HOUSTON, May 16, 2022 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) FTK today announced first quarter results for the three months ended March 31, 2022.
“We closed the quarter in a strong position with March performance returning to pre-pandemic levels, leading to improved quarterly revenue and adjusted EBITDA compared to last quarter. In addition, we closed on our PIPE transaction in the quarter, securing growth capital for the initial phase of our contract with ProFrac to deliver our full-suite of downhole chemistries to a significant portion of its hydraulic fracturing fleets in North America. The second quarter is off to a strong start with our first full month of services to ProFrac completed in April. We are now supplying chemistry to 10 ProFrac fleets across 4 major basins. Through this agreement, E&Ps now have a comprehensive, vertically integrated completions solution that reduces emissions and delivers green chemistries, thereby protecting air, water, land and people,” said John W. Gibson, Jr., Chairman, President, and Chief Executive Officer. “We are grateful to our shareholders for voting in strong support of our long-term contract, thus helping unlock our future with more than $2 billion in revenue over the next decade, excluding other organic growth opportunities. While we will have ramp-up costs associated with the ProFrac contract in the coming quarters, we are optimistic about the future and look forward to improving financial performance throughout the year and we are on target to achieve positive Adjusted EBITDA excluding convertible notes amortization before the end of the fourth quarter 2022.”
Key First Quarter 2022 Financial Results
The first quarter results, which are substantially comprised of revenue from customers other than ProFrac, are as follows:
- Consolidated Revenues: Flotek generated first quarter 2022 consolidated revenue of $12.9 million, up 6% from $12.2 million in the fourth quarter 2021, driven by…