KLX Energy Services Holdings, Inc. reported a revenue of $144.7 million for the first quarter of 2026, reflecting a decrease of 6.0% compared to $154.0 million in the same period of 2025. The decline in revenue was attributed to lower activity levels and reduced demand for services, with approximately 67% of the decrease stemming from lower average prices and 33% from reduced volume. The company's operating loss improved to $12.1 million from $17.7 million year-over-year, primarily due to lower corporate and operational costs. The net loss for the quarter was $24.0 million, down from $27.9 million in the prior year.
In terms of operational performance, KLX Energy Services experienced a significant drop in revenue across its Rocky Mountains and Southwest segments, which fell by 19.2% and 17.8%, respectively. Conversely, the Northeast/Mid-Con segment saw an increase of 28.0%, driven by higher average prices and volume. The company's cost of sales as a percentage of revenue increased to 82.3%, up from 80.4% in the previous year, largely due to rising labor and repair costs. Selling, general, and administrative expenses decreased to $15.4 million, or 10.6% of revenues, from $21.6 million, or 14.0% of revenues, reflecting ongoing cost management efforts.
KLX Energy Services has continued to focus on strategic growth through acquisitions, having completed the acquisition of Greene’s Energy Group in March 2023. The company operates over 60 service facilities across major U.S. shale basins, providing a range of oilfield services including drilling, completion, and production support. The company’s workforce has been adjusted to align with operational needs, and as of March 31, 2026, KLX Energy Services had 19,911,759 shares of common stock outstanding.
Looking ahead, KLX Energy Services anticipates continued volatility in oil and natural gas prices, which could impact demand for its services. The company is focused on maintaining operational efficiency and managing its capital expenditures prudently. As of March 31, 2026, KLX had $5.6 million in cash and cash equivalents, with an additional $42.1 million available under its 2028 ABL Facility. The company is actively exploring options to enhance its liquidity and financial flexibility, including potential refinancing of its debt and further equity offerings.
About KLX Energy Services Holdings, Inc.
KLX Energy Services provides diversified oilfield services including drilling support, well completion, production, and intervention solutions across major U.S. onshore basins. Its offerings include directional drilling, hydraulic fracturing, wireline, pressure control, and well testing, supported by proprietary tools and innovative technologies. Serving primarily independent oil and gas companies, the company emphasizes safety, technical expertise, and tailored engineered solutions in a cyclical, highly competitive energy industry.
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