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.

Flotek Industries, a leader in green chemistry solutions, invites investors to its interactive presentation at the Emerging Growth Conference on January 11, 2023, from 10:15 - 10:45 Eastern Time. CEO John W. Gibson Jr. will present and address questions submitted in advance or asked live. The event is designed for both individual and institutional investors. For those unable to attend, an archived webcast will be available on EmergingGrowth.com and their YouTube channel. Flotek is focused on reducing environmental impact through innovative technology and green chemistry.

Flotek Industries (NYSE: FTK) has appointed Bond Clement as its new Chief Financial Officer, effective immediately. Clement brings over 25 years of financial experience in the energy sector, notably serving as CFO at PetroQuest Energy for 12 years. Chairman John W. Gibson, Jr. expressed confidence in Clement's ability to enhance profitability and shareholder value. Clement emphasized his commitment to driving profitability during this critical transition for Flotek. The company focuses on reducing environmental impact through advanced green chemistry solutions.

Flotek Industries (NYSE: FTK) reported third-quarter 2022 revenue of $45.6 million, a sequential increase of 55% and up 4.5x year-over-year. This surpasses the total revenue for the entire year of 2021 ($43.3 million). The company achieved improved Adjusted EBITDA as a percentage of revenue at negative 18%, up from negative 25% in Q2 2022. Despite a net loss of $18.8 million and gross margin of negative $1.8 million, Flotek's cash position improved to $11.1 million as of November 8, 2022. The company announced an agreement to supply 20 JP3 Verax® analyzers to ProFrac Services, LLC.

Flotek Industries, Inc. (NYSE: FTK) announced its participation in the SHARE Series virtual event on November 14, 2022, at 10:30 a.m. CT. This fireside chat will focus on engaging retail investors, allowing them to ask questions directly to management. The presentation will be streamed live and can be accessed through this link or on Flotek's website under Investor Relations. Flotek specializes in technology-driven green chemistry solutions aimed at reducing environmental impacts.