Financial delta drivers include: Revenue $1,352.68 million in Q2 2025, down 2.49% QoQ and down 26.53% YoY to the prior-year quarter; Gross profit $169.55 million (gross margin 12.53%); Operating income $77.73 million (operating margin 5.75%); EBITDA $143.11 million (EBITDA margin 10.58%); Adjusted EBITDA $147.30 million. Net income $2.45 million (net margin 0.18%); EPS -$0.21. Free cash flow negative $82.90 million; cash flow from operations $6.72 million; capital expenditures $89.62 million; total debt $3.231 billion; net debt $3.227 billion. Balance sheet highlights: total assets $4.89 billion; total liabilities $4.153 billion; total stockholders’ equity $185.34 million; current ratio 1.21; quick ratio 0.98; cash ratio 0.0054. Leverage remains elevated with debt-to-capitalization near 0.946 and long-term debt-to-capitalization near 0.944. Management commentary indicates a strategic focus on Water Solutions as the growth engine, ongoing LEX II expansion (initial 200,000 bpd, expandable to 500,000 bpd) placed in service, and a program to reduce dilution via warrant repurchase.