Flotek Industries, Inc. - FTK STOCK NEWS

Flotek Industries (NYSE: FTK) announced a settlement agreement to resolve its litigation with Archer-Daniels-Midland and related parties in Texas and Delaware. The mutually agreeable settlement marks the end of a legacy matter regarding the termination of the terpene supply agreement. CEO John W. Gibson, Jr. expressed optimism about continuing to develop solutions that minimize environmental impact. Flotek focuses on creating sustainable chemistry technology while enhancing Environmental, Social, and Governance performance across various markets.

Flotek Industries (NYSE: FTK) announces the launch of the Verax ISX/IMX™ analyzers by its subsidiary JP3 Measurement. These ATEX/IECEx certified devices are built to endure extreme outdoor conditions and provide real-time measurements of important properties like vapor pressure and viscosity. With applications aimed at the oil and gas industry in North America, as well as confirmed customers in Asia and the Middle East, Flotek aims to enhance operational efficiency and reduce emissions. The Verax technology operates without emissions or complex systems, making it virtually maintenance-free.

Flotek Industries, via its subsidiary JP3 Measurement, launched the AIDA application, enhancing real-time detection of interfaces in liquid pipelines. This patent-pending algorithm allows operators to detect product interfaces in 60 seconds, minimizing transmix and product downgrades, thus potentially increasing profit margins. The AIDA application is compatible with existing Verax analyzers, which improve measurement efficiency and reduce maintenance costs. This innovation aligns with sustainability goals, decreasing the energy needed for transporting and reprocessing products.

Flotek Industries (NYSE: FTK) will present at EnerCom's The Oil & Gas Conference in Denver on August 17, 2021, at 5:25 p.m. CT. The presentation will be led by Chairman and CEO John W. Gibson, Jr. Participants can access the live webcast on Flotek's website. Flotek is dedicated to developing eco-friendly solutions for the energy sector, enhancing Environmental, Social, and Governance performance through innovative green chemistry and data technologies. Their offerings also include high-quality cleaning products across various markets.

Flotek Industries reported second quarter 2021 revenues of $9.2 million, a 3.4% increase year-over-year but a 22% decline from Q1 2021 due to two significant customer losses. Operating expenses decreased 12.3% sequentially, while net loss improved to $6.5 million compared to $9.6 million in Q2 2020. The company secured its first international sale for JP3 and realigned resources to enhance sales efforts, which could yield annual savings of over $1 million. Cash reserves totaled $27.8 million, bolstered by PPP loan forgiveness, amid ongoing liquidity improvements.

Flotek Industries (NYSE: FTK) announced a long-term agreement with Resolute Oil to enhance growth in adjacent green chemistry markets. The collaboration enables Resolute to utilize Flotek's 15-acre facility in Waller, TX, including its FDA and EPA-certified blending facility. This partnership aims to manufacture USP-NF-grade white mineral oil, serving diverse sectors such as agriculture, energy, and personal care. Flotek's extensive patent portfolio supports its leadership in sustainable chemistry technologies, enhancing its capacity to serve global markets.

Flotek Industries, Inc. (FTK) has scheduled the release of its Q2 2021 financial results for August 9, 2021, after market close. The earnings conference call will be held on August 10, 2021, at 8:30 a.m. CDT. Flotek focuses on environmentally friendly solutions in energy and chemistry markets, improving its customers' ESG performance. The company is dedicated to developing high-quality cleaning and sanitizing products across various markets. Investors are advised to monitor the upcoming results for insights into Flotek's performance.

Flotek Industries, Inc. has appointed Lisa Mayr to its Board of Directors, increasing board members to seven. Mayr, a financial expert with over 25 years of experience, will serve on the audit committee and contribute significantly to corporate governance. Currently, she is the CFO of Internap Holding LLC and has held key roles at various technology firms. The decision follows a search emphasizing gender diversity and financial expertise. Chairman John W. Gibson, Jr. expressed confidence in Mayr's potential contributions during this pivotal time for the company.

Flotek Industries reported Q1 2021 consolidated revenues of $11.8 million, a 2.8% decrease from Q4 2020 and down from $19.4 million year-over-year. Operating expenses saw a notable decline of 39.6% year-over-year to $13.8 million. Flotek recorded an adjusted EBITDA loss of $6.6 million and a loss from operations at $8.3 million or $0.12 per share. Positive developments included a 56% rebound in domestic energy chemistries and the launch of the new professional chemistries brand, Flotek Protekol™. The company is focused on enhancing its ESG solutions and international market opportunities.