secwatch.observer — SEC 8-K summary
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Issuer:     FLOTEK INDUSTRIES INC/CN/ (FTK)
CIK:        0000928054
Form:       8-K
Filed at:   2023-08-08T23:59:59+00:00
Accession:  0000928054-23-000151
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/928054/000092805423000151/0000928054-23-000151-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/928054/000092805423000151/usgaap-20230808.htm
  HTML page:      https://secwatch.observer/filing/0000928054-23-000151

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