Independence Contract Drilling, Inc. (ICD) stock plummeted 6.87% in the pre-market trading session at the price of $3.66 after reporting its financial results for the third quarter ended 30th September 2021. ICD offers land-based contract drilling services for natural gas and oil producers in the U.S.
ICD Third Quarter 2021 Financial Results
On 2nd November 2021, ICD announced financial results for the third quarter ended on 30th September 2021.
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Chief Executive Officer of ICD, Anthony Gallegos, stated that their market conditions are improving due to strong demand fundamentals, macro supply and shrinking availability of super-spec rigs. They have witnessed rapidly growing EBITDA margins, incremental operating, and utilization. They have received sequential margin per day improvements of 9% in the third quarter. The company expects its first-quarter 2022 margins to grow over 100% from third quarter 2021 levels. They are focused on their goal of entering 2022 by producing positive free cash flow. ICD is well-positioned to capitalize its business by 2022, he added.
ICD Financial Highlights
ICD reported revenues of $24.0 million for the third quarter ended 30th September 2021. For the same quarter ended 30th September 2020, revenues were approximately $10.2 million. The company reported revenues of $19.8 million for the second quarter of 2021. A net loss was $4.3 million, or $0.59 per share, for the third quarter of 2021. For the third quarter of 2020, net loss was $15.2 million, or $2.67 per share.
The company reported an adjusted net loss of $13.7 million, or $1.87 per share, for the third quarter ended 30th September 2021. Adjusted net loss was $15.5 million, or $2.73 per share, for the same quarter ended 30th September 2020. For the third quarter of 2021, adjusted EBITDA was $0.7 million compared to an adjusted EBITDA loss of $0.5 million in the same quarter of 2020. The adjusted EBITDA loss was approximately $0.4 million in the second quarter of 2021.
As of 30th September 2021, ICD had cash of approximately $4.3 million. It has a $132.8 million principal amount under its term loan by 30th September 2021. During the third quarter ended on 30th September 2021, the company sold approximately 40,800 shares under its equity line of credit at a gross selling price of $3.03 per share.