Flotek posts Q3 net income of $1.3M, first positive adjusted EBITDA since 2018

FLOTEK INDUSTRIES INC/CN/

2023-Q3 EPS reported -$0.18 revenue$145,870,000

Net income $1.3M ($0.04 diluted EPS) vs net loss $18.8M in Q3 2022; revenue $47.3M (+4% YoY).
Adjusted EBITDA turned positive at $3.4M, first since Q3 2018; gross profit $9.0M vs loss of $1.8M.
FY 2023 guidance: revenue lowered to $185-200M (from $210-230M), but adjusted gross profit margin raised to 12-14% (from 8-10%).
ABL facility increased to $13.8M; total liquidity $9.0M as of Nov 6, 2023.
Non-ProFrac chemistry revenues grew 23% YoY, now 38% of total revenues.

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 third quarter ended September 30, 2023 results: revenue $47,268, net income $1,287, EPS $0.04 per diluted share. Guidance lowered.

Period: third quarter ended September 30, 2023
Revenue: $47,268
Net income: $1,287
EPS: $0.04 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

showing strong year-over-year growth. Financial Summary (in thousands) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Total Revenues $ 47,268 $ 45,623 $ 145,870 $ 87,874 Gross Profit (Loss) $ 9,047 $ (1,842) $ 14,833 $ (4,626) Adjusted Gross Profit (Loss) (1) $ 10,264 $ 249 $ 18,005 $ (916) Net Income (Loss) $ 1,287 $

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Source: SEC EDGAR

accession 0000928054-23-000200

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