"Rack up another 1 mill loss!!"
Operating loss fell sharply to only $568,000 which should be covered by the Petrobras, Ecopetrol, and Cenovus deals recently announced. The contracts are now in place to potentially take WEEE to cashflow neutral on an operating basis. The rest of the so called loss was largely an inverstment in new tools likely for the Petrobras, Ecopetrol, and Cenovus deals ahead of installation. These are just one time costs with the revenue potentially coming in for years, and years. They also have 20 performance drilling tools now, and had a huge surge in Canadian stim and workover revenues for the quarter potentially requiring additional tools.