secwatch.observer — SEC 8-K summary
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Issuer:     FLOTEK INDUSTRIES INC/CN/ (FTK)
CIK:        0000928054
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0000928054-23-000076
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/928054/000092805423000076/0000928054-23-000076-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/928054/000092805423000076/usgaap-20230508.htm
  HTML page:      https://secwatch.observer/filing/0000928054-23-000076

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer