Drilling Tools International Corp (DTI) · Oct 8, 2026 · Acquisition

DTI acquisition expands international reach but adds debt and dilution

$80M acquisition — $50.4M revenue, $22.5M Adjusted EBITDA, 45% margin

DTI’s acquisition of Saltire adds $50.4 million of run-rate revenue and a 45% EBITDA margin, but requires new debt and 17.4 million shares.

DTI is in the middle of shifting from a primarily North American drilling-tools rental business toward a broader international platform; Eastern Hemisphere revenue was already growing, reaching $7.3 million in the second quarter of 2026, up 20% year over year. This deal materially accelerates that strategy. DTI will acquire Saltire and Foxley, giving it established operations across the U.K., Norway, the Middle East and Asia-Pacific, while lifting the Eastern Hemisphere share of pro forma revenue from roughly 18% to approximately 40%. 〔0〕

Metric	DTI FY2026 guidance	Saltire run-rate	Pro forma
Revenue	$155M–$170M	$50.4M	$205M–$220M
Adjusted EBITDA	$35M–$45M	$22.5M	$58M–$68M
Adjusted EBITDA margin	23%–26%	45%	28%–31%
Adjusted Free Cash Flow	$17M–$22M	$15.8M	$33M–$38M
Adjusted Free Cash Flow margin	11%–13%	31%	16%–17%

(Combined Earnings Power; pro forma figures exclude synergies and transaction costs.) The acquired business looks financially stronger than DTI’s standalone profile. Saltire’s estimated 45% Adjusted EBITDA margin and $15.8 million of run-rate Adjusted Free Cash Flow are well above DTI’s guided margins, so the transaction could improve the combined mix even without relying on cost synergies. These are management estimates and non-GAAP measures, not reported GAAP results.

The strategic fit is credible, but the financing makes this more than a simple bolt-on. DTI is paying approximately $80 million in cash plus 17.4 million fixed shares, with the cash funded through new debt and existing-credit-facility borrowings. The sellers are expected to own roughly 30% of DTI after closing, creating meaningful dilution but also keeping Saltire’s founders economically tied to execution. 〔1〕〔2〕

The deal is attractive on the company’s stated operating math, but not yet de-risked. DTI’s presentation frames the transaction at approximately 5.5 times Saltire’s run-rate EBITDA and projects leverage falling from roughly 2.2 times at closing to about 1.0 times within 24 months, relying on strong free-cash-flow generation. That outcome depends on financing terms, successful integration, cross-border execution, regulatory and shareholder approvals, and Saltire sustaining its current run rate. The filing also explicitly warns that DTI cannot reconcile its forward-looking non-GAAP projections to GAAP without unreasonable effort.

Bottom line: This is a meaningful strategic step that could quickly improve DTI’s international scale, margins and cash generation. The upside is substantial, but shareholders are funding it with both new leverage and a large equity issuance, so the transaction remains execution-dependent until the S-4, financing terms and closing conditions are clearer.

What to watch next

Form S-4 filing and shareholder approval before Q1 2027 closing

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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DTI acquisition expands international reach but adds debt and dilution

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