Flotek Q2 revenue $50.6M (+72% YoY); gross profit $3.9M, adj. EBITDA -$2.0M improves 48% sequentially

FLOTEK INDUSTRIES INC/CN/

2023-Q2 EPS reported -$0.04 revenue$98,602,000

Revenue $50.6M, up 72% YoY and 5% sequentially; FY guidance reaffirmed at $210-230M with adj. gross margin 8-10%.
Gross profit $3.9M vs -$2.3M YoY; adjusted gross profit $5.1M, up 92% sequentially.
Net loss $21k vs net income $6.2M YoY; adjusted EBITDA -$2.0M, eighth consecutive improvement, expects positive by year-end.
Received ABL credit approval; cash $8.8M; expects close by end of Aug. Appointed Dr. Ryan Ezell CEO and Harsha Agadi Chairman.

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 the quarter ended June 30, 2023 results: revenue $50,594, net income ($21), EPS $0 per basic share. Guidance reaffirmed.

Period: the quarter ended June 30, 2023
Revenue: $50,594
Net income: ($21)
EPS: $0 per basic share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

momentum as nearly all financial metrics showed strong sequential growth. Financial Summary (in thousands) Q2 2023 Q2 2022 Percent Change Q1 2023 Percent Change Total Revenues $ 50,594 $ 29,373 72% $ 48,007 5% Gross Profit (Loss) $ 3,904 $ (2,305) 269% $ 1,880 108% Adjusted Gross Profit (Loss) (1) $ 5,091 $ (1,578) 423% $ 2,647 92% Net Income (Loss) $ (21) $

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 0000928054-23-000151

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.