Superior Drilling Products, Inc. (SDPI), an innovative, state-of-the-art drilling tool technology company providing cost-saving solutions, announced that SDPI received a letter from NYSE American LLC on May 20, 2021 stating that it Failure to comply with Section 1003 (a) (ii) as a result of less than $ 4.0 million in equity decline and loss announcement for the past five fiscal years ended December 31, 2020.
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In the last check-in premarket trade, Superior Drilling Products Inc. (SDPI) shares fell -2.16% to $ 0.7699. SDPI stock closed the last session at $ 0.79, up 0.19%. The company’s shares fluctuated between $ 0.75 and $ 0.81 during the day. DPI stocks are down -7.63% over the past 12 months and up 1.65% over the past week.
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First quarter financial result
Total cost of ownership increased 13% in the most recent quarter, while revenue increased 57% due to the impact of cost-cutting efforts and the operational leverage that comes from the increased volume.
Net loss for the quarter was $ 1.1 million compared to $ 0.7 million for the previous quarter, including a $ 0.9 million benefit from government SBA loans. Compared to the previous quarter, Adjusted EBITDA improved sequentially, mainly due to an increase in revenue and operational leverage due to higher volume.
Cash net income at the end of the quarter was $ 2.3 million, up from $ 2.0 million year-end. Cash flow from continuing operations was $ 139,000 for the first quarter of 2021. Long-term debt including the current portion as of March 31, 2021 was $ 3.0 million. The long-term financial obligation of $ 4.2 million is tied to future minimum lease payments under the 15-year lease of SDPI’s Vernal, Utah property.
Revenue increased sequentially by $ 884,000, or 57%, from the previous quarter as market share and conditions improved. The year-on-year comparison shows the impact of the global pandemic on the oil and gas extraction industry.
North American sales increased 74% due to increased tool sales and resulted in higher license and repair fees. Contract Services revenue also improved sequentially, driven by higher drill rehabilitation. Global sales were relatively flat from the previous quarter as the market rebound is similar to the delay in the market’s decline in 2020.
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Conclusion
The failure of Superior Drilling Products, Inc. to meet compliance standards linked to the global pandemic adversely affecting the drilling market has diminished investor interest as SDPI’s share price fell prior to going public .
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