Flotek Inds Inc Del Stock Price, News & Analysis

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.

Flotek Industries, Inc. (NYSE: FTK) has announced its schedule for releasing third quarter 2022 financial results on November 8, 2022, after market close. The earnings conference call will be held on November 9, 2022, at 8 a.m. CST. Flotek, based in Houston, Texas, focuses on environmentally sustainable solutions for the energy sector, enhancing its customers' ESG performance through its chemical technologies and data platforms. The results will detail the performance for the period ending September 30, 2022.

On October 11, 2022, Flotek Industries, Inc. (NYSE: FTK) expanded its Board of Directors from six to seven members by appointing Evan Farber. Mr. Farber, the General Counsel of Cranemere, brings over ten years of experience from The Advisory Board Company and a background in law. The Chairman of Flotek expressed enthusiasm about Farber's appointment, highlighting the company's focus on growth and profitability. Farber aims to enhance Flotek's environmentally friendly solutions in a pivotal time for the energy sector.

Flotek Industries, a leader in green chemistry solutions, will engage in a Fireside Chat hosted by Water Tower Research on August 25, 2022, at 1:00 p.m. CT. This event offers insights into Flotek's efforts in reducing environmental impact across various sectors. Interested parties can join the chat through the provided registration link. Flotek specializes in innovative chemistry technologies aimed at enhancing environmental performance and improving the value of hydrocarbon streams in the energy sector. For more information, visit Flotek's website.

Flotek Industries reported strong second quarter 2022 results, achieving $29.4 million in revenue, a 128% increase from Q1 2022. The company entered a long-term 10-year supply agreement with ProFrac to provide downhole chemistries for up to 30 frac fleets, potentially exceeding $2 billion in revenue over the next decade. Net income improved to $6.2 million from a loss of $10.7 million in Q1. However, Adjusted EBITDA was negative $7.2 million, a decline from Q1, highlighting ongoing challenges with margins and logistics.

Flotek Industries announced an agreement to supply 20 JP3 Verax® analyzer units to ProFrac Holdings for five years. This follows a 10-year chemistry supply agreement that began in April 2022, with an aim to enhance natural gas usage in dual-fuel fleets. The JP3 analyzers are expected to reduce diesel consumption by 50-70%, aid compliance with Tier 4 EPA emissions standards, and deliver significant cost savings and greenhouse gas reductions for customers. CEO John W. Gibson, Jr. expressed optimism about the technology's future applications across the oil and gas industry.

Flotek Industries, Inc. (NYSE: FTK) has announced the schedule for its second quarter 2022 earnings release. The results will be disclosed after market close on August 9, 2022, with a conference call to follow on August 10, 2022, at 9 a.m. CST. The earnings report will cover financial and operational results for the three months ended June 30, 2022. Flotek focuses on reducing environmental impacts through green chemistry solutions and serves various sectors, including industrial and consumer markets.