Flotek Industries, Inc. reports developments tied to its specialty chemistry and data technology business serving the energy industry. Company news commonly covers financial results, guidance, segment performance in Chemistry Technologies and Data Analytics, and the role of near real-time data in customer operations and emissions-related optimization.
Recurring updates also include contracts and deployments connected with the PWRtek platform, power services and utilities infrastructure support, as well as leadership, compliance and governance changes. Flotek’s news flow reflects the convergence of chemistry solutions, analytical measurement, mobile gas conditioning and energy-sector service offerings.
Flotek Industries, Inc. (NYSE: FTK) will participate in a Fireside Chat hosted by Water Tower Research on May 25, 2022, at 10:00 AM Central Time. Interested parties can join the session via the provided link. Flotek specializes in green chemistry solutions aimed at reducing environmental impact across various sectors. The company focuses on enhancing Environmental, Social, and Governance performance for its clients through innovative products and real-time data platforms.
Flotek Industries, Inc. (FTK) announced the successful closure of its agreement with ProFrac Holdings, LLC on May 17, 2022. This agreement, approved by shareholders on May 9, 2022, extends a long-term supply contract for chemical products to a decade. The updated agreement mandates Flotek to supply a minimum of 70% of ProFrac's chemical requirements, or enough to support 30 hydraulic fracturing fleets. Flotek is focused on technology-driven, environmentally friendly solutions across various markets, enhancing ESG performance.
Flotek Industries (NYSE: FTK) reported first quarter 2022 results, showing a consolidated revenue of $12.9 million, a 6% increase from Q4 2021. The net loss improved to $10.7 million from $16.2 million sequentially, thanks to the absence of prior goodwill impairment. Adjusted EBITDA loss narrowed to $5.4 million. A key development was securing a long-term supply agreement with ProFrac Services, projected to exceed $2 billion in revenue over ten years. As of March 31, 2022, cash and equivalents stood at $24.8 million, bolstered by a PIPE transaction.
Flotek Industries, Inc. (NYSE: FTK) announced that approximately 98.5% of its shareholders approved a long-term supply agreement with ProFrac Holdings, LLC. This decision, reached during a recent meeting, paves the way for a $2 billion contract aimed at enhancing collaboration with ProFrac's affiliates. The transactions are expected to close quickly, pending standard conditions. Flotek focuses on environmentally friendly chemical solutions across various industries, including energy, with an emphasis on improving Environmental, Social, and Governance performance.
Flotek Industries, Inc. (NYSE: FTK) announced its plan to release first quarter 2022 results on May 16, 2022, after market close. The earnings conference call is scheduled for May 17, 2022, at 9 a.m. CST. Investors can access the call through the company's website or by dialing in. Flotek focuses on providing solutions that minimize environmental impacts while serving various market sectors with specialty green chemistry and data solutions. The company encourages stockholders to review the upcoming earnings report for insights into its financial performance.
Flotek Industries has announced that it has regained compliance with the NYSE's continued listing standards as of April 4, 2022. The notification follows the company's average closing stock price exceeding $1.00 per share over the past 30 trading days ending on March 31, 2022. Previously, on December 10, 2021, Flotek had received notice for falling below this threshold. The removal of the compliance indicator is expected to stabilize investor confidence in FTK shares.
Flotek Industries (NYSE: FTK) announced its Q4 and full-year 2021 results, reporting consolidated revenues of $12.2 million, up 20% from Q3 but flat compared to Q4 2020. The company faced a net loss of $16.2 million in Q4, an improvement from a loss of $17.7 million in Q4 2020. For the full year, Flotek generated $43.3 million in revenue, a 19% decrease from 2020, mainly due to M&A impacts on key customers. A long-term contract worth over $2 billion with ProFrac was revealed, signaling future growth potential alongside an improved operational efficiency.
Flotek Industries, Inc. (NYSE: FTK) announced its schedule for releasing financial results for the twelve months ended December 31, 2021. The full-year 2021 results will be disclosed after market close on March 30, 2022. An earnings conference call will take place on March 31, 2022, at 9:00 a.m. CT. Participants can join via the company's website or by dialing in. Flotek focuses on reducing the environmental impact of energy through its specialty green chemistry and data solutions, serving various sectors to enhance Environmental, Social, and Governance performance.
Flotek Industries, Inc. (NYSE: FTK) announced a conference call scheduled for March 10 at 3:30 p.m. CST to discuss a significant long-term supply agreement with ProFrac Holdings, LLC. This agreement is expected to enhance Flotek's market position and sustainability efforts in the specialty green chemistry sector. The conference call will be accessible via the company's website and phone line. Flotek aims to address its Environmental, Social, and Governance (ESG) performance through innovative chemical solutions, thereby improving operational costs and returns for its clients.
Flotek Industries has entered a long-term supply agreement with ProFrac Holdings, potentially increasing revenue backlog by $1 billion to $2.1 billion over the next decade. The deal includes issuing convertible notes to ProFrac and granting them the right to appoint two additional board members, totaling four out of seven. The transaction is anticipated to close in Q2 2022, pending shareholder approval. Flotek plans to provide further details and host a conference call regarding the agreement.