---
schema_version: "secwatch.filing_event.v1"
accession: "0000928054-23-000076"
form_type: "8-K"
ticker: "FTK"
cik: "0000928054"
company_name: "FLOTEK INDUSTRIES INC/CN/"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T11:37:18.525163+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000928054-23-000076
- form_type: 8-K
- ticker: FTK
- cik: 0000928054
- company_name: FLOTEK INDUSTRIES INC/CN/
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/928054/000092805423000076/0000928054-23-000076-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/928054/000092805423000076/usgaap-20230508.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000928054-23-000076
- JSON: https://secwatch.observer/filing/0000928054-23-000076.json
- Plain text: https://secwatch.observer/filing/0000928054-23-000076.txt

## Key facts
- Earnings Releases
  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
  source text: 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%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/928054/000092805423000076/0000928054-23-000076-index.htm
- Earnings Releases
  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
  source text: • 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/928054/000092805423000076/0000928054-23-000076-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.