TETRA Technologies, Inc. (TTI): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the current engine room of TETRA Technologies, Inc. (TTI), and honestly, the story isn't just about drilling fluids anymore; it's a full-blown pivot. We're seeing a company aggressively retooling its model to capture the domestic critical minerals and low-carbon energy wave, evidenced by their push into bromine and lithium in Arkansas, while still projecting revenues between $610 million and $630 million for 2025. This canvas lays out exactly how they are balancing high-margin legacy services with massive capital expenditures in new ventures-it's a fascinating, high-stakes transformation you need to see laid out clearly below.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Key Partnerships

You're looking at the core relationships TETRA Technologies, Inc. (TTI) is building to drive its growth, especially in the critical minerals and water solutions space. These aren't just casual agreements; they are strategic alliances underpinning major capital projects and technology deployment, so let's look at the hard numbers behind them.

Joint Venture with Magrathea Metals for Domestic Magnesium Production

TTI signed a term sheet in December 2025 to form a joint venture with Magrathea Metals, Inc. to rebuild America's magnesium metal defense industrial base at the Evergreen Project in Southwest Arkansas. This leverages Magrathea's electrolytic magnesium technology with TTI's resource base. The Evergreen Project, where TTI is also building a bromine facility, is projected to produce 75 million lbs. of bromine annually by the end of 2027. Magrathea has secured $28 million in Defense Production Act Title III funding from the Department of War to support its technology deployment. As of the announcement, TTI carried a market capitalization of $1.03 billion.

Collaboration with EOG on Produced Water Desalination and Beneficial Reuse

The collaboration with EOG Resources, Inc. centers on TTI's Oasis Total Desalination Solution (TDS). A pilot project commenced in the first half of 2025 in the Permian Basin, which includes a rangeland grass growth study using the processed water. Previously, in a South Texas pilot, the TETRA Oasis TDS demonstrated a 92% recovery rate of desalinated water, achieving Total Dissolved Solids (TDS) levels between 40 parts per million (ppm) and 200 ppm. This output is noted as exceeding average municipal drinking water standards. The solution integrates proprietary treatment processes with exclusive membrane technologies, including KMX Technologies' Vacuum Membrane Distillation (VMD) technology.

Working Relationship with Standard Lithium and Equinor on the SWA Lithium Project

TETRA Technologies, Inc. is positioned to benefit from the brine resource at the South West Arkansas (SWA) lithium project, which is a joint venture between Standard Lithium Ltd. and Equinor. Equinor acquired a 45% share in the relevant subsidiaries in May 2024. The SWA project is targeting a total annual output of 45,000 tonnes per annum of lithium carbonate, to be developed in two phases of 22,500 tonnes each. The U.S. Department of Energy finalized a $225 million grant to support the construction of the Phase 1 processing facility. The partnership is targeting a Final Investment Decision (FID) by the end of 2025, with Phase 1 production potentially commencing as soon as 2028. One sample from the Lester well in the SWA Project area recorded a lithium concentration of 616 mg/L in brine.

Global Suppliers for Raw Materials like Calcium Chloride and Zinc

TETRA Technologies, Inc.'s Completion Fluids & Products Division manufactures and purchases key raw materials. The division produces liquid and dry calcium chloride at facilities in the United States (four liquid calcium chloride plant facilities) and Finland (Kokkola plant for liquid and flake calcium chloride). Furthermore, TTI markets its ultra-pure zinc bromide, branded as TETRA PureFlow, to several battery technology companies under a long-term supply and collaboration agreement with Eos Energy Enterprises, Inc. (EOSE).

Here are the key chemical products and their markets:

• Liquid and dry calcium chloride sold into energy, water treatment, and food processing markets.
• Ultra-pure zinc bromide (TETRA PureFlow) supplied to zinc-bromine battery technology companies.
• Liquid calcium bromide, zinc calcium bromide, and sodium bromide also manufactured for distribution.

Technology Partners for Advanced Automation and Water Treatment Systems

The deployment of proprietary automation is a key partnership element, reducing risk and enhancing cost-effectiveness in TTI's services. The automated technology fleet includes the Sandstorm and Automated Drillout units. Financially, the success of these technologies and other operational efficiencies is reflected in margin performance:

The strong performance in Completion Fluids & Products in the first half of 2025 was supported by deepwater activity, including the completion of the three-well CS Neptune Gulf of America project.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Key Activities

You're looking at the core engine of TETRA Technologies, Inc. (TTI) as of late 2025. These are the things the company absolutely has to do well to hit its targets.

Manufacturing and global distribution of high-density completion fluids

This is about getting specialized fluids to deepwater and international projects. The Completion Fluids & Products segment was clearly the star performer through the first nine months of 2025, driving a lot of the company's financial strength. For the third quarter alone, this segment brought in $109 million in revenue. Honestly, the margin improvement here is what stands out; the adjusted EBITDA margin for the first nine months of 2025 hit 34.5%.

Key drivers for this activity include:

• Successful completion of three TETRA CS Neptune wells in the Gulf of America.
• Increased demand for high density zinc-based bromine brines.
• Strong contributions from deepwater projects in Brazil.
• Robust calcium chloride results in Northern Europe.

Operating and maintaining water treatment and flowback service fleets

This part of the business deals with the massive water management challenge in US oil and gas plays. While US frac activity dropped by about 12% sequentially between Q2 and Q3 2025, TETRA Technologies managed to keep its revenue decline minimal, dropping only 2% sequentially for the Water & Flowback Services segment. That's defintely a sign of operational discipline.

The focus here is on efficiency and technology penetration, which helped push the adjusted EBITDA margins up to 11.9% in the third quarter, up from 9.9% in the prior quarter. They are pushing automation hard, which helps reduce manpower and risk at the wellsite.

Here's a quick look at the segment's recent performance:

Developing the Arkansas Evergreen Project for bromine and critical minerals

This is the big, long-term strategic pivot for TETRA Technologies, Inc., moving into critical minerals. They are building a bromine production facility near Stamps, Arkansas, which they project will produce 75 million pounds of bromine annually. The entire Phase 1 of the plant is on schedule and under budget, with an expected operational start by year-end 2027.

The investment in this development has been substantial; capital expenditures related to the Arkansas project totaled $10.9 million in Q2 2025, and total investment through the first nine months of 2025 reached $28 million. The resource base itself has seen major upgrades, with Measured and Indicated bromine resources in the Evergreen Unit increasing by 173% to 431 ktons. Plus, the Evergreen Brine Unit is structured with TETRA owning a 65% stake, with the remaining 35% held by Saltwerx LLC, an Exxon Mobil subsidiary.

Research and development for new technologies like TETRA Oasis TDS

The company is actively engineering solutions for the produced water crisis, centered around the TETRA Oasis TDS technology. They have completed the FEED study (Front-End Engineering Design) for the first commercial plant, which is designed to treat 25,000 barrels per day of produced water. Management is confident about signing the first commercial contract for this service in early 2026. Also in the R&D/early commercialization pipeline is the electrolyte business, with the installation of a bulk electrolyte tanker loading system at West Memphis, anticipating increased volumes in early 2026.

Managing long-term deepwater and industrial chemical contracts

This activity supports the core revenue base while the Arkansas project ramps up. The deepwater business is performing exceptionally well, with the company projecting a ten-year revenue high for this segment in 2025. The Industrial Chemicals segment also showed growth, increasing revenue by 5.5% year-over-year in Q2 2025. The overall financial expectation for the full year 2025 revenue is guided to be between $620 million and $630 million, with Adjusted EBITDA expected between $107 million and $112 million.

The company's focus on operational execution and fiscal discipline is designed to support these emerging growth initiatives.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Key Resources

You're looking at the core assets TETRA Technologies, Inc. (TTI) relies on to operate and grow, especially as they push into new energy markets. These aren't just ideas; they are tangible, quantifiable resources that drive their current performance.

Proprietary high-margin completion fluid technology (e.g., TETRA CS Neptune)

The specialized chemistry is a clear differentiator. The Completion Fluids & Products segment showed strong performance, with revenues increasing 39% year-over-year in the third quarter of 2025. This segment posted an Adjusted EBITDA margin of 30.5% in Q3 2025. This profitability was explicitly driven by the successful completion of three TETRA CS Neptune wells in the Gulf of America through the first nine months of 2025.

World-class brine resource acreage in Southwest Arkansas for critical minerals

TETRA Technologies, Inc. controls a significant land position in the Smackover Formation. The total mineral rights owned by TETRA Technologies, Inc. in Southwest Arkansas are approximately 40,000 acres of brine leases as of September 2025. This acreage is segmented into specific units and non-unitized holdings:

The Evergreen Brine Unit alone was estimated to contain 1,413,000 tons of elemental bromine across Measured, Indicated, and Inferred Resources as of August 1, 2025.

Global infrastructure and logistics network across six continents

TETRA Technologies, Inc. maintains operations on six continents. This global footprint supports the delivery of their completion fluids and industrial chemicals, such as calcium chloride, which saw robust results in Northern Europe during Q3 2025.

Patented automation technology (TETRA SandStorm, Auto-Drillout)

The company deploys patented automation to enhance efficiency and safety in its Water & Flowback Services segment. Entering the second quarter of 2025, these automated units were nearly 100% utilized. Increased utilization of the TETRA SandStorm and Auto-Drillout units contributed to a sequential margin improvement of 200 basis points in the Water & Flowback Services segment in Q3 2025, bringing the margin to 11.9%.

Cash and equivalents of $67 million as of Q3 2025

The balance sheet strength provides flexibility for ongoing investments. As of September 30, 2025, TETRA Technologies, Inc. reported cash and cash equivalents of $67 million.

The company also reported the following related financial metrics at that date:

• Long-term debt: $181 million
• Net debt: $114 million
• Net leverage ratio (Net Debt/TTM Adjusted EBITDA): 1.2x
• Liquidity (inclusive of unused ABL and Term Credit Agreement features): $208 million

The company invested $6.0 million in the Arkansas bromine and lithium projects during the third quarter of 2025.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Value Propositions

You're looking at how TETRA Technologies, Inc. (TTI) creates value for its customers right now, late in 2025. It's a mix of core oilfield services and emerging critical minerals/water tech. The numbers tell a clear story about where the focus is.

Superior wellbore performance with high-density, low-solids completion fluids.

The deepwater business, which relies heavily on these specialized fluids, is performing well. Through the first nine months of 2025, the Completion Fluids & Products segment achieved an adjusted EBITDA margin of 34.5%, which is a 500 basis point improvement over the same nine-month period in 2024. This performance was directly linked to the successful completion of three deepwater wells in the Gulf of America using the proprietary TETRA CS Neptune fluid. For the third quarter alone, this segment's revenues jumped 39% year-over-year.

Sustainable water management via produced water desalination and recycling (TETRA Oasis TDS).

TETRA Technologies has commercially launched its TETRA Oasis TDS technology, moving beyond pilot stages. A field pilot program successfully treated produced water, achieving a 92% recovery rate of desalinated water with Total Dissolved Solids (TDS) levels between 40 parts per million and 200 ppm, meeting or exceeding municipal drinking water standards. The company is already engineering the first commercial-scale facility, designed to process 25,000 barrels per day. Looking ahead, the 2030 target for this segment is ambitious: building 10 water desalination plants processing over 500,000 barrels of produced water daily.

Secure, domestic supply of critical minerals like bromine, lithium, and magnesium.

The push into critical minerals is materializing through the Arkansas Evergreen Project. The facility is on schedule to begin operations by the end of 2027, projected to produce 75 million lbs. of bromine annually. TETRA Technologies invested $28 million in this Arkansas bromine processing facility during the first nine months of 2025. Resource confirmation is strong: measured and indicated bromine resources in the Evergreen Unit alone rose to 431,000 tons, a 173% increase from the prior 158,000 tons figure. Furthermore, the brine concessions revealed 2.18 million tons of measured and indicated magnesium resources for the first time.

Cost-efficient operations through automation in Water & Flowback Services.

Even with U.S. land completion activity softening-the Q3 frac activity dropped 12% sequentially-the Water & Flowback Services segment showed operational leverage. Adjusted EBITDA margins for this segment improved to 11.9% from 9.9% in the second quarter, directly crediting cost reduction and technology penetration. That's efficiency in action. Here's a quick look at the overall financial backdrop supporting these operations as of Q3 2025:

High-quality industrial chemicals like calcium chloride for diverse applications.

The industrial chemicals business, particularly calcium chloride, provided robust support, especially in Northern Europe. The strength in this area was a key driver for the overall segment performance. For instance, in Q2 2025, the success of the Northern Europe industrial chemicals season contributed to the Completion Fluids & Products adjusted EBITDA margin hitting 36.7%. The full-year 2025 revenue guidance remains firm between $620 million and $630 million, with updated Adjusted EBITDA guidance raised to between $107 million and $112 million.

The company is also securing future chemical demand; it has a preferred supply agreement through December 31, 2027, for 100% of Eos Energy Enterprises' requirement for zinc bromide products.

Finance: draft 13-week cash view by Friday.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Customer Relationships

You're looking at how TETRA Technologies, Inc. (TTI) manages its key customer interactions across its evolving business mix, which is clearly shifting toward specialty chemicals and minerals. The relationship structure is tailored to the specific demands of the oil and gas sector versus the emerging low-carbon energy and critical minerals markets. For instance, the Completion Fluids & Products segment, which serves deepwater operators, saw revenue hit $109 million in the second quarter of 2025, marking an 18% sequential growth from the first quarter of 2025.

The success in deepwater, which drives much of this relationship, is tied to specialized service delivery. The team delivered an 8% year-over-year revenue improvement in the third quarter of 2025, supported by this offshore activity. Honestly, the relationship with these large operators hinges on performance, like the successful completion of the three-well CS Neptune project in the Gulf of America using their proprietary fluid.

Here's a quick look at the performance driving these customer relationships in the core fluids business as of mid-2025:

Long-term, multi-year contracts for deepwater completion fluid projects.

While specific multi-year contract values aren't public, the commitment to long-term supply relationships is evident in the energy storage sector, which leverages the same core chemistry expertise. TETRA Technologies, Inc. has a preferred supply agreement in place through December 31, 2027, with Eos Energy Enterprises, Inc.. This agreement locks in a significant customer relationship for their zinc bromide electrolyte product line. Under this arrangement, Eos has agreed to purchase 100% of its requirement for zinc bromide products, including TETRA PureFlow zinc bromide, and 75% of its requirement for Eos' proprietary electrolyte solution. This shows a clear strategy to embed TETRA Technologies, Inc. deep within the supply chain of emerging energy customers.

Direct sales and technical support for specialty industrial chemical clients.

For the industrial chemicals side, which includes calcium chloride, the sales approach is direct, often focused on regional strength. The Northern Europe industrial chemical sales have been noted as strong contributors to overall performance. The company competes directly in non-energy related calcium chloride markets against players like Occidental Chemical Corporation and Vitro Corporation in North America, and Nedmag B.V. in Europe. The relationships here are built on product availability and price, as is typical in these competitive markets.

Key customer bases for these specialty chemicals include:

• Water treatment end users (using sodium bromide as a biocide).
• Industrial applications for calcium chloride.
• Road maintenance and ice melt sectors.

Strategic joint development agreements for emerging critical mineral projects.

This area represents a major relationship pivot for TETRA Technologies, Inc., moving from service provider to co-developer. The company signed a term sheet in December 2025 to form a joint venture with Magrathea Metals, Inc. to produce magnesium at TETRA Technologies, Inc.'s Evergreen Project in Southwest Arkansas. This is a strategic partnership to secure domestic supply of a critical mineral.

The structure of these new mineral relationships includes:

• The Evergreen Project is scheduled to begin operations by the end of 2027, projecting 75 million lbs. of bromine annually.
• TETRA Technologies, Inc. plans to monetize other critical minerals like lithium and magnesium from the same brine resource.
• TETRA Technologies, Inc. also holds a 2.5% royalty on gross revenues from lithium produced and sold by Standard Lithium from TETRA Technologies, Inc.'s option acreage.

Finance: draft 13-week cash view by Friday.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Channels

You're looking at how TETRA Technologies, Inc. (TTI) gets its products and services to the customer, and honestly, it's a mix of direct selling, fleet operations, and strategic partnerships. The scale of their operations, targeting a full-year 2025 revenue between $620 million and $630 million, shows these channels are working hard.

Direct sales force for deepwater and industrial chemical segments globally.

For the high-value Completion Fluids & Products (CF&P) segment, which brought in $90 million in revenue in the third quarter of 2025 alone, the sales approach is definitely direct. This is where their deepwater expertise shines, especially with customers in the U.S. Gulf of America and international deepwater plays. The direct sales team pushes high-density zinc-based bromine brines and custom-blended Clear Brine Fluids (CBFs) right into those demanding downhole environments. Also, the Industrial Chemicals side, which includes calcium chloride, relies on this direct touchpoint for robust sales in Northern Europe, which contributed to the CF&P segment's 39 per cent year-over-year revenue increase for the third quarter of 2025.

Owned and operated service fleets for Water & Flowback Services in the US onshore.

The Water & Flowback Services (W&FS) division channels its services directly through its physical assets. While U.S. onshore frac activity dropped by 12 per cent sequentially, the W&FS segment revenue only declined by two per cent sequentially in Q3 2025, which speaks to the stickiness of their service contracts and the efficiency of their fleet. The division's operational footprint covers key domestic areas like Louisiana, New Mexico, Oklahoma, Pennsylvania, and Texas. The company monitors its service compression fleet 24/7 using satellite telemetry from Fleet Reliability Centers in The Woodlands, Texas, and Midland, Texas, ensuring uptime for these critical assets.

Here's a quick look at the segment performance that flows through these service channels as of Q3 2025:

The margin improvement to 11.9 per cent in W&FS was achieved through cost initiatives and technology penetration, which is a direct result of managing their owned fleet effectively.

Global distribution network for specialty chemicals and products.

For the specialty chemicals and products, which fall under the broader Specialty Chemicals & Minerals category, TETRA Technologies, Inc. uses a global distribution network to move calcium chloride and other products. This network supports their international market presence, which spans beyond the oil and gas sector. The company has operations on six continents, giving this distribution channel serious reach.

The geographic reach for their products and services includes:

• Onshore U.S.
• U.S. Gulf of America
• North Sea
• Mexico
• South America
• Europe (especially Northern Europe for calcium chloride)
• Asia
• Middle East
• Africa

This extensive network helps them service customers in diverse applications outside of their core oil and gas services.

Joint venture structures for new critical mineral and technology commercialization.

For the future-facing critical minerals business, TETRA Technologies, Inc. is using joint venture structures to commercialize new technology. They signed a term sheet in December 2025 to form a joint venture with Magrathea Metals, Inc. This partnership is designed to deploy Magrathea's electrolytic magnesium technology at TETRA's Evergreen Project in Southwest Arkansas. This is a key part of the ONE TETRA 2030 strategy, aiming to support the U.S. domestic supply of critical minerals.

The JV structure is tied directly to the development of the Arkansas brine resource:

• The Evergreen Project is constructing a bromine facility projected to produce 75 million lbs. of bromine annually by the end of 2027.
• The same brine resource is planned to monetize other critical minerals, specifically lithium and magnesium.
• Magrathea has secured Defense Production Act Title III funding from the Department of War to support the commercial deployment phase.

This JV is a channel to market for their mineral assets, combining Magrathea's process technology with TETRA Technologies, Inc.'s operational expertise and resource base. Finance: draft 13-week cash view by Friday.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Customer Segments

You're looking at the core customer groups TETRA Technologies, Inc. (TTI) serves as of late 2025, which is a mix of traditional energy, industrial chemicals, and emerging critical minerals/energy storage plays. The company's strategy is clearly pivoting, but the near-term revenue still relies heavily on established sectors.

For the full year 2025, TETRA Technologies, Inc. is guiding for total revenues between $610 million and $630 million, with an expected Adjusted EBITDA range of $100 million to $110 million. Trailing twelve-month revenue as of September 30, 2025, was reported at $619M.

Here is the breakdown of the key customer segments:

• Global offshore oil and gas super majors (deepwater drilling).
• Large independent US onshore oil and gas operators.
• Industrial chemical users in Northern Europe (e.g., de-icing, dust control).
• Utility-scale battery energy storage system (BESS) manufacturers (for zinc-bromide electrolyte).
• US Department of War and defense industrial base (emerging magnesium market).

The Completion Fluids & Products division, which serves the offshore and some industrial/chemical markets, was a standout performer in the second quarter of 2025. Revenue for this segment reached $109 million in Q2 2025, marking an 18% sequential growth. The adjusted EBITDA margin for this segment in Q2 2025 was 36.7%, helped by the successful completion of the three-well CS Neptune project in the Gulf of America.

The Water & Flowback Services division primarily targets US onshore operators, but this segment saw flat revenue in Q2 2025 compared to the first quarter of 2025. Management noted ongoing weakness in the U.S. onshore oil and gas markets when reporting Q3 2025 results.

For industrial chemical users, particularly in Northern Europe, TETRA Technologies, Inc. experienced a very strong season for calcium chloride sales, which contributed to the record-setting Adjusted EBITDA of $68.1 million for the first six months of 2025.

The emerging BESS customer segment is critical for the company's long-term diversification. TETRA Technologies, Inc. supplies TETRA PureFlow, an ultra-pure zinc bromide, to battery technology companies. While the ramp-up is expected to materially impact revenue starting in 2026, the market context is strong, with the Global Ultra-Pure Zinc Bromide market size valued at USD 312.5 million in 2024 and projected to reach USD 598.2 million by 2032.

The defense industrial base represents a new, strategic customer focus through a joint venture with Magrathea Metals to produce magnesium at the Evergreen Project in Southwest Arkansas. This project is also slated to produce 75 million lbs. of bromine annually by the end of 2027. Magrathea Metals has already secured Defense Production Act Title III funding from the Department of War to support its Commercial Phase 1 deployment at the site.

Here's a look at the segment performance data points we have for 2025:

You should definitely track the segment revenue split as the company reports the next quarter, especially how much of the $153 million Q3 2025 revenue came from the high-margin Completion Fluids business versus the flat Water & Flowback Services.

Finance: draft 13-week cash view by Friday.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Cost Structure

You're looking at the hard costs TETRA Technologies, Inc. (TTI) is facing to run and grow the business as of late 2025. It's a mix of keeping the lights on for existing services and heavy investment in future growth areas like lithium and bromine.

Significant Capital Expenditures for the Arkansas Bromine/Lithium Project

The development of the Arkansas bromine processing facility, part of the larger Evergreen Project, is a major drain on capital, though management is funding it from the base business free cash flow. While the prompt suggests an approximate $44 million invested by H1 2025, the reported quarterly capital expenditures specifically for the Arkansas project show a different picture for the first half of the year. For instance, the company reported investing $11.2 million in Q1 2025 and $10.9 million in Q2 2025 for this facility expansion. Management stated they invested $22 million into the Arkansas bromine processing facility development, including site preparation and securing power, during the first half of 2025. By Q3 2025, an additional $6.0 million was invested in the project.

Here's a look at the project-specific capital deployment:

Operational Costs for Service Fleets, Including Labor and Maintenance

Operational costs are embedded within the segment results, particularly for the Water & Flowback Services Division. While specific labor and maintenance line items for the service fleets aren't itemized, cost control is a clear focus. For Water & Flowback Services in Q3 2025, adjusted EBITDA margins improved to 11.9% from 9.9% in Q2 2025, driven by increased utilization of patented automated units like TETRA SandStorm and Auto-Drillout, alongside general cost controls. This suggests that deploying automation helps mitigate rising labor or maintenance expenses by increasing efficiency and reducing manpower exposure on the well-site.

Raw Material Costs for Specialty Chemicals, Including Zinc and Bromine

The economics for the future bromine processing plant, projected to generate incremental Adjusted EBITDA of between $90 million and $115 million at full production, are based on assumptions from the 2024 Definitive Feasibility Study (DFS). A key component of these assumptions is the expectation of lower input costs. The Completion Fluids & Products segment benefits from demand for its zinc bromide battery electrolyte, which is a key end-use for the bromine being produced. The company is building the Arkansas plant to reduce reliance on third-party suppliers and gain access to a lower cost of supply for elemental bromine, a critical feedstock.

Research and Development (R&D) for New Technologies Like Desalination

TTI is actively transitioning key growth initiatives out of the pure R&D phase and into commercialization readiness. The TETRA Oasis TDS water desalination technology has completed its Front-End Engineering and Design (FEED) phase for a commercial 25,000 barrels per day facility. This completion signals a shift from initial development spending to engineering and potential upfront capital for the first modular train, with management confident in securing a first contract in early 2026.

The company's cost structure is evolving to support these new ventures:

• FEED completed for 25,000 bbl/day Oasis desalination plant.
• The transition supports a goal where Water Treatment & Desalination contributes 28% to 32% of the target revenue by 2030.
• The company is also seeing material ramp-up expected for Eos electrolyte revenue in early 2026.

General and Administrative (G&A) Expenses to Support Global Operations

General and administrative expenses are a necessary overhead for supporting global operations across Energy Services, Industrial Chemicals, and Critical Minerals. Quarterly figures show some fluctuation, but the overall trend is being managed. For example, G&A expense was $24,134 (likely in thousands of USD) in Q1 2025, increasing to $25,259 (likely in thousands of USD) in Q2 2025. However, the company is realizing savings from corporate overhead adjustments; a corporate office lease reset is expected to lower run-rate corporate expenses by approximately $2 million per year going forward.

TETRA Technologies, Inc. (TTI) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving TETRA Technologies, Inc.'s revenue engine as we close out 2025. It's all about the mix between established oilfield services and the emerging energy storage play.

The full-year 2025 revenue guidance, as updated in late October 2025, sits between $620 million and $630 million. For context, the trailing twelve-month revenue as of September 30, 2025, was reported at $619 million.

Here's a breakdown of the key revenue drivers and their recent performance:

• Sales of Completion Fluids & Products are expected to reach a ten-year high for the full year 2025.
• The Completion Fluids & Products segment saw revenue increase 39 percent year-over-year in the third quarter of 2025.
• The Q2 2025 revenue for Completion Fluids & Products specifically was $109 million.
• Service fees from Water & Flowback Services saw revenue decline only 2 percent sequentially in Q3 2025, despite a 12 percent drop in U.S. frac activity.
• Sales of industrial calcium chloride and other specialty chemicals, part of the broader Specialty Chemicals & Minerals focus, saw growth of 5.5 percent year-over-year in Q2 2025.
• Emerging revenue from zinc-bromide electrolyte for energy storage is noted as remaining modest for the full year 2025, with a material impact projected for 2026.

Here's the quick math on segment performance through the first nine months of 2025:

The company is definitely leaning into the high-margin fluid business, evidenced by the Completion Fluids & Products segment's nine-month adjusted EBITDA margin reaching 34.5 percent.

The overall financial outlook for 2025 includes an expected Adjusted EBITDA between $107 million and $112 million, up from an earlier guidance range of $100 million to $110 million.