In the Q1, Superior Drilling Products Inc 's corporate clients experienced a reduction by -6.73 % in their costs of revenue, compared to a year ago, sequentially costs of revenue were trimmed by -15.68 %. During the corresponding time, Superior Drilling Products Inc saw a revenue deteriorated by -21.25 % year on year, sequentially revenue grew by 15.76 %. While revenue at the Superior Drilling Products Inc 's corporate clients fell by -3.64 % year on year, sequentially revenue fell by -47.93 %.
Customers of Superior Drilling Products Inc saw their costs of revenue decrease by -6.73 % in Q1 compare to a year ago, sequentially costs of revenue were trimmed by -15.68 %, for the same period Superior Drilling Products Inc revnue deteriorated by -21.25 % year on year, sequentially revenue grew by 15.76 %.
Superior Drilling Products Inc's Comment on Sales, Marketing and Customers
The company operates in the oil and gas industry, with its headquarters located in Vernal, Utah, and a repair facility in Dubai. Founded in 1995 as a drill bit refurbishment company, it has several subsidiaries, including Superior Drilling Solutions, LLC, Extreme Technologies, LLC, Meier Properties Series, LLC, Meier Leasing, LLC, and Hard Rock Solutions, LLC. The company's market activity is influenced by rig counts, which stood at 629 rigs in the U.S. as of March 1, 2024, and 349 rigs in the Middle East as of February 2024. It has no direct exposure to Russia or Ukraine and has not experienced disruptions from the Israel-Hamas conflict, although regional instability may affect demand for oil and natural gas, impacting its services and revenue. Customers and markets identified in company filings include Baker Hughes Inc. and Hard Rock Solutions, LLC.
Superior Drilling Products Inc’s Comment on Sales, Marketing and Customers
The company operates in the oil and gas industry, with its headquarters located in Vernal, Utah, and a repair facility in Dubai. Founded in 1995 as a drill bit refurbishment company, it has several subsidiaries, including Superior Drilling Solutions, LLC, Extreme Technologies, LLC, Meier Properties Series, LLC, Meier Leasing, LLC, and Hard Rock Solutions, LLC. The company's market activity is influenced by rig counts, which stood at 629 rigs in the U.S. as of March 1, 2024, and 349 rigs in the Middle East as of February 2024. It has no direct exposure to Russia or Ukraine and has not experienced disruptions from the Israel-Hamas conflict, although regional instability may affect demand for oil and natural gas, impacting its services and revenue. Customers and markets identified in company filings include Baker Hughes Inc. and Hard Rock Solutions, LLC.
Sources:
Superior Drilling Products Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
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