secwatch.observer — SEC 8-K summary
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Issuer:     FLOTEK INDUSTRIES INC/CN/ (FTK)
CIK:        0000928054
Form:       8-K
Filed at:   2024-03-12T23:59:59+00:00
Accession:  0000928054-24-000016
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/928054/000092805424000016/0000928054-24-000016-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/928054/000092805424000016/usgaap-20240312.htm
  HTML page:      https://secwatch.observer/filing/0000928054-24-000016

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