Drilling Tools International Corp (DTI) · Nov 5, 2026 · Earnings

DTI earnings miss as free-cash-flow outlook falls despite Q3 rebound

Miss — GAAP EPS -$0.07 vs ~$0.03 consensus; revenue $40.6M vs ~$40.87M

DTI’s third-quarter earnings show sequential recovery, but an EPS miss, weak year-to-date cash generation and lower free-cash-flow guidance complicate the story.

DTI is in a recovery-and-investment phase: its rental-focused drilling-tools business is trying to convert improving North American activity and new ClearPath offshore contracts into growth, while preparing for the proposed Saltire acquisition to expand its Eastern Hemisphere footprint. The Saltire deal was already public and is expected to add roughly $50.4 million of run-rate revenue and $22.5 million of Adjusted EBITDA, so this filing is mainly judged on whether standalone execution is improving enough to support that larger strategy.

The quarter improved sequentially, but it still missed the immediate earnings bar. Revenue rose to $40.6 million, up about 4.7% from $38.8 million a year earlier, while Adjusted EBITDA reached $9.5 million versus $9.1 million. The problem is that reported GAAP EPS was a $0.07 loss against published consensus of roughly $0.03 profit, and revenue was slightly below the approximately $40.87 million consensus.

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Revenue (Income Statement)	$40.645M (+4.7%)	$38.817M	~$40.87M
GAAP EPS (Income Statement)	$(0.07)	$(0.03)	~$0.03
Adjusted EBITDA (Non-GAAP reconciliation)	$9.503M (+4.3%)	$9.115M
Adjusted Free Cash Flow (Non-GAAP reconciliation)	$3.776M (-32.2%)	$5.573M
FY Adjusted Free Cash Flow outlook (2026 Full Year Outlook)	$13M–$22M		$17M–$22M prior guide

The recovery is visible, but the underlying cash picture is weaker than the headline suggests. Management highlighted 7% sequential revenue growth, 14% sequential Adjusted EBITDA growth and a September exit rate near $4 million of monthly EBITDA. 〔0〕 But nine-month Adjusted EBITDA fell to $25.4 million from $29.2 million, Adjusted Free Cash Flow fell to $7.7 million from $13.1 million, and operating cash flow turned negative at $4.0 million used versus $14.6 million provided a year earlier. That makes the sequential rebound more of a stabilization signal than proof that the full-year earnings engine has fully turned.

DTI is spending ahead of revenue, which preserves growth potential but reduces near-term financial flexibility. The company raised full-year capital-expenditure guidance to $22 million–$23 million to support Norway contracts and U.S. land activity, while cutting the bottom of its Adjusted Free Cash Flow range from $17 million to $13 million and saying it expects to finish near the low end. With only about $3.0 million of cash and $47.4 million of net debt, the weaker cash conversion matters more because DTI also expects to fund the cash portion of Saltire with new debt and additional revolver borrowings.

The filing supports the strategic direction but does not materially de-risk the Saltire plan. DTI maintained its revenue and Adjusted EBITDA ranges and remains on track for a first-quarter 2027 close, but the transaction still depends on stockholder, regulatory and other approvals, while the financing plan adds leverage to a business whose year-to-date cash generation is already below last year’s level. 〔1〕

Bottom line: DTI is showing the promised second-half operating rebound, but the earnings miss, sharply weaker year-to-date cash flow and lower free-cash-flow outlook leave the business only modestly improved—not comfortably ahead of expectations. The filing strengthens the recovery narrative operationally while making the financing and execution burden of the Saltire expansion more evident.

What to watch next

Q3 conference call, November 6

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

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DTI earnings miss as free-cash-flow outlook falls despite Q3 rebound

What to watch next

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