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Flotek Industries Inc (NYSE: FTK) delivers innovative chemistry and data solutions for sustainable energy operations. This page provides investors and industry professionals with centralized access to all official Flotek news and press releases.
Track critical updates across Flotek's core operations: specialty chemical formulations for oilfield efficiency, downhole drilling tools engineering, and artificial lift systems development. Our news collection covers earnings announcements, technology partnerships, product launches, and sustainability initiatives.
Stay informed about developments in Flotek's green chemistry advancements and real-time data analytics solutions that help energy companies reduce environmental impact. Bookmark this page for direct access to strategic updates affecting FTK's market position in energy technology.
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.
Flotek Industries, Inc. (NYSE: FTK) announced it will release its Q3 2021 financial results after market close on November 8, 2021. The company will hold a conference call on November 9, 2021, at 9 a.m. CST to discuss these results. Flotek specializes in green chemistry solutions to improve environmental impact across various markets, enhancing performance in Energy and Commercial sectors.
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.
