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Flotek Announces Increased 2024 Guidance, Improved Revenue, and Continued Profit Growth in Connection with Third Quarter 2024 Results

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Flotek Industries (NYSE: FTK) reported strong Q3 2024 results with total revenue of $49.7 million, up 5% year-over-year. The company achieved net income of $2.5 million ($0.08 per diluted share) and adjusted EBITDA of $4.8 million, representing increases of 97% and 43% respectively compared to Q3 2023. Data Analytics segment showed impressive growth with a 58% year-over-year revenue increase. Based on strong performance, Flotek increased its 2024 adjusted EBITDA guidance to $16.5-18.5 million from $14-18 million, and adjusted gross profit margin guidance to 20-22% from 18-22%.

Flotek Industries (NYSE: FTK) ha riportato risultati solidi per il terzo trimestre del 2024 con un fatturato totale di 49,7 milioni di dollari, in aumento del 5% rispetto all'anno precedente. L'azienda ha registrato un utile netto di 2,5 milioni di dollari (0,08 dollari per azione diluita) e un EBITDA rettificato di 4,8 milioni di dollari, con aumenti rispettivamente del 97% e del 43% rispetto al terzo trimestre del 2023. Il segmento Data Analytics ha mostrato una crescita impressionante con un incremento del fatturato del 58% anno su anno. Sulla base di queste performance solide, Flotek ha aumentato le sue previsioni di EBITDA rettificato per il 2024 a 16,5-18,5 milioni di dollari, rispetto ai 14-18 milioni di dollari precedenti, e le previsioni sul margine di profitto lordo rettificato al 20-22% rispetto al 18-22% precedente.

Flotek Industries (NYSE: FTK) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos totales de 49.7 millones de dólares, un incremento del 5% respecto al año anterior. La empresa logró un ingreso neto de 2.5 millones de dólares (0.08 dólares por acción diluida) y un EBITDA ajustado de 4.8 millones de dólares, lo que representa aumentos del 97% y 43% respectivamente en comparación con el tercer trimestre de 2023. El segmento de Análisis de Datos mostró un crecimiento impresionante con un aumento del 58% en los ingresos interanuales. Basándose en un rendimiento sólido, Flotek aumentó su guía de EBITDA ajustado para 2024 a 16.5-18.5 millones de dólares, frente a los 14-18 millones anteriores, y la guía de margen de ganancia bruta ajustado al 20-22% desde el 18-22% anterior.

Flotek Industries (NYSE: FTK)가 2024년 3분기 강력한 실적을 발표했습니다. 총 수익은 4,970만 달러로, 전년 대비 5% 증가했습니다. 회사는 순이익 250만 달러 (희석 주당 0.08달러)와 조정 EBITDA 480만 달러를 달성했으며, 이는 2023년 3분기와 비교하여 각각 97%와 43% 증가한 수치입니다. 데이터 분석 부문은 전년 대비 58%의 매출 증가를 보여주는 인상적인 성과를 보였습니다. 이런 우수한 실적에 기반하여, Flotek은 2024년 조정 EBITDA 가이던스를 1,650만-1,850만 달러에서 1,400만-1,800만 달러로 상향 조정했습니다. 또한 조정 총 이익률 가이던스를 20-22%에서 18-22%로 변경했습니다.

Flotek Industries (NYSE: FTK) a annoncé des résultats solides pour le troisième trimestre 2024 avec un chiffre d'affaires total de 49,7 millions de dollars, soit une augmentation de 5% par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net de 2,5 millions de dollars (0,08 dollar par action diluée) et un EBITDA ajusté de 4,8 millions de dollars, représentant des augmentations de 97% et 43% respectivement par rapport au troisième trimestre 2023. Le segment d'analyse de données a montré une croissance impressionnante avec une augmentation des revenus de 58% d'une année sur l'autre. Sur la base de cette solide performance, Flotek a relevé sa prévision d'EBITDA ajusté pour 2024 à 16,5-18,5 millions de dollars, contre 14-18 millions de dollars précédemment, et a modifié ses prévisions de marge brute ajustée à 20-22% contre 18-22% précédemment.

Flotek Industries (NYSE: FTK) hat für das dritte Quartal 2024 starke Ergebnisse gemeldet, mit einem Gesamtumsatz von 49,7 Millionen US-Dollar, was einem Anstieg von 5% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen Nettogewinn von 2,5 Millionen US-Dollar (0,08 US-Dollar pro verwässerter Aktie) und ein bereinigtes EBITDA von 4,8 Millionen US-Dollar, was einem Anstieg von 97% und 43% im Vergleich zum dritten Quartal 2023 entspricht. Der Datenanalyse-Sektor zeigte ein beeindruckendes Wachstum mit einem Umsatzanstieg von 58% im Jahresvergleich. Basierend auf dieser starken Leistung hat Flotek seine Prognose für das bereinigte EBITDA 2024 auf 16,5-18,5 Millionen US-Dollar gegenüber zuvor 14-18 Millionen US-Dollar angehoben, und die Prognose für die bereinigte Bruttomarge auf 20-22% von 18-22% erhöht.

Positive
  • Revenue increased 5% YoY to $49.7 million in Q3 2024
  • Net income grew 97% YoY to $2.5 million
  • Adjusted EBITDA improved 43% YoY to $4.8 million
  • Data Analytics revenue increased 58% YoY
  • Reduced borrowings under Asset Based Loan by 81%
  • SG&A expenses reduced by 12% YoY
Negative
  • Nine-month revenue decreased to $136.3M from $145.9M YoY
  • Gross profit margin declined to 18% from 19% YoY

Insights

The Q3 2024 results demonstrate robust financial improvement with several positive indicators. Revenue increased by 5% year-over-year to $49.7 million, driven by impressive 58% growth in Data Analytics. Net income nearly doubled to $2.5 million, while adjusted EBITDA grew 43% to $4.8 million.

Particularly noteworthy is the company's debt reduction, with an 81% decrease in Asset Based Loan borrowings from year-end 2023. The increased 2024 guidance, raising adjusted EBITDA expectations to $16.5-18.5 million, signals management's confidence in sustained growth. The improved adjusted gross profit margin guidance of 20-22% suggests enhanced operational efficiency.

The successful launch of flare monitoring applications, contributing 25% of Data Analytics revenue in its first quarter, represents a promising new revenue stream with growth potential.

Flotek's market positioning shows strategic strength in a challenging upstream environment. The 7% growth in chemistry segment despite declining frac fleet market indicates successful market share capture through differentiated technology solutions. The rapid adoption of flare monitoring services following EPA approval demonstrates strong product-market fit and regulatory alignment.

The eight consecutive quarters of EBITDA improvement, coupled with 12% year-over-year SG&A reduction, reflects effective cost management and operational scaling. The Data Analytics segment's continued strong growth trajectory (30% sequential increase) suggests successful diversification beyond traditional chemistry services and positions the company well for future growth in environmental monitoring solutions.

HOUSTON, Nov. 4, 2024 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced operational and financial results for the quarter ended September 30, 2024, highlighted by significant improvement in profitability metrics as compared to the third quarter of 2023. Due to the strong results achieved through the first nine months of the year, the Company increased its 2024 profit guidance.

Financial Summary (in thousands, except 'per share' amounts)


Three Months Ended September 30,


Nine Months Ended September 30,


2024


2023


2024


2023









Total Revenues

$            49,742


$            47,268


$          136,267


$          145,870

Gross Profit

$              9,119


$              9,047


$            27,108


$            14,833

Adjusted Gross Profit (1)

$            10,695


$            10,264


$            31,421


$            18,005

Net Income

$              2,532


$              1,287


$              6,068


$            22,609

Diluted Income (Loss) Per Share

$                0.08


$                0.04


$                0.20


$               (0.18)

Adjusted EBITDA (1)

$              4,840


$              3,392


$            13,303


$            (2,464)

Third Quarter 2024 Highlights

  • Generated total revenue of $49.7 million, a 5% increase from the third quarter of 2023, highlighted by a 58% year-over-year increase in Data Analytics revenues.
  • Reduced SG&A by 12% from the third quarter of 2023 and by 9% sequentially from the second quarter of 2024.
  • Reported net income of $2.5 million and adjusted EBITDA(1) of $4.8 million, representing a year-over-year increase of 97% and 43%, respectively.
  • Reduced borrowings outstanding under the Asset Based Loan by 81% (or $6.1 million) compared to year-end 2023.

2024 Guidance: Stronger Profit Expectations

Based upon the Company's strong year-to-date operational performance and the outlook for the fourth quarter, the Company is increasing its 2024 guidance. Flotek now expects adjusted EBITDA(2) to be in the range of $16.5 million to $18.5 million, up from the previous range of $14 million to $18 million. This represents a 9% increase to the midpoint of the range and a 35% increase when compared to the midpoint of the Company's original 2024 guidance of $10 million to $16 million. In addition, the Company now expects its adjusted gross profit margin(2) for 2024 to be in the range of 20% to 22%, up from the original guidance of 18% to 22%.        

Management Commentary

Chief Executive Officer Dr. Ryan Ezell commented, "We are pleased to report another quarter of outstanding safety, service quality and financial results. We continue to gain momentum and market share with the execution of our strategy, despite a challenging upstream market. Revenue from our Data Analytics segment grew 30% in the third quarter, a continuation of the strong growth of 22% in the second quarter. Our new upstream Data Analytics' applications, including flare monitoring, were a catalyst for revenue growth this quarter.  Following the EPA's approval of our JP3 analyzer in mid-July, we recognized our first revenues from flare monitoring in August and September, which comprised 25% of total quarterly segment revenues. We expect to see further growth in flare monitoring revenues during the fourth quarter. Revenue from our chemistry segment increased 7% in the third quarter, a continuation of the growth in the prior quarter. Our persistent revenue growth in our chemistry segment, despite a declining frac fleet market, is clear evidence that we are gaining market share through our differentiated chemistry technology solutions. 

In terms of profitability, adjusted EBITDA during the third quarter improved for the eighth consecutive quarter and, as a result, we are increasing our adjusted EBITDA guidance for the second time this year.  Over the first nine months of 2024, we reported adjusted EBITDA of $13.3 million, as compared to ($2.5) million during the nine months ended September 30, 2023. This $15.8 million improvement reflects the continued positive trajectory of the Company and the hard work and dedication  of the Flotek employees."   

Third Quarter 2024 Financial Results

  • Revenue: Flotek reported total revenues of $49.7 million for the third quarter of 2024, which was an increase of $2.5 million, or 5% compared to the third quarter of 2023. Third quarter revenue increased 8% sequentially driven by a 7% sequential increase in Chemistry revenues and a 30% sequential increase in Data Analytics' revenue. Data Analytics segment revenue totaled $2.7 million during the third quarter of 2024, of which 25% was attributed to Flotek's new proprietary flare measurement application.
  • Gross Profit: The Company generated gross profit of $9.1 million with a margin of 18% during the third quarter 2024, as compared to gross profit of $9.0 million with a margin of 19% for the third quarter 2023. Gross profit margin during the third quarter of 2024 was lower than the 2023 period as a result of a shift in chemistry product mix as well as lower revenue during the 2024 period related to the minimum chemistry purchase requirements contained in the Company's long-term supply agreement. Partially offsetting these items was an increase in gross profit from the Company's Data Analytics segment, which contributed $1.2 million to third quarter 2024 gross profit, a 46% increase from the year ago quarter.
  • Adjusted Gross Profit (Non-GAAP)(1): Flotek generated adjusted gross profit of $10.7 million during the third quarter 2024 compared to adjusted gross profit of $10.3 million for the third quarter 2023. Adjusted gross profit excludes non-cash items, primarily amortization of contract assets.
  • Selling, General and Administrative ("SG&A") Expense: SG&A expense totaled $5.7 million for the third quarter 2024 compared to $6.5 million for the third quarter 2023. The improvement was the result of lower personnel costs and professional fee expenses during the 2024 period.
  • Net Income and EPS: Flotek reported net income of $2.5 million, or $0.08 per diluted share, for the third quarter 2024. This compares to a net income of $1.3 million, or $0.04 per diluted share, for the third quarter 2023.
  • Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA was $4.8 million in the third quarter 2024 as compared to $3.4 million in the third quarter 2023. Third quarter 2024 adjusted EBITDA marked the eighth consecutive quarter of improvement.

(1)

A non-GAAP financial measure. See the "Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings" section in this release for more information, including reconciliations to the most comparable GAAP measures.

(2)

A non-GAAP financial measure. See the "Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings" section in this release for more information, including reconciliations to the most comparable GAAP measures. We are unable to reconcile this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure without unreasonable efforts, as we are unable to predict with a reasonable degree of certainty the impact of certain items that would be expected to impact the GAAP financial measure, including, among other items, the future amortization of our contract assets, certain stock-based compensation costs and the impact of the revaluation of certain liabilities, which is based upon our future stock price. These items do not impact the non-GAAP financial measure.

 

Conference Call Details

Flotek will host a conference call on November 5, 2024, at 9:00 a.m. CT (10:00 a.m. ET) to discuss its third quarter 2024 results. Participants may access the call through Flotek's website at www.flotekind.com under "News" within the Investor Relations section, by telephone toll free at 1-800-836-8184 (international toll: 1-646-357-8785), or by using the following link to access the audience view of the webcast at https://app.webinar.net/7baorgbxmJ5 approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company's website.

An updated corporate presentation that will be referenced on the call will be posted to the Investor Relations section of Flotek's website at www.flotekind.com prior to the start of the earnings conference call.

About Flotek Industries, Inc.

Flotek Industries, Inc. is a leading chemistry and data technology company focused on servicing the Energy industry. The Company's top tier technologies leverage near real-time data to deliver innovative solutions to maximize customer returns. Flotek has an intellectual property portfolio of over 170 patents, 20+ years of field and laboratory data, and a global presence in more than 59 countries.

Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions, aiming to reduce the environmental impact of energy on land, air, water and people.

Flotek is based in Houston, Texas and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit www.flotekind.com.

Forward-Looking Statements

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the "Risk Factors" section thereof), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

FLOTEK INDUSTRIES, INC.

 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)



September 30, 2024


December 31, 2023

ASSETS




Current assets:




Cash and cash equivalents

$                          4,997


$                          5,851

Restricted cash

101


102

Accounts receivable, net of allowance for credit losses of $388 and $745 at
September 30, 2024 and December 31, 2023, respectively

12,220


13,687

Accounts receivable, related party, net of allowance for credit losses of $0 at
each of September 30, 2024 and December 31, 2023, respectively

47,064


34,569

Inventories, net

12,744


12,838

Other current assets

2,687


3,564

Current contract asset

6,480


5,836

Total current assets

86,293


76,447

Long-term contract asset

63,835


68,820

Property and equipment, net

4,958


5,129

Operating lease right-of-use assets

3,759


5,030

Deferred tax assets, net

66


300

Other long-term assets

1,738


1,787

TOTAL ASSETS

$                      160,649


$                      157,513





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$                        37,395


$                        31,705

Accrued liabilities

4,115


5,890

Income taxes payable

54


45

Current portion of operating lease liabilities

1,642


2,449

Current portion of finance lease liabilities


22

Asset-based loan

1,426


7,492

Current portion of long-term debt

104


179

Total current liabilities

44,736


47,782

Deferred revenue, long-term

35


35

Long-term operating lease liabilities

6,871


7,676

Long-term debt


60

TOTAL LIABILITIES

51,642


55,553

Commitments and contingencies




Stockholders' equity:




Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding


Common stock, $0.0001 par value, 240,000,000 shares authorized; 30,891,597 shares issued and
29,789,476 shares outstanding at September 30, 2024; 30,772,837 shares issued and 29,664,130
shares outstanding at December 31, 2023

3


3

Additional paid-in capital

464,143


463,140

Accumulated other comprehensive income

133


127

Accumulated deficit

(320,738)


(326,806)

Treasury stock, at cost; 1,102,121 and 1,108,707 shares at September 30, 2024
and December 31, 2023, respectively

(34,534)


(34,504)

Total stockholders' equity

109,007


101,960

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$                      160,649


$                      157,513

 

FLOTEK INDUSTRIES, INC.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2024


2023


2024


2023

Revenue:








Revenue from external customers

$              16,565


$            17,806


$            47,935


$          47,278

Revenue from related party

33,177


29,462


88,332


98,592

Total revenues

49,742


47,268


136,267


145,870

Cost of goods sold

40,623


38,221


109,159


131,037

Gross profit

9,119


9,047


27,108


14,833

Operating costs and expenses:








Selling, general, and administrative

5,714


6,526


18,056


21,303

Depreciation

220


181


662


530

Research and development

462


757


1,349


2,231

Severance costs


2


23


(28)

Gain on sale of property and equipment


(38)


(34)


(38)

Gain in fair value of Contract Consideration Convertible Notes Payable




(29,969)

Total operating costs and expenses

6,396


7,428


20,056


(5,971)

Income from operations

2,723


1,619


7,052


20,804

Other income (expense):








Paycheck protection plan loan forgiveness




4,522

Interest expense

(256)


(160)


(842)


(2,537)

Other income, net

102


(91)


151


(82)

Total other income (expense)

(154)


(251)


(691)


1,903

Income before income taxes

2,569


1,368


6,361


22,707

Income tax expense

(37)


(81)


(293)


(98)

Net income

$                 2,532


$               1,287


$              6,068


$          22,609









Income (loss) per common share:







Basic

$                   0.09


$                 0.04


$                0.21


$               0.97

Diluted

$                   0.08


$                 0.04


$                0.20


$             (0.18)









Weighted average common shares:








Weighted average common shares used in
computing basic income (loss) per common share

29,613


29,358


29,498


23,291

Weighted average common shares used in
computing diluted income (loss) per common share

30,897


30,688


30,655


28,034

 

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



Nine Months Ended September 30,


2024


2023

Cash flows from operating activities:




Net income

$                    6,068


$                  22,609

Adjustments to reconcile net income to net cash provided by (used in) operating activities:




Change in fair value of contingent consideration

(46)


(384)

Change in fair value of Contract Consideration Convertible Notes Payable


(29,969)

Amortization of convertible note issuance costs


83

Payment-in-kind interest expense


2,284

Amortization of contract asset

4,341


3,665

Depreciation

662


530

Amortization of asset-based loan origination costs

243


36

Provision for credit losses, net of recoveries

121


97

Provision for excess and obsolete inventory

626


626

Gain on sale of property and equipment

(34)


(38)

Non-cash lease expense

1,661


2,316

Stock compensation expense

915


(565)

Deferred income tax expense

233


50

Paycheck protection plan loan forgiveness


(4,522)

Changes in current assets and liabilities:




Accounts receivable

1,346


3,472

Accounts receivable, related party

(12,495)


(2,082)

Inventories

(532)


(776)

Other assets

849


(863)

Accounts payable

5,690


60

Accrued liabilities

(1,730)


(3,179)

Operating lease liabilities

(2,002)


(2,636)

Income taxes payable

9


(54)

Interest payable


(8)

Net cash provided by (used in) operating activities

5,925


(9,248)

 

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(continued)



Nine Months Ended September 30,


2024


2023

Cash flows from investing activities:




Capital expenditures

(491)


(593)

Proceeds from sale of assets

34


68

Net cash used in investing activities

(457)


(525)

Cash flows from financing activities:




Payment for forfeited stock options


(617)

Payments on long term debt

(135)


(104)

Proceeds from asset-based loan

122,600


27,750

Payments on asset-based loan

(128,666)


(24,380)

Payment of asset-based loan origination costs

(164)


(502)

Payments to tax authorities for shares withheld from employees

(30)


(246)

Proceeds from issuance of stock

88


48

Payments for finance leases

(22)


(24)

Net cash (used in) provided by financing activities

(6,329)


1,925

Effect of changes in exchange rates on cash and cash equivalents

6


13

Net change in cash and cash equivalents and restricted cash

(855)


(7,835)

Cash and cash equivalents at the beginning of period

5,851


12,290

Restricted cash at the beginning of period

102


100

Cash and cash equivalents and restricted cash at beginning of period

5,953


12,390

Cash and cash equivalents at end of period

4,997


4,453

Restricted cash at the end of period

101


102

Cash and cash equivalents and restricted cash at end of period

$                    5,098


$                    4,555

 

FLOTEK INDUSTRIES, INC.

Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings

(in thousands)



Three Months Ended
September 30,


Nine Months Ended

September 30,


2024


2023


2024


2023









Gross profit

$               9,119


$               9,047


$             27,108


$             14,833

Stock compensation expense

3


2


9


(135)

Severance and retirement



9


26

Contingent liability revaluation

(19)


(61)


(46)


(384)

Amortization of contract asset

1,592


1,276


4,341


3,665

Adjusted Gross profit (Non-GAAP) (1)

$             10,695


$             10,264


$             31,421


$             18,005









Net income

$               2,532


$               1,287


$               6,068


$             22,609

Interest expense

256


160


842


2,537

Income tax expense

37


81


293


98

Depreciation and amortization

220


181


662


530

EBITDA (Non-GAAP) (1)

$               3,045


$               1,709


$               7,865


$             25,774

Stock compensation expense

272


268


915


(574)

Severance


2


32


(28)

Contingent liability revaluation

(19)


(61)


(46)


(384)

Gain on disposal of assets


(38)


(34)


(38)

PPP loan forgiveness




(4,522)

Contract Consideration Convertible Notes Payable revaluation adjustment




(29,969)

Amortization of contract asset

1,592


1,276


4,341


3,665

Non-Recurring professional fees

(50)


236


230


3,612

Adjusted EBITDA (Non-GAAP) (1)

$               4,840


$               3,392


$             13,303


$             (2,464)



(1)

Management believes that adjusted gross profit, EBITDA and adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023, are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods.  Management views the income and expenses noted above to be outside of the Company's normal operating results.  Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-cash or non-recurring items.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/flotek-announces-increased-2024-guidance-improved-revenue-and-continued-profit-growth-in-connection-with-third-quarter-2024-results-302295688.html

SOURCE Flotek Industries, Inc.

FAQ

What was Flotek's (FTK) revenue in Q3 2024?

Flotek (FTK) reported total revenue of $49.7 million in Q3 2024, representing a 5% increase from Q3 2023.

What is Flotek's (FTK) updated EBITDA guidance for 2024?

Flotek (FTK) increased its 2024 adjusted EBITDA guidance to $16.5-18.5 million, up from the previous range of $14-18 million.

How much did Flotek's (FTK) Data Analytics revenue grow in Q3 2024?

Flotek's Data Analytics revenue grew 58% year-over-year in Q3 2024, with flare monitoring comprising 25% of quarterly segment revenues.

Flotek Industries, Inc.

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