Flotek reports FY2023 net income of $24.7M, first positive adjusted EBITDA since 2017

FLOTEK INDUSTRIES INC/CN/

Full-year revenue $188.1M (+38% YoY); net income $24.7M vs loss $42.3M in 2022.
Adjusted EBITDA $1.5M (first positive since 2017) vs -$26.2M in 2022.
Q4 2023 gross profit $9.4M vs loss $2.1M; revenue down 13% YoY to $42.2M.
Data analytics (JP3) revenue up 47% to $8.1M; next-gen system field trials, deployment mid-2024.
Material weakness & going concern issues from 2022 audit expected to be resolved.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FLOTEK INDUSTRIES INC/CN/ reported financial results for the quarter and full year ended December 31, 2023.

Period: the quarter and full year ended December 31, 2023
Result: reported results

Exact text from the filing

On March 12, 2024 , Flotek Industries, Inc. (the “Company”) issued a press release providing its financial results for the quarter and full year ended December 31, 2023 and announcing that it will hold a conference call to discuss its operating results.

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FLOTEK INDUSTRIES INC/CN/ filing history →

Source: SEC EDGAR

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