Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt

We had no debt outstanding as of December 31, 2025 and 2024. We had $1.8 million in letters of credit outstanding and were in compliance with all covenants under the Amended ABL Credit Facility (as defined below) as of December 31, 2025.

The Amended ABL Credit Facility was amended in December 2025 (the “Amended ABL Credit Facility”). The amendment established a delayed‑draw term loan facility (the “Term Loan Facility”) and extended the maturity of the revolving credit facility. The amendment provides for a term loan facility of up to the lesser of $100.0 million and 85% of the appraised value of eligible machinery and equipment, which may be drawn in up to two advances during the six months following December 1, 2025. The term loan facility was undrawn as of December 31, 2025. Any amounts drawn will mature three years from the initial funding date and bear interest, at the borrower’s option, at ABR or SOFR‑based rates plus applicable margins. The unused portion of the term loan facility is subject to a 0.05% monthly unused line fee.

The December 2025 amendment also extended the maturity of the revolving credit facility to December 1, 2030. The Amended ABL Credit Facility requires compliance with a maximum leverage ratio of 2.50 to 1.00 for so long as the term loan facility is outstanding or available. Until the Term Loan Facility is repaid or terminated without being drawn, the collateral for the ABL Credit Facility was expanded to include certain equipment and intellectual property of Cactus Companies and its subsidiaries that are guarantors.

The Amended ABL Credit Facility provides up to $225.0 million in revolving commitments, of which $20.0 million is available for the issuance of letters of credit. Subject to certain terms and conditions set forth in the Amended ABL Credit Facility, Cactus Companies may request additional revolving commitments in an amount not to exceed $50.0 million, for a total of up to $275.0 million in revolving commitments. The maximum amount that Cactus Companies may borrow under the Amended ABL Credit Facility is subject to a borrowing base, which is based on a percentage of eligible accounts receivable and eligible inventory, subject to reserves and other adjustments.

Borrowings under the Amended ABL Credit Facility bear interest at Cactus Companies’ option at either (i) the Alternate Base Rate (as defined therein) (“ABR”), or (ii) the Adjusted Term SOFR Rate (as defined therein) (“Term Benchmark”), plus, in each case, an applicable margin. Letters of credit issued under the Amended ABL Credit Facility accrue fees at a rate equal to the applicable margin for Term Benchmark borrowings. The applicable margin for revolving loan borrowings ranges from 0.0% to 0.5% per annum for revolving loan ABR borrowings and 1.25% to 1.75% per annum for revolving loan Term Benchmark borrowings and, in each case, is based on the average quarterly availability of the revolving loan commitment under the Amended ABL Credit Facility for the immediately preceding fiscal quarter. The unused portion of the revolving commitment under the Amended ABL Credit Facility is subject to a commitment fee of 0.25% per annum.

At December 31, 2025 and 2024, although there were no borrowings outstanding, the applicable margin on our Term Benchmark borrowings was 1.25%, plus the base rate of one, three or six month SOFR plus 0.10%, subject to a floor rate.

Interest (Income) Expense, net

Interest (income) expense, net, including deferred financing cost amortization, was comprised of the following:

	Year Ended December 31,
	2025		2024		2023
Interest under bank facilities	$	695	$	639	$	3,818
Deferred financing cost amortization	1,081		1,120		4,514
Finance lease interest	1,958		1,635		1,110
Other	615		430		794
Interest income	(15,311)		(10,283)		(3,756)
Interest (income) expense, net	$	(10,962)	$	(6,459)	$	6,480