Select Water Solutions, Inc.

selectwater.com

What Do They Do?

Provides water transfer, containment and monitoring services for oil and gas well operations, and builds water infrastructure and supplies completion chemicals for producers and pressure-pumping companies.

How Do They Make Money?

Water Infrastructure and Water Services earn money as they perform customer-requested services, charged daily, hourly or per unit; Chemical Technologies sells chemicals with revenue tied to product delivery.

revenue

Segment	Share	How money arrives
Water Infrastructure Usage-based	22% FY2022: 9.0%	Usage-based
Water Services Usage-based	56% FY2022: 68%	Usage-based
Chemical Technologies Sold outright	22% FY2022: 23%	Sold outright

Who Are Their Customers?

Serves oil and gas producers and pressure-pumping companies; water jobs are requested under customer orders or contracts, with sales representatives working at field and corporate levels.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$79.9M.

Operating income, FY2025

2% of revenue

▼ −47% vs FY2024 ($54.5M, 4%)

Net income, FY2025

2% of revenue

▼ −31% vs FY2024 ($30.6M, 2%)

Free cash flow, FY2025

−6% of revenue

▼ Now a loss vs FY2024 ($61.7M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +9%; vs $364.2M in Q2 FY2025
Net income: ▲ +98%; vs $10.6M in Q2 FY2025

Water Services share of revenue vs 59.2% in Q2 FY2025

Aug 4, 2026 Signed a customer agreement for disposal wells and a pipeline project It includes 14 disposal wells and a seven-year, 128-million-barrel commitment; the company expects 2026 net capital expenditures of $250 – $290 million.

Growing. Revenue grew 84% in 4 years, from $764.6M in FY2021 to $1.4B in FY2025, about 16% a year.

Water beyond oil and gas The older report framed reuse beyond oil and gas as a longer-term possibility. The latest report describes AV Farms as a water-rights platform targeting municipal, agricultural and industrial customers, extending the business beyond oil and gas water management.

Revenue over time

Water Infrastructure Water Services Chemical Technologies

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments