Oil States International reported Q2 2025 consolidated revenues of $165.4 million, an 11% decrease year-over-year, with net income of $2.8 million, or $0.05 per share. Adjusted EBITDA for the quarter was $21.1 million, a 1% decrease year-over-year. These results included $3.3 million in charges and credits primarily related to the exit of U.S. land-based facilities, personnel reductions, and gains on the extinguishment of convertible senior notes.
The Offshore Manufactured Products segment continued its strong performance, with revenues increasing 5% year-over-year to $106.6 million and Adjusted Segment EBITDA rising 5% to $21.1 million. The segment's backlog reached $363 million as of June 30, 2025, marking its highest level since September 2015, driven by $112 million in new bookings and a quarterly book-to-bill ratio of 1.1x. This robust backlog provides extended revenue visibility for the company.
Conversely, the Completion and Production Services segment saw revenues decline 37% year-over-year to $29.4 million, though its Adjusted Segment EBITDA margin improved to 28% due to restructuring efforts. The Downhole Technologies segment's revenues decreased 23% to $29.4 million, with Adjusted Segment EBITDA falling 61% year-over-year. The company's U.S. land-driven revenue mix declined from 36% in Q2 2024 to 28% in Q2 2025, reflecting ongoing strategic shifts away from underperforming domestic operations.
Cash flows from operations totaled $15.0 million for the quarter, with capital expenditures of $10.3 million, which included strategic investments in the new manufacturing facility in Batam, Indonesia, nearing completion, and the manufacture of new rental riser equipment. The company repurchased $14.8 million principal amount of its convertible senior notes and $6.7 million of its common stock. On July 28, 2025, the ABL Facility was amended to provide additional borrowing availability and facilitate the retirement of remaining 2026 Notes.
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