Flotek reports 2022 revenue $136.1M (+215% YoY); net loss $42.3M; material weakness and going concern expected

FLOTEK INDUSTRIES INC/CN/

Q4 2022 revenue $48.2M (+297% YoY, +5.7% sequentially); net loss $19.0M ($0.25/share).
Full-year 2022 Adjusted EBITDA loss $26.2M; Q4 Adj. EBITDA -$5.1M improved from -$8.4M in Q3.
Material weakness in internal controls identified; expects going concern qualification in 10-K due to recurring losses.
Leadership changes: David Nierenberg Chairman, Harsha Agadi Interim CEO, Ryan Ezell President, Bond Clement CFO.
ProFrac fleets grew from 16 to 21; market share ~11% of active US frac fleets; sold Monahans facility for $1.5M.

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