Select Water Solutions, Inc. (WTTR) · Oct 13, 2026 · Acquisition

Select Water acquisition adds profits—but Pilot’s debt risks surface

$700M acquisition — 2025 net income $12.2M; $428.2M related-party debt

Select Water’s acquisition filing adds audited Pilot Water financials: earnings recovered sharply, but revenue slipped and related-party debt remains substantial.

Select Water is repositioning around a larger, infrastructure-led water platform, with the planned Pilot Water deal adding Delaware Basin disposal and pipeline assets to its existing recycling network. The acquisition was already announced on September 24, 2026, with $700 million of upfront consideration and an expected fourth-quarter 2026 close, so this filing is mainly new diligence on the target rather than a new strategic surprise.

Pilot was profitable in 2025, but the improvement came against a weak comparison. Revenue declined to $265.9 million from $275.3 million, yet operating income rose to $42.4 million from $5.5 million and net income attributable to PWS swung to $12.4 million from a $29.7 million loss. The better result reflects sharply lower impairment charges and direct operating costs rather than clear top-line acceleration. 〔0〕

Metric	2025	2024	Filing location
Revenue	$265.9M	$275.3M	Consolidated statements of operations
Operating income	$42.4M	$5.5M	Consolidated statements of operations
Net income attributable to PWS	$12.4M	$(29.7)M	Consolidated statements of operations
Cash from operating activities	$73.4M	$89.4M	Consolidated statements of cash flows
Capital expenditures	$51.9M	$85.6M	Consolidated statements of cash flows
Related-party revolving debt	$428.2M	$427.5M	Consolidated balance sheets
Property, plant and equipment impairment	$24.1M	$46.9M	Consolidated statements of operations

The target generates cash, but its financial profile is not clean. Operating cash flow remained positive at $73.4 million, and capital spending fell materially to $51.9 million, helping cash rise to $59.3 million. But the balance sheet carries $428.2 million of related-party revolving debt against only $59.3 million of cash, meaning Select is buying an asset base whose historical earnings cannot be viewed independently of substantial financing obligations.

Regulatory and asset-quality issues remain part of the acquisition story. Pilot recorded another $24.1 million of impairment charges in 2025 after determining certain New Mexico and Texas disposal wells and a gathering system no longer met the criteria for continued use. The filing also says further negative regulatory developments could require additional impairment charges, while environmental remediation costs were $9.5 million in 2025. 〔1〕

The filing supports the deal’s strategic logic, but not all of its upside is proven here. Pilot’s audited 2025 results establish a profitable, cash-generating operating base for the planned combination, while the previously announced thesis rests on future volume growth, contract expansion, and synergies. Select has said Pilot is expected to contribute $100 million to $110 million of 2026 adjusted EBITDA and $120 million to $130 million in 2027, with additional cost synergies; those forward figures are management estimates, not demonstrated by this historical filing.

Bottom line: This filing makes the acquisition look more financially grounded, because Pilot was profitable and cash-generative in 2025. But it also exposes meaningful leverage and regulatory-impairment baggage, leaving the deal strategically attractive but financially mixed until closing and integration prove the projected growth.

What to watch next

Pilot Water acquisition closing, expected Q4 2026

Original filing on SEC EDGAR

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the raw filing — read the original on SEC.gov↗

decoded▸

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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Select Water acquisition adds profits—but Pilot’s debt risks surface

What to watch next

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