SDPI - Superior Drilling Products revises Q3 outlook

• Superior Drilling Products ( NYSE: SDPI ) has revised its outlook for third quarter to reflect the shift in timing of tool fleet sale to Bin Zayed.
• Q3 2022 revenue is now expected to be ~$4.8M to $5.2M compared to $8M to $9M previously and adjusted EBITDA is seen at ~$1.1M to $1.4M (prior outlook: $3.5M to $4M) reflecting an adjusted EBITDA margin of ~25% at the mid-point of the range.
• The revised outlook reflects the timing associated with the initial $3.8M sale of a Drill-N-Ream tool fleet to Bin Zayed Petroleum for Investment. The initial tranche, which was confirmed with the execution of the distribution agreement, is now planned for the fourth quarter of 2022 from third quarter previously.
• Superior Drilling ( SDPI ) expects to release its third quarter fiscal 2022 financial results in mid-November 2022.
• Meanwhile, full-year outlook was kept unchanged. Revenue of between $22M to $25M vs. consensus of $23.3M and adjusted EBITDA of $6M to $8M.

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