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• Nitrogen Fertilizers: Products rich in nitrogen, vital for vegetative growth and lush foliage in plants.
• Phosphorus Fertilizers: Formulations providing phosphorus, crucial for strong root development, flowering, and fruit production.
• Potassium Fertilizers: Fertilizers containing potassium, which enhances overall plant health, disease resistance, and water regulation.
• Compound Fertilizers: Blended granular or liquid fertilizers that deliver precise ratios of nitrogen, phosphorus, and potassium (NPK) to meet specific crop requirements.
• Specialty Fertilizers: Advanced fertilizer solutions designed for niche applications, such as slow-release formulas, liquid feeds, or fortified products for specific soil types and crops.

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NPK International (symbol: NPKI) does not appear to be a real, readily identifiable public company for which financial and customer data is publicly available. Therefore, I cannot provide an accurate list of its major customers based on real-world data.

However, to demonstrate the requested output format, I will present a hypothetical scenario assuming NPK International is a major producer of agricultural chemicals, specifically NPK (Nitrogen, Phosphorus, Potassium) fertilizers and related compounds.

In this hypothetical scenario, NPK International sells primarily to other companies (B2B). Its major customers would include:

• Agri-Supply Global Corp. (Symbol: ASGC - hypothetical)

  A large international distributor of agricultural inputs, including fertilizers, seeds, and crop protection products. They would purchase NPK International's bulk fertilizer compounds and distribute them to farmers and smaller retailers worldwide.

• BioChem Solutions Inc. (Symbol: BCSI - hypothetical)

  A specialty chemical manufacturer that would use NPK International's high-purity NPK compounds as raw materials for their proprietary blended fertilizers and hydroponic nutrient solutions.

• National Farm Cooperative Federation (Private Company)

  A consortium of regional agricultural cooperatives across North America. They would purchase various grades of NPK fertilizers in large volumes for their member farmers, benefiting from bulk pricing and a direct supply chain.

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Matthew S. Lanigan, President and Chief Executive Officer

Mr. Lanigan was promoted to President and Chief Executive Officer of NPK International (formerly Newpark) and joined its Board of Directors in March 2022. He initially joined NPK in April 2016 as President, Mats & Integrated Services and Vice President, Newpark Resources, Inc., and was later promoted to President and Chief Operating Officer in September 2021. Prior to his tenure at NPK, Mr. Lanigan served as Managing Director of Custom Fleet Services in Australia for GE Capital Corp and as Commercial Excellence Leader in Asia Pacific for GE Capital, where he also held various executive positions in marketing and sales. Earlier in his career, he worked as a Drilling & Completions Engineer and Offshore Production Engineer and Marketer for ExxonMobil.

Gregg S. Piontek, Senior Vice President and Chief Financial Officer

Mr. Piontek has served as NPK International's Chief Financial Officer since October 2011 and Senior Vice President since February 2018. He joined NPK in April 2007 as Vice President, Controller, and Chief Accounting Officer. Before joining NPK, Mr. Piontek was Vice President and Chief Accounting Officer at Stewart & Stevenson LLC, where he was responsible for directing start-up and purchase accounting functions related to an acquisition and led the executive financial officer role for a public debt offering. His prior experience includes various financial roles at General Electric, CNH Global NV, and Deloitte & Touche LLP.

Lori Briggs, Executive Vice President Business Operations

Ms. Briggs joined NPK in October 2017 as Senior Director of Business Transformation & Integration and was promoted to Vice President of Marketing for Industrial Services in January 2021. She assumed her current role as President of Industrial Solutions in September 2021, and is currently Executive Vice President Business Operations. Her career has focused on integrating expertise in marketing, business development, pricing, and finance to enhance profitability and optimize team performance across various platforms.

M. Celeste Frugé, VP – General Counsel, Chief Compliance Officer, and Corporate Secretary

Ms. Frugé joined NPK in April 2008 as Senior Corporate Counsel and was promoted to Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary in May 2023. Throughout her time at NPK, she has held increasingly responsible legal roles, including Associate General Counsel and Deputy General Counsel. Ms. Frugé has managed and overseen numerous global legal matters, such as complex commercial issues, acquisitions and divestitures, litigation, joint ventures, and regulatory compliance. Before NPK, she practiced law at Winstead, PC, and Stibbs & Burbach, PC.

Douglas L. White, Vice President, Chief Accounting Officer and Treasurer

Mr. White serves as the Vice President, Chief Accounting Officer, and Treasurer for NPK International.

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The key risks to NPK International (symbol: NPKI) include its exposure to the volatile energy sector and broader macroeconomic headwinds, ongoing margin compression due to cost pressures, and a notable dependence on key customers.

1. Sector-Specific Volatility and Macroeconomic Headwinds: NPK International operates within the energy sector, particularly in oil and gas, providing temporary worksite access solutions, a sector inherently prone to volatility. The company faces risks from macroeconomic uncertainties, reduced government spending, and diminished activity in the oil and gas industry, which have led to substantial downward revisions in revenue forecasts. Furthermore, potential slowdowns in demand for utility infrastructure projects could also impact the business.
2. Margin Compression and Cost Pressures: Despite high utilization rates of its assets, NPKI has experienced a decline in its net profit margin. Increased selling, general, and administrative (SG&A) expenses, driven by fleet expansion and incentive programs, are exerting pressure on operating leverage. Additionally, elevated cross-rent and transportation costs are contributing to higher costs of revenue, posing a downside risk to profitability.
3. Dependence on Key Customers: NPK International faces a concentration risk due to its reliance on a major utilities customer. This single customer accounted for 18% of the company's total revenues in the first nine months of 2025. Any disruption or loss of business from this significant customer could have a material adverse impact on NPKI's revenue and overall profitability.

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1. **Emergence of Biological Alternatives and Regenerative Agriculture:** A growing number of startups and established agricultural companies are investing heavily in biological solutions (e.g., nitrogen-fixing microbes, bio-stimulants) that can reduce the need for synthetic NPK fertilizers. Companies like Pivot Bio offer microbial products that enable crops to produce their own nitrogen. Concurrently, there is an increasing adoption of regenerative agriculture practices, which focus on improving soil health, reducing reliance on synthetic inputs, and enhancing natural nutrient cycling. This trend could directly erode demand for traditional bulk NPK fertilizers.

2. **Intensifying Environmental Regulations and Sustainability Demands:** Governments and consumers are putting increasing pressure on the agricultural sector to reduce its environmental footprint. This includes stricter regulations on nutrient runoff (leading to eutrophication), emissions from fertilizer production (e.g., nitrous oxide, a potent greenhouse gas), and overall chemical input use. Examples include the European Union's "Farm to Fork" strategy aiming for significant reductions in fertilizer use and nutrient losses. Such regulations could lead to higher compliance costs, necessitate shifts to more expensive "green" production methods, or directly limit the volume of traditional fertilizer sales.

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NPK International Inc. (NPKI) specializes in providing temporary worksite access solutions, primarily through the manufacturing, sale, and rental of recyclable composite matting products and related site construction services. The company serves various industries, including power transmission, oil and natural gas exploration and production, pipeline, renewable energy, petrochemical, and construction, with operations in the United States, the United Kingdom, and global sales of its composite mats.

Based on available market research, the addressable markets for NPK International's main products and services can be estimated as follows:

• Global Access Mats Market: This market was valued at approximately USD 1.9 billion in 2024 and is projected to reach USD 3.3 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of roughly 5.6% from 2025 to 2034. North America is expected to be the dominant region in this market.
• Global Construction Mats Market: In 2021, this market was valued at USD 1.3 billion and is projected to reach USD 2.1 billion by 2031, exhibiting a CAGR of 4.6% from 2022 to 2031. North America held the highest revenue share in this market in 2021.
• Global Ground Protection Mats Market: This market was estimated at USD 2.08 billion in 2025 and is expected to reach USD 2.91 billion by 2032, with a CAGR of 4.9% from 2025 to 2032. North America is estimated to account for over 40.6% of the global demand in 2025. Another estimate indicates a global market size of USD 428.6 million in 2024, projected to reach USD 603.08 million by 2031 at a CAGR of 5.00% from 2024 to 2031. Within this, North America held more than 40% of the global revenue (USD 171.44 million) in 2024, and the U.S. market size was USD 135.27 million in 2024.
• Global Composite Mats Market: This market reached USD 796.2 million in 2024 and is projected to grow to USD 1.48 billion by 2033, with a CAGR of 7.1% from 2025 to 2033. North America represented approximately 41% of this market in 2024, equating to roughly USD 326.4 million.
• Global Industrial Temporary Road Mats Market: This market was valued at approximately USD 1.5 billion in 2023 and is projected to reach USD 2.8 billion by 2032, with a CAGR of 6.5%.
• Global Heavy Equipment Road Mats Market: This market is estimated to reach approximately USD 850 million in 2025, with a projected CAGR of around 6.5% during the forecast period of 2025-2033.
• Global Composite Rig Mats Market: This market size reached USD 1.32 billion in 2024 and is forecasted to grow at a CAGR of 6.7% from 2025 to 2033, with a projected valuation of USD 2.40 billion by 2033.

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Here are 3-5 expected drivers of future revenue growth for NPK International (symbol: NPKI) over the next 2-3 years:

1. Strong Demand in Critical Infrastructure Markets: NPK International is poised to benefit from multi-year investment cycles and stable demand in critical infrastructure markets. This includes significant repair and maintenance needs for aging pipeline infrastructure, as well as growth in power transmission due to increasing electricity demand from data centers and artificial intelligence.
2. Expansion of the Rental Business and Fleet: The company continues to prioritize and expand its rental business, which management views as a key long-term driver of returns. NPK International has achieved record rental fleet utilization and is investing significantly in fleet expansion, with over $40 million allocated to the rental fleet for the full year 2025. This expansion is expected to drive rental and service revenues to grow in the high teens to low 20s percentage range over 2024.
3. Conversion from Wood to Composite Mats: NPK International is experiencing strong revenue growth driven by the ongoing market conversion from traditional wood mats to more durable and sustainable composite mats in the utilities and critical infrastructure sectors. This shift has led to improved performance in product sales.
4. Geographic Expansion and Strategic Focus on Utility Customers: The company is actively pursuing geographic expansion, with opportunities identified within the U.S. and potentially the U.K. markets. A strategic focus on high-demand utility customers, particularly in the power transmission sector, is a significant catalyst for both product sales and overall revenue growth.
5. Increased Manufacturing Capacity and Operational Efficiency: To meet robust market demand, NPK International is accelerating its manufacturing capacity expansion plans, with ongoing efforts to debottleneck production and improve efficiency. These initiatives are aimed at supporting continued growth and improving gross margins.

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Share Repurchases

• In February 2024, NPK International's Board of Directors increased the authorization for repurchases of common stock up to $50.0 million.
• No share repurchases were executed in 2024 due to trading blackout restrictions associated with the sale of the Fluids Systems business.
• Year-to-date through September 30, 2025, the company repurchased 3.0 million shares for $20.4 million. As of that date, $91.7 million remained under the share repurchase authorization.

Capital Expenditures

• Capital investments in the fourth quarter of 2024 amounted to $12 million, net, predominantly used for expanding the mat rental fleet.
• For the full year 2025, NPK International initially guided for capital expenditures between $35 million and $40 million.
• In the third quarter of 2025, the full-year capital expenditure plan was raised by $10 million, now projected to be in the range of $45 million to $50 million, primarily to align with expected demand growth in 2026 and accelerate manufacturing capacity expansion. Approximately 80% of these expenditures are allocated to expanding the rental fleet.