Total revenues increased by 15.0% to $1.627 billion in 2025, primarily due to the Pintail acquisition, which contributed $295.8 million. Operating income decreased 54.1% to $44.7 million in 2025, down from $97.5 million in 2024. Net income was $32.1 million ($0.15 diluted earnings per share) in 2025, a significant decrease from $91.4 million ($0.43 diluted earnings per share) in 2024. Cash flows from operating activities decreased to $201.3 million in 2025 from $349.4 million in 2024. Capital expenditures totaled $148.4 million in 2025, primarily for capitalized maintenance and upgrades of existing equipment, coupled with ERP and other IT system upgrades. The average U.S. rig count decreased 6.3% to 562 in 2025, indicating lower industry activity. The pressure pumping market remains highly competitive and over-supplied, leading to increased price competition and impacting asset utilization. The company completed the dissolution of its Supplemental Executive Retirement Plan (SERP) in the fourth quarter of 2025, distributing participant balances and liquidating assets.