Financial Analysis

"COMMITMENTS AND CONTINGENCIES Litigation We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. We have a Bromine Requirements Sales Agreement (Sales Agreement) to purchase a certain volume of elemental bromine from LANXESS Corporation (formerly Chemtura Corporation) (LANXESS), included in Product Purchase Obligations below. LANXESS notified us of a proposed non-ordinary course increase to the price of bromine. After lengthy discussions, we and LANXESS were unable to reach an agreement regarding the validity of the proposed price increase; therefore, we filed for arbitration in May 2022 seeking declaratory relief, among other relief, declaring that the proposed price increase is invalid. In September 2022, LANXESS filed a counterclaim with the American Arbitration Association seeking declaratory relief, among other relief. On May 25, 2023, TETRA entered into the Third Amendment to Bromine Requirements Sales Agreement (the Amendment) with LANXESS. The Amendment has an effective date of April 1, 2023 and was entered into …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

In addition, we disaggregate revenue from contracts with customers by geography based on the following table below: Year Ended December 31, 2025 2024 2023 (In Thousands) Completion Fluids & Products United States $ 217,948 $ 156,825 $ 147,843 International 158,505 154,476 165,187 $ 376,453 $ 311,301 $ 313,030 Water & Flowback Services United States $ 215,756 $ 242,316 $ 269,819 International 38,723 45,494 43,413 $ 254,479 $ 287,810 $ 313,232 Total Revenue United States $ 433,704 $ 399,141 $ 417,662 International 197,228 199,970 208,600 $ 630,932 $ 599,111 $ 626,262

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NOTE 13 EQUITY-BASED COMPENSATION AND OTHER Equity-Based Compensation We have various equity incentive compensation plans that provide for the granting of restricted common stock, options for the purchase of our common stock, and other performance-based, equity-based compensation awards to our executive officers, key employees, nonexecutive officers, and directors. Stock options are exercisable for periods of up to ten years. Compensation cost for all share-based payments is based on the grant date fair value and is recognized in earnings over the requisite service period. Total equity-based compensation expense before tax attributed to equity incentive compensation plans for the three years ended December 31, 2025, 2024, and 2023, was $7.1 million, $6.6 million, and $10.6 million, respectively, and is included in general and administrative expense. Stock Incentive Plans In May 2007, our stockholders approved the adoption of the TETRA Technologies, Inc. 2007 Equity Incentive Compensation Plan. In May 2008, our stockholders approved the adoption of the TETRA Technologies, Inc. Amended and Restated 2007 Equity Incentive Compensation Plan, which among other changes, resulted in an increase in the maximum number of shares authorized for issuance. In May 2010, our stockholders approved further amendments to the TETRA Technologies, Inc. Amended and Restated 2007 Equity Incentive Compensation Plan (renamed as the 2007 Long Term Incentive Compensation Plan) which, among other changes …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date within an entitys principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that may differ from the transaction price or market price of the asset or liability. Under U.S. GAAP, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entitys own judgments about the assumptions market participants would utilize in pricing the asset or liability. Financial I …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"INCOME TAXES The income tax expense (benefit) attributable to continuing operations for the years ended December 31, 2025, 2024, and 2023, consists of the following: Year Ended December 31, 2025 2024 2023 (In Thousands) Current State $ 244 $ 348 $ 535 International 13,302 9,228 6,419 13,546 9,576 6,954 Deferred Federal 10,533 (94,799) State 258 (2,751) (41) International (2,042) 3,096 (693) 8,749 (94,454) (734) Total income tax expense (benefit) $ 22,295 $ (84,878) $ 6,220 A reconciliations of the expense (benefit) for income taxes attributable to continuing operations, computed by applying the federal statutory rate to income (loss) before income taxes and the reported income taxes, is as follows: Year Ended December 31, 2025 $ % (In Thousands) Income tax expense at United States federal statutory rate $ 5,565 21.0 % State and local income taxes, net of federal benefit (1) 397 1.5 % Foreign tax effects Argentina Foreign currency remeasurement 804 3.0 % Inflation adjustment (379) (1.4) % Out-of-period adjustment (2) (1,159) (4.4) % Other 354 1.3 % Brazil Statutory rate difference between Brazil and United States 1,750 6.6 % Foreign currency remeasurement 293 1.1 % Other 309 1.2 % Canada Liquidation of Canadian subsidiary 3,287 12.4 % Valuation allowance (3,287) (12.4) % Foreign currency translation adjustment loss (3) 2,189 8.3 % Other (180) (0.7) % Saudi Other 386 1.5 % Sweden Foreign currency remeasurement (281) (1.1) % Other 142 0.5 % United Kingdom UK taxation on non-UK …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES Operating and Finance Leases We have operating leases for some of our transportation equipment, office space, warehouse space, operating locations, and machinery and equipment. We have finance leases for certain facility storage tanks and equipment rentals. Our leases have remaining lease terms ranging from 1 to 13 years. Some of our leases have options to extend for various periods, while some have termination options with prior notice of generally 30 days or six months. The office space, warehouse space, operating location leases, and machinery and equipment leases generally require us to pay all maintenance and insurance costs. In August 2025, we entered into an operating lease agreement for a new corporate headquarters facility in Spring, Texas. We recognized a right-of-use asset and corresponding long-term lease liability of approximately $10.5 million. The term is thirteen years and includes fixed monthly base rent payments totaling approximately $1.8 million annually beginning in early 2028 and continuing through the lease term, including scheduled annual escalations. We also expect to incur additional costs related to facility management and operations, which will be expensed as incurred as variable lease costs. Our former corporate operating lease expires in December 2027, a portion of which is subleased. Upon abandonment of our former corporate office in late 2025 that is not subleased, we recorded a non-cash charge of approximately $9.5 million, including a …

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LONG-TERM DEBT AND OTHER BORROWINGS Consolidated long-term debt consists of the following: December 31, Scheduled Maturity 2025 2024 (In Thousands) Term credit agreement (1) January 1, 2030 $ 181,357 $ 179,696 Total long-term debt $ 181,357 $ 179,696 (1) Net of unamortized discount of $4.2 million and $5.0 million as of December 31, 2025 and 2024, respectively, and net of unamortized deferred financing costs of $4.5 million and $5.3 million as of December 31, 2025 and 2024, respectively. Scheduled maturities for the next five years and thereafter are as follows, not considering annual prepayment offers required by our Term Credit Agreement described below: December 31, 2025 (In Thousands) 2026 $ 2027 2028 2029 2030 190,000 Thereafter Total maturities $ 190,000 Term Credit Agreement On January 12, 2024, the Company entered into a definitive agreement for a $265.0 million credit facility, consisting of a $190.0 million funded term loan and a $75.0 million delayed-draw term loan (collectively the Term Credit Agreement) that refinanced the Companys prior credit facility outstanding as of December 31, 2023 and provided capital to advance the Companys Arkansas project. The $75.0 million delayed-draw provision of the Term Credit Agreement expired on January 12, 2026. Pricing on the Term Credit Agreement is the secured overnight financing rate (SOFR) plus 5.75%. The Company was required to pay a commitment fee on the unutilized commitments with respect to the delayed-draw term loan a …

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"New Accounting Pronouncements Recently Adopted Accounting Pronouncement Effective January 1, 2025, we adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. This standard requires enhanced disclosures of income taxes, including disaggregated effective tax rate reconciliation by specific categories in both dollars and percentages. income taxes paid disaggregated by jurisdiction, and qualitative explanations for significant reconciling items. The adoption of ASU 2023-09 did not impact our recognition or measurement of income taxes but resulted in expanded disclosures as reflected in Note 2 - Summary of Significant Accounting Policies and Note 15 - Income Taxes. Standards not yet adopted In December 2025, the FASB issued Accounting Standards Update (ASU) 2025-12, Codification Improvements, as part of its ongoing project to clarify and correct various areas of U.S. GAAP. The amendments span multiple Topics and include clarifications related to diluted earnings per share, lease receivable disclosures, and transfers of receivables, among others. These changes are not expected to significantly affect current accounting practices. Effective dates vary depending on the underlying Topic. We do not expect ASU 2025-12 to have a material impact on our consolidated financial statements as the amendments clarify existing guidance, but we will continue to monitor its applicability In December 2025, the FASB also issued ASU 2025-11, Nar …

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REVENUE Our contract asset balances, primarily associated with customer documentation requirements, were $24.4 million, $30.4 million, and $30.6 million as of December 31, 2025, 2024, and 2023, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our consolidated balance sheets. Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $5.9 million, $0.4 million, and $3.1 million as of December 31, 2025, 2024, and 2023, respectively, and vary based on the timing of invoicing and performance obligations being met. Unearned income is included in accrued liabilities and other in our consolidated balance sheets. During the years ended December 31, 2025, 2024, and 2023, we recognized approximately $0.3 million, $2.8 million, and $1.8 million, respectively, of revenue deferred in unearned income as of the beginning of each period. This amount is included in products sales and services revenues in our consolidated statements of operations. During the years ended December 31, 2025 , 2024, and 2023 , contract costs were not significant. We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 17 - Industry Segments and Geographic Information . In addition, we disaggregate revenue from contracts with c …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

INDUSTRY SEGMENTS AND GEOGRAPHIC INFORMATION We manage our operations through two segments: Completion Fluids & Products and Water & Flowback Services. Transfers between segments and geographic areas are priced at the estimated fair value of the products or services as negotiated between the operating units. Summarized financial information concerning the business segments is as follows: Year Ended December 31, 2025 Completion Fluids & Products Water & Flowback Services Corporate Total (In Thousands) Revenue $ 376,453 $ 254,479 $ $ 630,932 Cost of product sales and services 228,907 204,815 433,722 Depreciation, amortization and accretion 8,913 27,815 371 37,099 Impairments and other charges 611 3,551 4,162 General and administrative expense 27,599 21,271 51,689 100,559 Operating income (loss) 111,034 (33) (55,611) 55,390 Interest (income) expense, net (731) 51 18,007 17,327 Other (income) expense, net (3,369) 9,418 5,512 11,561 Income (loss) from continuing operations before income taxes $ 115,134 $ (9,502) $ (79,130) $ 26,502 Capital expenditures $ 59,770 $ 20,970 $ 81 $ 80,821 December 31, 2025 Total assets $ 347,770 $ 161,978 $ 166,013 $ 675,761 Year Ended December 31, 2024 Completion Fluids & Products Water & Flowback Services Corporate Total (In Thousands) Revenue $ 311,301 $ 287,810 $ $ 599,111 Cost of product sales and services 192,263 231,165 423,428 Depreciation, amortization and accretion 9,733 25,631 357 35,721 Impairments and other charges …

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"BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Our consolidated financial statements include the accounts of our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Out-of-Period Corrections During the three months ended March 31, 2025, we recorded an adjustment to our deferred tax liability related to a correction to our 2024 tax provision. This adjustment increased income tax benefit by $1.2 million and increased net income per share attributable to TETRA stockholders by $0.01 in the consolidated statement of operations for the three months ended March 31, 2025. The Company assessed the impact of this out-of-period adjustment and concluded that it was not material to the financial statements previously issued for any interim or annual period, and the adjustment during the quarter ended March 31, 2025 is not material to the annual financial statements for the year ended December 31, 2025. During the three months ended June 30, 2024, we discovered that we had not previously remeasured a prepaid tax balance denominated in a foreign currency at current rates, resulting in an overstatement of prepaid expenses and understatement of foreign exchange losses from 2018 through the current period. We corrected this by making an out-of-period adjustment during the three months ended June 30, 2024, which reduced other income, net by $1.4 million and reduced net income per share attributable …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

CAPITAL STOCK Our Restated Certificate of Incorporation, as amended during 2017, authorizes us to issue 250,000,000 shares of common stock, par value $.01 per share, and 5,000,000 shares of preferred stock, par value $.01 per share. As of December 31, 2025, we had 134,113,790 shares of common stock outstanding and no shares of preferred stock outstanding. We had 3,138,675 shares held in treasury as of December 31, 2025, 2024, and 2023. The voting, dividend, and liquidation rights of the holders of common stock are subject to the rights of the holders of preferred stock. The holders of common stock are entitled to one vote for each share held. There is no cumulative voting. Dividends may be declared and paid on common stock as determined by our Board of Directors, subject to any preferential dividend rights of any then outstanding preferred stock. A summary of the activity of our common shares outstanding and treasury shares held for the three-year period ending December 31, 2025, is as follows: Common Shares Outstanding Year Ended December 31, 2025 2024 2023 At beginning of period 131,812,406 130,079,173 128,662,300 Vest of restricted stock, net 1,608,255 1,732,233 1,210,996 Exercise of common stock options, net 693,129 1,000 205,877 At end of period 134,113,790 131,812,406 130,079,173 Our Board of Directors is empowered, without approval of the stockholders, to cause shares of preferred stock to be issued in one or more series and to establish the number of shares to be incl …

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SUBSEQUENT EVENTSThe Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have been no other events that have occurred that would require adjustments to our disclosures in the consolidated financial statements

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COMMITMENTS AND CONTINGENCIES Litigation We are named defendants in several lawsuits and respondents in certain governmental proceedings arising in the ordinary course of business. While the outcome of lawsuits or other proceedings against us cannot be predicted with certainty, management does not consider it reasonably possible that a loss resulting from such lawsuits or other proceedings in excess of any amounts accrued has been incurred that is expected to have a material adverse impact on our financial condition, results of operations, or liquidity. There have been no material developments in our legal proceedings during the quarter ended March 31, 2026. For additional discussion of our legal proceedings, please see our 202 5 Annual Report . Product Purchase Obligations In the normal course of our Completion Fluids & Products Segment operations, we enter into supply agreements with certain manufacturers of various raw materials and finished products. Some of these agreements have terms and conditions that specify a minimum or maximum level of purchases over the term of the agreement. Other agreements require us to purchase the entire output of the raw material or finished product produced by the manufacturer. Our purchase obligations under these agreements apply only with regard to raw materials and finished products that meet specifications set forth in the agreements. We recognize a liability for the purchase of such products at the time we receive them. As of March …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT AND OTHER BORROWINGS Consolidated long-term debt as of March 31, 2026 and December 31, 2025 consists of the following: Scheduled Maturity March 31, 2026 December 31, 2025 (in thousands) Term Credit Agreement (1) Total debt January 12, 2030 $ 181,818 $ 181,357 Less current portion (5,938) (4,750) Total long-term debt $ 175,880 $ 176,607 (1) Net of unamortized discount of $3.9 million and $4.2 million as of March 31, 2026 and December 31, 2025, respectively, and net of unamortized deferred financing costs of $4.2 million and $4.5 million as of March 31, 2026 and December 31, 2025, respectively. Term Credit Agreement Pricing on the Term Credit Agreement is the secured overnight financing rate (SOFR) plus 5.75%. The interest rate per annum on borrowings under the Term Credit Agreement is 9.52% as of March 31, 2026. The maturity date of the Term Credit Agreement is January 12, 2030. Our Term Credit Agreement requires us to repay $3.6 million of principal payments due for the remainder of 2026, and $9.5 million each in 2027, 2028 and 2029, payable quarterly and subject to adjustments for additional borrowings and prepayments, if any. Our Term Credit Agreement also requires us to offer to prepay a percentage of Excess Cash Flow (as defined in the Term Credit Agreement) within five business days of filing our Annual Report, if our Leverage Ratio (as defined in the Term Credit Agreement) is greater than 2 to 1. In March 2026, the lender consented to waive the $1.2 milli …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three Months Ended March 31, 2026 2025 (in thousands) Completion Fluids & Products United States $ 57,511 $ 61,144 International 34,210 31,874 91,721 93,018 Water & Flowback Services United States 47,588 55,878 International 16,944 8,244 64,532 64,122 Total Revenue United States 105,099 117,022 International 51,154 40,118 $ 156,253 $ 157,140

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FAIR VALUE MEASUREMENTS Financial Instruments Investments We retained an interest in our former subsidiary, CSI Compressco LP (CSI Compressco), which was acquired by Kodiak Gas Services, Inc. (Kodiak) on April 1, 2024, and we received shares of Kodiak in exchange for our common units in CSI Compressco in connection with such acquisition. In January 2025, we sold our Kodiak shares for proceeds of $19.0 million, net of transaction and broker fees. Our investment in Standard Lithium is recorded in investments on our condensed consolidated balance sheets based on the quoted market stock price (Level 1 fair value measurements). The stock component of consideration received from Standard Lithium is initially recorded as unearned income based on the quoted market price at the time the stock is received, then recognized in income over the contract term. Changes in the value of stock are recorded in other (income) expense, net in our consolidated statements of operations. We also hold investments in convertible notes, common units, and preferred units issued by two privately-held companies. The convertible note includes an option to convert the note into equity interests. Our investment in certain preferred units as of March 31, 2026 and December 31, 2025 were recorded based on internal valuations with assistance from a third-party valuation specialist, including reference to observable market-based inputs for preferred units issued to several investors during October 2025 through Mar …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

REVENUE Revenue from Contracts with Customers Our contract asset balances, primarily associated with contractual invoicing milestones and/or customer documentation requirements, were $24.2 million and $24.4 million as of March 31, 2026 and December 31, 2025, respectively. Contract assets, along with billed trade accounts receivable, are included in trade accounts receivable in our condensed consolidated balance sheets. Unearned income includes amounts in which the Company was contractually allowed to invoice prior to satisfying the associated performance obligations. Unearned income balances were $8.6 million and $5.9 million as of March 31, 2026 and December 31, 2025, respectively, and vary based on the timing of invoicing and performance obligations being met. Unearned income is included in accrued liabilities and other in our condensed consolidated balance sheets. We recognized approximately $1.3 million and $0.1 million of revenue during the three months ended March 31, 2026 and March 31, 2025, respectively, deferred in unearned income as of the beginning of the period. During the three months ended March 31, 2026 and March 31, 2025, contract costs were not significant. We disaggregate revenue from contracts with customers into Product Sales and Services within each segment, as noted in our two reportable segments in Note 9 - Industry Segments. In addition, we disaggregate revenue from contracts with customers by geography based on the following table below. Three Months …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

INDUSTRY SEGMENTS We manage our operations through two segments: Completion Fluids & Products Segment and Water & Flowback Services Segment. Summarized financial information concerning the business segments is as follows: Three Months Ended March 31, 2026 Completion Fluids & Products Water & Flowback Services Corporate Total (in thousands) Revenue $ 91,721 $ 64,532 $ $ 156,253 Cost of product sales and services 58,890 49,962 108,852 Depreciation, amortization and accretion 2,231 6,866 79 9,176 General and administrative expense 8,210 6,146 11,053 25,409 Operating income (loss) 22,390 1,558 (11,132) 12,816 Interest (income) expense, net (157) 89 3,305 3,237 Other (income) expense, net (1,752) (591) 332 (2,011) Income (loss) before taxes $ 24,299 $ 2,060 $ (14,769) $ 11,590 Capital expenditures $ 10,191 $ 8,828 $ $ 19,019 March 31, 2026 Total assets $ 362,514 $ 169,088 $ 130,743 $ 662,345 Three Months Ended March 31, 2025 Completion Fluids & Products Water & Flowback Services Corporate Total (in thousands) Revenue $ 93,018 $ 64,122 $ $ 157,140 Cost of product sales and services 54,315 50,250 104,565 Depreciation, amortization and accretion 2,177 6,880 94 9,151 Impairments and other charges 518 518 General and administrative expense 6,683 5,735 11,716 24,134 Operating income (loss) 29,843 739 (11,810) 18,772 Interest (income) expense, net (115) (7) 4,846 4,724 Other (income) expense, net (719) 9,634 47 8,962 Income (loss) before taxes $ 30,677 $ (8,888) $ …

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ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES Organization We are an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon energy market with chemistry expertise, key mineral acreage, and global infrastructure, helping to meet the demand for sustainable energy in the twenty-first century. We were incorporated in Delaware in 1981. Our portfolio includes energy services, industrial chemicals and emerging critical minerals opportunities, delivered through our two reporting segments Completion Fluids & Products and Water & Flowback Services. Unless the context requires otherwise, when we refer to we, us, and our, we are describing TETRA Technologies, Inc. and its subsidiaries on a consolidated basis. Our Completion Fluids & Products Segment manufactures and markets clear brine fluids (CBFs), additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States and in certain countries in Latin America, Europe, Asia, the Middle East, and Africa. The segment also markets liquid and dry calcium chloride products manufactured at its production facilities or purchased from third-party suppliers to a variety of ma …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS The Company has evaluated subsequent events through April 29, 2026, the date the financial statements were available to be issued. We entered into new credit facilities in Argentina, which are collateralized by a $3.0 million letter of credit issued under our ABL Credit Agreement in January 2026. We borrowed $1.0 million under new credit facilities in April 2026 for capital expenditure needs for our subsidiary in Argentina, which borrowings bear interest at a weighted average rate of 7.13% per annum. Principal and interest are due at maturity of the facilities in December 2026

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