Flotek's Puerto Rico power contract faces termination; FY2026 guidance reaffirmed

FLOTEK INDUSTRIES INC/CN/

Oversight Board voted to revoke approval of PREPA contract, directed PREPA to terminate; PREPA ordered work stoppage Aug 17.
PREPA has not delivered formal termination notice as of Aug 18; Flotek evaluating impact on expected ~$40M annual revenue.
Short seller with admitted position published report Aug 17 alleging business issues; Flotek believes it aimed to drive down stock.
FY2026 guidance reaffirmed: revenue $340-350M, Adjusted EBITDA $47-51M, excluding PREPA contributions.
Flotek joined project July 31 after PREPA approved substitution; contract expected 10-year, up to 40MW capacity.

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