Flotek Surpasses 2024 Annual Guidance with Strong Fourth Quarter and Full-Year Results
Flotek Industries (NYSE: FTK) reported strong Q4 and full-year 2024 results, surpassing annual guidance. Q4 2024 highlights include:
- Total revenue of $50.8M, up 20% vs Q4 2023
- Data analytics service revenue grew 124% vs Q4 2023
- Gross profit increased 30% to $12.3M with 24% margin
- Net income of $4.4M ($0.14 per share)
- Adjusted EBITDA of $7.0M, up 78%
Full-year 2024 achievements:
- Total revenue of $187.0M
- Net income of $10.5M ($0.34 per share) vs loss in 2023
- Record adjusted EBITDA of $20.3M, exceeding guidance by 10%
- 11% reduction in SG&A expenses
The company expanded its technology portfolio with three new Data Analytics solutions: VeraCal, JP3 Raman, and XSPCT, focusing on energy and infrastructure sector innovation.
Flotek Industries (NYSE: FTK) ha riportato risultati solidi per il Q4 e l'intero anno 2024, superando le previsioni annuali. Principali risultati del Q4 2024 includono:
- Ricavi totali di $50.8M, in aumento del 20% rispetto al Q4 2023
- I ricavi dei servizi di analisi dei dati sono cresciuti del 124% rispetto al Q4 2023
- Il profitto lordo è aumentato del 30% a $12.3M con un margine del 24%
- Utile netto di $4.4M ($0.14 per azione)
- EBITDA rettificato di $7.0M, in aumento del 78%
Risultati dell'anno intero 2024:
- Ricavi totali di $187.0M
- Utile netto di $10.5M ($0.34 per azione) rispetto a una perdita nel 2023
- Record di EBITDA rettificato di $20.3M, superando le previsioni del 10%
- Riduzione dell'11% delle spese SG&A
L'azienda ha ampliato il proprio portafoglio tecnologico con tre nuove soluzioni di analisi dei dati: VeraCal, JP3 Raman e XSPCT, concentrandosi sull'innovazione nel settore energetico e delle infrastrutture.
Flotek Industries (NYSE: FTK) reportó resultados sólidos para el Q4 y el año completo 2024, superando las proyecciones anuales. Aspectos destacados del Q4 2024 incluyen:
- Ingresos totales de $50.8M, un aumento del 20% en comparación con el Q4 2023
- Los ingresos por servicios de análisis de datos crecieron un 124% en comparación con el Q4 2023
- La utilidad bruta aumentó un 30% a $12.3M con un margen del 24%
- Ingreso neto de $4.4M ($0.14 por acción)
- EBITDA ajustado de $7.0M, un aumento del 78%
Logros del año completo 2024:
- Ingresos totales de $187.0M
- Ingreso neto de $10.5M ($0.34 por acción) frente a pérdidas en 2023
- Récord de EBITDA ajustado de $20.3M, superando la guía en un 10%
- Reducción del 11% en los gastos SG&A
La empresa amplió su portafolio tecnológico con tres nuevas soluciones de análisis de datos: VeraCal, JP3 Raman y XSPCT, enfocándose en la innovación en el sector energético y de infraestructura.
플로텍 인더스트리(뉴욕증권거래소: FTK)는 2024년 4분기 및 연간 실적이 강력하다고 보고하며 연간 가이던스를 초과 달성했습니다. 2024년 4분기 주요 사항은 다음과 같습니다:
- 총 수익 $50.8M, 2023년 4분기 대비 20% 증가
- 데이터 분석 서비스 수익 2023년 4분기 대비 124% 증가
- 총 이익 30% 증가하여 $12.3M, 24% 마진
- 순이익 $4.4M ($0.14 per share)
- 조정된 EBITDA $7.0M, 78% 증가
2024년 전체 성과:
- 총 수익 $187.0M
- 순이익 $10.5M ($0.34 per share), 2023년 손실 대비
- 조정된 EBITDA 기록 $20.3M, 가이던스를 10% 초과
- SG&A 비용 11% 감소
회사는 에너지 및 인프라 부문 혁신에 집중하여 세 가지 새로운 데이터 분석 솔루션인 VeraCal, JP3 Raman 및 XSPCT로 기술 포트폴리오를 확장했습니다.
Flotek Industries (NYSE: FTK) a annoncé de solides résultats pour le 4ème trimestre et l'année entière 2024, dépassant les prévisions annuelles. Points forts du 4ème trimestre 2024 incluent :
- Revenus totaux de 50,8 millions de dollars, en hausse de 20 % par rapport au 4ème trimestre 2023
- Les revenus des services d'analyse de données ont augmenté de 124 % par rapport au 4ème trimestre 2023
- Le bénéfice brut a augmenté de 30 % pour atteindre 12,3 millions de dollars avec une marge de 24 %
- Bénéfice net de 4,4 millions de dollars (0,14 $ par action)
- EBITDA ajusté de 7,0 millions de dollars, en hausse de 78 %
Réalisations de l'année 2024 :
- Revenus totaux de 187,0 millions de dollars
- Bénéfice net de 10,5 millions de dollars (0,34 $ par action) contre perte en 2023
- Record d'EBITDA ajusté de 20,3 millions de dollars, dépassant les prévisions de 10 %
- Réduction de 11 % des dépenses SG&A
L'entreprise a élargi son portefeuille technologique avec trois nouvelles solutions d'analyse de données : VeraCal, JP3 Raman et XSPCT, en se concentrant sur l'innovation dans le secteur de l'énergie et des infrastructures.
Flotek Industries (NYSE: FTK) hat starke Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 gemeldet und die jährlichen Prognosen übertroffen. Höhepunkte des 4. Quartals 2024 sind:
- Gesamtumsatz von $50.8M, ein Anstieg von 20% im Vergleich zum 4. Quartal 2023
- Der Umsatz aus Datenanalyse-Diensten wuchs um 124% im Vergleich zum 4. Quartal 2023
- Der Bruttogewinn stieg um 30% auf $12.3M mit einer Marge von 24%
- Nettogewinn von $4.4M ($0.14 pro Aktie)
- Bereinigtes EBITDA von $7.0M, ein Anstieg von 78%
Leistungen des gesamten Jahres 2024:
- Gesamtumsatz von $187.0M
- Nettogewinn von $10.5M ($0.34 pro Aktie) im Vergleich zu einem Verlust im Jahr 2023
- Rekordbereinigtes EBITDA von $20.3M, das die Prognose um 10% übertrifft
- Reduzierung der SG&A-Ausgaben um 11%
Das Unternehmen hat sein Technologieportfolio mit drei neuen Datenanalyse-Lösungen: VeraCal, JP3 Raman und XSPCT erweitert, mit Fokus auf Innovation im Energiesektor und in der Infrastruktur.
- Q4 revenue increased 20% year-over-year to $50.8M
- Data analytics service revenue grew 124% in Q4 2024
- Gross profit improved 30% in Q4 with margin expansion to 24%
- Full-year net income turned positive at $10.5M vs previous year loss
- Adjusted EBITDA reached $20.3M, highest since 2017
- SG&A expenses reduced by 11% year-over-year
- Full-year 2024 revenues slightly decreased to $187.0M from $188.1M in 2023
Insights
Flotek's Q4 and full-year 2024 results represent a significant financial turnaround with the company achieving its highest profitability metrics in nearly a decade. The company not only exceeded its annual adjusted EBITDA guidance by 10% with $20.3 million (versus guidance of $18.5 million), but also delivered $10.5 million in net income ($0.34 per share) compared to a loss in 2023.
The most promising aspect of these results is Flotek's strategic pivot toward higher-margin data analytics solutions, which saw revenue growth of 124% year-over-year in Q4 and 44% for the full year. This service-oriented revenue stream is transforming Flotek's business model, as evidenced by the 67% sequential increase in data analytics service revenue in Q4 alone.
Operational efficiency improvements are equally impressive, with gross margins expanding to 24% in Q4 and SG&A expenses reduced by 11% year-over-year (17% excluding stock compensation). These efficiency gains, combined with successful cost reduction initiatives in freight, logistics, and materials, have substantially improved the company's profitability profile despite relatively flat full-year revenue.
The introduction of three new data analytics solutions (VeraCal, JP3 Raman, and XSPCT) positions Flotek to capture additional high-margin growth in the energy and infrastructure sectors. The company's strategy of integrating data and chemistry capabilities creates a differentiated market position that appears to be gaining traction with customers, as external customer revenue reached its highest level in five years.
Financial Summary (in thousands, except 'per share' amounts)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Total Revenues | $ 50,758 | $ 42,188 | $ 187,025 | $ 188,058 | |||
Gross Profit | $ 12,277 | $ 9,430 | $ 39,386 | $ 24,263 | |||
Net Income | $ 4,429 | $ 2,104 | $ 10,498 | $ 24,713 | |||
Diluted Income (Loss) Per Share | $ 0.14 | $ 0.07 | $ 0.34 | $ (0.10) | |||
Adjusted EBITDA (1) | $ 7,023 | $ 3,952 | $ 20,327 | $ 1,488 |
Full-Year and Fourth Quarter 2024 Highlights
- Q4 2024 total revenue rose
20% vs. Q4 2023, led by a21% jump in external customer revenue—the highest in 5 years. - Data analytics service revenue grew
124% vs. Q4 2023 and44% vs. full year 2023. - Gross profit climbed
30% vs. Q4 2023 and62% vs. full year 2023, with Q4 2024 gross margin rising to24% . - Q4 2024 net income was
and adjusted EBITDA(1) totaled$4.4 million , up$7.0 million 111% and78% , respectively, vs Q4 2023. - 2024 net income hit
or$10.5 million /share, vs. a loss of$0.34 /share in 2023.$(0.10) - 2024 adjusted EBITDA(1) reached
, up$20.3 million from 2023—the highest since 2017—exceeding guidance of$18.8 million by$18.5 million 10% .
Management Commentary
Chief Executive Officer Dr. Ryan Ezell commented, "2024 marks a significant step in the execution of our corporate strategy towards the convergence between innovative Data and Chemistry solutions that deliver outstanding value to our customers and external stakeholders. This year, we not only achieved the highest profitability metrics in nearly a decade but did so through superior operational efficiency and service quality execution. Additionally, our commitment to safety has shone through, with no lost-time incidents recorded in the past three years.
We've expanded our technology portfolio with the introduction of three cutting-edge Data Analytics solutions: VeraCal, JP3 Raman, and XSPCT, systems specifically designed to address the unique challenges of the energy and infrastructure sector while driving high-margin growth into 2025 and beyond. In the fourth quarter, we observed a significant transformation in our Data Analytics revenue resulting in a
Looking ahead, we expect that the integration of Data and Chemistry at Flotek will provide exciting new innovations in the energy and infrastructure market. These advancements are set to empower our customers' assets to maximize returns, reduce costs, automate processes, and leverage data in ways previously unimaginable. We believe that our relentless pursuit to leverage chemistry as the common value creation platform will position Flotek as a leader in differentiated technologies and foster our future growth."
Fourth Quarter and Full-Year 2024 Financial Results
- Revenue: Flotek reported total revenues of
for fourth quarter 2024, an increase of$50.8 million , or$8.6 million 20% , compared to total revenues of for fourth quarter 2023. Full-year 2024 total revenues totaled$42.2 million , as compared to total revenues of$187.0 million during 2023. Fourth quarter and full year 2024 revenues include$188.1 million and$8.6 million , respectively, related to the minimum purchase requirements under the Company's long-term supply agreement with ProFrac Services, LLC.$32.4 million
Segment Revenue Summary (in thousands)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Chemistry Technologies: | |||||||
External Revenues | $ 21,071 | $ 17,996 | $ 63,214 | $ 59,016 | |||
Related Party Revenues | 27,215 | 22,769 | 114,947 | 120,903 | |||
Total | $ 48,286 | $ 40,765 | $ 178,161 | $ 179,919 | |||
Data Analytics: | |||||||
Product Revenues | $ 826 | $ 688 | $ 4,745 | $ 5,277 | |||
Service Revenues | 1,646 | 735 | 4,119 | 2,862 | |||
Total | $ 2,472 | $ 1,423 | $ 8,864 | $ 8,139 |
- Gross Profit: The Company generated gross profit of
during fourth quarter 2024 compared to a gross profit of$12.3 million during fourth quarter 2023. The improvement in fourth quarter 2024 gross profit was primarily the result of successful initiatives throughout 2024 to drive cost reductions with respect to freight, logistics and materials combined with an$9.4 million 18% increase in chemistry revenue and a74% increase in data analytics revenue, as compared to fourth quarter 2023.
The Company generated gross profit of for full-year 2024 compared to gross profit of$39.4 million for full-year 2023.$24.3 million
- Selling, General and Administrative ("SG&A") Expense: SG&A expense totaled
for the fourth quarters of 2024 and 2023. SG&A expense totaled$6.6 million for full-year 2024 compared to$24.7 million for full-year 2023, an$27.8 million 11% reduction year-over-year. Excluding non-cash stock compensation expense, 2024 SG&A expense is17% lower than 2023. - Net Income (Loss) and EPS: Flotek reported net income of
, or$4.4 million per diluted share, for the fourth quarter 2024. This compares to net income of$0.14 , or$2.1 million per diluted share, for the fourth quarter 2023. Net income for full-year 2024 was$0.07 , or$10.5 million per diluted share, compared to net income (loss) of$0.34 , or ($24.7 million ) per diluted share, for the comparable period of 2023. Net income for full-year 2023 included non-cash gains related to the fair value measurement of convertible notes payable and a PPP loan forgiveness totaling$0.10 .$34.5 million - Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was
in fourth quarter 2024 as compared to$7.0 million in fourth quarter 2023. Adjusted EBITDA(1) was$4.0 million for full-year 2024 compared to$20.3 million for full-year 2023.$1.5 million
(1) | 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. |
2025 Guidance
Consistent with 2024 and 2023, Flotek plans to issue 2025 guidance in conjunction with the release of its first quarter 2025 financial and operating results.
Upcoming Investor Event
Flotek will participate in the 37th Annual Roth Conference to be held at the Marriott in Laguna
Conference Call Details
Flotek will host a conference call on March 11, 2025, at 9:00 a.m. CT (10:00 a.m. ET) to discuss its fourth quarter and full-year 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/qDjWg9qga1Y 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 130 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
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) | |||
December 31, 2024 | December 31, 2023 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 4,404 | $ 5,851 | |
Restricted cash | 102 | 102 | |
Accounts receivable, net of allowance for credit losses of | 17,386 | 13,687 | |
Accounts receivable, related party, net of allowance for credit losses of | 52,370 | 34,569 | |
Inventories, net | 13,303 | 12,838 | |
Other current assets | 2,952 | 3,564 | |
Current contract asset | 5,939 | 5,836 | |
Total current assets | 96,456 | 76,447 | |
Long-term contract asset | 63,105 | 68,820 | |
Property and equipment, net | 6,178 | 5,129 | |
Operating lease right-of-use assets | 3,326 | 5,030 | |
Deferred tax assets, net | 51 | 300 | |
Other long-term assets | 1,680 | 1,787 | |
TOTAL ASSETS | $ 170,796 | $ 157,513 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 38,073 | $ 31,705 | |
Accrued liabilities | 5,912 | 5,890 | |
Income taxes payable | 48 | 45 | |
Current portion of operating lease liabilities | 1,486 | 2,449 | |
Current portion of finance lease liabilities | — | 22 | |
Asset-based loan | 4,789 | 7,492 | |
Current portion of long-term debt | 60 | 179 | |
Total current liabilities | 50,368 | 47,782 | |
Deferred revenue, long-term | 14 | 35 | |
Long-term operating lease liabilities | 6,514 | 7,676 | |
Long-term debt | — | 60 | |
TOTAL LIABILITIES | 56,896 | 55,553 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock, | — | — | |
Common stock, | 3 | 3 | |
Additional paid-in capital | 464,620 | 463,140 | |
Accumulated other comprehensive income | 251 | 127 | |
Accumulated deficit | (316,308) | (326,806) | |
Treasury stock, at cost; 1,111,565 and 1,108,707 shares at December 31, | (34,666) | (34,504) | |
Total stockholders' equity | 113,900 | 101,960 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 170,796 | $ 157,513 |
FLOTEK INDUSTRIES, INC. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data) | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue: | |||||||
Revenue from external customers | $ 23,328 | $ 19,239 | $ 71,263 | $ 66,518 | |||
Revenue from related party | 27,430 | 22,949 | 115,762 | 121,540 | |||
Total revenues | 50,758 | 42,188 | 187,025 | 188,058 | |||
Cost of goods sold | 38,481 | 32,758 | 147,639 | 163,795 | |||
Gross profit | 12,277 | 9,430 | 39,386 | 24,263 | |||
Operating costs and expenses: | |||||||
Selling, general, and administrative | 6,630 | 6,552 | 24,709 | 27,827 | |||
Depreciation | 229 | 204 | 891 | 734 | |||
Research and development | 365 | 255 | 1,714 | 2,486 | |||
Gain on sale of property and equipment | (90) | — | (124) | (38) | |||
Gain in fair value of Contract Consideration | — | — | — | (29,969) | |||
Total operating costs and expenses | 7,134 | 7,011 | 27,190 | 1,040 | |||
Income from operations | 5,143 | 2,419 | 12,196 | 23,223 | |||
Other income (expense): | |||||||
Paycheck protection plan loan forgiveness | — | — | — | 4,522 | |||
Interest expense | (253) | (320) | (1,095) | (2,857) | |||
Other income (expense), net | (105) | 56 | 46 | (26) | |||
Total other (expense) income | (358) | (264) | (1,049) | 1,639 | |||
Income before income taxes | 4,785 | 2,155 | 11,147 | 24,862 | |||
Income tax expense | (356) | (51) | (649) | (149) | |||
Net income | $ 4,429 | $ 2,104 | $ 10,498 | $ 24,713 | |||
Income (loss) per common share: | |||||||
Basic | $ 0.15 | $ 0.07 | $ 0.36 | $ 1.00 | |||
Diluted | $ 0.14 | $ 0.07 | $ 0.34 | $ (0.10) | |||
Weighted average common shares: | |||||||
Weighted average common shares used in | 29,642 | 29,396 | 29,534 | 24,830 | |||
Weighted average common shares used in | 31,436 | 30,496 | 30,889 | 28,377 |
FLOTEK INDUSTRIES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||
Twelve Months Ended December 31, | |||
2024 | 2023 | ||
Cash flows from operating activities: | |||
Net income | $ 10,498 | $ 24,713 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Change in fair value of contingent consideration | 71 | (527) | |
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 | 5,612 | 5,033 | |
Depreciation | 891 | 734 | |
Amortization of asset-based loan origination costs | 314 | 121 | |
Provision for credit losses, net of recoveries | 181 | 138 | |
Provision for excess and obsolete inventory | 645 | 959 | |
Gain on sale of property and equipment | (124) | (38) | |
Non-cash lease expense | 2,094 | 3,014 | |
Stock compensation expense | 1,366 | (254) | |
Deferred income tax expense | 249 | 104 | |
Paycheck protection plan loan forgiveness | — | (4,522) | |
Changes in current assets and liabilities: | |||
Accounts receivable | (3,880) | 5,311 | |
Accounts receivable, related party | (17,801) | (11,886) | |
Inventories | (1,110) | 1,938 | |
Income taxes receivable | 8 | — | |
Other assets | 561 | (836) | |
Accounts payable | 6,368 | (1,670) | |
Accrued liabilities | (70) | (2,575) | |
Operating lease liabilities | (2,515) | (3,391) | |
Income taxes payable | 3 | (53) | |
Interest payable | — | (8) | |
Net cash provided by (used in) operating activities | 3,361 | (11,297) |
FLOTEK INDUSTRIES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (continued) | |||
Twelve Months Ended December 31, | |||
2024 | 2023 | ||
Cash flows from investing activities: | |||
Capital expenditures | (1,940) | (1,081) | |
Proceeds from sale of assets | 124 | 67 | |
Net cash used in investing activities | (1,816) | (1,014) | |
Cash flows from financing activities: | |||
Payment for forfeited stock options | — | (617) | |
Payments on long term debt | (179) | (149) | |
Proceeds from asset-based loan | 166,950 | 68,716 | |
Payments on asset-based loan | (169,653) | (61,224) | |
Payment of asset-based loan origination costs | (164) | (574) | |
Payments to tax authorities for shares withheld from employees | (162) | (268) | |
Proceeds from issuance of stock under Employee Stock Purchase Plan | 114 | 77 | |
Payments for finance leases | (22) | (33) | |
Net cash (used in) provided by financing activities | (3,116) | 5,928 | |
Effect of changes in exchange rates on cash and cash equivalents | 124 | (54) | |
Net change in cash and cash equivalents and restricted cash | (1,447) | (6,437) | |
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 | 4,404 | 5,851 | |
Restricted cash at the end of period | 102 | 102 | |
Cash and cash equivalents and restricted cash at end of period | $ 4,506 | $ 5,953 |
FLOTEK INDUSTRIES, INC. Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings (in thousands) | |||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Gross profit | $ 12,277 | $ 9,430 | $ 39,386 | $ 24,263 | |||
Stock compensation expense | 15 | 3 | 24 | (132) | |||
Severance and retirement | 2 | 3 | 11 | 29 | |||
Contingent liability revaluation | 117 | (143) | 71 | (527) | |||
Amortization of contract asset | 1,271 | 1,368 | 5,612 | 5,033 | |||
Adjusted Gross profit (Non-GAAP) (1) | $ 13,682 | $ 10,661 | $ 45,104 | $ 28,666 | |||
Net income | $ 4,429 | $ 2,104 | $ 10,498 | $ 24,713 | |||
Interest expense | 253 | 320 | 1,095 | 2,857 | |||
Income tax expense | 356 | 51 | 649 | 149 | |||
Depreciation and amortization | 229 | 204 | 891 | 734 | |||
EBITDA (Non-GAAP) (1) | $ 5,267 | $ 2,679 | $ 13,133 | $ 28,453 | |||
Stock compensation expense | 451 | 307 | 1,366 | (268) | |||
Severance and retirement | 7 | 10 | 39 | (17) | |||
Contingent liability revaluation | 117 | (143) | 71 | (527) | |||
Gain on disposal of assets | (90) | — | (124) | (38) | |||
PPP loan forgiveness | — | — | — | (4,522) | |||
Contract Consideration Convertible Notes Payable revaluation adjustment | — | — | — | (29,969) | |||
Amortization of contract asset | 1,271 | 1,368 | 5,612 | 5,033 | |||
Non-Recurring professional fees | — | (269) | 230 | 3,343 | |||
Adjusted EBITDA (Non-GAAP) (1) | $ 7,023 | $ 3,952 | $ 20,327 | $ 1,488 |
(1) | Management believes that adjusted gross profit, EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 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. |
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SOURCE Flotek Industries, Inc.