Welcome to our dedicated page for Flotek Industries news (Ticker: FTK), a resource for investors and traders seeking the latest updates and insights on Flotek Industries stock.
Flotek Industries, Inc. (NYSE: FTK) is a technology-driven company based in Houston, Texas, specializing in green specialty chemicals and data analytics for the energy sector. The company operates under two primary segments: Chemistry Technologies and Data Analytics.
The Chemistry Technologies segment focuses on the development, manufacturing, and sale of environmentally friendly specialty chemicals used in oil and gas well stimulation, cementing, and blending. These solutions enhance the operational efficiency and sustainability of hydrocarbon producers throughout the well life cycle. Notable products include chemicals for drilling, cementing, and production enhancement, catering to major players in the oil and gas industry.
The Data Analytics segment offers real-time analytics for hydrocarbon streams, helping clients optimize processes and increase profitability by reducing waste and reprocessing. The proprietary JP3 Verax Near InfraRed measurement system is a cornerstone of this segment, providing real-time data, monitoring, and visualization across the energy value chain.
Flotek has made significant strides in recent years. The company reported significant improvements in profitability metrics, including net income and positive adjusted EBITDA for the first time since 2018. Key achievements include the closing of an Asset Based Loan to enhance liquidity and the successful testing of the next-generation JP3 Verax system, expected to scale quickly and reduce manufacturing costs.
Flotek's leadership team, including CEO Dr. Ryan Ezell, emphasizes the company's commitment to sustainability and innovation. Recent partnerships have focused on developing sustainable chemistry and data solutions to improve well performance and provide higher returns on investment. Flotek's intellectual property portfolio includes over 170 patents and a global presence in more than 15 countries across North America, Latin America, the Middle East, and North Africa.
Flotek continues to expand its market share and margins despite industry headwinds, leveraging its differentiated technologies to maximize production and return rates for each well completion. The company is also set to join the Russell Microcap® Index, a milestone that enhances its visibility within the investment community.
For more information, please visit www.flotekind.com.
On April 17, 2023, Flotek Industries (NYSE: FTK) announced its participation in a fireside chat with Water Tower Research on April 20, 2023, at 11:00 AM Eastern Time. Ryan Ezell, President, and Bond Clement, CFO, will discuss the company's green chemistry and data technologies, specifically highlighting their ten-year chemical supply agreement with ProFrac Holding Corp. This engagement aims to showcase Flotek's commitment to sustainability and innovation in the energy sector. Registration for the event can be completed through the provided Zoom link. Flotek Industries focuses on reducing environmental impacts and enhancing industrial performance through its specialized technologies.
Flotek Industries (FTK) reported fourth quarter 2022 revenues of $48.2 million, a 5.7% increase from Q3 2022 and up 297% year-over-year. Full year revenue reached $136.1 million, up 215% from 2021. Adjusted EBITDA improved to a loss of $5.1 million in Q4, an improvement from $8.4 million loss in Q3. The company maintained $12.3 million in cash and cash equivalents. A leadership transition occurred with Harsha V. Agadi as Interim CEO. A material weakness in internal controls was identified, and a 'going concern' qualification is expected in their 10-K report due to operational losses. A conference call is scheduled for March 21, 2023, to discuss results.
Flotek Industries, Inc. (NYSE: FTK) has announced the schedule for its fourth quarter and full year 2022 financial results, which will be released after market close on March 20, 2023. The earnings conference call is set for March 21, 2023, at 8 a.m. CST (9 a.m. EST). Flotek focuses on reducing environmental impacts through advanced chemistry and data solutions, serving various sectors including energy and consumer markets. The company emphasizes its commitment to improving Environmental, Social, and Governance performance.
Flotek Industries (NYSE: FTK) has announced significant leadership changes effective immediately. Director Harsha V. Agadi is appointed as interim Chief Executive Officer, succeeding John W. Gibson, who has left the role to explore other opportunities. Ryan Ezell, previously Chief Operating Officer, is now President, while David Nierenberg assumes the position of Chairman of the Board. Agadi, with over 25 years of executive experience, aims to ensure a smooth transition as the company searches for a permanent CEO. Nierenberg highlighted the company's impressive revenue growth, which quadrupled from 2021, positioning Flotek for future success.
Flotek Industries, a leader in green chemistry solutions, invites investors to its interactive presentation at the Emerging Growth Conference on January 11, 2023, from 10:15 - 10:45 Eastern Time. CEO John W. Gibson Jr. will present and address questions submitted in advance or asked live. The event is designed for both individual and institutional investors. For those unable to attend, an archived webcast will be available on EmergingGrowth.com and their YouTube channel. Flotek is focused on reducing environmental impact through innovative technology and green chemistry.
Flotek Industries (NYSE: FTK) has appointed Bond Clement as its new Chief Financial Officer, effective immediately. Clement brings over 25 years of financial experience in the energy sector, notably serving as CFO at PetroQuest Energy for 12 years. Chairman John W. Gibson, Jr. expressed confidence in Clement's ability to enhance profitability and shareholder value. Clement emphasized his commitment to driving profitability during this critical transition for Flotek. The company focuses on reducing environmental impact through advanced green chemistry solutions.
Flotek Industries (NYSE: FTK) reported third-quarter 2022 revenue of $45.6 million, a sequential increase of 55% and up 4.5x year-over-year. This surpasses the total revenue for the entire year of 2021 ($43.3 million). The company achieved improved Adjusted EBITDA as a percentage of revenue at negative 18%, up from negative 25% in Q2 2022. Despite a net loss of $18.8 million and gross margin of negative $1.8 million, Flotek's cash position improved to $11.1 million as of November 8, 2022. The company announced an agreement to supply 20 JP3 Verax® analyzers to ProFrac Services, LLC.
Flotek Industries, Inc. (NYSE: FTK) announced its participation in the SHARE Series virtual event on November 14, 2022, at 10:30 a.m. CT. This fireside chat will focus on engaging retail investors, allowing them to ask questions directly to management. The presentation will be streamed live and can be accessed through this link or on Flotek's website under Investor Relations. Flotek specializes in technology-driven green chemistry solutions aimed at reducing environmental impacts.
Flotek Industries, Inc. (NYSE: FTK) has announced its schedule for releasing third quarter 2022 financial results on November 8, 2022, after market close. The earnings conference call will be held on November 9, 2022, at 8 a.m. CST. Flotek, based in Houston, Texas, focuses on environmentally sustainable solutions for the energy sector, enhancing its customers' ESG performance through its chemical technologies and data platforms. The results will detail the performance for the period ending September 30, 2022.
On October 11, 2022, Flotek Industries, Inc. (NYSE: FTK) expanded its Board of Directors from six to seven members by appointing Evan Farber. Mr. Farber, the General Counsel of Cranemere, brings over ten years of experience from The Advisory Board Company and a background in law. The Chairman of Flotek expressed enthusiasm about Farber's appointment, highlighting the company's focus on growth and profitability. Farber aims to enhance Flotek's environmentally friendly solutions in a pivotal time for the energy sector.
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