Flotek Inds Inc Del Stock Price, News & Analysis

Flotek Industries (NYSE: FTK) received notice from the NYSE that its common stock's average price fell below $1.00 for 30 consecutive trading days, which violates listing standards. The company has six months to rectify this issue or face delisting. The stock will continue trading but will carry a '.BC' designation indicating it is below compliance. Flotek's board has authority to implement a reverse stock split, should it become necessary. This notice does not immediately affect the stock's trading status, as long as the company meets other NYSE listing requirements.

Flotek focuses on reducing the environmental impact of energy through its technology-driven solutions in green chemistry and data management, serving various energy sectors.

On April 17, 2023, Flotek Industries (NYSE: FTK) announced its participation in a fireside chat with Water Tower Research on April 20, 2023, at 11:00 AM Eastern Time. Ryan Ezell, President, and Bond Clement, CFO, will discuss the company's green chemistry and data technologies, specifically highlighting their ten-year chemical supply agreement with ProFrac Holding Corp. This engagement aims to showcase Flotek's commitment to sustainability and innovation in the energy sector. Registration for the event can be completed through the provided Zoom link. Flotek Industries focuses on reducing environmental impacts and enhancing industrial performance through its specialized technologies.

Flotek Industries (FTK) reported fourth quarter 2022 revenues of $48.2 million, a 5.7% increase from Q3 2022 and up 297% year-over-year. Full year revenue reached $136.1 million, up 215% from 2021. Adjusted EBITDA improved to a loss of $5.1 million in Q4, an improvement from $8.4 million loss in Q3. The company maintained $12.3 million in cash and cash equivalents. A leadership transition occurred with Harsha V. Agadi as Interim CEO. A material weakness in internal controls was identified, and a 'going concern' qualification is expected in their 10-K report due to operational losses. A conference call is scheduled for March 21, 2023, to discuss results.

Flotek Industries, Inc. (NYSE: FTK) has announced the schedule for its fourth quarter and full year 2022 financial results, which will be released after market close on March 20, 2023. The earnings conference call is set for March 21, 2023, at 8 a.m. CST (9 a.m. EST). Flotek focuses on reducing environmental impacts through advanced chemistry and data solutions, serving various sectors including energy and consumer markets. The company emphasizes its commitment to improving Environmental, Social, and Governance performance.

Flotek Industries (NYSE: FTK) has announced significant leadership changes effective immediately. Director Harsha V. Agadi is appointed as interim Chief Executive Officer, succeeding John W. Gibson, who has left the role to explore other opportunities. Ryan Ezell, previously Chief Operating Officer, is now President, while David Nierenberg assumes the position of Chairman of the Board. Agadi, with over 25 years of executive experience, aims to ensure a smooth transition as the company searches for a permanent CEO. Nierenberg highlighted the company's impressive revenue growth, which quadrupled from 2021, positioning Flotek for future success.