The Q2 guidance midpoint of $167M (+16% sequential) suggests a near-term activity rebound, but the company remains deeply unprofitable with negative equity and rising net debt. Monitor the conference call for color on Permian stabilization and whether the Northeast gas-driven momentum can offset continued weakness in Rockies and Southwest. The stock is a high-risk, high-beta oilfield services name — position sizing should reflect the elevated balance sheet risk.
Price Chart
Executive Summary
KLXE reported Q1 2026 revenue of $144.7M (down 6% YoY) and a GAAP net loss of -$24.0M (-$1.23 diluted EPS), with Adjusted EBITDA of $11.1M (7.7% margin vs 9.0% a year ago). Revenue came in at the low end of guidance due to winter storms and customer delays, while the Northeast/Mid-Con segment posted strong 28% YoY growth. The company guided Q2 2026 revenue of $162-172M, implying a sequential rebound, but the overall picture remains one of declining top-line and compressed margins in a challenging oilfield services environment.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $144.7M, down 6% YoY from $154.0M
- GAAP net loss -$24.0M vs -$27.9M in Q1 2025 (narrower loss)
- GAAP diluted EPS -$1.23 vs -$1.62 YoY
- Adjusted EBITDA $11.1M, down from $13.8M YoY; margin 7.7% vs 9.0%
- Rocky Mountains revenue -19.2% YoY; Southwest -17.8% YoY
- Northeast/Mid-Con revenue +28.0% YoY (gas-driven growth)
- Q2 2026 revenue guidance $162-172M (midpoint $167M, +5% YoY)
- Net debt $270.2M vs $252.6M at Dec 2025; total liquidity $47.7M
- Operating cash flow nearly flat at $0.3M; levered FCF -$5.0M
- Stockholders' deficit worsened to -$96.1M from -$74.2M
Financial Impact
Revenue decline of $9.3M YoY (-6%), Adjusted EBITDA decline of $2.7M (-19.6%), net loss improved by $3.9M but still -$24M
Risk Factors
- Sustained revenue decline in two of three segments (Rockies -19%, Southwest -18%)
- Net debt increased $17.6M to $270.2M; stockholders' deficit -$96.1M
- Negative levered FCF of -$5.0M in Q1; operating cash flow only $0.3M
- Guidance is management's forecast — actual Q2 results could miss if Permian recovery stalls
- Highly cyclical oilfield services sector with commodity price sensitivity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001738827-26-000019 |
| Document: klxe-20260512.htm | 0001738827-26-000019 |
| Document: 0001738827-26-000019-index-headers.html | 0001738827-26-000019 |
| Document: 0001738827-26-000019-index.html | 0001738827-26-000019 |
| Document: 0001738827-26-000019.txt | 0001738827-26-000019 |
| 8-K Data (Synthetic) | 0001738827-26-000019 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | 3 | $1.30 $1.27 | ▼ −2.31% | ▼ −0.81% | $1.14 (−12.31%) |
Oct 9, 2026 17d ago | 3 | $1.32 $1.32 | · 0.00% | ▲ +1.97% | $1.14 (−13.64%) |
Oct 6, 2026 19d ago | SC 13D | $1.30 $1.31 | ▲ +0.77% | ▲ +1.75% | $1.14 (−12.31%) |
Oct 6, 2026 20d ago | SC 13D | $1.30 $1.31 | ▲ +0.77% | ▲ +1.75% | $1.14 (−12.31%) |
Sep 30, 2026 26d ago | 8-K | $1.41 $1.26 | ▼ −10.64% | ▼ −11.94% | $1.14 (−19.15%) |
Sep 25, 2026 4w ago | 8-K | $1.52 $1.37 | ▼ −9.87% | ▼ −11.07% | $1.14 (−25.00%) |
Sep 25, 2026 4w ago | Press Release | $1.52 $1.37 | ▼ −9.87% | ▼ −11.07% | $1.14 (−25.00%) |
Sep 24, 2026 4w ago | 25-NSE | $1.47 $1.41 | ▲ +4.08% | ▲ +3.67% | $1.14 (+22.45%) |
Sep 23, 2026 4w ago | 8-K | $1.47 $1.41 | ▲ +4.08% | ▲ +3.67% | $1.14 (+22.45%) |
Sep 18, 2026 5w ago | 8-K | $1.52 $1.61 | ▲ +5.92% | ▲ +4.65% | $1.14 (−25.00%) |
US Market Status
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