Strategy**: Battery electrolyte production ramping up with Eos Energy, and first desalination facility FEED study completed.

**【CFO Financial Commentary】**
- Cash on hand: $67 million, net leverage ratio 1.2x. 2025 EBITDA guidance updated to $107-112 million (vs. prior $100-110 million), driven by strong offshore activity.
- Cost management: Working capital increase of only $4 million vs. $19 million revenue growth, DSO improved by 2 days. 2026 capital expenditures and G&A expenses expected to remain disciplined.
- Arkansas bromine plant investment: $28 million spent through 9M25, on budget for Phase 1 completion.

**【Q&A Highlights】**
- **Desalination Progress**: FEED study completed, detailed engineering to begin ahead of commercial contracts. Targeting first facility in 2026 with $1 million/1,000 bbl CapEx.
- **Offshore Outlook**: 2026 confidence in Brazil, Gulf of America, and North Sea projects. Neptune activity pipeline strong, with potential 2026 execution.
- **Eos Ramp-Up**: Electrolyte production lead time reduced to 30 days, Eos expanding manufacturing capacity. Battery electrolyte revenue expected to grow significantly in 2026.
- **Argentina Momentum**: 5 new contracts awarded, including 2 production facilities, with 2026 revenue doubling YoY.
- **Calcium Chloride Resilience**: Businessperforming GDP by 300+ bps, with record quarters out driven by new applications and market share gains.

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