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PRESS RELEASE FOR IMMEDIATE DISTRIBUTION CES Energy Solutions November 11 , 2021 CES ENERGY SOLUTIONS CORP . ANNOUNCES STRONG Q3 2021 RESULTS CES Energy Solutions Corp. ( " CES " or the " Company " ) ( TSX : CEU ) ( OTC - Nasdaq Intl : CESDF ) announced today the Company's results for the three and nine months ended September 30 , 2021 . In Q3 2021 CES demonstrated continued strong revenues , margins , and surplus free cash flow generation , underpinned by a focus on strategic investments in working capital and preservation of strong balance sheet and liquidity metrics . Revenue for the quarter was $ 314.4 million , representing a sequential increase of $ 60.8 million or 24.0 % over $ 253.6 million in Q2 2021. Adjusted EBITDAC was $ 42.0 million , representing $ 10.0 million or 31.3 % increase over $ 32.0 million in Q2 2021 , and Adjusted EBITDAC margins continued to improve , reaching 13.4 % in Q3 2021 versus 12.6 % in Q2 2021 . CES realized improvements throughout its business lines amid strengthening industry conditions as it was able to leverage its established infrastructure , strong industry positioning , committed employees , and strategic investments in key raw materials . The continued positive momentum demonstrated in the quarter has been supported by improvements in rig activity , higher volumes , pricing increases , and strategic procurement initiatives that are expected to continue through the balance of the year and into 2022 . As industry activity levels continued to improve , CES remained disciplined on capital expenditures during the quarter , retaining substantial liquidity while also making strategic use of its balance sheet to finance key surplus raw material purchases in order to meet the increasing needs of existing and new customers , manage product cost inflation , and mitigate the effects of global supply chain constraints . CES exited the quarter with a net draw on its Senior Facility of $ 50.5 million versus a net cash position of $ 11.9 million on June 30 , 2021 and Total Debt , net of cash , of $ 372.1 million versus $ 304.6 million on June 30 , 2021 , of which $ 288.0 million relates to Senior Notes which don't mature until October 21 , 2024. CES ' Senior Facility has a maximum available draw of approximately C $ equivalent $ 232.5 million providing ample liquidity to support increasing business activity levels . The increases realized during the quarter were primarily driven by strategic investments in working capital to support strong sequential revenue growth and strategic purchases of key raw material inventories , along with the repurchase of 863,400 common shares for $ 1.4 million , at an average price of $ 1.66 per share , under the Company's NCIB program . As of this date , the Company had a net draw on its Senior Facility of approximately $ 81.0 million in support of working capital levels associated with strong revenue growth and continued strategic investment in surplus inventory levels . In the third quarter , CES generated revenue of $ 314.4 million , an increase of $ 148.1 million or 89.1 % compared to $ 166.3 million in revenue for Q3 2020 and a sequential increase of 24.0 % compared to $ 253.6 in revenue for Q2 2021. For the nine months ended September 30 , 2021 , CES generated revenue of $ 828.6 million , an increase of $ 153.4 million or 22.7 % from $ 675.2 million in the 2020 comparative period . As producers ' capital spending improved and production levels increased , activity and industry rig counts have seen a significant uptick from the lows seen during the height of the COVID - 19 pandemic in 2020 .