For the second quarter of 2022, North America revenue comprised approximately 89% of total revenue, with remaining sales all within the Middle East. Revenue in North America grew year-over-year from increased Tool Revenue and strong growth in Contract Services. The Company expects third quarter 2022 revenue will be $8 million to $9 million and Adjusted EBITDA to range between $3.5 million to $4.0 million. Other Related Tool Revenue is comprised of royalties and fleet maintenance fees. Tool Revenue is the sum of Other Related Tool Revenue and Tool Sales/Rental revenue.

Source: The North Africa Journal August 12, 2022 17:00 UTC