Superior Drilling Products SDPI

Is anyone in on this stock? Its currently down 12% today based on its earnings report. However, I could see this as a 24 month play if the Republicans take the White House in 2024 and they open back up the drilling rig spigots in the US. Anyone think this is worth a gamble or is this industry finished in the US.

Yahoo SDPI Third Quarter Results

The Company’s North America revenue has been pressured by a continuing decline in the U.S. rig count, which impacted Drill-N-Ream® (DNR) tool sales and contract services work. The average U.S. rig count of 650 in the third quarter of 2023 was down 111 rigs, or 15%, from the prior-year period. After the end of the third quarter of 2023, the U.S. rig count further declined to 618.

For the third quarter of 2023, North America revenue comprised approximately 88% of total revenue, with remaining sales all within the Middle East.

Timing of revenue growth from the Company’s Middle East strategy contributed to sequential revenue decline for the quarter. While the U.S. rig count has continued to decline through the year, the international rig count has increased from 900 rigs at the end of 2022 to 962 rigs at the end of October 2023.