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.
Flotek Industries has announced that it has regained compliance with the NYSE's continued listing standards as of April 4, 2022. The notification follows the company's average closing stock price exceeding $1.00 per share over the past 30 trading days ending on March 31, 2022. Previously, on December 10, 2021, Flotek had received notice for falling below this threshold. The removal of the compliance indicator is expected to stabilize investor confidence in FTK shares.
Flotek Industries (NYSE: FTK) announced its Q4 and full-year 2021 results, reporting consolidated revenues of $12.2 million, up 20% from Q3 but flat compared to Q4 2020. The company faced a net loss of $16.2 million in Q4, an improvement from a loss of $17.7 million in Q4 2020. For the full year, Flotek generated $43.3 million in revenue, a 19% decrease from 2020, mainly due to M&A impacts on key customers. A long-term contract worth over $2 billion with ProFrac was revealed, signaling future growth potential alongside an improved operational efficiency.
Flotek Industries, Inc. (NYSE: FTK) announced its schedule for releasing financial results for the twelve months ended December 31, 2021. The full-year 2021 results will be disclosed after market close on March 30, 2022. An earnings conference call will take place on March 31, 2022, at 9:00 a.m. CT. Participants can join via the company's website or by dialing in. Flotek focuses on reducing the environmental impact of energy through its specialty green chemistry and data solutions, serving various sectors to enhance Environmental, Social, and Governance performance.
Flotek Industries, Inc. (NYSE: FTK) announced a conference call scheduled for March 10 at 3:30 p.m. CST to discuss a significant long-term supply agreement with ProFrac Holdings, LLC. This agreement is expected to enhance Flotek's market position and sustainability efforts in the specialty green chemistry sector. The conference call will be accessible via the company's website and phone line. Flotek aims to address its Environmental, Social, and Governance (ESG) performance through innovative chemical solutions, thereby improving operational costs and returns for its clients.
Flotek Industries has entered a long-term supply agreement with ProFrac Holdings, potentially increasing revenue backlog by $1 billion to $2.1 billion over the next decade. The deal includes issuing convertible notes to ProFrac and granting them the right to appoint two additional board members, totaling four out of seven. The transaction is anticipated to close in Q2 2022, pending shareholder approval. Flotek plans to provide further details and host a conference call regarding the agreement.
Flotek Industries has announced a long-term partnership with ProFrac Services to supply sustainable chemistry solutions for hydraulic fracturing operations. This agreement is projected to generate a backlog of over $230 million in revenue over three years, enhancing operational and ESG performance for both companies. Flotek will also receive $10 million in convertible notes and enter a $21.2 million PIPE transaction to boost growth capital. The partnership aims to reduce greenhouse gas emissions while providing a comprehensive solution for energy resource development.
Flotek Industries (NYSE: FTK) announced it has received an unsolicited indication of interest for a potential transaction involving all or part of the Company. To evaluate this offer, the Board of Directors has engaged Piper Sandler & Co. as a financial advisor. There is no guarantee that this evaluation will lead to any transactions or strategic changes, and no timetable has been set for its conclusion. Flotek intends to withhold further comments until a specific course of action is approved or disclosure is legally required.
Flotek Industries, Inc. (NYSE: FTK) received notice from the NYSE that its stock price fell below $1.00 per share for 30 consecutive trading days. Flotek has six months to address this issue and regain compliance. The stock will continue to trade on the NYSE, but with a '.BC' designation indicating it is below compliance. This notice does not immediately impact trading but requires the company to monitor its share price closely and explore options for compliance recovery.
Flotek Industries (NYSE: FTK) will participate in Noble Capital Markets' Virtual Road Show on December 1, 2021, at 1 PM EDT. CEO John W. Gibson, Jr will join a live fireside chat moderated by Noble Senior Analyst Michael Heim, addressing audience-submitted questions. Registration for the event is free and open to all investors. This engagement highlights Flotek's commitment to enhancing its profile among investors and stakeholders while showcasing its green chemistry and data solutions aimed at reducing environmental impact.
Flotek Industries reported a third quarter revenue of $10.2 million, up 10.9% from the prior quarter but down 20.1% year-over-year. The increase in revenue is attributed to customer growth, with a 34% rise in revenue from non-core customers, despite losing two major clients. Operating expenses decreased significantly to $5.4 million due to a settlement related to the ADM lawsuit. The company achieved a net income of $0.5 million, a notable turn from a prior loss. Flotek's liquidity improved with cash equivalents of $20.5 million and extended loan maturity to 2025.
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