secwatch.observer — SEC 8-K summary
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Issuer:     FLOTEK INDUSTRIES INC/CN/ (FTK)
CIK:        0000928054
Form:       8-K/A
Filed at:   2023-03-21T23:59:59+00:00
Accession:  0000928054-23-000047
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/928054/000092805423000047/0000928054-23-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/928054/000092805423000047/usgaap-20230321.htm
  HTML page:      https://secwatch.observer/filing/0000928054-23-000047

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