Flotek Q1 net income $21.3M, revenue $48.0M (+273% YoY); guides FY 2023 rev $210-230M

FLOTEK INDUSTRIES INC/CN/

2023-Q1 EPS reported -$0.02 revenue$48,007,000

Revenue $48.0M, up 273% YoY; gross profit turned positive at $1.9M vs loss a year ago.
Net income $21.3M ($0.22/sh) includes $26.1M non-cash gain on convertible notes and $4.5M PPP loan forgiveness.
Adjusted EBITDA improved to -$3.9M from -$5.4M YoY; FY2023 revenue guidance $210-230M with adjusted gross margin 8-10%.
Data analytics revenue grew 135% YoY to $2.5M; average ProFrac fleets serviced increased to 19.
Cash $12.4M stable; evaluating asset-based borrowing proposals.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FLOTEK INDUSTRIES INC/CN/ reported full year 2023 results: revenue $210 million to $230 million. Guidance initiated.

Period: full year 2023
Revenue: $210 million to $230 million
Guidance: initiated
Result: guidance update

Exact text from the filing

Flotek has initiated full year 2023 guidance for revenue of $210 million to $230 million and an Adjusted Gross Profit margin of 8% to 10%.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FLOTEK INDUSTRIES INC/CN/ reported first quarter ended March 31, 2023 results: revenue $48.0 million, net income $21.3 million, EPS $0.22 per basic share.

Period: first quarter ended March 31, 2023
Revenue: $48.0 million
Net income: $21.3 million
EPS: $0.22 per basic share
Result: reported results

Exact text from the filing

• Revenue: Flotek recorded first quarter 2023 total revenue of $48.0 million compared to $48.2 million for the fourth quarter of 2022 and $12.9 million for the first quarter of 2022 – a 273% increase. Contributing to the year-over-year growth was the Company’s 10-year supply agreement with ProFrac and continued growth in the Company’s other Chemistry Technologies and Data Analytics product and service offerings. First quarter 2023 revenue remained flat sequentially, despite the industry’s seasonal slow-down in well stimulation operations early in the quarter. • Gross Profit (Loss) : The Company generated a gross profit of $1.9 million versus a gross loss of $2.1 million for the fourth quarter of 2022 and a gross loss of $0.5 million for the first quarter of 2022. The substantial improvement in gross margin was the result of pricing improvements, freight cost reductions and the Company’s initiatives to drive further efficiencies in the business, including focusing its efforts on leverag

View on SEC.gov

13 earnings releases filed in the last 30 days. Browse all earnings releases →

FLOTEK INDUSTRIES INC/CN/ filing history →

Source: SEC EDGAR

accession 0000928054-23-000076

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.