TTI - Earnings call transcript Q2 2024 | TETRA Technologies, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to TETRA Technologies Second Quarter 2024 Results Conference Call. [Operator Instructions] Please note this event is being recorded. I will now turn the conference over to Julian Higuera. Please go ahead.

Julian Higuera

Good morning, and thank you for joining TETRA's Second Quarter 2024 Results Call. call Chief Murphy, Financial today's and Executive for Serrano, Elijio Officer. speakers are Chief Brady Officer; The I would be like profitability call forward may to including and remind you statements looking, are that estimated that earnings. or financial may projections, deemed be contain to guidance, this conference These based assumptions on and TETRA made by statements are based are and on certain analysis several factors. the are uncertainties, many are beyond and to of company. risks control several subject the These statements of which

of forward-looking future such results that are guarantees the from are We and statements actual performance not may those cautioned that projected statements. materially differ in the

of In capital addition, EBITDA refer margins, GAAP of for or measures. financial period. a are measures employed liquidity, net to call, to our adjusted to with flow, cash accordance financial we to reconciliations net debt, the public results other press for non-GAAP in may within considered the complete refer release course reconciliations or substitute non-GAAP our These free financial GAAP leverage the Please not context EBITDA, net for the nearest EBITDA, and yesterday's be on adjusted financial of should in ratio measures. prepared the website to information returns

we announcement, turn our yesterday. you I In it our press will over we also addition to release to to now that refer encourage XX-Q filed to Brady.

Brady Murphy

update our financials and an Earnings second summarize some call discuss additional quarter. I'll provide Call. highlights and the to our everyone, morning, XXXX before Elijio second TETRA's welcome to perspectives and quarter our Quarter Good on over strategic quarter turning results Second to from third initiatives on

growth can which of activity and markets the U.S. EBITDA. increase activity for results was revenue results peak quarter during XX% international of This, second be the in and Gulf increasing as characterized sequential the Our XX% with oil quarter, and mostly adjusted project chemicals gas the market. with overall lower completion seasonal offshore second business in trending European second our contributed our with to Mexico lower consistent deepwater industrial activity combined our quarter

Products of margins first of XX.X% & Our the margins segments XX.X% X.X% from adjusted in a Fluids Quarter Water rebound Year-over-year, X% EBITDA achieved sequential & activity revenue of total inclusive Flowback anticipated Completion quarter, onshore EBITDA and was and down revenue respectively. improvement flowback $X.X points. exchange of basis an to and XX.X%, adjusted EBITDA XX.X% of of XXX U.S. down XX%. million compared foreign was million approximately was rig losses. of $XX.X Adjusted and

of CS a second secured the important Mexico super During project fluids second of the deepwater gas to quarter select since super in Fluids Neptune the This program operator. Mexico CS fourth of for the first we this major their major Gulf for the operator quarter, Gulf completions oil milestone Gulf Neptine project of and an a X-well CS is Neptune Mexico deepwater as and XXXX. is

this impact to and XXXX, Following the forward dramatic we projects awarded projects of project. been have CS have pandemic of timing we potential deepwater since our to move pleased XXXX and the pipeline are the seen COVID successful in Neptune due

drill the of quarter with years. The were X-well This batch wells program between and Neptune program be single complete to completion our expected phase to year expected XXXX in is well the until the of a expected spread the the first across projects, fluid QX prior out and the not and of is which fourth to CS entire fourth of is second phase project completion One the Mexico start begin Gulf timing quarter. quarter like several this XXXX.

go period, a month will wells planned. that to X be a things assuming it completed likely is as As result, X-month the between X

the already over our but planned fluid numbers back-to-back the Neptune for the represent batch efficiency we also a operators Because Neptune As productive for program, of discussions project, are side material completion CS the revenue of these projects, CS deepwater Mexico continue will of demonstrated project increase Gulf the excited there inventory Gulf wells be past, award, revenue on from completions. some the the losses to dependent with Obviously, from overall have this other and on we programs for each are in Mexico. well. typical

pleased recover Flowback, mid-teens. the XXX completion basis in second we adjusted point activity quarter announced we levels we operator XX.X%, & improvement. that Water second For margins previously EBITDA of despite quarter, in lower we expected And margins are the a sequential achieved to

desalination service of automated and a an agriculture providing operator strategies SandStorm every and a water resource Our aspect provide strategy flake automated and water two-pronged for automated produced from and be will and reduce and valuable for to movement continues Automation exposure automated secondly, seismicity transfer approach. employees drill-out less treatment for our labor and benefit beneficial water the & for HSE environmental cost BlueLinx Collectively, reuse of industrial for these lower reducing of customers, and the Water freshwater usage Flowback our through while risk per job applications. reuse. of systems;

is to like company. a a color new We customer major is our SandStorm I underway to we systems on We're major for market the so would customer SandStorm deployed permitting program, the with a earthquakes to could also imminent. Railroad investigation. number terms was completed we to most pilot from West beginning, project are. for closely is our bigger on the results customer. our and reuse Texas some a that on to hit a in auto would successful where for just be the linked Middle Texas strategy first beneficial X.X acceptance. and reuse, trial BlueLinx pilot regards highlighted solution a well automated beneficial This and for the far Unexpectedly, to with customer was hold are drill largest and told the facility is Accordingly, national prompted With desalination by is this priority. but East West a of While Commission the deploying hit water open anticipated, communicated water Texas, production be results recent and commercial scale exceptional urgency that Permian for only a as Texas Basin. previously on working If provide opportunity commercial market Richter the oil which transfer, of and South the the the where with

in regions. for and have we West X have X our and addition, have at pilot In currently had include in agreements them with addition ongoing facility Texas. We Mid-Continent our South customers discussions other functioning visiting customers unions major to with projects and pilot Appalachia of nondisclosure Texas many that Conroe, Texas research

due to commercial regulatory was work project realize bodies faces. we of environmental our the industry first with launch on customers have While our focus unexpected, the of to challenges impact the and the areas biggest the with the

be with that and required we demonstrated California that regulatory technology to and the the It's oftentimes has utilizing in water able than are oil well for will ability for been environmental years, is wells occurring to higher have We suit. and the to applications. is produced treat water our water Texas gas optimistic rivers operator what soon New found follow and Mexico in several for specifications scale and quality commercial to agricultural purposes produced oil well of gas in

our strategic Moving initiatives. on to

Pittsburgh, with what source line verge Eos production materially the is confident have for very from the automate recapitalization of on to Turtle the Following and their have a line recent we the excitement recently improvement the working start what working saw line firsthand requiring capital and in management the to Elijio are of their in our our capital required. Seeing vast employees higher volumes, the is to complete from a with completed encouraged finish. them visit Eos Eos their working materially higher executive facility allowed electrolyte. visits. I very the first with U.S. line Creek, were our to volumes plant and automated in prior we seen to automated the that we

We've ramps capacity Eos volumes and the Memphis up, our we Eos they the the line increase meet West brings far demand. materially this year. require electrolyte them will increased As the and shipped over of in volumes have expected minimal so that automated to PureFlow

a bromide We also technology. second electrolyte PureFlow their with to for advance continue discussions using zinc customer

we're based of the independent of definitive economic DFS. SK On The is project. an feasibility or is XXXX side, lithium on in review the prepared assumption the completed the project final bromine planned that analysis report, Arkansas bromine the

it As will bromine from vertical this a element buying project first, parties, third allow lower enhancement following reminder, the bromine us achieve project. benefits: making of margin to a integration than at cost a supply the to for

comes elemental be meet And to estimated our for long-duration term, of to us the oil growth us continued at high-value bromine supply long-term demand battery and end positions the it gas years leases the volumes the utilizing requirements. fluids agreement Second, for resource gives and more an current third high-end, growing XXXX. zinc of bromide as to completion market Arkansas our end XX long over supply in

lithium company are brine new from the the cost side, lithium businesses for It's reuse, supply are and of and electrolyte that material Selectively, the synergies produced our the the cost will that desalination financial States. XX% At will are economics and by important effort are quantify of for energy for FEED to complete produced the electrolyte major Zinc this a Arkansas targeting milestones for fourth new that as transformational continuing time, engineering the project understand direct emerging we're On but also year. and only extraction the water. the to storage, to future duration plus/minus they milestone key we be we quarter bromine for not the throughout also of side United show broad-based energy and and for on upstream benefits the the the bromine we for most water storage part, both plant PureFlow all for unit. the quantify TETRA, things, year. each and lithium markets company. initiative for of lithium same strategic benefit production having desalination Summarizing long able for

predicting So key businesses. challenging for timing than accurate established and is on more existing events

very before focus get time work analysis. some With Elijio and we'll Our questions. and I'll right and provide it get to our methodical, take not our we're confident highly for on turn some over financial then out is our additional to and that, results, with it to our processes been commentary have it

Elijio V. Serrano

was below million during the onshore EBITDA quarter, quarter the expectations of around adjusted $X.X Second market our progressively as transfer. Nonetheless, was U.S. million losses. weaker this water was negatively foreign especially of exchange impacted $XX.X by

of low on lower the flow, are prepared at We are not our focused and capital margin not to chase earnings chasing be will focus opportunities. cash quality and margin. free we our on With work on returns

that chemical of expanded revenue Products season ago, production industrial market advantage saw to are have expected with a that We committed achieved technology point quarter our efforts believe automation Northern Completion adjusted capacity the & a improve flat be will mentioned to revenue the in second We and margins. above earnings market higher Europe. quarter, Flowback available of pivotal our towards we share the have & years efforts XXX on EBITDA gaining in to peak flat. mid-teens Recall XX.X%. margins quarters this we onshore and where fourth Water took the leveraging in without that and and from the our compromising basis revenue second that a to peak declining in the EBITDA few margins Fluids season. environment this and the volumes XX% keeping third continue activity higher Brady and to expect an in in is and improvement Europe

Our could challenges. we second as been quarter stronger a have few through managed even

product. strike The ability to started Finland, to the and in strike Kokkola, restricted first This ended by and our second chloride load calcium quarter. early our port workers produce also that offload ability restricted a the ship in to first limestone quarter and was in

and vessels with of frozen a out and the with on XX-month very chloride The revenue EBITDA harbor, business our continues challenge. Despite just in than basis of below the revenue, industrial stream. calcium $XXX in Additionally, all movement a quarter million conditions flow well. is perform this, started normal cash represents harsher calcium stable chloride to winter trailing making and a business

While industry now offshore well. slowing to appears what be for onshore oil short been the of time, and do a and market oil gas period continues has the gas to

challenges the nice quarter, to the hurricane Gulf deepwater Mexico TETRA in fourth Mexico. of timing. in of to a Europe it could quarter move had revenue the impact for from first that step the we wells revenue field the CS Fluids the CS well clients taking timing XXX X of the should that environmental XXXX in America are Latin conditions well the work completed we could and this were schedule, case, following between we in and season Fahrenheit. Neptune a into the saw the third first there been we on but quarter. that a for see the one we & no address, a comparable Neptune of timing as should are to Gulf mentioned, of Brady in all information assuming projects partially we Products expect the offset the the the types first the that project is the high our from account what long given Julia third segment, is activity, the major the to delays for a high Recall X previously hearing of in fourth of and the improvement quarter Completion that in complete we technical but of quarter a CS achievement middle Neptune EBITDA These that degrees by Based including, have in quarter project period. and Neptune in are many then XXXX. of The completions first high projects X-well meaningful downhole can up sequential the Due we As as is be Recall per wells. project for and ExxonMobil possibility projects

base flow. investments. in this between and our flow breaking we Arkansas cash season. For in sequential be from from quarter, business Europe strong first the quarter. we third Free business from the free press base the also receivables improvement the quarter $XX Northern out to we was a further flow We second inventory cash free to free are release, base the cash as $XX an committed improvement cash from the peak are flow of cash our million, In from second million the and expect monetize industrial quarter the again flow business

for our in memorandum During and understanding. million analysis we reservoir the with is engineering, by second studies Works quarter, we what of invested Salt net $X.X $X.X This other reimbursed million were consistent of Arkansas.

drop bromine those We continue to for more to towards are These to the are of that advance understood, move necessary capital for fully investments $XX the we jointly this future was million invest more and required the quantify and a agreement. in as lithium week available allow project. can formal million, Once is formalizing arrangement. economics of Arkansas us formal production. a Liquidity TETRA to $XXX delayed inclusive approximately feature to bromine

and we're bromide end ratio employed our the our XXXX cost period XX-month It's June can above The with maturity on and marketable initiatives. execute calcium addition to net years, ABL, or Return May CS In slightly the balance capital. several holding our was very standard on materially of noted our liquidity, in facility. continued for growth to refinanced at outstanding prior that is be quarter, debt and asset-based we monetized a interest now the securities the In rate attractive be an our coming second project, teapoter our on sheet bromide. also the ABL believe further All provides over and this dates. XXXX. than At which net equally in Nothing XXXX leverage strengthens flexibility to of Kodiak, This is the of healthy XXXX. ABL the our The $XX facility, expanded and in convenience. Neptune in loan us market capital recovery is the the maturity X.Xx. can addressed first we extended plus be facility. or of lithium a this our million XX.X%, ending of May, of zinc

expected believe market bromide us and what zinc is the electrolyte positioned Our a very requirements for in be position the we battery to XXXX. chloride market-leading for calcium solid

Let closing me it and questions. turn comments, open for it we'll over to for Brady up

Brady Murphy

our the deepwater position that X beneficial pleased with that goals continue technology and over Neptune next The we're progression to strong is gain track on out the have the for achieving margin to new our desalination reflective closing, in In we've company. flowback market for months. impact financials continuing of with to the our the will reuse X a business momentum. through on are CS water We're material we and award market set

We to flow to close have of our $XXX balance base business liquidity, we free generate a solid sheet, from strategic and million expect to strong fund our cash continue initiatives. to growth

it We expect beyond. for and to the that, as year, strong heading open into momentum we'll important, finish end now the significant XXXX a of but questions. just up With

Operator

of [Operator And first of Instructions] Capital Brooks your Markets. from line comes question the Bobby Northland

Robert Brooks

just is outlook. the question First CS Neptune on

with X of got with first the ever if occurring So But the the at and discussions you how one that about great in the of multiple down operators. you quarter, the Gulf recall, was major. projects Mexico guys the projects Neptune that for CS nailed talked you've guys within highest I that different super level seen, was

to wanted how this for just got, sense just get then these years. operator? coming conversations, several know there obviously, talked other those about have might is of I I from in be of first Elijio those ones? the there with you And the So X more potential went how a discussions these maybe

on detail more just So that.

Brady Murphy

pipeline extensive we tracking that many with a been for projects have So years. of pretty we've operators

completion. with of formation testing, before long these of of mentioned of that's the lead types types kind projects, I elastomer think in fluid required, their doing that is I the operator a testing terms everything time compatibility testing, with

operators of of Obviously, are discussions And multiple this very pipeline. got pleased projects. multiple we're with healthy we've with part of that we a list having pipeline are so that but award,

awards. new those in the the could before materialize of of of Some year terms end

communicate It's say to discussions actually we you, We operators are projects careful them just get award. want be we tell regarding carry or multiple X. into But to I with multiple having difficult until beyond. you of these may can how the first beyond additional that. of Some year next

Robert Brooks

is the the you, in project specifically And just intense Gulf Neptune and right? EBITDA high of CS clarify, very revenue Mexico, for to that margins for obviously are which

Brady Murphy

volume the the to pressure The unique temperature of wells fluid the correct. from fluid and pure are of Mexico requirements these meet ultra-deepwater involved the Gulf the and quite That's of technical just conditions. that's in completions

Elijio V. Serrano

fluids to is Mexico. Gulf traditional of And of completion in the just our add, Bobby, on top this business

$X basic bromide or from well. move could the basic bigger per be Neptune Some we completion before fluids well the calcium the million of to that addressed a for projects anywhere to can zinc range $X with bromide million type

Robert Brooks

And then jumping the to over reuse. beneficial

X mentioned many think a signed I NDAs you any helpful contrast be the As did had how that signed that with different operators, the there it just signed year different little you at more. could versus the out? NDAs the beginning at were NDAs help of Were frame of X to of how with year, the Maybe beginning back those now. that you

Brady Murphy

patents very which we will requirements operators produced some the We in program, with very gone NDAs discussions some they the and but the obviously, already discussing we of of have now water around into back reason hope The technology, nature of customers with want the first and we're customer their our these not and for done through that But multiple the obviously, Bobby, pilot protective have had their exact NDAs we've use very program, for obviously, technologies issued technology. out. pile we operators. I which don't have proprietary we for. know the But we've commercial for some been us discussions year. multiple have That's would increased for which be their we specific number, some with filed any procedures nature the definitely patents, to as I we're of until discussions, you proprietary have evolves of time. serious a the deep we've and treatment the allows to tell

Robert Brooks

best of the the Are last of Arkansas, you $X.X just partner. one disclose And reimbursement from net is, in towards CapEx much you able then how sold reimbursements million to the for total? me

Elijio V. Serrano

Yes. by covered our Those NDA. are

our that all what side-by-side the obviously we'll statement. initiatives continues So assume Arkansas. us on TETRA's financial to only around But partner work report impacts with

Operator

Jayne comes question next from Partners. Energy your And Josh Daniel of

Josh Jayne

wanted market successful, I to what you starting to total deployed on it addressable one is next you talk just First the as SandStorm couple point? ask maybe over being and if about this market. the for of Middle Could the looks the like years East

Brady Murphy

I want it's I markets market. markets East, activity don't the several clearly unconventional in clearly, that some an numbers to developing. as in are in we're Yes. for East increase there's to the give more But a several about activity perfect addressable mean on seeing And today. that Middle application Middle the continues SandStorm. the specifics of countries, for today's conventional increase market

do we we'll you that at us develops as So a it, point. market early keep this and that posted little can but quantify to for

Josh Jayne

bit switching offshore fluid And gears activity. little a to completion

noted outside up You Maybe QX of be seeing you're months Gulf could it walk just was stronger XX, than helpful. the markets over of QX. would the markets in those through next that how you the and shape Mexico XX

Brady Murphy

Yes.

strong market XXXX Gulf and, we're to Africa the going of Mexico, Sea But degree, we we see in have outside positions certainly, Asia West lesser very and a the Brazil, and growth good in into extremely Mexico. to but just Brazil a market, the opportunities Pacific. see Brazil Sea. the North growth, in steady typical in Gulf the improvement, in North market continue Neptune again, completion North of that outside the activity, opportunities we us the positioned progress, in for Sea, not also well So for for steady

a are as completion fluid of we includes providing market And clearly of continues international markets. large for continuing Mexico, large work us overall, around to Mexico. very providers major the technology Gulf world have then the evolve. and of not for offshore Gulf size profitable spot Now opportunities that that they're the as we that is of markets as see market But the service improving, obviously a we the projects, with not those they in on trend as typically, but

Josh Jayne

bit you Gulf the last specific see are think different happen profile you to from a a about this of that's then fact margin first little When and for just on if little And to uplift one stacked to project for just the curious elaborate maybe also margin question projects differently. one little might going Mexico of that bit in this help is than the Neptune into we is project better ask XXXX, early QX from we the the just or pricing constructive, back environment could not traditional the more expectations that XXXX. back? frame half more was maybe for the because only a but wells to your I

Elijio V. Serrano

the an much in The lost estimate it. the variables margin Neptune has to well, well. duration we're fluid significant. we inject as into whether many, making the they recovered offshore weeks might of how this how and many we move prior also of well, projects, traditional but will there for At meaningfully. few that is we and volumes point, how world a in into or project a weeks the than make depends on it's It the The quite higher on were on thousands fluids project fluid, fluid fluid many did, it the much fluid from many can that in completion on losses well, that the they in segment the of go the the be of entire depends barrels be

Operator

Benchmark. of from comes question Hallead next Kurt your And

Kurt Hallead

see a it. think different around around of I getting that you want guys so E&Ps recycling, some water back awesome come to to to number opportunity, traction on. that, with it's the are reuse I just And and

value the proposition. to speaks probably think I

could curious the it their regulators underlying and of drivers is is this help of being base and when you the will governmental I'm about combination this to you some give of the how element E&Ps And market dynamics maybe sense this, key supported customer in think curious a that play about reduce Now or wanting you pursuing think a a Just may be and the the by to, what be make as will and that exposure? reality. the that is driver environmental at Texas? us

Brady Murphy

wells this, in the largest Kurt, linked the the West driver is seismicity fact the behind Texas the So that formations region. to disposal are in fundamental overpressuring events clearly and

certain we've put injection think restrictive Railroad seen I areas. the profiles Commission around

comments, starting or I X restrict today I there's can are water that operators Richter the was X article these week. was was that that. recently, fairly X.X earthquakes, of formations. into Railroad sizable as think scale terms Commission that our investigating last an going to a just one the to them in out amount are mentioned of number just be dispose in hitting of a There effect in There

inject disposal so going is not poor this the there to a space lack until and is And problem wells of disposal overpressuring solution go away address of to to additional water.

under a there's Now it's vicinity of being couple not That that it resource right where on pretty general that truck gets We being into where areas is expensive pretty away to turn and is pressure. from water quickly. think other water the solution farther can the of solutions are best that operators produced. the to to treat and water produced that a areas

our agriculture opportunity purposes treating tracking with point California really can be of caught I that just of think a now. achieve, a And this definitely happening guidelines clearly, matter water are in the and organics produced that That's Mexico, nasty that agencies point going specifications into water And closely. and so it's there's in But for elements that's the extremely The New their visited think potentially up it regulatory offering. lot the a feedback to we technology, and our definitely for those market beneficial has regulatory quite today. produced for that permitting has goes we're that And been reuse. looking comments, technology, our for us place. with to that's already relative on as as going place. cost We're to encouraging before us. achieve at allow are several the alternatives. lot it's years I our a solutions in price frankly, sizable get very operators been They've has But options Texas drivers. in time getting at in we given we the at facilities, that actually to looked can mentioned

Kurt Hallead

maybe context is that a is on the and that's in going opportunity I that right So the now. you investments underway review referenced I But the bit my know this. been Arkansas a there making. of you you've guess have shifting commentary in final

I'm what You now do or for real from pay more you Standard venture with makes respect this made fully curious know just is going Equinor and the we're the Exxon, committed. we of here, joint produce. answer investment Equinor's an outcomes interest to what these sense Exxon Standard but investment standpoint? company what's that has what a firm agreement more play And guys It about with like more with acreage. I We think And on think in royalty that do not an is your oil levels project? take have is Lithium doing have at what you with follows on the get is Standard a Lithium's with your but real. you a they this on are looks that really and on think they that that dynamic Exxon Should Equinor? Are and Lithium

Brady Murphy

our And team bit and with project dealings we for But quite project things very gas and from mean want I any perspective as know Houston based don't we've mean I in would I what we from operator Yes. our project. that's well here for is invested Kurt. change. just every that's be them that's much world, our can can in of that oil in the type they're but committed for Equinor speak them, met to committed. they're as observation. tell, my this, this a obviously, other

process and want we're of the we to engineering engineering and don't point of final we and ourselves project place until through ahead I think that the the this still at in going economics get about. in can the get publish time, talk

We expect getting results financial then to the hopefully terms and in Equinor ourselves, to the ourselves and week of together be it's ourselves that and we'll soon we're we of Standard as don't on we definitive speak But all the before the it's year, until we to publish to ahead next have have completed bromine end of hopefully as CapEx, the both about. with the returns, and ready feasibility able and that, of study. get OpEx, to the economics Lithium Saltwerx ExxonMobil, numbers release until want those have and whether some pulled whether like

Kurt Hallead

one. And to this wrap on then just maybe

You agreement you have supply battery as energy an for referenced. systems storage electrolyte

opportunity the think year. Do those the updates start there that? delivering us or was on have I some and timing you of for the volume any possibility of before to end electrolyzers

Elijio V. Serrano

Yes.

can tanker was electrolyte, a how in that based be will version of of that they sold saw, XXXX did latest they are just at production the and full So on totes. now of and it And of now, trucks. doing we we And of what transition ago in think in as in pounds contain totes automation automating suspended tot what of out modifying our go QX. point, trucks take they making of We the progress both fully and the and version the XXXX Brady When in the we're increased last part facility years. into believe, ship We battery, going and to automatically the they they trucks to technology being is Brady volumes example, were week they production shipping that up to in we trip right XX,XXX to there, how how what's with going us and was a be latest management see Turtle totes their a can every their Eos and quite and tanker sold electrolyte to made A on significant team. a of as the the is the to electrolyte and we That's to a Eos the to battery. was start expectation charging transition. was in decision to market activity in think Recall we as instead to batteries. what and have Eos over of electrolyte electrolyte. going tanker an were another full Kurt, And X,XXX made the we're included versus reminder, the prior to contain pounds just is discharging that electrolyte. around truck electrolyte I visited injected battery. assembly Creek shipping them tanker And I, little encouraging impact year, then from meaningfully lot very XXXX. saw

Operator

last FFO. your And Instructions] Patrick from question comes let of [Operator

Patrick Ouellette

I the potential source you to second about from just talk if Could changes open of sort your for customer the had believe you bromine electrolyte. market? you mentioned a bromide how zinc that to meet ability demand need or margin

Brady Murphy

some for question, of working part first with customer the we've second the time. been Well,

the States. they're I of ramp of capacity in terms think really in started capacity, manufacturing terms that developing manufacturing in here getting United the just up clearly

on don't So fast It overall up, XXXX. with I bromine depends they're or off able see to XX an XXXX Eos to line scale they a up done, how in manufacturing but battery ramp potentially well, in supply their terms every has coming of entire time big us our a assembly just who the fast what line or certainly how so. put into impact seconds tell will relative to automated

that really So a point. the But comparable itself lot as got small they're technology confidence gives at a Eos. using installations zinc it's this scale, have the with fact works, of we they've in at good pretty not the us commercial technology yet bromide,

be any think much going need So activity. year that the of for purchases an or really over it's third-party support don't to would to I so we that next impact

Patrick Ouellette

impacts or And then from what us maybe in there? Europe you Completion of so expecting any just third could see Fluids for remind to you're the seasonal quarter,

Elijio V. Serrano

Mexico the the calcium business be that would in see be might seasonality Northern Europe. in hurricanes we're that No no we for Gulf chloride what of the that only out quarter disrupt activity, but second beyond there. that Obviously, in seasonality the there's hoping

Operator

turn remarks. Mr. lesson. over for conference I question-and-answers our closing would concludes like This any back to Murphy the to

Brady Murphy

joining Well, next and with us to very discussion Thank much. in Appreciate thank you you our you. you. look appreciate Technologies. We interest TETRA your forward

Operator

participating Ladies We gentlemen, conference. and you your you this lines. that concludes thank for ask disconnect and please today's

TETRA (TTI) 1 Aug 242024 Q2 Earnings call transcript