Flotek Industries, Inc. - FTK STOCK NEWS

Flotek Industries reported strong second quarter 2022 results, achieving $29.4 million in revenue, a 128% increase from Q1 2022. The company entered a long-term 10-year supply agreement with ProFrac to provide downhole chemistries for up to 30 frac fleets, potentially exceeding $2 billion in revenue over the next decade. Net income improved to $6.2 million from a loss of $10.7 million in Q1. However, Adjusted EBITDA was negative $7.2 million, a decline from Q1, highlighting ongoing challenges with margins and logistics.

Flotek Industries announced an agreement to supply 20 JP3 Verax® analyzer units to ProFrac Holdings for five years. This follows a 10-year chemistry supply agreement that began in April 2022, with an aim to enhance natural gas usage in dual-fuel fleets. The JP3 analyzers are expected to reduce diesel consumption by 50-70%, aid compliance with Tier 4 EPA emissions standards, and deliver significant cost savings and greenhouse gas reductions for customers. CEO John W. Gibson, Jr. expressed optimism about the technology's future applications across the oil and gas industry.

Flotek Industries, Inc. (NYSE: FTK) has announced the schedule for its second quarter 2022 earnings release. The results will be disclosed after market close on August 9, 2022, with a conference call to follow on August 10, 2022, at 9 a.m. CST. The earnings report will cover financial and operational results for the three months ended June 30, 2022. Flotek focuses on reducing environmental impacts through green chemistry solutions and serves various sectors, including industrial and consumer markets.

Flotek Industries (NYSE: FTK) announced projected second quarter 2022 revenue exceeding $28 million, a substantial rise from Q1 2022's $12.9 million and Q2 2021's $9.2 million. The increase is largely attributed to the ProFrac Holdings contract, which ramped up from servicing 8 to an anticipated 16 hydraulic fracturing fleets. Despite incurring higher costs, including logistics and mobilization expenses, the company remains optimistic about achieving positive Adjusted EBITDA by Q4 2022. Total chemistry delivered for ProFrac reached over 31 million pounds, highlighting significant operational progress.

Flotek Industries, Inc. (NYSE: FTK) will participate in a Fireside Chat hosted by Water Tower Research on May 25, 2022, at 10:00 AM Central Time. Interested parties can join the session via the provided link. Flotek specializes in green chemistry solutions aimed at reducing environmental impact across various sectors. The company focuses on enhancing Environmental, Social, and Governance performance for its clients through innovative products and real-time data platforms.

Flotek Industries, Inc. (FTK) announced the successful closure of its agreement with ProFrac Holdings, LLC on May 17, 2022. This agreement, approved by shareholders on May 9, 2022, extends a long-term supply contract for chemical products to a decade. The updated agreement mandates Flotek to supply a minimum of 70% of ProFrac's chemical requirements, or enough to support 30 hydraulic fracturing fleets. Flotek is focused on technology-driven, environmentally friendly solutions across various markets, enhancing ESG performance.

Flotek Industries (NYSE: FTK) reported first quarter 2022 results, showing a consolidated revenue of $12.9 million, a 6% increase from Q4 2021. The net loss improved to $10.7 million from $16.2 million sequentially, thanks to the absence of prior goodwill impairment. Adjusted EBITDA loss narrowed to $5.4 million. A key development was securing a long-term supply agreement with ProFrac Services, projected to exceed $2 billion in revenue over ten years. As of March 31, 2022, cash and equivalents stood at $24.8 million, bolstered by a PIPE transaction.

Flotek Industries, Inc. (NYSE: FTK) announced that approximately 98.5% of its shareholders approved a long-term supply agreement with ProFrac Holdings, LLC. This decision, reached during a recent meeting, paves the way for a $2 billion contract aimed at enhancing collaboration with ProFrac's affiliates. The transactions are expected to close quickly, pending standard conditions. Flotek focuses on environmentally friendly chemical solutions across various industries, including energy, with an emphasis on improving Environmental, Social, and Governance performance.

Flotek Industries, Inc. (NYSE: FTK) announced its plan to release first quarter 2022 results on May 16, 2022, after market close. The earnings conference call is scheduled for May 17, 2022, at 9 a.m. CST. Investors can access the call through the company's website or by dialing in. Flotek focuses on providing solutions that minimize environmental impacts while serving various market sectors with specialty green chemistry and data solutions. The company encourages stockholders to review the upcoming earnings report for insights into its financial performance.