[10-Q] Newpark Resources, Inc. Quarterly Earnings Report

Q: What were NR’s Q2 2025 revenues and earnings per share?

Revenues were $68.2 million and diluted EPS was $0.10 for Q2 2025.

Q: How did NR’s first-half 2025 performance compare to 2024?

First-half revenue rose 15% to $133.0 million and net income increased 22% to $18.7 million versus the prior year.

Q: What is NR’s current debt and liquidity position?

The company holds $26.0 million cash , $9.3 million total debt , and an undrawn $150 million revolving credit facility maturing 2030.

Q: How much capacity remains under NR’s share repurchase program?

After repurchasing 2.6 million shares in H1, $95 million remains authorized for future buybacks.

Q: Why did product sales decline in Q2 2025?

Management cites timing of customer projects and orders ; rental and service revenues offset the decline.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

NR’s Q2 2025 10-Q shows continued top-line momentum and a cleaner, low-leverage balance sheet following the September 2024 divestiture of the Fluids Systems segment. Second-quarter revenue rose 2% YoY to $68.2 million, lifted by a 34% jump in rental income and 15% higher service revenue, partly offset by a 28% fall in product sales. Gross margin slipped 30 bps to 36.9% as elevated cross-rental costs weighed on profitability; operating income fell 7% to $11.6 million, yet net income increased 8% to $8.7 million ($0.10 diluted EPS) thanks to lower interest expense and FX gains.

First-half results underscore the strategic shift to rentals. Revenue grew 15% to $133.0 million, gross margin expanded 120 bps to 37.9%, and operating income surged 29% to $25.2 million, driving 22% higher net income of $18.7 million ($0.22 EPS). Cash rose to $26.0 million versus $17.8 million at year-end, while total debt remains modest at $9.3 million (2.8% of capitalization). A new $150 million five-year revolving credit facility is fully undrawn, replacing the prior ABL line. The company invested $21.7 million—largely to expand its mat rental fleet by 8%—and repurchased 2.6 million shares for $17 million, leaving $95 million authorized. Management targets SG&A in the mid-teens by early 2026 and sees the recently enacted OBBB tax law as a cash-flow tail-wind.

Positive

H1 2025 revenue up 15% and net income up 22%, showing strong post-divestiture growth.
Gross margin expanded 120 bps to 37.9% on higher-mix rentals.
Net leverage extremely low: $26 m cash, $9 m debt, fully undrawn $150 m revolver.
$95 m remaining share-repurchase capacity after buying back 2.6 m shares in H1.
Focused portfolio following Fluids Systems sale reduces complexity and cyclical exposure.

Negative

Q2 operating income slid 7% YoY; gross margin down 30 bps on cross-rent costs.
Product sales revenue dropped 28% in Q2, indicating demand volatility.
SG&A still high at 19% of sales, above management’s mid-teens goal.
Small loss from discontinued operations and potential indemnity obligations persist.

Insights

TL;DR: Solid H1 growth, balance-sheet strength, but Q2 margin dip and product-sales volatility temper enthusiasm.

Rental-led mix shift is boosting margins and recurring revenue; H1 gross margin up 120 bps. Cash generation funds fleet expansion and buybacks while leverage stays minimal—undrawn $150 m revolver provides liquidity. Yet Q2 operating profit slipped 7% and product sales fell 28%, highlighting lumpiness outside rentals. SG&A at 19% of sales remains above the mid-teens target. Overall, trajectory is positive with manageable risks.

TL;DR: De-risked story; low debt and buyback firepower make NR attractive despite near-term earnings noise.

The Fluids sale eliminates cyclical exposure and contingent liabilities appear limited ($3.6 m net asset due). Credit-facility reset lengthens tenor to 2030 at favorable spreads. Capex intensity is high but directed to high-IRR rental assets; H1 ROIC improving. Large authorization ($95 m) allows aggressive capital returns. Watch for execution on SG&A reduction and rental pricing discipline as big projects pressure rates.

08/06/2025 - 12:31 PM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-02960

NPK International Inc.

(Exact name of registrant as specified in its charter)


Delaware		72-1123385
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

9320 Lakeside Boulevard,	Suite 100
The Woodlands,	Texas	77381
(Address of principal executive offices)		(Zip Code)

(281) 362-6800

(Registrant’s telephone number, including area code)


Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	NPKI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of August 4, 2025, a total of 84,432,766 shares of common stock, $0.01 par value per share, were outstanding.

NPK INTERNATIONAL INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

FOR THE THREE AND SIX MONTHS ENDED

JUNE 30, 2025


PART I	FINANCIAL INFORMATION	2
ITEM 1.	Financial Statements	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Statements of Stockholders’ Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	23
ITEM 4.	Controls and Procedures	23
PART II	OTHER INFORMATION	24
ITEM 1.	Legal Proceedings	24
ITEM 1A.	Risk Factors	24
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
ITEM 3.	Defaults Upon Senior Securities	25
ITEM 4.	Mine Safety Disclosures	25
ITEM 5.	Other Information	25
ITEM 6.	Exhibits	26
	Signatures	27

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. We also may provide oral or written forward-looking statements in other materials we release to the public. Words such as “will,” “may,” “could,” “would,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These forward-looking statements reflect the current views of our management as of the filing date of this Quarterly Report on Form 10-Q; however, various risks, uncertainties, contingencies, and other factors, some of which are beyond our control, are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those expressed in, or implied by, these statements.

We assume no obligation to update, amend, or clarify publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this Quarterly Report on Form 10-Q might not occur.

For further information regarding these and other factors, risks, and uncertainties that could cause actual results to differ, we refer you to the risk factors set forth in Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

NPK International Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


(In thousands, except share data)	June 30, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$	26,012	$	17,756
Receivables, net of allowance of $655 and $948, respectively	60,975		74,841
Inventories	11,084		14,659
Prepaid expenses and other current assets	4,294		5,728
Total current assets	102,365		112,984

Property, plant and equipment, net	202,243		187,483
Operating lease assets	11,021		11,793
Goodwill	47,555		47,222
Other intangible assets, net	9,356		10,331
Deferred tax assets	9,681		15,593
Other assets	11,461		8,276
Total assets	$	393,682	$	393,682

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	$	3,429	$	2,900
Accounts payable	22,051		19,459
Accrued liabilities	18,352		22,300
Total current liabilities	43,832		44,659

Long-term debt, less current portion	5,907		4,827
Noncurrent operating lease liabilities	9,974		10,896
Deferred tax liabilities	1,456		1,203
Other noncurrent liabilities	3,678		5,602
Total liabilities	64,847		67,187

Commitments and contingencies (Note 10)

Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,669,464 shares issued, respectively)	1,117		1,117
Paid-in capital	629,952		633,239
Accumulated other comprehensive loss	(2,502)		(2,871)
Retained earnings (deficit)	(120,785)		(139,466)
Treasury stock, at cost (27,107,560 and 25,114,978 shares, respectively)	(178,947)		(165,524)
Total stockholders’ equity	328,835		326,495
Total liabilities and stockholders’ equity	$	393,682	$	393,682

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

NPK International Inc.

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2025		2024		2025		2024
Revenues	$	68,233	$	66,791	$	133,010	$	115,758
Cost of revenues	43,052		41,966		82,579		73,291
Selling, general and administrative expenses	13,657		12,750		25,403		24,330
Other operating (income) loss, net	(105)		(432)		(129)		(1,336)
Operating income from continuing operations	11,629		12,507		25,157		19,473

Foreign currency exchange (gain) loss	(626)		487		(940)		732
Interest (income) expense, net	1		909		(47)		1,669
Income from continuing operations before income taxes	12,254		11,111		26,144		17,072

Provision for income taxes from continuing operations	3,470		2,483		6,985		4,390
Income from continuing operations	8,784		8,628		19,159		12,682
Income (loss) from discontinued operations, net of tax	(106)		(588)		(478)		2,651
Net income	$	8,678	$	8,040	$	18,681	$	15,333

Income (loss) per common share - basic
Income from continuing operations	$	0.10	$	0.10	$	0.22	$	0.15
Income (loss) from discontinued operations	—		(0.01)		—		0.03
Net income	$	0.10	$	0.09	$	0.22	$	0.18

Income (loss) per common share - diluted
Income from continuing operations	$	0.10	$	0.10	$	0.22	$	0.15
Income (loss) from discontinued operations	—		(0.01)		—		0.03
Net income	$	0.10	$	0.09	$	0.22	$	0.18

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

NPK International Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)


	Three Months Ended June 30,			Six Months Ended June 30,
(In thousands)		2025		2024		2025		2024

Net income		$	8,678	$	8,040	$	18,681	$	15,333
Foreign currency translation adjustments (net of tax benefit of $0, $30, $0, $111)		210		(710)		369		(3,245)
Comprehensive income		$	8,888	$	7,330	$	19,050	$	12,088

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

NPK International Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)


(In thousands)	Common Stock		Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings (Deficit)		Treasury Stock		Total
Balance at March 31, 2025	$	1,117	$	634,424	$	(2,712)	$	(129,463)	$	(176,480)	$	326,886
Net income	—		—		—		8,678		—		8,678
Employee stock options, restricted stock and employee stock purchase plan	—		(5,883)		—		—		3,789		(2,094)
Stock-based compensation expense	—		1,411		—		—		—		1,411
Treasury shares purchased at cost	—		—		—		—		(6,256)		(6,256)
Foreign currency translation, net of tax	—		—		210		—		—		210
Balance at June 30, 2025	$	1,117	$	629,952	$	(2,502)	$	(120,785)	$	(178,947)	$	328,835

Balance at March 31, 2024	$	1,117	$	641,061	$	(65,374)	$	18,137	$	(173,352)	$	421,589
Net income	—		—		—		8,040		—		8,040
Employee stock options, restricted stock and employee stock purchase plan	—		(11,191)		—		(40)		7,294		(3,937)
Stock-based compensation expense	—		1,627		—		—		—		1,627
Treasury shares purchased at cost	—		—		—		—		—		—
Foreign currency translation, net of tax	—		—		(710)		—		—		(710)
Balance at June 30, 2024	$	1,117	$	631,497	$	(66,084)	$	26,137	$	(166,058)	$	426,609

Balance at December 31, 2024	$	1,117	$	633,239	$	(2,871)	$	(139,466)	$	(165,524)	$	326,495
Net income	—		—		—		18,681		—		18,681
Employee stock options, restricted stock and employee stock purchase plan	—		(5,883)		—		—		3,789		(2,094)
Stock-based compensation expense	—		2,596		—		—		—		2,596
Treasury shares purchased at cost	—		—		—		—		(17,212)		(17,212)
Foreign currency translation, net of tax	—		—		369		—		—		369
Balance at June 30, 2025	$	1,117	$	629,952	$	(2,502)	$	(120,785)	$	(178,947)	$	328,835

Balance at December 31, 2023	$	1,117	$	639,645	$	(62,839)	$	10,773	$	(173,332)	$	415,364
Net income	—		—		—		15,333		—		15,333
Employee stock options, restricted stock and employee stock purchase plan	—		(11,270)		—		31		7,319		(3,920)
Stock-based compensation expense	—		3,122		—		—		—		3,122
Treasury shares purchased at cost	—		—		—		—		(45)		(45)
Foreign currency translation, net of tax	—		—		(3,245)		—		—		(3,245)
Balance at June 30, 2024	$	1,117	$	631,497	$	(66,084)	$	26,137	$	(166,058)	$	426,609

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

NPK International Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Six Months Ended June 30,
(In thousands)	2025		2024
Cash flows from operating activities:
Net income	$	18,681	$	15,333
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	11,974		14,835
Stock-based compensation expense	2,596		3,122
Provision for deferred income taxes	6,164		(2,196)
Credit loss expense	19		1,040
Gain on sale of assets	(1,557)		(1,049)
Gain on insurance recovery	—		(874)
Amortization of original issue discount and debt issuance costs	313		260
Change in assets and liabilities:
(Increase) decrease in receivables	(6,283)		4,369
Decrease in inventories	3,596		12,158
Increase in other assets	(1,924)		(1,524)
Increase in accounts payable	1,823		647
Decrease in accrued liabilities and other	(5,134)		(6,590)
Net cash provided by operating activities	30,268		39,531

Cash flows from investing activities:
Capital expenditures	(21,705)		(20,468)
Proceeds from divestitures	14,485		—
Proceeds from sale of property, plant and equipment	3,320		2,042
Proceeds from insurance property claim	—		1,385
Other investing activities	3,089		—
Net cash provided by (used in) investing activities	(811)		(17,041)

Cash flows from financing activities:
Borrowings on lines of credit	—		87,444
Payments on lines of credit	—		(101,077)
Debt issuance costs	(797)		—
Purchases of treasury stock	(19,291)		(4,332)
Proceeds from employee stock plans	—		17
Other financing activities	(1,704)		(7,040)
Net cash used in financing activities	(21,792)		(24,988)

Effect of exchange rate changes on cash	110		(961)

Net increase (decrease) in cash, cash equivalents, and restricted cash	7,775		(3,459)
Cash, cash equivalents, and restricted cash at beginning of period	18,237		38,901
Cash, cash equivalents, and restricted cash at end of period	$	26,012	$	35,442

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

NPK INTERNATIONAL INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation and Significant Accounting Policies

NPK International Inc. is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. We previously operated a Fluids Systems business which was exited upon the sale of the business in September 2024 (as further described below).

The accompanying unaudited condensed consolidated financial statements of NPK International Inc. and our wholly-owned subsidiaries, which we collectively refer to as “NPK,” the “Company,” “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission, and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. Our fiscal year end is December 31, our second quarter represents the three-month period ended June 30, and our first half represents the six-month period ended June 30. The results of operations for the second quarter and first half of 2025 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of June 30, 2025, our results of operations for the second quarter and first half of 2025 and 2024, and our cash flows for the first half of 2025 and 2024. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2024 is derived from the audited consolidated financial statements at that date.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2024.

Our business provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production, pipeline, renewable energy, petrochemical, construction and other industries within the United States and United Kingdom. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end market.

We previously operated a Fluids Systems business, which was historically reported as a separate operating segment, that provided drilling and completion fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in Europe, the Middle East and Africa, and North America, as well as certain countries in Asia Pacific. On September 13, 2024, we completed the sale of substantially all of the Company’s Fluids Systems segment (the “Sale Transaction”) to SCF Partners (the “Purchaser”). The results of operations of Fluids Systems are reported in discontinued operations in the consolidated statements of operations. All results and information in the consolidated financial statements and related notes are presented for our continuing operations and exclude Fluids Systems unless otherwise noted specifically as discontinued operations. See Note 2 for additional information.

New Accounting Pronouncements

Standards Not Yet Adopted

Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued new guidance intended to enhance the transparency and decision usefulness of income tax disclosures. This guidance is effective for us for the year ending December 31, 2025. These requirements are not expected to have an impact on our consolidated financial statements but will impact our income tax disclosures.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new guidance which requires entities to disclose additional information about specific expense categories, such as employee compensation and depreciation. This guidance will be effective for us for years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted on either a prospective or retrospective basis. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures.

Note 2 – Discontinued Operations

Sale of Fluids Systems Business

As discussed above, on September 13, 2024, we completed the Sale Transaction. As of June 30, 2025 and December 31, 2024, approximately $3.6 million and $18.0 million, respectively, of net assets were included within the consolidated balance sheet, reflecting receivables and deferred consideration due from the Purchaser net of estimated liabilities due to the Purchaser.

Net assets related to the Sale Transaction consisted of the following:


(In thousands)	June 30, 2025		December 31, 2024
Receivables due from the Purchaser	$	313	$	15,978
Estimated deferred consideration due from the Purchaser	3,591		3,550
Note receivable due from the Purchaser	5,000		5,000
Estimated liabilities due to the Purchaser	(5,308)		(6,488)
Net assets due from the Purchaser	$	3,596	$	18,040

Receivables due from the Purchaser primarily reflects additional consideration for the actual working capital delivered at closing, of which $15.6 million was received in the first half of 2025. Estimated deferred consideration due from the Purchaser reflects certain pre-closing tax assets and other receivables that are expected to be substantially realized in the second half of 2025. The note receivable due from the Purchaser matures in March 2030 and bears interest at a rate of 12.5% per year. The receivables and deferred consideration due from the Purchaser are included in other receivables and the note receivable due from the Purchaser is included in other noncurrent assets in the consolidated balance sheet.

Estimated liabilities due to the Purchaser includes certain payables for pre-closing tax liabilities and obligations attributable to the Fluids Systems business that are expected to be substantially settled in 2025, as well as an estimated liability for contractual indemnifications related to various pre-closing contingencies of the Fluids Systems business. These estimated liabilities due to the Purchaser are included in accrued liabilities and other noncurrent liabilities in the consolidated balance sheet.

Our estimates for the fair value of deferred consideration due from the Purchaser and liabilities due to the Purchaser may change and any income or expense associated with such changes will be presented in discontinued operations.

The criteria for discontinued operations presentation were met during the third quarter of 2024, and consequently, the results of the former Fluids Systems segment are reported as income (loss) from discontinued operations within the consolidated statements of operations for all periods presented. We elected not to adjust the consolidated statements of cash flows to separately present cash flows attributable to discontinued operations. Accordingly, we have disclosed the depreciation, capital expenditures and significant operating and investing non-cash items related to discontinued operations below.

The following table summarizes the significant items included in income (loss) from discontinued operations in the condensed consolidated statements of operations.


	Second Quarter				First Half
(In thousands)	2025		2024		2025		2024
Revenues	$	—	$	112,218	$	—	$	232,358
Cost of revenues	—		98,118		—		201,380
Selling, general and administrative expenses	53		13,631		448		26,395
Other operating (income) loss, net	—		(323)		—		(1,102)
Operating income (loss) from discontinued operations	(53)		792		(448)		5,685

Foreign currency exchange (gain) loss	63		(359)		134		(635)
Interest expense, net	3		887		8		1,877
Income (loss) from discontinued operations before income taxes	(119)		264		(590)		4,443

Provision (benefit) for income taxes from discontinued operations	(13)		852		(112)		1,792
Income (loss) from discontinued operations	$	(106)	$	(588)	$	(478)	$	2,651

For the first half of 2025 and 2024, significant operating and investing items related to the former Fluids Systems segment were as follows:


	First Half
(In thousands)	2025		2024
Operating activities of discontinued operations:
Depreciation and amortization	$	—	$	3,495

Investing activities of discontinued operations:
Capital expenditures	$	—	$	1,692

Note 3 – Earnings Per Share

The following table presents the reconciliation of the numerator and denominator for calculating net income per share:


	Second Quarter			First Half
(In thousands, except per share data)		2025		2024		2025		2024
Numerator
Income from continuing operations		$	8,784	$	8,628	$	19,159	$	12,682
Income (loss) from discontinued operations		(106)		(588)		(478)		2,651
Net income		$	8,678	$	8,040	$	18,681	$	15,333

Denominator
Weighted average common shares outstanding - basic		84,480		85,473		85,264		85,237
Dilutive effect of stock options and restricted stock awards		943		2,153		941		2,198
Weighted average common shares outstanding - diluted		85,423		87,626		86,205		87,435

Income (loss) per common share - basic:
Income from continuing operations		$	0.10	$	0.10	$	0.22	$	0.15
Income (loss) from discontinued operations		—		(0.01)		—		0.03
Net income		$	0.10	$	0.09	$	0.22	$	0.18

Income (loss) per common share - diluted:
Income from continuing operations		$	0.10	$	0.10	$	0.22	$	0.15
Income (loss) from discontinued operations		—		(0.01)		—		0.03
Net income		$	0.10	$	0.09	$	0.22	$	0.18

We excluded the following weighted-average potential shares from the calculations of diluted net income (loss) per share during the applicable periods because their inclusion would have been anti-dilutive for continuing operations:


	Second Quarter		First Half
(In thousands)		2025	2024	2025	2024
Restricted stock awards and stock options		732	373	518	433

Note 4 – Repurchase Program

Our Board of Directors has authorized a securities repurchase program available for repurchases of our common stock. On April 30, 2025, our Board of Directors increased the remaining authorization under the repurchase program to $100.0 million.

Our repurchase program authorizes us to purchase outstanding shares of our common stock in the open market or as otherwise determined by management, subject to certain limitations under the Credit Facility (as defined in Note 8) and other factors. The repurchase program has no specific term. Repurchases are expected to be funded from operating cash flows and available cash on hand. As part of the share repurchase program, our management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934.

During the first half of 2025, we repurchased an aggregate of 2.6 million shares of our common stock under the repurchase program for a cost of $17.0 million. Due to restrictions associated with the Fluids Systems sale process and other events, no shares of common stock were repurchased under the repurchase program during the first half of 2024.

As of June 30, 2025, we had $95.0 million remaining under the program. In July 2025, we repurchased an aggregate of 0.4 million shares of our common stock under the repurchase program for a cost of $3.4 million.

Note 5 – Stock-Based and Other Long-Term Incentive Compensation

During the second quarter of 2025, the Compensation Committee of our Board of Directors (“Compensation Committee”) approved equity-based compensation awards to executive officers and other key employees consisting of an aggregate of 0.6 million restricted stock units, which will vest in equal installments over a three-year period. In addition, non-employee directors received grants of an aggregate of 0.1 million restricted stock awards, which will vest in full on the earlier

of the day prior to the next annual meeting of stockholders following the grant date or the first anniversary of the grant date. The weighted average grant-date fair value was $8.45 per share for the restricted stock units and $8.28 per share for the restricted stock awards. At June 30, 2025, 3.0 million shares remained available for awards under the 2015 Plan and 0.3 million shares remained available for awards under the 2014 Director Plan.

Also, during the second quarter of 2025, the Compensation Committee approved the issuance of 0.4 million performance-based restricted stock units to certain executive officers with the payout of shares for each executive ranging from 0% to 200% of target. The performance-based restricted stock units will be settled in shares of common stock, with 70% to be settled based on the relative ranking of the Company’s total shareholder return (“TSR”) as compared to the TSR of a designated peer group and 30% to be settled based on the Company’s consolidated return on net capital employed (“RONCE”), each measured over a three-year performance period. TSR performance for the 2025 grants will be determined based on the Company’s and peer group’s average closing share price for the 30-calendar day period ending May 31, 2028, adjusted for dividends, as compared to the 30-calendar day period ending June 1, 2025. RONCE performance for the 2025 grants will be determined based on the Company’s average three-year RONCE performance for the fiscal years ending December 31, 2025, 2026 and 2027.

The TSR portion of the performance-based restricted stock units had a grant-date fair value of $11.57 per share using a Monte-Carlo valuation model, which will be recognized ratably over the service period. Assumptions used in the model included a risk-free interest rate of 4.0%, an expected life of 3 years, and an expected volatility of 49.8%. The RONCE portion of the performance-based restricted stock units had a grant-date fair value of $8.45 per share, which will be recognized ratably over the service period using the probable number of shares expected to vest based on the RONCE performance condition.

Note 6 – Receivables

Receivables consisted of the following:


(In thousands)	June 30, 2025		December 31, 2024
Trade receivables:
Gross trade receivables	$	53,722	$	46,819
Allowance for credit losses	(655)		(948)
Net trade receivables	53,067		45,871
Income tax receivables	1,566		2,049
Other receivables	6,342		26,921
Total receivables, net	$	60,975	$	74,841

Other receivables as of June 30, 2025 and December 31, 2024 included $4.1 million and $23.2 million, respectively, for amounts due from the Purchaser, including the receivables and estimated deferred consideration related to the Sale Transaction (see Note 2) as well as amounts due under the transition services agreement. Other receivables as of June 30, 2025 and December 31, 2024 also included an insurance receivable of $0.2 million and $1.7 million related to a cybersecurity event.

Changes in our allowance for credit losses were as follows:


	First Half
(In thousands)	2025		2024
Balance at beginning of period	$	948	$	1,223
Credit loss expense	19		14
Write-offs, net of recoveries	(312)		(37)
Balance at end of period	$	655	$	1,200

Note 7 – Inventories

Inventories consisted of the following:


(In thousands)	June 30, 2025		December 31, 2024
Raw materials	$	4,825	$	5,721
Finished goods	6,259		8,938
Total inventories	$	11,084	$	14,659

Raw materials consist primarily of resins and other materials used to manufacture composite mats, as well as materials that are consumed in providing spill containment and other services to our customers. Finished goods consist primarily of our composite mats.

Note 8 – Financing Arrangements and Fair Value of Financial Instruments

Financing arrangements consisted of the following:


	June 30, 2025						December 31, 2024
(In thousands)	Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt		Principal Amount		Unamortized Discount and Debt Issuance Costs		Total Debt
Credit Facility	$	—	$	—	$	—	$	—	$	—	$	—
Amended ABL Facility	—		—		—		—		—		—
Finance leases	9,317		—		9,317		7,622		—		7,622
Other debt	19		—		19		106		(1)		105
Total debt	9,336		—		9,336		7,728		(1)		7,727
Less: current portion	(3,429)		—		(3,429)		(2,900)		—		(2,900)
Long-term debt	$	5,907	$	—	$	5,907	$	4,828	$	(1)	$	4,827

Credit Facility. On June 20, 2025, we entered into a U.S. senior secured revolving credit agreement (the “Credit Facility”) with a group of lenders that provides financing of up to $150 million available for borrowings (inclusive of letters of credit), which can be increased up to $250 million, subject to certain conditions. The Credit Facility and the loans made under the Credit Facility are secured by a first priority lien on substantially all of the personal property of the Company and its significant U.S. subsidiaries as guarantors (subject to customary exceptions and exclusions). The Credit Facility will mature on June 20, 2030. The Credit Facility replaced the Amended ABL Facility (as defined below).

As of June 30, 2025, we had no outstanding borrowings and $2.0 million in outstanding letters of credit, resulting in $148.0 million of remaining availability under the Credit Facility.

Under the terms of the Credit Facility, we may elect to borrow at a variable interest rate based on either the Term SOFR rate or an alternate base rate plus, in each case, a per annum applicable margin. The applicable margin will range from 1.75% to 2.25% for Term SOFR loans and 0.75% to 1.25% for alternate base rate loans, based on the consolidated leverage ratio (as defined in the Credit Facility) as of the last day of the most recent fiscal quarter. We are also required to pay a commitment fee on the unused portion of the Credit Facility ranging from 0.25% to 0.35% per annum based on the consolidated leverage ratio.

As of June 30, 2025, the applicable margin for loans under the Credit Facility was 1.75% for Term SOFR loans and 0.75% for alternate base rate loans, and the applicable commitment fee was 0.25% per annum.

The Credit Facility requires compliance with a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio, each as defined in the Credit Facility. In addition, at our option, we may choose to increase the maximum consolidated leverage ratio for a certain period following a significant acquisition, subject to certain limitations, as defined in the Credit Facility. As of June 30, 2025, we were in compliance with required ratios.

The Credit Facility contains various customary representations, warranties and covenants that, among other things and subject to certain specified circumstances and exceptions, restrict or limit the ability of the Company and its subsidiaries to incur indebtedness (including guarantees), grant liens, make investments, pay dividends or distributions with respect to capital stock or make other restricted payments, make prepayments on other indebtedness, engage in mergers or other fundamental changes, dispose of property, or change the nature of their business.

The Credit Facility includes various events of default (subject to certain materiality thresholds and/or grace periods), including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control.

Asset-Based Loan Facility. Our U.S. asset-based revolving credit agreement, as amended and restated in September 2024 (the “Amended ABL Facility”) provided financing of up to $100 million available for borrowings (inclusive of letters of credit), with a term expiring May 2027. We terminated the Amended ABL Facility in June 2025 and replaced it with the Credit Facility, as discussed above. As of the date of termination, we had no outstanding borrowings under the Amended ABL Facility. In the second quarter of 2025, we recognized a charge of $0.2 million in interest expense for the write-off of debt issuance costs in connection with the termination of the Amended ABL Facility.

Other Financing Arrangements. We maintain finance leases primarily related to transportation equipment. During the first half of 2025, we entered into $3.3 million of new finance lease liabilities in exchange for leased assets.

In addition, at June 30, 2025, we had $5.8 million in outstanding letters of credit (inclusive of the amount outstanding under the Credit Facility as described above), performance bonds, and other guarantees.

Interest (income) expense, net of $47 thousand for the first half of 2025 includes interest income of $1.0 million, net of interest expense of $1.0 million.

Fair Value of Financial Instruments. Our financial instruments include cash and cash equivalents, receivables, payables, and debt. We believe the carrying values of these instruments approximated their fair values at June 30, 2025 and December 31, 2024. Cash equivalents primarily consist of money market accounts which are measured at fair value on a recurring basis using a market approach based on quoted prices in active markets.

Note 9 – Income Taxes

The provision for income taxes from continuing operations was $7.0 million for the first half of 2025, reflecting an effective tax rate of 27%, compared to income taxes of $4.4 million for the first half of 2024, reflecting an effective tax rate of 26%.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBB Act”) was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. We are still evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position. Based on our preliminary analysis, we currently expect that the legislation will likely not have a material impact on our estimated annual effective tax rate but anticipate the provisions providing accelerated tax deductions for certain capital investments to provide additional cash flow timing benefits which, coupled with our existing U.S. federal net operating loss and other carryforward tax benefits, should limit our cash tax obligations over the next several years.

Note 10 – Commitments and Contingencies

In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. In addition, in connection with the Sale Transaction, we have indemnified the Purchaser for certain pre-closing contingencies of the Fluids Systems business. While the outcome of litigation or other proceedings against us, including pre-closing contingencies of the Fluids Systems business, cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements.

The first half of 2024 included a $0.6 million gain related to a legal settlement as well as a $0.1 million gain related to the final insurance settlement associated with Hurricane Ida in August 2021.

Note 11 – Supplemental Disclosures to the Statements of Cash Flows

Supplemental disclosures to the statements of cash flows are presented below:


	First Half
(In thousands)	2025		2024
Cash paid (received) for:
Income taxes (net of refunds)	$	70	$	6,945
Interest	$	(265)	$	3,307

The amounts above for 2024 include payments for our former Fluids Systems segment, as we elected not to adjust the consolidated statements of cash flows to separately present cash flows attributable to discontinued operations. A substantial majority of cash tax payments in 2024 related to our former Fluids Systems segment’s international operations.

Cash, cash equivalents, and restricted cash in the consolidated statements of cash flows consisted of the following:


(In thousands)	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	26,012	$	17,756
Restricted cash (included in prepaid expenses and other current assets)	—		481
Cash, cash equivalents, and restricted cash	$	26,012	$	18,237

Note 12 – Segment Data

Following the sale of the Fluids Systems segment in September 2024, we have one reportable segment. See Note 2 for financial information for our previously reported Fluids Systems segment, now reported as discontinued operations. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, allocates resources and assesses financial performance on a consolidated basis. Consolidated income from continuing operations as presented in the consolidated statements of operations is used to measure performance.

The following table presents further disaggregated revenues by type:


	Second Quarter				First Half
(In thousands)	2025		2024		2025		2024
Rental revenues	$	31,654	$	23,682	$	59,764	$	44,914
Service revenues	14,658		12,714		29,941		26,663
Product sales revenues	21,921		30,395		43,305		44,181
Total revenues	$	68,233	$	66,791	$	133,010	$	115,758

The following table presents further disaggregated revenues by geography, based on the country in which the sale originates:


	Second Quarter				First Half
(In thousands)	2025		2024		2025		2024
United States	$	63,320	$	63,104	$	123,995	$	108,445
United Kingdom	4,913		3,687		9,015		7,313
Total revenues	$	68,233	$	66,791	$	133,010	$	115,758

The following table presents disaggregated expense information:


	Second Quarter				First Half
(In thousands)	2025		2024		2025		2024
Depreciation and amortization - Included in cost of revenues	$	5,675	$	5,123	$	11,022	$	10,220
Depreciation and amortization - Included in selling, general and administrative expenses	497		551		952		1,120
Total depreciation and amortization	$	6,172	$	5,674	$	11,974	$	11,340

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition, results of operations, liquidity, and capital resources should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included in this report as well as our Annual Report on Form 10-K for the year ended December 31, 2024. Our second quarter represents the three-month period ended June 30 and our first half represents the six-month period ended June 30. Unless otherwise noted, all currency amounts are stated in U.S. dollars. The reference to a “Note” herein refers to the accompanying Notes to Unaudited Condensed Consolidated Financial Statements contained in Item 1 “Financial Statements.”

Overview

NPK International Inc. (“NPK,” the “Company,” “we,” “our,” or “us”) is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. For the first half of 2025, 67% of our revenues were generated from the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production, pipeline, renewable energy, petrochemical, construction and other industries within the United States and United Kingdom. The remaining 33% of our revenues for the first half of 2025 were generated from the sale of our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end market.

We previously operated a Fluids Systems business, which was historically reported as a separate operating segment, that provided drilling and completion fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in Europe, the Middle East and Africa, and North America, as well as certain countries in Asia Pacific. On September 13, 2024, we completed the sale of substantially all of the Company’s Fluids Systems segment (the “Sale Transaction”) to SCF Partners, a leading private equity firm serving the global energy industry (the “Purchaser”). The results of operations of Fluids Systems are reported in discontinued operations in the consolidated statements of operations. All results and information in the consolidated financial statements and related notes are presented for our continuing operations and exclude Fluids Systems unless otherwise noted specifically as discontinued operations. See Note 2 for additional information.

2025 Priorities

Our long-term strategy includes key foundational elements that are intended to enhance long-term shareholder value creation:

•Accelerate Organic Growth – We seek to accelerate revenue growth primarily through the expansion of our rental business, which includes a combination of geographic expansion to new growth territories, primarily within the U.S., while also expanding customer market share within currently-served markets, and/or expanding our offering into adjacent products or services that are valued by our customers and leverage our core competencies. We prioritize investment capital to support this objective, where over the past several years, we have seen the strong market adoption of our specialty rental products and differentiated service offering. During the first half of 2025, we made net investments of $16 million in the expansion of our rental fleet, expanding the rental fleet by approximately 8%. Rental and service revenues increased $18 million, or 25%, year-over-year for the first half of 2025.

•Pursue Inorganic Growth – We seek to accelerate our growth and enhance shareholder value through strategically-aligned inorganic actions, leveraging our scale to increase our value and relevance to customers.

•Drive Operational Efficiency – We are focused on efficiency improvements and operating cost optimization across every aspect of our business. With a simplified business model, we continue to evaluate and execute actions intended to streamline the organization and our cost structure, driving improvements in profitability, with the goal of driving SG&A as a percentage of revenue to a mid-teens range by early 2026. During the first half of 2025, we incurred $0.4 million of severance expense associated with our streamlining efforts. SG&A as a percentage of revenues was 19.1% for the first half of 2025 compared to 21.0% for the first half of 2024.

•Enhance Return on Capital – We are committed to maintaining a strong balance sheet, prioritizing organic investment to expand our rental business while evaluating accretive inorganic growth opportunities to accelerate growth and returning excess cash generation via programmatic share repurchases. In 2024, our share repurchase program was restricted due to the Fluids Systems sale process. In April 2025, our Board of Directors increased the remaining authorization under the repurchase program to $100.0 million. During the first half of 2025, we utilized $17.0 million to repurchase 2.6 million shares (3% of our outstanding shares) under our repurchase program.

Second Quarter of 2025 Compared to Second Quarter of 2024

Consolidated Results of Operations

Summarized results of operations for the second quarter of 2025 compared to the second quarter of 2024 are as follows:


	Second Quarter				2025 vs 2024
(In thousands)	2025		2024		$		%
Revenues	$	68,233	$	66,791	$	1,442	2	%
Cost of revenues	43,052		41,966		1,086		3	%
Selling, general and administrative expenses	13,657		12,750		907		7	%
Other operating (income) loss, net	(105)		(432)		327		NM
Operating income from continuing operations	11,629		12,507		(878)		(7)	%

Foreign currency exchange (gain) loss	(626)		487		(1,113)		NM
Interest (income) expense, net	1		909		(908)		NM
Income from continuing operations before income taxes	12,254		11,111		1,143		10	%

Provision for income taxes from continuing operations	3,470		2,483		987		NM
Income from continuing operations	8,784		8,628		156		NM
Income (loss) from discontinued operations, net of tax	(106)		(588)		482		NM
Net income	$	8,678	$	8,040	$	638	NM

The following table presents further disaggregated revenues by type:


	Second Quarter				2025 vs 2024
(In thousands)	2025		2024		$		%
Rental and service revenues	$	46,312	$	36,396	$	9,916	27	%
Product sales revenues	21,921		30,395		(8,474)		(28)	%
Total revenues	$	68,233	$	66,791	$	1,442	2	%


	Second Quarter				Change
	2025		2024
Total gross profit margin	36.9	%	37.2	%	(30)	bps

Revenues

Revenues increased 2% to $68.2 million for the second quarter of 2025, compared to $66.8 million for the second quarter of 2024, including a 27% increase in rental and service revenues partially offset by a 28% decrease in product sales revenues. Rental revenues increased $8.0 million (34%), primarily due to higher rental volume driven by our organic growth efforts, partially offset by lower average pricing resulting primarily from a higher mix of large-scale, longer-term rental projects. Service revenues increased $1.9 million (15%), primarily attributable to the increased level of customer rental projects. Product sales revenues decreased $8.4 million (28%), as sales volumes typically fluctuate based on the timing of customer projects and orders. The majority of the 2025 and 2024 revenues were derived from customers in the power transmission sector.

Cost of revenues

Cost of revenues increased 3% to $43.1 million for the second quarter of 2025 (36.9% gross profit margin), compared to $42.0 million for the second quarter of 2024 (37.2% gross profit margin), primarily driven by the 2% increase in revenues described above. The slight decline in gross profit margin is primarily attributable to elevated cross-rent costs required to meet

the significant surge in customer project activity in the second quarter of 2025, partially offset by the effect of an improved mix, including a higher proportion of rental revenues and a lower proportion of service revenues.

Selling, general and administrative expenses

Selling, general and administrative expenses increased to $13.7 million for the second quarter of 2025, compared to $12.8 million for the second quarter of 2024. Selling, general and administrative expenses as a percentage of revenues was 20.0% for the second quarter of 2025 compared to 19.1% for the second quarter of 2024. The second quarter of 2025 includes a $1.2 million charge related to performance-based awards measured on the Company’s total shareholder return (“TSR”) as compared to the TSR of a designated peer group, while the second quarter of 2024 included a $0.8 million charge. The second quarter of 2025 and 2024 both also included $0.3 million of severance costs.

Other operating (income) loss, net

Other operating (income) loss, net primarily includes gains and losses on sales of non-rental assets.

Foreign currency exchange

Foreign currency exchange for the second quarter of 2025 and 2024 reflects the impact of currency translation on assets and liabilities (including intercompany balances) that are denominated in currencies other than functional currencies, principally related to our U.K. operations.

Interest (income) expense, net

Interest income, net was minimal for the second quarter of 2025 compared to $0.9 million of interest expense, net for the second quarter of 2024. The decrease in interest expense is primarily due to interest income of $0.6 million earned in the second quarter of 2025 as well as a decrease in average debt outstanding. In the second quarter of 2025, we recognized a charge of $0.2 million in interest expense for the write-off of debt issuance costs in connection with the termination of our Amended ABL Facility. Discontinued operations in the second quarter of 2024 also included an allocation of interest expense of $0.5 million on corporate debt.

Provision for income taxes from continuing operations

The provision for income taxes from continuing operations was $3.5 million for the second quarter of 2025, reflecting an effective tax rate of 28%, compared to income taxes of $2.5 million for the second quarter of 2024, reflecting an effective tax rate of 22%. The increase in effective tax rate is primarily attributable to a higher tax benefit recognized in 2024 for stock based compensation compared to 2025.

Income (loss) from discontinued operations, net of tax

Income (loss) from discontinued operations, net of tax reflects the former Fluids Systems segment, which was sold in the third quarter of 2024. See Note 2 for additional information.

First Half of 2025 Compared to First Half of 2024

Consolidated Results of Operations

Summarized results of operations for the first half of 2025 compared to the first half of 2024 are as follows:


	First Half				2025 vs 2024
(In thousands)	2025		2024		$		%
Revenues	$	133,010	$	115,758	$	17,252	15	%
Cost of revenues	82,579		73,291		9,288		13	%
Selling, general and administrative expenses	25,403		24,330		1,073		4	%
Other operating (income) loss, net	(129)		(1,336)		1,207		NM
Operating income from continuing operations	25,157		19,473		5,684		29	%

Foreign currency exchange (gain) loss	(940)		732		(1,672)		NM
Interest (income) expense, net	(47)		1,669		(1,716)		NM
Income from continuing operations before income taxes	26,144		17,072		9,072		53	%

Provision for income taxes from continuing operations	6,985		4,390		2,595		NM
Income from continuing operations	19,159		12,682		6,477		NM
Income (loss) from discontinued operations, net of tax	(478)		2,651		(3,129)		NM
Net income	$	18,681	$	15,333	$	3,348	NM

The following table presents further disaggregated revenues by type:


	First Half				2025 vs 2024
(In thousands)	2025		2024		$		%
Rental and service revenues	89,705		$	71,577	$	18,128	25	%
Product sales revenues	43,305		44,181		(876)		(2)	%
Total revenues	$	133,010	$	115,758	$	17,252	15	%


	First Half				Change
	2025		2024
Total gross profit margin	37.9	%	36.7	%	120	bps

Revenues

Revenues increased 15% to $133.0 million for the first half of 2025, compared to $115.8 million for the first half of 2024, including a 25% increase in rental and service revenues partially offset by a 2% decrease in product sales revenues. Rental revenues increased $14.8 million (33%), primarily due to higher rental volume driven by our organic growth efforts, slightly offset by lower pricing. Service revenues increased $3.3 million (12%), primarily attributable to the increased level of customer rental projects. Product sales revenues decreased slightly (2%), reflecting continued strength in customer adoption of manufactured composite matting products relative to timber-based products that continue to be the primary solution used for temporary worksite access. The majority of the 2025 and 2024 revenues were derived from customers in the power transmission sector.

Cost of revenues

Cost of revenues increased 13% to $82.6 million for the first half of 2025 (37.9% gross profit margin), compared to $73.3 million for the first half of 2024 (36.7% gross profit margin), primarily driven by the 15% increase in revenues described

above. The improvement in gross profit margin is primarily attributable to the effects of an improved revenue mix, including a higher proportion of rental revenues and a lower proportion of service revenues.

Selling, general and administrative expenses

Selling, general and administrative expenses increased $1.1 million to $25.4 million for the first half of 2025, compared to $24.3 million for the first half of 2024. Selling, general and administrative expenses as a percentage of revenues was 19.1% for the first half of 2025 compared to 21.0% for the first half of 2024. The first half of 2025 includes a $1.2 million charge related to performance-based awards measured on the Company’s TSR as compared to the TSR of a designated peer group, while the second half of 2024 included a $0.8 million charge. The first half of 2025 also included $0.4 million of severance costs, compared to $0.6 million in the first half of 2024.

Other operating (income) loss, net

Other operating (income) loss, net primarily includes gains and losses on sales of non-rental assets. The first half of 2024 included a $0.6 million gain related to a legal settlement.

Foreign currency exchange

Foreign currency exchange for the first half of 2025 and 2024 reflects the impact of currency translation on assets and liabilities (including intercompany balances) that are denominated in currencies other than functional currencies, principally related to our U.K. operations.

Interest (income) expense, net

Interest income, net was minimal for the first half of 2025 compared to $1.7 million of interest expense, net for the first half of 2024. The decrease in interest expense is primarily due to interest income of $1.0 million earned in the first half of 2025 as well as a decrease in average debt outstanding. Discontinued operations in the first half of 2024 also included an allocation of interest expense of $0.9 million on corporate debt.

Provision for income taxes from continuing operations

Income (loss) from discontinued operations, net of tax

Income (loss) from discontinued operations, net of tax reflects the former Fluids Systems segment, which was sold in the third quarter of 2024. See Note 2 for additional information.

Liquidity and Capital Resources

We elected not to adjust the consolidated statements of cash flows to separately present cash flows attributable to discontinued operations. As a result, the below descriptions of net cash provided by or used in operating, investing, and financing activities represent the consolidated cash flows of the Company for such activities.

Net cash provided by operating activities was $30.3 million for the first half of 2025 compared to $39.5 million for the first half of 2024. Net income adjusted for non-cash items provided cash of $38.2 million in the first half of 2025, compared to $30.5 million in 2024. Changes in working capital used cash of $7.9 million in the first half of 2025, compared to $9.1 million of cash provided in 2024.

Net cash used in investing activities was $0.8 million for the first half of 2025, which includes $21.7 million in capital expenditures partially offset by $14.5 million in additional proceeds from the sale of the Fluids Systems business. The substantial majority of our capital expenditures for the first half of 2025 and 2024 were directed to expanding our mat rental fleet. In addition, we received $3.3 million in proceeds from the sale of assets in the first half of 2025, which includes the sale of used mats from our mat rental fleet. Net cash used in investing activities was $17.0 million for the first half of 2024 primarily related to capital expenditures.

Net cash used in financing activities was $21.8 million for the first half of 2025, primarily reflecting $19.3 million in purchases of treasury stock, including purchases under our repurchase program and shares withheld upon vesting of employee equity awards for the settlement of tax obligations. Net cash used in financing activities was $25.0 million for the first half of 2024.

Substantially all of the $26.0 million of cash on hand at June 30, 2025 resides in the U.S. We primarily manage our liquidity utilizing cash on hand and availability under our Credit Facility and other existing financing arrangements.

We expect future working capital requirements for our operations will generally fluctuate directionally with revenues, and we expect capital expenditures in 2025 to be $35 million to $40 million, with spending primarily focused on the expansion of our mat rental fleet to further support our market penetration efforts. We also expect to use a portion of our existing liquidity to return value to our shareholders and pursue our long-term strategic initiatives. We expect cash on hand and cash generated by operations, as well as the projected availability under our Credit Facility and other existing financing arrangements, to be adequate to fund our current operations during the next 12 months.

Our capitalization is as follows:


(In thousands)	June 30, 2025			December 31, 2024
Credit Facility	$	—		$	—
Other debt	9,336			7,728
Unamortized discount and debt issuance costs	—			(1)
Total debt	$	9,336		$	7,727

Stockholders’ equity	328,835			326,495
Total capitalization	$	338,171		$	334,222

Total debt to capitalization	2.8		%	2.3		%

As of June 30, 2025, we had no outstanding borrowings and $2.0 million in outstanding letters of credit, resulting in $148.0 million of remaining availability under the Credit Facility.

commitment fee on the unused portion of the Credit Facility ranging from 0.25% to 0.35% per annum based on the consolidated leverage ratio.

Critical Accounting Estimates and Policies

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), which requires management to make estimates and assumptions that affect the reported amounts and disclosures. Significant estimates used in preparing our consolidated financial statements include estimated cash flows and fair values used for impairments of long-lived assets, including goodwill and other intangibles, and valuation allowances for deferred tax assets. Our estimates are based on historical experience and on our future expectations that we believe to be reasonable. The combination of these factors forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from our current estimates and those differences may be material.

For additional discussion of our critical accounting estimates and policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2024. Our critical accounting estimates and policies have not materially changed since December 31, 2024.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk from changes in interest rates and changes in foreign currency exchange rates. A discussion of our primary market risk exposure in financial instruments is presented below.

Interest Rate Risk

We are primarily exposed to interest rate risk through our Credit Facility, which is subject to variable interest rates as determined by the debt agreement. At June 30, 2025, we had no borrowings under our Credit Facility.

Foreign Currency Risk

Following the Fluids Systems sale in September 2024, our principal foreign operations are currently conducted in the U.K., which contributed approximately 7% of our consolidated revenues for the first half of 2025. We have foreign currency exchange risks associated with these operations, which are conducted principally in British pounds. Historically, we have not used off-balance sheet financial hedging instruments to manage foreign currency risks when we enter into a transaction denominated in a currency other than our local currencies.

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this quarterly report in accordance with Rules 13a-15 and 15d-15 under the Exchange Act. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2025, the end of the period covered by this quarterly report.

Changes in Internal Control Over Financial Reporting

There were no changes in internal control over financial reporting during the quarter ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. Legal Proceedings

In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state, and local levels. While the outcome of litigation or other proceedings against us cannot be predicted with certainty, management does not expect that any loss resulting from such litigation or other proceedings, in excess of any amounts accrued or covered by insurance, will have a material adverse impact on our consolidated financial statements.

ITEM 1A. Risk Factors

There have been no material changes during the period ended June 30, 2025 to our “Risk Factors” as discussed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

a)Not applicable

b)Not applicable

c)The following table details our repurchases of shares of our common stock for the three months ended June 30, 2025:


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under Plans or Programs ($ in Millions)
April 2025	212,210	$	5.78	212,210	$	100.0
May 2025	290,876	$	7.89	290,876	$	97.7
June 2025	597,188	$	8.28	314,520	$	95.0
Total	1,100,274			817,606

There were 817,606 shares of common stock repurchased under the repurchase program during the three months ended June 30, 2025. As of June 30, 2025, we had $95.0 million remaining under the program.

In addition, during the three months ended June 30, 2025, we purchased an aggregate of 282,668 shares surrendered in lieu of taxes under vesting of restricted shares. These shares were not acquired pursuant to our securities repurchase program described above. All of the shares purchased are held as treasury stock.

In July 2025, we repurchased an aggregate of 0.4 million shares of our common stock under the repurchase program for a cost of $3.4 million.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

Not applicable.

ITEM 5. Other Information

Insider Trading Arrangements

During the quarter ended June 30, 2025, no director or officer of the Company adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K, except as follows:

On May 23, 2025, Matthew Lanigan, the Company’s chief executive officer, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934 (a “10b5-1 Plan”). Mr. Lanigan’s 10b5-1 Plan provides for the aggregate sale of up to 69,896 shares of the Company’s common stock issuable upon the exercise of options previously granted to Mr. Lanigan, commencing on August 22, 2025, and will be effective until May 19, 2026.

ITEM 6. Exhibits

The exhibits listed are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.


10.1			Credit Agreement dated June 20, 2025 by and among NPK International Inc. as Borrower, Bank of America, N.A., as Administrative Agent, Swingline Lender and an L/C Issuer, and the other Lenders party thereto, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 23, 2025 (SEC File No. 001-02960)
†*10.2			NPK International Inc. Amended and Restated 2014 Non-Employee Directors’ Restricted Stock Plan
†*10.3			Form of Restricted Stock Unit Agreement under the Newpark Resources, Inc. 2015 Employee Equity Incentive Plan
†*10.4			Form of Performance Share Unit Agreement under the Newpark Resources, Inc. 2015 Employee Equity Incentive Plan
*31.1			Certification of Matthew S. Lanigan pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
*31.2			Certification of Gregg S. Piontek pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
**32.1			Certification of Matthew S. Lanigan pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
**32.2			Certification of Gregg S. Piontek pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
*101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
*101.SCH			Inline XBRL Schema Document
*101.CAL			Inline XBRL Calculation Linkbase Document
*101.DEF			Inline XBRL Definition Linkbase Document
*101.LAB			Inline XBRL Label Linkbase Document
*101.PRE			Inline XBRL Presentation Linkbase Document
*104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

† Management compensation plan or agreement.

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: August 6, 2025


NPK International Inc.
(Registrant)

By:			/s/ Matthew S. Lanigan
			Matthew S. Lanigan President and Chief Executive Officer (Principal Executive Officer)


By:			/s/ Gregg S. Piontek
			Gregg S. Piontek Senior Vice President and Chief Financial Officer (Principal Financial Officer)


By:			/s/ Douglas L. White
			Douglas L. White Vice President, Chief Accounting Officer and Treasurer (Principal Accounting Officer)

Source: View Original Filing on SEC EDGAR

FAQ

What were NR’s Q2 2025 revenues and earnings per share?

Revenues were $68.2 million and diluted EPS was $0.10 for Q2 2025.

How did NR’s first-half 2025 performance compare to 2024?

First-half revenue rose 15% to $133.0 million and net income increased 22% to $18.7 million versus the prior year.

What is NR’s current debt and liquidity position?

The company holds $26.0 million cash, $9.3 million total debt, and an undrawn $150 million revolving credit facility maturing 2030.

How much capacity remains under NR’s share repurchase program?

After repurchasing 2.6 million shares in H1, $95 million remains authorized for future buybacks.

Why did product sales decline in Q2 2025?

Management cites timing of customer projects and orders; rental and service revenues offset the decline.

What impact did the Fluids Systems sale have on results?

Fluids Systems is now in discontinued ops; continuing operations are focused on higher-margin rental mats, improving mix and profitability.

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What impact did the Fluids Systems sale have on results?

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