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INVX News
INVX Events
Innovex International Announces Public Offering of 5M Shares
Innovex International announced the underwritten public offering of 5M shares of its common stock by certain affiliates of Amberjack Capital Partners. Innovex will not sell any shares of its common stock in the offering and will not receive any proceeds from the sale of the shares of its common stock being offered by the selling stockholders. Barclays is acting as the sole underwriter for the Offering.
Sees Q3 Adjusted EBITDA of $51M-$57M
Sees Q3 adjusted EBITDA $51M-$57M.
Innovex Reports Q2 Revenue of $245M, Exceeding Estimates
Reports Q2 revenue $245M, two estimates $241.09M. Adam Anderson, CEO, commented, "We delivered an excellent second quarter - with revenue at the high end of our guidance range and strong operational execution across the business. Performance was supported by improving activity in key international markets and growing commercial momentum within our subsea business. Our 'No Barriers' culture has unleashed our subsea teams - as evidenced by a $20 million subsea award in Malaysia, the first successful XPak trial for a major operator in Asia Pacific, and the first installation of our ArgoLATCH Subsea Release Plug in a key deepwater exploration well in Brazil - an innovation that combines technologies from both legacy Innovex and legacy Dril-Quip. Improving end-market fundamentals, innovation, and strong execution are expected to continue supporting momentum in our subsea business results over the coming quarters. Our Canadian wellhead team also completed its first surface wellhead delivery to Mexico during the quarter, leveraging Innovex's international platform to expand into a new market. These results reflect the strength of our differentiated technology portfolio and the benefits of our customer-focused culture. On July 1st, we completed the acquisition of TCO, a highly complementary, capital-light business that expands our technology offering, strengthens our international presence, and exemplifies our disciplined 'big impact, small ticket' acquisition strategy."
Innovex International Acquires TCO Group for $95M
Innovex International signed an agreement to acquire TCO Group in a cash and stock transaction valued at $95M. The transaction is expected to close early in the third quarter of 2026. The Company believes this investment aligns with the Company's disciplined M&A framework, including a focus on mission critical products that share the Company's "Big Impact, Small Ticket" value proposition. For the year ended December 31, 2025, TCO had net income of approximately $12M and Adjusted EBITDA of approximately $18M. The transaction values TCO at approximately 5.4x TCO's 2025 Adjusted EBITDA1 and is expected to be accretive to Innovex's EPS. Founded in 1999 in Voss, Norway, TCO pioneered the development of the intervention-free laminated glass plug, revolutionizing well operations by eliminating the need for fishing operations.
Sees Q2 Adjusted EBITDA of $43M-$48M
Sees Q2 adjusted EBITDA $43M-$48M.
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