Core Laboratories 第二季收入利潤雙跌 每股盈利減半至0.11美元

10-Q
 
 
 
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 

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ________________ to ______________
 
Commission File Number: 001-41695
 
CORE LABORATORIES INC.
(Exact name of registrant as specified in its charter)
 

 
 
 
 
 
 

 
 Delaware

  

 98-1164194

 

 
 (State or other jurisdiction of
incorporation or organization)

  

 (I.R.S. Employer Identification No.)

 

 
  

  

  

 

 
 6316 Windfern Road

  

  

 

 
 Houston, TX

  

 77040

 

 
 (Address of principal executive offices)

  

 (Zip Code)

 

  
(713) 328-2673
(Registrant's telephone number, including area code)
 
None
(Former name, former address and former fiscal year, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common Stock (par value $0.01)

  

 CLB

  

 New York Stock Exchange

 

  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 

 
 Large accelerated filer ☒

 Accelerated filer ☐

 Non-accelerated filer ☐

 Smaller reporting company ☐

 Emerging growth company ☐

 

 
  

  

  

  

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
 
The number of shares of common stock of the registrant, par value $0.01 per share, outstanding at July 24, 2026 was 45,884,542.

 

 
  

 CORE LABORATORIES INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
INDEX
PART I - FINANCIAL INFORMATION
 

 
 
 
 
 
 

 
  

  

 Page

 

 
  

  

  

 

 
 Item 1.

 Financial Statements

  

 

 
  

  

  

 

 
  

 Consolidated Balance Sheets at June 30, 2026 (Unaudited) and December 31, 2025

 3

 

 
  

  

  

 

 
  

 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited) 

 4

 

 
  

  

  

 

 
  

 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

 6

 

 
  

  

  

 

 
  

 Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

 7

 

 
  

  

  

 

 
  

 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)

 9

 

 
  

  

  

 

 
  

 Notes to the Interim Consolidated Financial Statements (Unaudited)

 10

 

 
  

  

  

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 20

 

 
  

  

  

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 34

 

 
  

  

  

 

 
 Item 4.

 Controls and Procedures

 34

 

 
  

  

  

 

 
  

  

  

 

 
 PART II - OTHER INFORMATION

 

 
  

  

  

 

 
 Item 1.

 Legal Proceedings

 35

 

 
  

  

  

 

 
 Item 1A.

 Risk Factors

 35

 

 
  

  

  

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 35

 

 
  

  

  

 

 
 Item 5.

 Other Information

 35

 

 
  

  

  

 

 
 Item 6.

 Exhibits

 36

 

 
  

  

  

 

 
  

 Signature

 37

 

  
 
 

  
 

 
  

 PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CORE LABORATORIES INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,
2026

  

  

 December 31,
2025

  

 

 
  

  

 (Unaudited)

  

  

  

  

 

 
 ASSETS

  

  

  

  

  

  

 

 
 CURRENT ASSETS:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 22,735

  

  

 $

 22,702

  

 

 
 Accounts receivable, net of allowance for credit losses 
      of $6,504 and $6,317 at 2026 and 2025, respectively

  

  

 108,817

  

  

  

 113,528

  

 

 
 Inventories

  

  

 57,961

  

  

  

 54,496

  

 

 
 Prepaid expenses

  

  

 10,953

  

  

  

 9,734

  

 

 
 Income taxes receivable

  

  

 7,265

  

  

  

 7,270

  

 

 
 Other current assets

  

  

 6,629

  

  

  

 6,935

  

 

 
 TOTAL CURRENT ASSETS

  

  

 214,360

  

  

  

 214,665

  

 

 
 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation 
      of $318,900 and $320,707 at 2026 and 2025, respectively

  

  

 100,390

  

  

  

 99,447

  

 

 
 RIGHT OF USE ASSETS

  

  

 52,870

  

  

  

 54,346

  

 

 
 INTANGIBLES, net of accumulated amortization and impairment 
      of $19,879 and $19,531 at 2026 and 2025, respectively

  

  

 6,752

  

  

  

 7,118

  

 

 
 GOODWILL

  

  

 105,796

  

  

  

 105,789

  

 

 
 DEFERRED TAX ASSETS, net

  

  

 70,574

  

  

  

 67,381

  

 

 
 OTHER ASSETS

  

  

 36,036

  

  

  

 35,264

  

 

 
 TOTAL ASSETS

  

 $

 586,778

  

  

 $

 584,010

  

 

 
 LIABILITIES AND EQUITY

  

  

  

  

  

  

 

 
 CURRENT LIABILITIES:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 40,163

  

  

 $

 37,275

  

 

 
 Accrued payroll and related costs

  

  

 21,736

  

  

  

 26,525

  

 

 
 Taxes other than payroll and income

  

  

 3,509

  

  

  

 4,272

  

 

 
 Unearned revenues

  

  

 5,076

  

  

  

 5,552

  

 

 
 Operating lease liabilities

  

  

 11,940

  

  

  

 11,456

  

 

 
 Income taxes payable

  

  

 1,615

  

  

  

 4,255

  

 

 
 Other current liabilities

  

  

 17,011

  

  

  

 16,680

  

 

 
 TOTAL CURRENT LIABILITIES

  

  

 101,050

  

  

  

 106,015

  

 

 
 LONG-TERM DEBT, net

  

  

 113,861

  

  

  

 110,255

  

 

 
 LONG-TERM OPERATING LEASE LIABILITIES

  

  

 39,314

  

  

  

 42,309

  

 

 
 DEFERRED COMPENSATION

  

  

 29,938

  

  

  

 29,381

  

 

 
 DEFERRED TAX LIABILITIES, net

  

  

 7,553

  

  

  

 7,995

  

 

 
 OTHER LONG-TERM LIABILITIES

  

  

 16,293

  

  

  

 15,847

  

 

 
 COMMITMENTS AND CONTINGENCIES

  

  

  

  

  

  

 

 
 EQUITY:

  

  

  

  

  

  

 

 
 Preference stock, 6,000,000 shares authorized, $0.01 par value; 
none issued or outstanding

  

  

 —

  

  

  

 —

  

 

 
 Common stock, 200,000,000 shares authorized, $0.01 par value,
 46,966,868 issued and 45,884,100 outstanding at 2026; 46,966,868 issued and 46,095,379 outstanding at 2025

  

  

 470

  

  

  

 470

  

 

 
 Additional paid-in capital

  

  

 115,512

  

  

  

 110,245

  

 

 
 Retained earnings

  

  

 176,909

  

  

  

 172,662

  

 

 
 Accumulated other comprehensive income (loss)

  

  

 (5,678

 )

  

  

 (5,806

 )

 

 
 Treasury stock (at cost), 1,082,768 and 871,489 shares at 2026 and 2025, respectively

  

  

 (14,544

 )

  

  

 (11,585

 )

 

 
 Total Core Laboratories Inc. shareholders' equity

  

  

 272,669

  

  

  

 265,986

  

 

 
 Non-controlling interest

  

  

 6,100

  

  

  

 6,222

  

 

 
 TOTAL EQUITY

  

  

 278,769

  

  

  

 272,208

  

 

 
 TOTAL LIABILITIES AND EQUITY

  

 $

 586,778

  

  

 $

 584,010

  

 

 The accompanying notes are an integral part of these interim consolidated financial statements.

 3
Return to Index

 
  

 CORE LABORATORIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

 

 
  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

 

 
 REVENUE:

  

  

  

  

  

  

 

 
 Services

  

 $

 94,277

  

  

 $

 96,219

  

 

 
 Product sales

  

  

 30,332

  

  

  

 33,940

  

 

 
 Total revenue

  

  

 124,609

  

  

  

 130,159

  

 

 
 OPERATING EXPENSES:

  

  

  

  

  

  

 

 
 Cost of services, exclusive of depreciation expense shown below

  

  

 75,736

  

  

  

 74,053

  

 

 
 Cost of product sales, exclusive of depreciation expense shown below

  

  

 25,635

  

  

  

 29,648

  

 

 
 General and administrative expense, exclusive of depreciation expense shown below

  

  

 10,953

  

  

  

 10,464

  

 

 
 Depreciation

  

  

 3,685

  

  

  

 3,561

  

 

 
 Amortization

  

  

 140

  

  

  

 109

  

 

 
 Other (income) expense, net

  

  

 (691

 )

  

  

 (2,967

 )

 

 
 OPERATING INCOME

  

  

 9,151

  

  

  

 15,291

  

 

 
 Interest expense

  

  

 2,846

  

  

  

 2,711

  

 

 
 Income before income taxes

  

  

 6,305

  

  

  

 12,580

  

 

 
 Income tax expense

  

  

 507

  

  

  

 1,911

  

 

 
 Net income

  

  

 5,798

  

  

  

 10,669

  

 

 
 Net income (loss) attributable to non-controlling interest

  

  

 (158

 )

  

  

 33

  

 

 
 Net income attributable to Core Laboratories Inc.

  

 $

 5,956

  

  

 $

 10,636

  

 

 
 

  

  

  

  

  

  

 

 
 EARNINGS PER SHARE INFORMATION:

  

  

  

  

  

  

 

 
 Basic earnings per share

  

 $

 0.13

  

  

 $

 0.23

  

 

 
 Basic earnings per share attributable to Core Laboratories Inc.

  

 $

 0.13

  

  

 $

 0.23

  

 

 
 

  

  

  

  

  

  

 

 
 Diluted earnings per share

  

 $

 0.12

  

  

 $

 0.23

  

 

 
 Diluted earnings per share attributable to Core Laboratories Inc.

  

 $

 0.13

  

  

 $

 0.22

  

 

 
 

  

  

  

  

  

  

 

 
 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

  

  

  

  

  

  

 

 
 Basic

  

  

 46,030

  

  

  

 46,632

  

 

 
 Diluted

  

  

 46,878

  

  

  

 47,364

  

 

  
The accompanying notes are an integral part of these interim consolidated financial statements.
 

 4
Return to Index

 
  

 CORE LABORATORIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

 

 
 REVENUE:

  

  

  

  

  

  

 

 
 Services

  

 $

 188,529

  

  

 $

 191,310

  

 

 
 Product sales

  

  

 57,877

  

  

  

 62,434

  

 

 
 Total revenue

  

  

 246,406

  

  

  

 253,744

  

 

 
 OPERATING EXPENSES:

  

  

  

  

  

  

 

 
 Cost of services, exclusive of depreciation expense shown below

  

  

 151,851

  

  

  

 147,033

  

 

 
 Cost of product sales, exclusive of depreciation expense shown below

  

  

 51,593

  

  

  

 56,137

  

 

 
 General and administrative expense, exclusive of depreciation expense shown below

  

  

 25,671

  

  

  

 24,111

  

 

 
 Depreciation

  

  

 7,241

  

  

  

 7,154

  

 

 
 Amortization

  

  

 348

  

  

  

 233

  

 

 
 Other (income) expense, net

  

  

 (1,336

 )

  

  

 (632

 )

 

 
 OPERATING INCOME

  

  

 11,038

  

  

  

 19,708

  

 

 
 Interest expense

  

  

 5,737

  

  

  

 5,313

  

 

 
 Income before income taxes

  

  

 5,301

  

  

  

 14,395

  

 

 
 Income tax expense

  

  

 256

  

  

  

 3,657

  

 

 
 Net income

  

  

 5,045

  

  

  

 10,738

  

 

 
 Net income (loss) attributable to non-controlling interest

  

  

 (122

 )

  

  

 256

  

 

 
 Net income attributable to Core Laboratories Inc.

  

 $

 5,167

  

  

 $

 10,482

  

 

 
 

  

  

  

  

  

  

 

 
 EARNINGS PER SHARE INFORMATION:

  

  

  

  

  

  

 

 
 Basic earnings per share

  

 $

 0.11

  

  

 $

 0.23

  

 

 
 Basic earnings per share attributable to Core Laboratories Inc.

  

 $

 0.11

  

  

 $

 0.22

  

 

 
 

  

  

  

  

  

  

 

 
 Diluted earnings per share

  

 $

 0.11

  

  

 $

 0.23

  

 

 
 Diluted earnings per share attributable to Core Laboratories Inc.

  

 $

 0.11

  

  

 $

 0.22

  

 

 
 

  

  

  

  

  

  

 

 
 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

  

  

  

  

  

  

 

 
 Basic

  

  

 46,052

  

  

  

 46,702

  

 

 
 Diluted

  

  

 46,954

  

  

  

 47,509

  

 

  
The accompanying notes are an integral part of these interim consolidated financial statements.
 

 5
Return to Index

 
  

 CORE LABORATORIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

 

 
 Net income

  

 $

 5,798

  

  

 $

 10,669

  

  

 $

 5,045

  

  

 $

 10,738

  

 

 
 Other comprehensive income (loss):

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest rate swaps:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest rate swap amount reclassified to net income

  

  

 24

  

  

  

 (162

 )

  

  

 18

  

  

  

 (382

 )

 

 
 Income tax benefit (expense) on interest rate swaps reclassified to net income

  

  

 (5

 )

  

  

 33

  

  

  

 (4

 )

  

  

 80

  

 

 
 Total interest rate swaps

  

  

 19

  

  

  

 (129

 )

  

  

 14

  

  

  

 (302

 )

 

 
 Pension and other postretirement benefit plans:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Amortization of actuarial gain reclassified to net income

  

  

 77

  

  

  

 78

  

  

  

 154

  

  

  

 155

  

 

 
 Income tax expense on pension and other postretirement benefit plans reclassified to net income

  

  

 (20

 )

  

  

 (20

 )

  

  

 (40

 )

  

  

 (41

 )

 

 
 Total pension and other postretirement benefit plans

  

  

 57

  

  

  

 58

  

  

  

 114

  

  

  

 114

  

 

 
 Total other comprehensive income (loss)

  

  

 76

  

  

  

 (71

 )

  

  

 128

  

  

  

 (188

 )

 

 
 Comprehensive income

  

  

 5,874

  

  

  

 10,598

  

  

  

 5,173

  

  

  

 10,550

  

 

 
 Comprehensive income (loss) attributable to non-controlling interest

  

  

 (158

 )

  

  

 33

  

  

  

 (122

 )

  

  

 256

  

 

 
 Comprehensive income attributable to Core Laboratories Inc.

  

 $

 6,032

  

  

 $

 10,565

  

  

 $

 5,295

  

  

 $

 10,294

  

 

  
The accompanying notes are an integral part of these interim consolidated financial statements.

 6
Return to Index

 
  

 CORE LABORATORIES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share and per share data)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

 

 
 Common Stock

  

  

  

 

 
 Balance at Beginning of Period

  

 $

 470

  

  

 $

 470

  

  

 $

 470

  

  

 $

 470

  

 

 
 Balance at End of Period

  

 $

 470

  

  

 $

 470

  

  

 $

 470

  

  

 $

 470

  

 

 
 Additional Paid-In Capital

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

 $

 115,221

  

  

 $

 113,574

  

  

 $

 110,245

  

  

 $

 109,547

  

 

 
 Stock-based compensation

  

  

 291

  

  

  

 (811

 )

  

  

 5,267

  

  

  

 3,216

  

 

 
 Balance at End of Period

  

 $

 115,512

  

  

 $

 112,763

  

  

 $

 115,512

  

  

 $

 112,763

  

 

 
 Retained Earnings

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

 $

 171,413

  

  

 $

 144,239

  

  

 $

 172,662

  

  

 $

 144,862

  

 

 
 Dividends paid

  

  

 (460

 )

  

  

 (469

 )

  

  

 (920

 )

  

  

 (938

 )

 

 
 Net income attributable to Core Laboratories Inc.

  

  

 5,956

  

  

  

 10,636

  

  

  

 5,167

  

  

  

 10,482

  

 

 
 Balance at End of Period

  

 $

 176,909

  

  

 $

 154,406

  

  

 $

 176,909

  

  

 $

 154,406

  

 

 
 Accumulated Other Comprehensive Income (Loss)

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

 $

 (5,754

 )

  

 $

 (5,886

 )

  

 $

 (5,806

 )

  

 $

 (5,769

 )

 

 
 Interest rate swaps, net of income taxes

  

  

 19

  

  

  

 (129

 )

  

  

 14

  

  

  

 (302

 )

 

 
 Pension and other postretirement benefit plans, net of income taxes

  

  

 57

  

  

  

 58

  

  

  

 114

  

  

  

 114

  

 

 
 Balance at End of Period

  

 $

 (5,678

 )

  

 $

 (5,957

 )

  

 $

 (5,678

 )

  

 $

 (5,957

 )

 

 
 Treasury Stock

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

 $

 (12,464

 )

  

 $

 (4,427

 )

  

 $

 (11,585

 )

  

 $

 (2,537

 )

 

 
 Stock-based compensation

  

  

 611

  

  

  

 1,350

  

  

  

 667

  

  

  

 1,481

  

 

 
 Repurchase of common stock

  

  

 (2,691

 )

  

  

 (2,740

 )

  

  

 (3,626

 )

  

  

 (4,761

 )

 

 
 Balance at End of Period

  

 $

 (14,544

 )

  

 $

 (5,817

 )

  

 $

 (14,544

 )

  

 $

 (5,817

 )

 

 
 Non-Controlling Interest

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

 $

 6,258

  

  

 $

 5,968

  

  

 $

 6,222

  

  

 $

 5,745

  

 

 
 Non-controlling interest contribution

  

  

 —

  

  

  

 19

  

  

  

 —

  

  

  

 19

  

 

 
 Net income (loss) attributable to non-controlling interest

  

  

 (158

 )

  

  

 33

  

  

  

 (122

 )

  

  

 256

  

 

 
 Balance at End of Period

  

 $

 6,100

  

  

 $

 6,020

  

  

 $

 6,100

  

  

 $

 6,020

  

 

 
 Total Equity

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

 $

 275,144

  

  

 $

 253,938

  

  

 $

 272,208

  

  

 $

 252,318

  

 

 
 Stock-based compensation

  

  

 902

  

  

  

 539

  

  

  

 5,934

  

  

  

 4,697

  

 

 
 Non-controlling interest contribution

  

  

 —

  

  

  

 19

  

  

  

 —

  

  

  

 19

  

 

 
 Dividends paid

  

  

 (460

 )

  

  

 (469

 )

  

  

 (920

 )

  

  

 (938

 )

 

 
 Net income

  

  

 5,798

  

  

  

 10,669

  

  

  

 5,045

  

  

  

 10,738

  

 

 
 Interest rate swaps, net of income taxes

  

  

 19

  

  

  

 (129

 )

  

  

 14

  

  

  

 (302

 )

 

 
 Pension and other postretirement benefit plans, net of income taxes

  

  

 57

  

  

  

 58

  

  

  

 114

  

  

  

 114

  

 

 
 Repurchase of common stock

  

  

 (2,691

 )

  

  

 (2,740

 )

  

  

 (3,626

 )

  

  

 (4,761

 )

 

 
 Balance at End of Period

  

 $

 278,769

  

  

 $

 261,885

  

  

 $

 278,769

  

  

 $

 261,885

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Cash Dividends per Share

  

 $

 0.01

  

  

 $

 0.01

  

  

 $

 0.02

  

  

 $

 0.02

  

 

  
The accompanying notes are an integral part of these interim consolidated financial statements.

 7
Return to Index

 
  

 CORE LABORATORIES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(In thousands, except share and per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

 

 
 Common Stock - Number of shares issued

  

  

  

 

 
 Balance at Beginning of Period

  

  

 46,966,868

  

  

  

 46,966,868

  

  

  

 46,966,868

  

  

  

 46,966,868

  

 

 
 Balance at End of Period

  

  

 46,966,868

  

  

  

 46,966,868

  

  

  

 46,966,868

  

  

  

 46,966,868

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Treasury Stock - Number of shares

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

  

 (918,600

 )

  

  

 (264,676

 )

  

  

 (871,489

 )

  

  

 (140,048

 )

 

 
 Stock-based compensation

  

  

 50,544

  

  

  

 72,230

  

  

  

 55,214

  

  

  

 79,200

  

 

 
 Repurchase of common stock

  

  

 (214,712

 )

  

  

 (237,632

 )

  

  

 (266,493

 )

  

  

 (369,230

 )

 

 
 Balance at End of Period

  

  

 (1,082,768

 )

  

  

 (430,078

 )

  

  

 (1,082,768

 )

  

  

 (430,078

 )

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Common Stock - Number of shares outstanding

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at Beginning of Period

  

  

 46,048,268

  

  

  

 46,702,192

  

  

  

 46,095,379

  

  

  

 46,826,820

  

 

 
 Stock-based compensation

  

  

 50,544

  

  

  

 72,230

  

  

  

 55,214

  

  

  

 79,200

  

 

 
 Repurchase of common stock

  

  

 (214,712

 )

  

  

 (237,632

 )

  

  

 (266,493

 )

  

  

 (369,230

 )

 

 
 Balance at End of Period

  

  

 45,884,100

  

  

  

 46,536,790

  

  

  

 45,884,100

  

  

  

 46,536,790

  

 

  
The accompanying notes are an integral part of these interim consolidated financial statements.

 8
Return to Index

 
  

 CORE LABORATORIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

 

 
 CASH FLOWS FROM OPERATING ACTIVITIES:

  

  

  

  

  

  

 

 
 Net income

  

 $

 5,045

  

  

 $

 10,738

  

 

 
 Adjustments to reconcile net income to net cash provided by operating activities:

  

  

  

  

 

 
 Stock-based compensation

  

  

 5,934

  

  

  

 4,697

  

 

 
 Depreciation and amortization

  

  

 7,589

  

  

  

 7,387

  

 

 
 Inventory write-off and obsolescence

  

  

 432

  

  

  

 1,620

  

 

 
 Net provision for credit losses

  

  

 92

  

  

  

 1,603

  

 

 
 Changes in value of life insurance policies

  

  

 (1,281

 )

  

  

 (834

 )

 

 
 Deferred income taxes

  

  

 (1

 )

  

  

 (3,167

 )

 

 
 Insurance recovery on property, plant and equipment

  

  

 (175

 )

  

  

 (1,557

 )

 

 
 Realization of pension obligation

  

  

 94

  

  

  

 89

  

 

 
 Other non-cash items

  

  

 (113

 )

  

  

 511

  

 

 
 Changes in assets and liabilities:

  

  

  

  

  

  

 

 
 Accounts receivable

  

  

 4,619

  

  

  

 (3,717

 )

 

 
 Inventories

  

  

 (3,897

 )

  

  

 (1,991

 )

 

 
 Prepaid expenses and other current assets

  

  

 (907

 )

  

  

 (817

 )

 

 
 Other assets

  

  

 (7

 )

  

  

 (109

 )

 

 
 Accounts payable

  

  

 3,257

  

  

  

 6,647

  

 

 
 Accrued expenses

  

  

 (8,420

 )

  

  

 (886

 )

 

 
 Unearned revenues

  

  

 (476

 )

  

  

 (218

 )

 

 
 Other liabilities

  

  

 (11

 )

  

  

 587

  

 

 
 Net cash provided by operating activities

  

  

 11,774

  

  

  

 20,583

  

 

 
 CASH FLOWS FROM INVESTING ACTIVITIES:

  

  

  

  

  

  

 

 
 Capital expenditures - operations

  

  

 (8,135

 )

  

  

 (6,259

 )

 

 
 Capital expenditures - rebuilding of Aberdeen facility

  

  

 (2,524

 )

  

  

 (1,648

 )

 

 
 Proceeds from insurance recovery - Aberdeen facility

  

  

 —

  

  

  

 4,678

  

 

 
 Acquisitions, net of cash acquired

  

  

 —

  

  

  

 (617

 )

 

 
 Proceeds from sale of assets

  

  

 3,074

  

  

  

 2,196

  

 

 
 Patents and other intangibles

  

  

 11

  

  

  

 —

  

 

 
 Net proceeds on life insurance policies

  

  

 252

  

  

  

 778

  

 

 
 Net cash used in investing activities

  

  

 (7,322

 )

  

  

 (872

 )

 

 
 CASH FLOWS FROM FINANCING ACTIVITIES:

  

  

  

  

  

  

 

 
 Repayment of long-term debt

  

  

 (77,625

 )

  

  

 (27,000

 )

 

 
 Proceeds from long-term debt

  

  

 81,000

  

  

  

 25,000

  

 

 
 Dividends paid

  

  

 (920

 )

  

  

 (938

 )

 

 
 Repurchase of common stock

  

  

 (6,688

 )

  

  

 (4,761

 )

 

 
 Other financing activities

  

  

 (186

 )

  

  

 19

  

 

 
 Net cash used in financing activities

  

  

 (4,419

 )

  

  

 (7,680

 )

 

 
 NET CHANGE IN CASH AND CASH EQUIVALENTS

  

  

 33

  

  

  

 12,031

  

 

 
 CASH AND CASH EQUIVALENTS, beginning of period

  

  

 22,702

  

  

  

 19,157

  

 

 
 CASH AND CASH EQUIVALENTS, end of period

  

 $

 22,735

  

  

 $

 31,188

  

 

 
  

  

  

  

  

  

  

 

 
 Supplemental disclosures of cash flow information:

  

  

  

  

  

  

 

 
 Cash payments for interest

  

 $

 4,313

  

  

 $

 4,065

  

 

 
 Cash payments (net of refunds) for income taxes

  

 $

 6,546

  

  

 $

 4,874

  

 

 
 Non-cash investing and financing activities:

  

  

  

  

  

  

 

 
 Capital expenditures incurred but not paid for as of the end of the period

  

 $

 1,303

  

  

 $

 819

  

 

  
The accompanying notes are an integral part of these interim consolidated financial statements.

 9
Return to Index

 
  

 CORE LABORATORIES INC.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. DESCRIPTION OF BUSINESS 
References to “Core Lab”, “Core Laboratories”, the “Company”, “we”, “our” and similar phrases are used throughout this Quarterly Report on Form 10-Q (“Quarterly Report”) and relate collectively to Core Laboratories Inc. and its consolidated subsidiaries.
We operate our business in two segments: (1) Reservoir Description and (2) Production Enhancement. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields. For a description of the types of services and products offered by these operating segments, see Note 15 - Segment Reporting.

2. SIGNIFICANT ACCOUNTING POLICIES UPDATE
Basis of Presentation and Principles of Consolidation
The accompanying unaudited interim consolidated financial statements include the accounts of Core Laboratories Inc. and its subsidiaries for which we have a controlling voting interest and/or a controlling financial interest. These financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information using the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all of the information and footnote disclosures required by U.S. GAAP for the annual financial statements and should be read in conjunction with the audited financial statements and notes thereto included in Core Laboratories Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, including Note 2 - Summary of Significant Accounting Policies. Core Laboratories Inc.’s balance sheet information for the year ended December 31, 2025, was derived from the 2025 audited consolidated financial statements. There have been no changes to the accounting policies during the six months ended June 30, 2026, except as noted below.
Core Laboratories Inc. uses the equity method of accounting for investments in which it has less than a majority interest and does not exercise control but does exert significant influence. Non-controlling interest has been recorded to reflect outside ownership attributable to consolidated subsidiaries that are less than 100% owned. All inter-company transactions and balances have been eliminated in consolidation. 
In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included in these financial statements. Furthermore, the operating results presented for the three and six months ended June 30, 2026, may not necessarily be indicative of the results that may be expected for the year ending December 31, 2026.
Certain reclassifications were made to prior period amounts included in this Quarterly Report on Form 10-Q in order to conform to the current period presentations. Refer to Core Laboratories Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, Note 2 - Summary of Significant Accounting Policies - Prior Period Immaterial Corrections. Specifically, the Company has made adjustments to previously reported beginning retained earnings and total assets for the three and six months ended June 30, 2025. These reclassifications had no impact on the reported net income or cash flows for the three and six months ended June 30, 2025. 

Property, Plant and Equipment
We review our long-lived assets (“LLA”) for impairment when events or changes in circumstances indicate that their net book value may not be recovered over their remaining service lives. Indicators of possible impairment may include significant declines in activity levels in regions where specific assets or groups of assets are located, extended periods of idle use, declining revenue or cash flow or overall changes in general market conditions. 

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 We have performed assessments for LLA located in regions impacted by the Middle East and between Russia and Ukraine geopolitical conflicts and no triggering events have been identified to indicate that their net book value may not be recoverable as of June 30, 2026.

Recent Accounting Pronouncements 
Pronouncements Adopted in 2026
In July 2025, FASB issued ASU 2025-05 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows public business entities to apply a practical expedient when estimating expected credit losses that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendment is effective for annual and interim periods beginning after December 15, 2025. We adopted the guidance during the six months ended June 30, 2026. The Company has elected to apply the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. When an account is determined to be uncollectible, we charge the receivable to our allowance for credit losses.
Issued But Not Yet Effective 
In November 2024, FASB issued ASU 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) to improve disclosures about a public business entity’s expenses, by providing more detailed information about the types of expenses in commonly presented expense captions. As amended by ASU 2025-01 issued in January 2025, the amendment is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendment may be applied prospectively or retrospectively. Upon adoption, our disclosures regarding expenses will be expanded.
In December 2025, FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements to clarify the applicability of Topic 270, including types of interim reporting and the form and content of interim financial statements. It also provides a comprehensive list of required interim disclosures and requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendment is effective for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We do not expect the update to have an effect on our interim reporting.

3. ACQUISITIONS AND DIVESTITURES
We had no significant business acquisitions or divestitures during the three and six months ended June 30, 2026 and 2025. 

4. INVENTORIES
Inventories consist of the following (in thousands):

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,
2026

  

  

 December 31,
2025

  

 

 
  Finished goods

  

 $

 25,911

  

  

 $

 24,962

  

 

 
  Parts and materials

  

  

 28,490

  

  

  

 26,932

  

 

 
  Work in progress

  

  

 3,560

  

  

  

 2,602

  

 

 
  Total inventories

  

 $

 57,961

  

  

 $

 54,496

  

 

 
We include freight costs incurred for shipping inventory to our clients in the cost of product sales caption in the accompanying consolidated statements of operations.

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 5. LEASES
Our operating leases primarily consist of offices and lab space, machinery, equipment, and vehicles. We terminated certain leases in the U.S. and other international locations during the six months ending June 30, 2026 and 2025. See Note 12 - Other (Income) Expense, net for additional information regarding lease termination costs.
The components of lease expense and other information are as follows (in thousands):

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

 

 
  

  

 June 30,

  

  

 June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Consolidated Statements of Operations:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Operating lease expense

  

 $

 4,294

  

  

 $

 4,168

  

  

 $

 8,769

  

  

 $

 8,346

  

 

 
 Short-term lease expense

  

  

 470

  

  

  

 392

  

  

  

 881

  

  

  

 881

  

 

 
 Variable lease expense

  

  

 481

  

  

  

 378

  

  

  

 960

  

  

  

 859

  

 

 
 Total lease expense

  

 $

 5,245

  

  

 $

 4,938

  

  

 $

 10,610

  

  

 $

 10,086

  

 

 
 Consolidated Statements of Cash Flows:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Operating cash flows - operating leases payments

  

 $

 5,184

  

  

 $

 4,689

  

  

 $

 9,615

  

  

 $

 8,895

  

 

 
 Right of use assets obtained in exchange for
operating lease liabilities

  

 $

 1,725

  

  

 $

 721

  

  

 $

 6,079

  

  

 $

 4,876

  

 

 
 Other information:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Weighted-average remaining lease term - operating leases

  

 7.73 years

  

  

 8.36 years

  

  

 7.73 years

  

  

 8.36 years

  

 

 
 Weighted-average discount rate -