Bri-Chem Announces 2025 Second Quarter Financial Results
Bri-Chem Corp. (TSX: BRY), a North American oilfield chemical distribution company, reported its Q2 2025 financial results with consolidated sales of $20.5 million, up 7% year-over-year. The company achieved Adjusted EBITDA of $1.0 million, a 48% increase from Q2 2024, and improved its operating earnings by 24% to $772,000.
Key performance metrics include adjusted net earnings of $0.01 per diluted share, compared to a loss of $0.02 in Q2 2024. Working capital stood at $11.1 million, down 21% year-over-year. The US drilling fluids division saw a 7% sales increase to $12.3 million, while Canadian operations reached $1.7 million in sales.
The company expects flat to slightly declining rig activity across North America through 2025, with potential recovery in early 2026.
Bri-Chem Corp. (TSX: BRY), distributore nordamericano di prodotti chimici per l'industria petrolifera, ha comunicato i risultati finanziari del secondo trimestre 2025: ricavi consolidati per 20,5 milioni di dollari, in crescita del 7% rispetto allo stesso periodo dell'anno precedente. L'azienda ha registrato un Adjusted EBITDA di 1,0 milione di dollari, +48% rispetto al Q2 2024, e un utile operativo migliorato del 24% a 772.000 dollari.
Indicatori chiave: utile netto rettificato di 0,01$ per azione diluita, rispetto a una perdita di 0,02$ nel Q2 2024. Il capitale circolante 猫 pari a 11,1 milioni di dollari, in calo del 21% su base annua. La divisione statunitense di fluidi di perforazione ha registrato vendite in aumento del 7% a 12,3 milioni di dollari, mentre le attivit脿 in Canada hanno raggiunto 1,7 milioni di dollari di vendite.
La societ脿 prevede un'attivit脿 delle piattaforme piatta o in lieve calo in Nord America per il 2025, con una possibile ripresa all'inizio del 2026.
Bri-Chem Corp. (TSX: BRY), distribuidora norteamericana de productos qu铆micos para la industria petrolera, inform贸 sus resultados financieros del segundo trimestre de 2025 con ventas consolidadas de 20,5 millones de d贸lares, un aumento del 7% interanual. La compa帽铆a logr贸 un EBITDA ajustado de 1,0 mill贸n de d贸lares, un 48% m谩s que en el 2T de 2024, y mejor贸 sus ganancias operativas un 24% hasta 772.000 d贸lares.
M茅tricas clave: ganancias netas ajustadas de 0,01$ por acci贸n diluida, frente a una p茅rdida de 0,02$ en el 2T de 2024. El capital de trabajo fue de 11,1 millones de d贸lares, una ca铆da del 21% interanual. La divisi贸n de fluidos de perforaci贸n en EE. UU. registr贸 un incremento de ventas del 7% hasta 12,3 millones de d贸lares, mientras que las operaciones en Canad谩 alcanzaron 1,7 millones de d贸lares en ventas.
La compa帽铆a espera una actividad de plataformas estable o ligeramente a la baja en Norteam茅rica durante 2025, con una posible recuperaci贸n a principios de 2026.
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Bri-Chem Corp. (TSX: BRY), distributeur nord鈥慳m茅ricain de produits chimiques pour le secteur p茅trolier, a publi茅 ses r茅sultats du 2e trimestre 2025 : ventes consolid茅es de 20,5 millions de dollars, en hausse de 7% sur un an. La soci茅t茅 a r茅alis茅 un EBITDA ajust茅 de 1,0 million de dollars, soit +48% par rapport au T2 2024, et a am茅lior茅 son r茅sultat d'exploitation de 24% 脿 772 000 dollars.
Indicateurs cl茅s : b茅n茅fice net ajust茅 de 0,01 $ par action dilu茅e, contre une perte de 0,02 $ au T2 2024. Le fonds de roulement s'茅l猫ve 脿 11,1 millions de dollars, en baisse de 21% sur un an. La division am茅ricaine des fluides de forage a vu ses ventes augmenter de 7% 脿 12,3 millions de dollars, tandis que les activit茅s canadiennes ont g茅n茅r茅 1,7 million de dollars de ventes.
La soci茅t茅 pr茅voit une activit茅 de plateformes stable ou l茅g猫rement en baisse en Am茅rique du Nord pour 2025, avec une reprise possible d茅but 2026.
Bri-Chem Corp. (TSX: BRY), ein nordamerikanischer Distributor von 脰l颅feld颅chemikalien, ver枚ffentlichte seine Finanzergebnisse f眉r das zweite Quartal 2025: konsolidierte Ums盲tze von 20,5 Mio. USD, ein Plus von 7% gegen眉ber dem Vorjahr. Das Unternehmen erzielte ein bereinigtes EBITDA von 1,0 Mio. USD, ein Anstieg von 48% gegen眉ber Q2 2024, und verbesserte das operative Ergebnis um 24% auf 772.000 USD.
Wesentliche Kennzahlen: bereinigter Nettogewinn von 0,01 USD je verw盲sserter Aktie, gegen眉ber einem Verlust von 0,02 USD im Q2 2024. Das Working Capital belief sich auf 11,1 Mio. USD, ein R眉ckgang von 21% gegen眉ber dem Vorjahr. Die US-Sparte f眉r Bohrfl眉ssigkeiten verzeichnete einen Umsatzanstieg von 7% auf 12,3 Mio. USD, die kanadischen Aktivit盲ten erreichten 1,7 Mio. USD Umsatz.
Das Unternehmen rechnet f眉r 2025 in Nordamerika mit unver盲nderter bis leicht r眉ckl盲ufiger Rig鈥慉ktivit盲t und erwartet eine m枚gliche Erholung Anfang 2026.
- Consolidated sales increased by 7% to $20.5 million in Q2 2025
- Adjusted EBITDA grew 48% to $1.0 million compared to Q2 2024
- Operating earnings improved 24% to $772,000 year-over-year
- US drilling fluids distribution sales increased 7% to $12.3 million
- Turned adjusted net loss of $0.02 per share in Q2 2024 to earnings of $0.01 in Q2 2025
- Working capital decreased 21% to $11.1 million from Q2 2024
- Gross margin decreased by $152,000 due to unfavorable product mix in fluid blending division
- Canadian blending and packaging division sales declined by $358,000
- Total assets decreased 10% to $53.4 million
- Challenging outlook with flat to declining rig activity expected through 2025
Edmonton, Alberta--(Newsfile Corp. - August 14, 2025) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" or "Company"), a leading North American oilfield chemical distribution and blending company, is pleased to announce its 2025 second quarter financial results.
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| June 30 | Change | June 30 | Change | |||||||||||||||||||||
| (in '000s except per share amounts) | 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | ||||||||||||||||
| Financial performance | ||||||||||||||||||||||||
| Sales | $ | 20,534 | $ | 19,105 | $ | 1,430 | $ | 40,443 | $ | 40,477 | $ | (34 | ) | ( | ||||||||||
| Adjusted EBITDA(1) | 1,045 | 706 | 338 | 1,511 | 264 | 1,248 | ||||||||||||||||||
| As a % of revenue | ||||||||||||||||||||||||
| Operating earnings | 772 | 620 | 152 | 748 | 476 | 273 | ||||||||||||||||||
| Adjusted net earnings / (loss) (1) | 60 | (584 | ) | 644 | ( | (558 | ) | (2,351 | ) | 1,792 | ( | |||||||||||||
| Net earnings / (loss) | $ | 157 | $ | (488 | ) | $ | 645 | ( | $ | (255 | ) | $ | (1,994 | ) | $ | 1,739 | ( | |||||||
| Per diluted share | ||||||||||||||||||||||||
| Adjusted EBITDA (1) | $ | 0.04 | $ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.01 | $ | 0.05 | ||||||||||||
| Adjusted net earnings / (loss) (1) | $ | 0.01 | $ | (0.02 | ) | $ | 0.03 | ( | $ | (0.02 | ) | $ | (0.09 | ) | $ | 0.07 | ( | |||||||
| Net earnings / (loss) | $ | 0.02 | $ | (0.02 | ) | $ | 0.04 | ( | $ | (0.01 | ) | $ | (0.08 | ) | $ | 0.07 | ( | |||||||
| Financial position | ||||||||||||||||||||||||
| Total assets | $ | 53,404 | $ | 59,191 | $ | (5,787 | ) | ( | ||||||||||||||||
| Working capital | 11,136 | 14,143 | (3,006 | ) | ( | |||||||||||||||||||
| Long-term debt | 6,399 | 6,616 | (217 | ) | ( | |||||||||||||||||||
| Shareholders equity | $ | 19,405 | $ | 21,596 | $ | (2,190 | ) | ( | ||||||||||||||||
(1) Non-GAAP financial measure. Refer to "Non-GAAP Financial Measures" in this press release.
Key Q2 2025 highlights include:
- Consolidated sales for the three months ended June 30, 2025 were
$20.5 million , representing a7% increase from the prior year. The increase is primarily due to increased sales in the fluid distribution division in the USA Rockies region.
- Consolidated gross margin for the three months ended June 30, 2025 decreased by
$152 thousand compared to the same period last year. The gross margin dollar decrease is primarily related to the unfavorable change in product mix in the fluid blending and packaging division.
- Adjusted EBITDA for the second quarter 2025 was
$1.0 million compared to$706 thousand for Q2 2024 representing an increase of$340 thousand when compared to the same period in the prior year and operating earnings increased by$152 thousand for the three months ended June 30, 2025 compared to the prior year due to a decrease in bad debt expense.
- Adjusted net earnings per diluted share for the three months ended June 30, 2025 was
$0.01 per share compared to adjusted net loss of$0.02 per diluted share for same period last year.
- Working capital, as at June 30, 2025, was
$11.1 million compared to$14.1 million on June 30, 2024, a decrease of21% . The decrease in working capital relates to a significant decrease in accounts receivables and inventory which was offset by decreased bank indebtedness.
Summary for the three months ended June 30, 2025:
Consolidated sales for the three months ended June 30, 2025 were
Bri-Chem's Canadian drilling fluids distribution division generated sales of
Bri-Chem's Canadian blending and packaging division generated sales of
Operating earnings for the three months ended June 30, 2025 was
OUTLOOK
As Bri-Chem enters the second half of 2025, the Company continues to navigate a challenging operating environment shaped by ongoing commodity price volatility, cautious capital spending by customers, and evolving political and regulatory developments in both Canada and the United States. These external pressures have contributed to a measured pace of drilling and completion activity across North America.
According to the latest forecast from Baker Hughes, rig activity in both Canada and the United States is expected to remain relatively flat or slightly decline through the remainder of the year, with the potential for a gradual recovery beginning in early 2026. In Canada, activity is projected to follow historical seasonal trends but remain below recent-year averages due to macroeconomic uncertainty and project delays. In the United States, the rig count is expected to stabilize following a moderate decline in the first half of the year, supported by targeted investments in high-yield basins and continued operational discipline by U.S. producers.
In this context, Bri-Chem anticipates that Canadian drilling fluids demand will remain relatively soft through the third quarter, with some recovery possible in the fourth quarter as customers begin preparing for 2026 drilling programs. U.S. fluid distribution sales are expected to remain stable, buoyed by sustained activity in key regions such as the Permian Basin and gradual improvement in areas like California and the Rockies.
Bri-Chem remains committed to managing its business with a disciplined focus on working capital efficiency, cost control, and margin preservation. The Company's ability to maintain adequate liquidity during periods of reduced market activity reflects its proactive financial management and strong banking relationships, ensuring operational stability even in uncertain conditions. Management will continue to monitor macroeconomic and industry trends closely, ensuring that Bri-Chem remains agile and responsive to both risks and opportunities.
About Bri-Chem
Bri-Chem has established itself, through a combination of strategic acquisitions and organic growth, as the North American industry leader for wholesale distribution and blending of oilfield drilling, completion, stimulation and production chemical fluids. We sell, blend, package and distribute a full range of drilling fluid products from 23 strategically located warehouses throughout Canada and the United States. Additional information about Bri-Chem is available at or at Bri-Chem's website at .
To receive Bri-Chem news updates send your email to [email protected].
For further information, please contact:
Tony Pagnucco CPA, CA
Bri-Chem Corp.
CFO
T: (780) 571-8587
E: [email protected]
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements"). These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking statements and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. By their nature, such forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed herein. These risks and uncertainties, include, but are not limited to general economic conditions, prevailing and anticipated industry conditions, access to debt and equity financing on acceptable terms, levels and volatility of commodity prices, maintained demand for drilling fluids, market forces, ability to achieve geographic expansion through new warehouse locations, anticipated impact of new warehouse locations, ability to obtain equipment from suppliers, ability to maintain negotiating power with suppliers and customers, ability to obtain and retain skilled personnel, competition from other industry participants and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release or otherwise. Except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Non-GAAP Financial Measures
Bri-Chem uses certain measures in this press release which do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS"). These measures, which are derived from information reported in the Company's financial statements, may not be comparable to similar measures presented by other reporting issuers. Investors are cautioned that these measures should not be construed as an alternative to net earnings and operating earnings determined in accordance with IFRS, and these measures should not be considered to be more meaningful than IFRS measures in evaluating the Company's performance. These measures have been described and presented in this press release in order to provide shareholders and potential investors with additional information regarding the Company. These Non-IFRS measures are identified and defined as follows:
Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per share, Adjusted EBITDA, and Adjusted EBITDA per share.
Adjusted Net Earnings (Loss) are defined as net earnings/(loss) before non-recurring events, net of corporate income taxes ("Adjusted Net Earnings"). Adjusted Net Earnings (Loss) per share is defined as Adjusted Net Earnings (Loss) divided by diluted weighted average common shares. Management believes that in addition to net earnings, Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share are useful supplemental measures that represent normalized net earnings (loss) from the business so that financial statement users can make insightful comparisons between current periods and historical results.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, impairment charges, share-based payments, and non-recurring events ("Adjusted EBITDA"). Adjusted EBITDA per share is defined as Adjusted EBITDA divided by diluted weighted average common shares. Management believes that in addition to net earnings, Adjusted EBITDA and Adjusted EBITDA per share are useful supplemental measures of operating performance that normalize financing, depreciation, income tax, and other non-recurring charges which are not controlled at the operating level. The following table provides a reconciliation of Net Earnings under IFRS, as disclosed in the interim financial statements, to Adjusted Net Earnings and Adjusted EBITDA:
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| June 30 | June 30 | |||||||||||
| (in 000's) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net earnings / (loss) | $ | 157 | $ | (488 | ) | $ | (255 | ) | $ | (1,994 | ) | |
| Less: | ||||||||||||
| Deferred tax (recovery) | (97 | ) | (96 | ) | (303 | ) | (357 | ) | ||||
| Adjusted net earnings / (loss) | 60 | (584 | ) | (558 | ) | (2,351 | ) | |||||
| Add: | ||||||||||||
| Financing costs | 656 | 897 | 1,382 | 1,882 | ||||||||
| Income tax expense | 34 | 68 | 65 | 75 | ||||||||
| Depreciation and amortization | 295 | 325 | 622 | 657 | ||||||||
| Adjusted EBITDA | $ | 1,045 | $ | 706 | $ | 1,511 | $ | 263 | ||||
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FAQ
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