08:19 AM EST, 11/14/2025 (MT Newswires) -- Calfrac Well Services ( CFWFF ) on Friday reported a swing to net income in the third quarter, while its revenue fell and also announced a rights offering and redemption of second lien notes.

The company reported a third-quarter net income from continuing operations of near $4.3 million or $0.05 per share basic and diluted, compared to a net loss of near $6.7 million or $0.08 per share for both in the corresponding year-ago quarter. It said the higher net income was primarily due to a reduction in current taxes in Argentina, combined with lower depreciation in North America as the comparable quarter included $8.3 million of depreciation related to the replacement of certain key components prior to the end of their estimated useful lives.

Net income from discontinued operations was reported at $0.62 million or $0.01 in the quarter, compared to $1.3 million or $0.01 in the year-ago quarter.

Third-quarter revenue from continuing operations was reported at $323.4 million, compared to $430.1 million in the year-ago quarter. The company attributed the decrease to lower activity in Argentina, combined with a reduced operating footprint in North America.

Calfrac also announced that it is commencing a rights offering to the holders of common shares to raise aggregate gross proceeds of C$35 million. The Rights Offering is fully backstopped by certain existing directors and shareholders of the company.

Calfrac's Chief Financial Officer, Mike Olinek, said: "I am very pleased with the strong financial performance demonstrated by Calfrac's teams in North America and Argentina during the third quarter despite slowing global oilfield spending. We are also excited about our ability to capture future growth opportunities in the Argentina market with the company's second unconventional fracturing fleet as customers continue to develop the Vaca Muerta shale play."

Olinek added: "The company made significant progress during the third quarter towards its debt reduction goals for 2025. Due to continued strong cash flow generation, the company has subsequently reduced its borrowings under its revolving credit facilities to $100 million as at October 31, 2025. Upon the completion of the Rights Offering and repayment of the Second Lien Notes, the company's long-term debt is expected to be within the range of $200-$215 million at year end, a year-over-year reduction of over $100 million. As Calfrac looks towards 2026, expansion capital needs are expected to be significantly lower than 2025, which will allow for continued progression on the Company's debt reduction strategic priority."