ProFrac Holding Corporation (ACDC)

ProFrac Holding Corp. Reports First Quarter 2026 ResultsMay 7, 2026 5:15 AM
Business Wire ProFrac Holding Corp. (NASDAQ: ACDC) (“ProFrac”, or the “Company”) today announced financial and operational results for its 2026 first quarter ended March 31, 2026. First Quarter 2026 Results Total revenue was $450 million compared to fourth quarter revenue of $437 million Net loss was $81 million compared to net loss of $141 million in the fourth quarter Adjusted EBITDA¹ was $54 million compared to $61 million in the fourth quarter; 12% of revenue in the first quarter compared to 14% of revenue in the fourth quarter Net cash provided by operating activities was $9 million compared to $50 million in the fourth quarter Capital expenditures totaled $41 million compared to $37 million in the fourth quarter Free cash flow² negative $25 million compared to $14 million in the fourth quarter “Our first quarter 2026 results exceeded expectations despite weather-related disruptions early in the period, which reduced Adjusted EBITDA by approximately $9 million,” stated Executive Chairman, Matt Wilks. “While the quarter got off to a slow start, market dynamics shifted meaningfully beginning in late February-early March, with improving operator sentiment and accelerating activity levels. Our Stimulation Services team delivered record efficiency levels in March. This demonstrates the strength of our operational execution and allowed us to exit the quarter with continued momentum. Given the inflection in utilization, strong efficiencies and limited available capacity, we are in active dialogues with operators regarding balanced pricing following a persistent period of declines.” “We are also pleased to report strong progress on our business optimization program. On a year-over-year basis and including capital expenditure reduction in the fourth quarter of 2025, we have achieved the majority of our $100 million annualized savings target. Alongside these efforts, our continued focus on technology differentiation further strengthens our value proposition for customers.” “Geopolitical events continue to influence the broader energy landscape,” continued Mr. Wilks. “The conflict in the Middle East has created supply disruptions that we believe extend beyond near-term dislocations. Energy infrastructure for both crude oil and LNG have been severely impacted further exacerbating dislocations in the physical markets. These dynamics, coupled with the prolonged nature of the conflict in Iran and shuttering of the Strait of Hormuz, are catalyzing a global shift in sentiment in favor of energy security. We believe this will disproportionately benefit North America. At the same time, industry activity has been running below levels needed to maintain flat shale production. As operator activity continues to accelerate, we see an increasingly constructive supply-demand backdrop for services in North America, especially as we enter the second half of 2026,” concluded Mr. Wilks. Outlook In Stimulation Services, ProFrac expects second quarter 2026 results to be stronger than first quarter 2026 performance, as improving operator sentiment has driven an increase in activity levels. The Company’s hydraulic fracturing calendar has continued to tighten from first quarter levels. In Proppant Production, the Company remains focused on operational execution, cost efficiency, and reliability across its proppant assets. While industry completion activity is expected to increase, due to operational issues and unplanned downtime, the Company expects sequentially lower volumes in second quarter of 2026. Business Segment Information The Stimulation Services segment generated revenues of $407 million in the first quarter, which resulted in $32 million of Adjusted EBITDA and a margin of 8%. The Proppant Production segment generated revenues of $120 million in the first quarter, which resulted in $7 million of Adjusted EBITDA and a margin of 6%. Approximately 88% of the Proppant Production segment's first quarter 2026 revenue was intercompany. The Manufacturing segment generated revenues of $48 million in the first quarter, which resulted in $7 million of Adjusted EBITDA and a margin of 15%. Approximately 86% of the Manufacturing segment's first quarter 2026 revenue was intercompany. Flotek Industries, Inc. ("Flotek") generated revenues of $72 million in the first quarter, which resulted in $11 million of Adjusted EBITDA and a margin of 15%. Approximately 75% of Flotek's first quarter 2026 revenue was intercompany. Other Business Activities generated revenues of $3 million in the first quarter, which resulted in $(0.1) million of Adjusted EBITDA and a margin of (3)%. Capital Expenditures and Capital Allocation Cash capital expenditures totaled $41 million in the first quarter, up from $37 million reported in fourth quarter 2025. For full year 2026, ProFrac maintains its expectation that capital expenditures will be in the range of $155 million to $185 million, which includes Flotek's current capital expenditure plan. Excluding Flotek, the Company expects capital expenditures to be in a range of $145 million to $175 million for 2026. Balance Sheet and Liquidity Total principal debt outstanding as of March 31, 2026 was approximately $1.09 billion; net debt3 outstanding was approximately $1.05 billion. Total cash and cash equivalents as of March 31, 2026 was approximately $34 million, of which approximately $6 million was related to Flotek and not accessible by the Company. As of March 31, 2026 the Company had approximately $108 million of liquidity, including approximately $28 million of cash and cash equivalents, excluding Flotek, and $80 million of availability under its asset-based credit facility. Footnotes (1) Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles (“GAAP”) (a “Non-GAAP Financial Measure”). Please see “Non-GAAP Financial Measures” at the end of this news release. (2) Free Cash Flow is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release. (3) Net Debt is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release. Conference Call
ProFrac has scheduled a conference call on Thursday, May 7, 2026, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call’s conclusion on the IR Calendar section of ProFrac’s investor relations website for 90 days. About ProFrac Holding Corp.
ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production (“E&P”) of North American unconventional oil and natural gas resources throughout the United States. ProFrac operates in four business segments: Stimulation Services, Proppant Production, Manufacturing, and Flotek. For more information, please visit ProFrac’s website at www.PFHoldingsCorp.com. Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “momentum,” or similar words. Forward-looking statements relate to future events or the Company’s future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company’s strategies and plans for growth; the Company’s positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; customer contracts, activity, relations, or pricing; fleet deployment levels; the Company’s expectations about price fluctuations, global activity, market reactions and macroeconomic conditions impacting the industry; competitive conditions in the industry; success of the Company’s ongoing strategic initiatives; the Company’s intention to increase the number of fully integrated fleets; the Company’s currently expected guidance regarding its 2026 financial and operational results; the Company’s ability to earn its targeted rates of return; the Company’s ability to achieve or realize benefits from its asset optimization program; pricing of the Company’s services in light of the prevailing market conditions; the Company’s currently expected guidance regarding its planned capital expenditures; statements regarding the Company’s liquidity and debt obligations; the Company’s anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; the amount of capital that may be available to the Company in future periods; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; any estimates and forecasts of financial and other performance metrics; and the Company’s outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability to achieve the anticipated benefits of the Company’s acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company’s actions intended to achieve its 2026 financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; the failure to operationalize or utilize to the extent anticipated the Company’s fleets and sand mines in a timely manner or at all; the Company’s ability to deploy capital in a manner that furthers the Company’s growth strategy, as well as the Company’s general ability to execute its business plans; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; risks regarding the ability to access to additional capital on acceptable terms or at all; industry conditions, including fluctuations in supply, demand and prices for the Company’s products and services and for oil and natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the Middle East and in Ukraine, as well as the instability in Venezuela; the effectiveness of the Company’s risk management strategies; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Forward-looking statements are also subject to the risks and other issues described below under “Non-GAAP Financial Measures,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved, in whole or part, or that any of the contemplated results of such forward-looking statements will be realized, including without limitation any expectations about the Company’s operational and financial performance or achievements through and including 2026. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law. Non-GAAP Financial Measures
Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, respectively, or any other performance measure derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our profitability or liquidity. Adjusted EBITDA, Free Cash Flow and Net Debt are supplemental measures utilized by our management and other users of our financial statements such as investors, commercial banks, research analysts and others, to assess our financial performance. We believe Adjusted EBITDA is an important supplemental measure because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income tax rates). We believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. We believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net, (v) stock-based compensation, and (vi) other charges, such as certain credit losses, gain or loss on extinguishment of debt, unrealized loss or gain on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, lease termination costs, and impairments of long-lived assets. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company. The presentation of Non-GAAP Financial Measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated. - Tables to Follow – ProFrac Holding Corp.
Austin Harbour – Chief Financial Officer
Michael Messina – Vice President of Finance
investors@pfholdingscorp.com ICR, Inc.
PFHoldingsIR@icrinc.com Source: ProFrac Holding Corp. ProFrac Holding Corp. (NasdaqGS: ACDC) Consolidated Balance Sheets     March 31,     December 31,   (In millions)   2026     2025   ASSETS             Current assets:             Cash and cash equivalents   $ 33.5     $ 22.9   Accounts receivable, net     318.8       266.8   Accounts receivable — related party, net     5.6       19.9   Inventories     159.3       151.3   Prepaid expenses and other current assets     17.2       22.6   Total current assets     534.4       483.5   Property, plant, and equipment, net     1,413.4       1,464.3   Operating lease right-of-use assets, net     140.2       154.3   Goodwill     290.2       290.2   Intangible assets, net     102.8       111.8   Deferred tax assets     27.6       29.0   Other assets     42.0       40.0   Total assets   $ 2,550.6     $ 2,573.1                 LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY             Current liabilities:             Accounts payable   $ 296.2     $ 257.1   Accounts payable — related party     53.1       42.2   Accrued expenses     70.6       74.0   Current portion of long-term debt     151.2       144.7   Current portion of long-term debt— related party     5.0       5.0   Current portion of operating lease liabilities     42.9       44.8   Other current liabilities     31.8       28.8   Other current liabilities — related party     0.6       0.8   Total current liabilities     651.4       597.4   Long-term debt     866.7       832.7   Long-term debt — related party     41.7       42.9   Operating lease liabilities     103.1       115.5   Deferred tax liabilities     11.8       11.8   Tax receivable agreement liability     82.0       82.0   Other liabilities     9.1       10.1   Total liabilities     1,765.8       1,692.4                 Mezzanine equity:             Series A preferred stock     70.2       68.8                 Stockholders' equity:             Class A common stock     1.8       1.8   Additional paid-in capital     1,310.5       1,325.9   Accumulated deficit     (695.1 )     (610.2 ) Total stockholders' equity attributable to ProFrac Holding Corp.     617.2       717.5   Noncontrolling interests     97.4       94.4   Total stockholders' equity     714.6       811.9   Total liabilities, mezzanine equity, and stockholders' equity   $ 2,550.6     $ 2,573.1   ProFrac Holding Corp. (NasdaqGS: ACDC) Consolidated Statements of Operations     Three Months Ended       Mar. 31,     Dec. 31,     Mar. 31,   (In millions)   2026     2025     2025   Total revenues   $ 449.6     $ 436.5     $ 600.3                       Operating costs and expenses:                   Cost of revenues, exclusive of depreciation, depletion and amortization     354.4       336.4       419.4   Selling, general, and administrative     43.6       42.5       53.6   Depreciation, depletion and amortization     97.1       102.6       106.0   Impairment of long-lived assets and goodwill     —       52.6       —   Acquisition and integration costs     —       —       0.1   Other operating expense, net     0.9       7.4       5.2   Total operating costs and expenses     496.0       541.5       584.3                       Operating income (loss)     (46.4 )     (105.0 )     16.0                       Other income (expense):                   Interest expense, net     (32.8 )     (33.3 )     (35.9 ) Other income, net     —       0.4       4.8   Loss before income taxes     (79.2 )     (137.9 )     (15.1 ) Income tax expense     (1.6 )     (2.6 )     (0.3 ) Net loss     (80.8 )     (140.5 )     (15.4 ) Less: net income attributable to noncontrolling interests     (2.7 )     (2.1 )     (2.1 ) Net loss attributable to ProFrac Holding Corp.   $ (83.5 )   $ (142.6 )   $ (17.5 ) Net loss attributable to Class A common shareholders   $ (84.9 )   $ (144.0 )   $ (18.8 ) ProFrac Holding Corp. (NasdaqGS: ACDC) Consolidated Statements of Cash Flows     Three Months Ended       Mar. 31,     Dec. 31,     Mar. 31,   (In millions)   2026     2025     2025   Cash flows from operating activities:                   Net loss   $ (80.8 )   $ (140.5 )   $ (15.4 ) Adjustments to reconcile net loss to net cash provided by operating activities:                   Depreciation, depletion and amortization     97.1     $ 102.6       106.0   Amortization of acquired unfavorable contracts     —       —       (5.7 ) Stock-based compensation     0.9       2.7       1.1   Loss (gain) on disposal of assets, net     (2.0 )     4.0       3.4   Amortization of debt issuance costs     2.8       2.8       3.0   Gain on investments, net     —       —       (3.7 ) Provision for credit losses, net of recoveries     —       0.9       —   Impairment of long-lived assets and goodwill     —       52.6       —   Deferred tax expense     1.4       2.4       —   Other non-cash items, net     —       0.8       0.2   Changes in operating assets and liabilities     (10.1 )     21.2       (50.2 ) Net cash provided by operating activities     9.3       49.5       38.7                       Cash flows from investing activities:                   Investment in property, plant & equipment     (40.7 )     (36.6 )     (52.5 ) Proceeds from sale of assets     6.2       0.9       0.2   Other     —       —       0.6   Net cash used in investing activities     (34.5 )     (35.7 )     (51.7 )                     Cash flows from financing activities:                   Proceeds from issuance of long-term debt     25.0       80.0       —   Repayments of long-term debt     (35.3 )     (32.4 )     (42.5 ) Borrowings from revolving credit agreements     416.5       411.6       419.1   Repayments of revolving credit agreements     (368.7 )     (505.9 )     (361.1 ) Payment of debt issuance costs     (1.3 )     (1.2 )     —   Cash settlement of vested stock awards     —       —       (1.0 ) Tax withholding related to net share settlement of noncontrolling interest equity awards     (0.5 )     (1.6 )     —   Proceeds from issuance of common stock     —       0.6       —   Other     0.1       —       (0.3 ) Net cash provided by (used in) financing activities     35.8       (48.9 )     14.2                       Net increase (decrease) in cash, cash equivalents, and restricted cash     10.6       (35.1 )     1.2   Cash, cash equivalents, and restricted cash beginning of period     22.9       58.0       14.8   Cash, cash equivalents, and restricted cash end of period   $ 33.5     $ 22.9     $ 16.0   ProFrac Holding Corp. (NasdaqGS: ACDC) Reconciliation of Net Income (Loss) to Adjusted EBITDA     Three Months Ended       Mar. 31,     Dec. 31,     Mar. 31,   (In millions)   2026     2025     2025   Net loss   $ (80.8 )   $ (140.5 )   $ (15.4 )                     Interest expense, net     32.8       33.3       35.9   Depreciation, depletion and amortization     97.1       102.6       106.0   Income tax expense     1.6       2.6       0.3   Loss (gain) on disposal of assets, net     (2.0 )     4.0       3.4   Provision for credit losses, net of recoveries     —       0.9       —   Stock-based compensation     2.4       3.1       1.1   Lease termination     0.2       0.3       —   Transaction costs     0.3       (0.3 )     0.2   Acquisition and integration costs     —       —       0.1   Impairment of long-lived assets and goodwill     —       52.6       —   Inventory write-down     —       0.8       —   Litigation expenses     2.4       1.7       1.6   Gain on investments, net     —       —       (3.7 ) Adjusted EBITDA   $ 54.0     $ 61.1     $ 129.5   ProFrac Holding Corp. (NasdaqGS: ACDC) Segment Information     Three Months Ended       Mar. 31,     Dec. 31,     Mar. 31,   (In millions)   2026     2025     2025   Revenues                   Stimulation services   $ 407.0     $ 383.5     $ 524.5   Proppant production     119.6       114.8       67.3   Manufacturing     48.4       42.6       65.8   Flotek     72.3       69.6       56.8   Other     2.9       3.3       5.4   Total segments     650.2       613.8       719.8   Eliminations     (200.6 )     (177.3 )     (119.5 ) Total revenues   $ 449.6     $ 436.5     $ 600.3                       Adjusted EBITDA                   Stimulation services   $ 32.0     $ 33.2     $ 104.6   Proppant production     6.5       16.0       18.3   Manufacturing     6.8       3.6       4.0   Flotek     11.3       10.1       8.0   Other     (0.1 )     (0.2 )     (0.3 ) Total segments     56.5       62.7       134.6   Eliminations     (2.5 )     (1.6 )     (5.1 ) Total adjusted EBITDA   $ 54.0     $ 61.1     $ 129.5   ProFrac Holding Corp. (NasdaqGS: ACDC) Net Debt     March 31,     December 31,   (In millions)   2026     2025   Current portion of long-term debt   $ 151.2     $ 144.7   Current portion of long-term debt— related party     5.0       5.0   Long-term debt     866.7       832.7   Long-term debt — related party     41.7       42.9   Total debt     1,064.6       1,025.3                 Plus: unamortized debt discounts, premiums, and issuance costs     21.0       22.8   Total principal amount of debt     1,085.6       1,048.1                 Less: cash and cash equivalents     (33.5 )     (22.9 ) Net debt   $ 1,052.1     $ 1,025.2   ProFrac Holding Corp. (NasdaqGS: ACDC) Free Cash Flow     Three Months Ended       Mar. 31,     Dec. 31,   (In millions)   2026     2025   Net cash provided by operating activities   $ 9.3     $ 49.5                 Investment in property, plant & equipment     (40.7 )     (36.6 ) Proceeds from sale of assets     6.2       0.9   Free cash flow   $ (25.2 )   $ 13.8     View source version on businesswire.com: https://www.businesswire.com/news/home/20260507203142/en/ ProFrac Holding Corp.
Austin Harbour – Chief Financial Officer
Michael Messina – SVP of Finance
investors@pfholdingscorp.com ICR, Inc.
PFHoldingsIR@icrinc.com Original: ProFrac Holding Corp. Reports First Quarter 2026 Results

ProFrac and Seismos Deploy Closed-Loop Fracturing at Commercial Scale Using Direct In-Well MeasurementsMarch 12, 2026 7:30 AM
PR Newswire (US)


WILLOW PARK, Texas and AUSTIN, Texas, March 12, 2026 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac"), in partnership with Seismos, Inc. ("Seismos"), announced today the successful completion of their fully closed-loop fracturing program, demonstrating the first real-time, intra-stage optimization utilizing in-well subsurface measurements and immediate surface actuation. The program took place in the Eagle Ford & Austin Chalk basins with a 4-well pad configuration. From February 13 to March 4, 2026, 183 stages were completed utilizing the ProFrac-Seismos leading-edge, closed-loop fracturing technology. Unlike systems that rely on offset well measurements to infer treatment well performance, this approach focuses directly on the targeted asset, the treatment well. It tracks subsurface performance through direct in-well measurements while pumping, detects deviations algorithmically, executes corrective action instantly, and validates the response within the same stage at any point. During deployment, average response time from data acquisition to automated treatment adjustment was under five minutes, with future targets below two minutes.Industry research shows improved cluster-level fluid distribution, currently measured exclusively by the ProFrac-Seismos closed-loop system, can increase productivity by up to 20%, highlighting the value of real-time measurement and adjustment. These findings align with a recent URTeC study (Craig Cipolla et al. – URTeC 4044071, 2024), which quantifies the value of achieving uniform fluid distribution across all clusters.Intervention Methodology and Execution
The ProFrac-Seismos closed-loop control logic activated when intra-stage performance deviations were detected against defined envelopes and triggers. When criteria were met, the Seismos proprietary measurement system (SAFA™) and completion logic prescribed corrective interventions, and ProFrac's surface automation system (ProPilot®) executed coordinated adjustments during the active stage.Primary triggers included mid-stage perforation efficiency falling below the 70% threshold or a rapid PE degradation trend detected during the active stage. In response, surface parameters adjusted intra-stage included rate adjustments to improve cluster stimulation, friction reducer adjustments to maintain stable treating pressure, and other operational parameters controlled by ProPilot®.As a result of the closed-loop optimization process, stages with intra-stage interventions experienced an additional 7% improvement in mid-stage perforation efficiency and 7.5% improvement in end-of-stage perforation efficiency compared to stages without intervention. There were no screen-outs attributable to intra-stage intervention adjustments and no additional non-productive time (NPT) introduced.Why ProFrac-Seismos Closed Loop is a step change
Traditional frac execution often relies on treating pressure and post-job interpretation to infer downhole performance. Attempts to optimize the treatment well using offset responses face natural limitations because the treatment well lacks critical direct measurements indicative of performance. The ProFrac-Seismos closed loop changes that model by using real-time in-well measurements to guide decisions so treatments can be optimized as they are executed. Its integrated architecture is designed to scale control and learnings across stages and pads, combining real-time execution with a continuous improvement loop for design and operational decisioning.Matt Wilks, Executive Chairman of ProFrac Holding Corp., stated, "Closed-loop fracturing begins with accurate, real-time subsurface measurements, but its full value is realized when that intelligence drives coordinated surface execution. Through ProPilot® surface automation and selective chemistry integration, we are enabling true intra-stage adjustments at scale and advancing the industry's first fully integrated closed-loop fracturing architecture. We cannot change the resource itself. However, we know that as many as 35% of perforations remain closed after completion operations. Machina™, our well optimization suite, exists to help operators access that remaining 35% and maximize the productive potential of every stage."Controlling the Frac Outcome 
"We are no longer just measuring the well; we are controlling the frac outcome," said Panos Adamopoulos, Founder and CEO of Seismos. "Seismos, with its proprietary measurements and completion logic systems, is the core intelligence layer that makes Closed-Loop Fracturing possible. By standardizing on Uniformity Index (UI) as the primary control metric, we ensure consistent, precise execution across all crews and basins, aligning real-time work with measurable production drivers."About ProFrac
ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. ProFrac operates through four business segments: Stimulation Services, Proppant Production, Manufacturing, and Other Business Activities. For more information, please visit ProFrac's website at www.PFHoldingsCorp.com.About Seismos
Seismos delivers actionable data intelligence across the energy infrastructure, enabling greater situational awareness, confident decision-making, and superior performance. The company pioneered real-time frac optimization in 2018, which led to its portfolio of Closed-Loop automation, including physics-based subsurface measurement technologies, advanced completion logic systems, AI-based frac advisory systems and a vast data repository of hundreds of thousands of stages. View original content to download multimedia:https://www.prnewswire.com/news-releases/profrac-and-seismos-deploy-closed-loop-fracturing-at-commercial-scale-using-direct-in-well-measurements-302711564.htmlSOURCE ProFrac Holding Corp. and Seismos Inc.

Original: ProFrac and Seismos Deploy Closed-Loop Fracturing at Commercial Scale Using Direct In-Well Measurements

ProFrac Holding Corp. Reports Full Year and Fourth Quarter 2025 ResultsMarch 12, 2026 5:15 AM
Business Wire
ProFrac Holding Corp. (NASDAQ: ACDC) (“ProFrac”, or the “Company”) today announced financial and operational results for its 2025 full year and fourth quarter ended December 31, 2025.


Full Year 2025 Results



Total revenue was $1.94 billion compared to revenue of $2.19 billion in 2024



Net loss was $356 million compared to net loss of $208 million in 2024



Adjusted EBITDA¹ was $310 million compared to $501 million in 2024; 16% of revenue in 2025 compared to 23% of revenue in 2024



Net cash provided by operating activities was $190 million compared to $367 million in 2024



Capital expenditures totaled $170 million compared to $255 million in 2024



Free cash flow² was $25 million compared to $185 million in 2024



Net debt³ was $1.03 billion as of December 31, 2025



Fourth Quarter 2025 Results



Total revenue was $437 million compared to third quarter revenue of $403 million



Net loss was $141 million compared to net loss of $92 million in the third quarter



Adjusted EBITDA¹ was $61 million compared to $41 million in the third quarter; 14% of revenue in the fourth quarter compared to 10% of revenue in the third quarter



Net cash provided by operating activities was $50 million compared to $5 million in the third quarter



Capital expenditures totaled $37 million compared to $38 million in the third quarter



Free cash flow² was $14 million compared to negative $29 million in the third quarter



"Our results in the fourth quarter 2025 improved meaningfully from the third quarter. Total Adjusted EBITDA increased 49% on improvement across both Stimulation Services and Proppant Production. This performance was driven by better than anticipated activity levels, strong operational execution, and the early benefits of our cost and capital management initiatives," stated Matt Wilks, ProFrac's Executive Chairman.


"Harsh winter weather conditions resulted in disruptions to our 2026 start; however, momentum has been building as conditions improved. Looking at the broader completions landscape, activity today is running below levels needed to sustain flat shale production. Additionally, capital discipline across the industry has set the stage for meaningful supply-demand tightening as activity picks up. Lastly, oil prices have strengthened as a result of ongoing supply disruptions due to the conflict in the Middle East, which could necessitate a higher call on US oil production.


“We are pleased to report strong progress on our business optimization plan targeting implemented annualized savings of $100 million at the midpoint by the end of the second quarter of 2026. We are on track with our prior target on capital expenditure savings. Labor-related savings have been fully implemented. Non-labor operating expenses are progressing in line with our plan. Alongside these cost initiatives, our technology differentiation continues to be a key focus," concluded Mr. Wilks.


Outlook


In Stimulation Services, ProFrac expects first quarter 2026 results to be softer than the strong fourth quarter 2025 performance, primarily due to weather-related disruptions in January. The Company’s hydraulic fracturing calendar tightened since January with operational momentum expected to build through the quarter.


In Proppant Production, ProFrac expects first quarter volumes to be down quarter-over-quarter due to weather disruptions in January and the impact of operational challenges. Customer demand remains generally consistent with fourth quarter levels. The Company is focused on returning to the operational performance that drove fourth quarter results as it moves through the first quarter and into the second quarter of 2026.


The Company estimates that the January weather disruptions will have an approximately $8 million to $12 million impact on the Company’s Adjusted EBITDA in the first quarter of 2026.


Business Segment Information


The Stimulation Services segment generated revenues of $1.68 billion in full year 2025, which resulted in $209 million of Adjusted EBITDA and a margin of 12.4%. In the fourth quarter, the segment generated revenues of $384 million, which resulted in $33 million of Adjusted EBITDA and a margin of 8.6%.


The Proppant Production segment generated revenues of $336 million in full year 2025, which resulted in $57 million of Adjusted EBITDA and a margin of 17.0%. In the fourth quarter, the segment generated revenues of $115 million, which resulted in $16 million of Adjusted EBITDA and a margin of 13.9%. Approximately 78.0% of the Proppant Production segment's fourth quarter 2025 revenue was intercompany.


The Manufacturing segment generated revenues of $212 million in full year 2025, which resulted in $19 million of Adjusted EBITDA and a margin of 9.0%. In the fourth quarter, the segment generated revenues of $43 million, which resulted in $4 million of Adjusted EBITDA and a margin of 9.3%. Approximately 81.9% of the Manufacturing segment's fourth quarter 2025 revenue was intercompany.


Flotek Industries, Inc. (“Flotek”) generated revenues of $244 million in full year 2025, which resulted in $38 million of Adjusted EBITDA and a margin of 15.6%. In the fourth quarter, Flotek generated revenues of $70 million, which resulted in $10 million of Adjusted EBITDA and a margin of 14.3%. Approximately 74.3% of Flotek's fourth quarter 2025 revenue was intercompany.


Other Business Activities generated revenues of $17.3 million in full year 2025, which resulted in negative $0.2 million of Adjusted EBITDA and a margin of (1.2)%. In the fourth quarter, Other Business Activities generated revenues of $3 million, which resulted in negative $0.2 million of Adjusted EBITDA and a margin of (6.7)%.


Capital Expenditures and Capital Allocation


Cash capital expenditures totaled $37 million in the fourth quarter, down from $38 million reported in third quarter 2025. For full year 2025, capital expenditures totaled $170 million.


For full year 2026, ProFrac expects capital expenditures to be in the range of $155 million to $185 million, which includes Flotek's current capital expenditure plan. Excluding Flotek, the Company expects capital expenditures to be in a range of $145 million to $175 million for 2026.


Balance Sheet and Liquidity


Total principal debt outstanding as of December 31, 2025 was approximately $1.05 billion; net debt outstanding was approximately $1.03 billion.


Total cash and cash equivalents as of December 31, 2025 was approximately $23 million, of which approximately $6 million was related to Flotek and not accessible by the Company.


As of December 31, 2025 the Company had approximately $152 million of liquidity, including approximately $17 million of cash and cash equivalents, excluding Flotek, and $135 million of availability under its asset-based credit facility.


Footnotes




(1) Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles (“GAAP”) (a “Non-GAAP Financial Measure”). Please see “Non-GAAP Financial Measures” at the end of this news release.








(2) Free Cash Flow is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release.








(3) Net Debt is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release.







Conference Call


ProFrac has scheduled a conference call on Thursday, March 12, 2026, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call’s conclusion on the IR Calendar section of ProFrac’s investor relations website for 90 days.


About ProFrac Holding Corp.


ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production (“E&P”) of North American unconventional oil and natural gas resources. ProFrac operates through three business segments: Stimulation Services, Proppant Production and Manufacturing, in addition to Other Business Activities. For more information, please visit ProFrac’s website at www.PFHoldingsCorp.com.


Cautionary Statement Regarding Forward-Looking Statements


Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. Forward-looking statements relate to future events or the Company’s future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company’s strategies and plans for growth; the Company’s positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; fleet deployment levels; the Company’s expectations about price fluctuations, and macroeconomic conditions impacting the industry; competitive conditions in the industry; the Company’s ability to increase the utilization of its mining assets and lower our mining costs per ton; success of the Company’s ongoing strategic initiatives; the Company’s intention to increase the number of fully integrated fleets; the Company’s currently expected guidance regarding its 2026 financial and operational results; the Company’s ability to earn its targeted rates of return; pricing of the Company’s services in light of the prevailing market conditions; the Company’s currently expected guidance regarding its planned capital expenditures; statements regarding the Company’s liquidity and debt obligations; the Company’s anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; expectations regarding pricing per ton range; the amount of capital that may be available to the Company in future periods; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; any estimates and forecasts of financial and other performance metrics; and the Company’s outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability to achieve the anticipated benefits of the Company’s acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company’s actions intended to achieve its 2026 financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; the failure to operationalize or utilize to the extent anticipated the Company’s fleets and sand mines in a timely manner or at all; the Company’s ability to deploy capital in a manner that furthers the Company’s growth strategy, as well as the Company’s general ability to execute its business plans; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; risks regarding access to additional capital; industry conditions, including fluctuations in supply, demand and prices for the Company’s products and services and for oil and natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the Middle East and in Ukraine; the effectiveness of the Company’s risk management strategies; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov.


Forward-looking statements are also subject to the risks and other issues described below under “Non-GAAP Financial Measures,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, including without limitation any expectations about the Company’s operational and financial performance or achievements through and including 2026. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law.


Non-GAAP Financial Measures


Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, respectively, or any other performance measure derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our profitability or liquidity. Adjusted EBITDA, Free Cash Flow and Net Debt are supplemental measures utilized by our management and other users of our financial statements such as investors, commercial banks, research analysts and others, to assess our financial performance. We believe Adjusted EBITDA is an important supplemental measure because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income tax rates). We believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. We believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents.


We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net, (v) stock-based compensation, and (vi) other charges, such as certain credit losses, gain or loss on extinguishment of debt, unrealized loss or gain on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, lease termination costs, and impairments of long-lived assets. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets.


Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.


Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.


Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company.


The presentation of Non-GAAP Financial Measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated.


– Tables to Follow –


ProFrac Holding Corp.

Austin Harbour – Chief Financial Officer

Michael Messina – Vice President of Finance

investors@pfholdingscorp.com


ICR, Inc.

PFHoldingsIR@icrinc.com


Source: ProFrac Holding Corp.




ProFrac Holding Corp. (NasdaqGS: ACDC)








Consolidated Balance Sheets









 






 






December 31,






 






 






December 31,






 








(In millions)






 






2025






 






 






2024






 








ASSETS






 






 






 






 






 






 








Current assets:






 






 






 






 






 






 








Cash and cash equivalents






 






$






22.9






 






 






$






14.8






 








Accounts receivable, net






 






 






266.8






 






 






 






312.7






 








Accounts receivable — related party, net






 






 






19.9






 






 






 






16.1






 








Inventories






 






 






151.3






 






 






 






201.1






 








Prepaid expenses and other current assets






 






 






22.6






 






 






 






29.4






 








Total current assets






 






 






483.5






 






 






 






574.1






 








Property, plant, and equipment, net






 






 






1,464.3






 






 






 






1,761.2






 








Operating lease right-of-use assets, net






 






 






154.3






 






 






 






158.6






 








Goodwill






 






 






290.2






 






 






 






302.0






 








Intangible assets, net






 






 






111.8






 






 






 






148.9






 








Deferred tax assets






 






 






29.0






 






 






 






—






 








Other assets






 






 






40.0






 






 






 






43.3






 








Total assets






 






$






2,573.1






 






 






$






2,988.1






 








 






 






 






 






 






 






 








LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY






 






 






 






 






 






 








Current liabilities:






 






 






 






 






 






 








Accounts payable






 






$






257.1






 






 






$






324.3






 








Accounts payable — related party






 






 






42.2






 






 






 






18.1






 








Accrued expenses






 






 






74.0






 






 






 






67.2






 








Current portion of long-term debt






 






 






144.7






 






 






 






159.6






 








Current portion of long-term debt— related party






 






 






5.0






 






 






 






5.0






 








Current portion of operating lease liabilities






 






 






44.8






 






 






 






26.0






 








Other current liabilities






 






 






28.8






 






 






 






56.6






 








Other current liabilities — related party






 






 






0.8






 






 






 






3.2






 








Total current liabilities






 






 






597.4






 






 






 






660.0






 








Long-term debt






 






 






832.7






 






 






 






936.1






 








Long-term debt — related party






 






 






42.9






 






 






 






8.3






 








Operating lease liabilities






 






 






115.5






 






 






 






137.1






 








Deferred tax liabilities






 






 






11.8






 






 






 






14.9






 








Tax receivable agreement liability






 






 






82.0






 






 






 






82.9






 








Other liabilities






 






 






10.1






 






 






 






9.2






 








Total liabilities






 






 






1,692.4






 






 






 






1,848.5






 








 






 






 






 






 






 






 








Mezzanine equity:






 






 






 






 






 






 








Series A preferred stock






 






 






68.8






 






 






 






63.5






 








 






 






 






 






 






 






 








Stockholders' equity:






 






 






 






 






 






 








Class A common stock






 






 






1.8






 






 






 






1.5






 








Additional paid-in capital






 






 






1,325.9






 






 






 






1,241.2






 








Accumulated deficit






 






 






(610.2






)






 






 






(235.9






)








Accumulated other comprehensive income






 






 






—






 






 






 






0.1






 








Total stockholders' equity attributable to ProFrac Holding Corp.






 






 






717.5






 






 






 






1,006.9






 








Noncontrolling interests






 






 






94.4






 






 






 






69.2






 








Total stockholders' equity






 






 






811.9






 






 






 






1,076.1






 








Total liabilities, mezzanine equity, and stockholders' equity






 






$






2,573.1






 






 






$






2,988.1






 









ProFrac Holding Corp. (NasdaqGS: ACDC)








Consolidated Statements of Operations









 






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Dec. 31,






 








(In millions)






 






2025






 






 






2025






 






 






2024






 






 






2024






 






 






2025






 






 






2024






 








Total revenues






 






$






436.5






 






 






$






403.1






 






 






$






454.7






 






 






$






575.3






 






 






$






1,941.8






 






 






$






2,190.9






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Operating costs and expenses:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cost of revenues, exclusive of depreciation, depletion and amortization






 






 






336.4






 






 






 






324.1






 






 






 






337.6






 






 






 






390.7






 






 






 






1,454.6






 






 






 






1,495.1






 








Selling, general, and administrative






 






 






42.5






 






 






 






43.0






 






 






 






48.0






 






 






 






51.9






 






 






 






190.5






 






 






 






204.6






 








Depreciation, depletion and amortization






 






 






102.6






 






 






 






103.0






 






 






 






113.3






 






 






 






112.7






 






 






 






416.3






 






 






 






442.2






 








Impairment of long-lived assets and goodwill






 






 






52.6






 






 






 






—






 






 






 






—






 






 






 






6.8






 






 






 






52.6






 






 






 






74.5






 








Acquisition and integration costs






 






 






—






 






 






 






—






 






 






 






2.7






 






 






 






2.0






 






 






 






0.2






 






 






 






7.8






 








Other operating expense (income), net






 






 






7.4






 






 






 






11.8






 






 






 






(0.1






)






 






 






15.5






 






 






 






53.4






 






 






 






27.1






 








Total operating costs and expenses






 






 






541.5






 






 






 






481.9






 






 






 






501.5






 






 






 






579.6






 






 






 






2,167.6






 






 






 






2,251.3






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Operating loss






 






 






(105.0






)






 






 






(78.8






)






 






 






(46.8






)






 






 






(4.3






)






 






 






(225.8






)






 






 






(60.4






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Other income (expense):






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






 






(33.3






)






 






 






(34.5






)






 






 






(38.8






)






 






 






(40.6






)






 






 






(138.8






)






 






 






(156.6






)








Loss on extinguishment of debt






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(0.8






)








Other income (expense), net






 






 






0.4






 






 






 






0.7






 






 






 






1.8






 






 






 






(0.1






)






 






 






(3.8






)






 






 






3.0






 








Loss before income taxes






 






 






(137.9






)






 






 






(112.6






)






 






 






(83.8






)






 






 






(45.0






)






 






 






(368.4






)






 






 






(214.8






)








Income tax benefit (expense)






 






 






(2.6






)






 






 






20.2






 






 






 






(17.9






)






 






 






1.5






 






 






 






12.9






 






 






 






7.0






 








Net loss






 






 






(140.5






)






 






 






(92.4






)






 






 






(101.7






)






 






 






(43.5






)






 






 






(355.5






)






 






 






(207.8






)








Less: net income attributable to redeemable noncontrolling interests






 






 






(2.1






)






 






 






(8.5






)






 






 






(3.3






)






 






 






(1.7






)






 






 






(13.5






)






 






 






(7.3






)








Net loss attributable to ProFrac Holding Corp.






 






$






(142.6






)






 






$






(100.9






)






 






$






(105.0






)






 






$






(45.2






)






 






$






(369.0






)






 






$






(215.1






)








Net loss attributable to Class A common shareholders






 






$






(144.0






)






 






$






(102.2






)






 






$






(106.2






)






 






$






(46.4






)






 






$






(374.3






)






 






$






(219.9






)









ProFrac Holding Corp. (NasdaqGS: ACDC)








Consolidated Statements of Cash Flows









 






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Dec. 31,






 






 






Dec. 31,






 








(In millions)






 






2025






 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Cash flows from operating activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net loss






 






$






(140.5






)






 






$






(92.4






)






 






$






(101.7






)






 






$






(355.5






)






 






$






(207.8






)








Adjustments to reconcile net loss to net cash provided by operating activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Depreciation, depletion and amortization






 






 






102.6






 






 






$






103.0






 






 






 






113.3






 






 






 






416.3






 






 






 






442.2






 








Amortization of acquired unfavorable contracts






 






 






—






 






 






 






—






 






 






 






(7.4






)






 






 






(7.6






)






 






 






(46.5






)








Stock-based compensation






 






 






2.7






 






 






 






4.7






 






 






 






1.2






 






 






 






9.3






 






 






 






7.3






 








Loss (gain) on insurance recoveries






 






 






—






 






 






 






0.3






 






 






 






(1.7






)






 






 






0.3






 






 






 






(4.9






)








Loss on disposal of assets, net






 






 






4.0






 






 






 






5.5






 






 






 






2.8






 






 






 






18.1






 






 






 






0.3






 








Non-cash loss on extinguishment of debt






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






0.8






 








Amortization of debt issuance costs






 






 






2.8






 






 






 






2.9






 






 






 






3.3






 






 






 






11.7






 






 






 






14.5






 








Loss (gain) on investments, net






 






 






—






 






 






 






—






 






 






 






(1.3






)






 






 






6.8






 






 






 






(0.4






)








Provision for supply commitment charges






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






9.6






 








Provision for credit losses, net of recoveries






 






 






0.9






 






 






 






—






 






 






 






—






 






 






 






13.7






 






 






 






—






 








Impairment of long-lived assets and goodwill






 






 






52.6






 






 






 






—






 






 






 






—






 






 






 






52.6






 






 






 






74.5






 








Deferred tax expense (benefit)






 






 






2.4






 






 






 






(16.5






)






 






 






14.7






 






 






 






(14.1






)






 






 






(10.7






)








Other non-cash items, net






 






 






0.8






 






 






 






0.2






 






 






 






—






 






 






 






1.2






 






 






 






(0.1






)








Changes in operating assets and liabilities






 






 






21.2






 






 






 






(3.1






)






 






 






53.3






 






 






 






36.7






 






 






 






88.5






 








Net cash provided by operating activities






 






 






49.5






 






 






 






4.6






 






 






 






76.5






 






 






 






189.5






 






 






 






367.3






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cash flows from investing activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Acquisitions, net of cash acquired






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(194.4






)








Investment in property, plant & equipment






 






 






(36.6






)






 






 






(38.0






)






 






 






(63.2






)






 






 






(169.9






)






 






 






(255.0






)








Proceeds from sale of assets






 






 






0.9






 






 






 






4.2






 






 






 






41.0






 






 






 






5.8






 






 






 






72.9






 








Proceeds from insurance recoveries






 






 






—






 






 






 






—






 






 






 






1.7






 






 






 






—






 






 






 






6.2






 








Other






 






 






—






 






 






 






—






 






 






 






—






 






 






 






0.4






 






 






 






(2.0






)








Net cash used in investing activities






 






 






(35.7






)






 






 






(33.8






)






 






 






(20.5






)






 






 






(163.7






)






 






 






(372.3






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Cash flows from financing activities:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Proceeds from issuance of long-term debt






 






 






80.0






 






 






 






16.9






 






 






 






0.3






 






 






 






118.5






 






 






 






136.7






 








Repayments of long-term debt






 






 






(32.4






)






 






 






(31.8






)






 






 






(47.2






)






 






 






(136.1






)






 






 






(157.2






)








Borrowings from revolving credit agreements






 






 






411.6






 






 






 






427.6






 






 






 






357.8






 






 






 






1,755.9






 






 






 






1,938.2






 








Repayments of revolving credit agreements






 






 






(505.9






)






 






 






(430.2






)






 






 






(377.5






)






 






 






(1,830.5






)






 






 






(1,918.1






)








Payment of debt issuance costs






 






 






(1.2






)






 






 






(0.2






)






 






 






(0.1






)






 






 






(1.8






)






 






 






(3.6






)








Cash settlement of vested stock awards






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(1.2






)






 






 






—






 








Tax withholding related to net share settlement of noncontrolling interest equity awards






 






 






(1.6






)






 






 






—






 






 






 






—






 






 






 






(1.6






)






 






 






(1.5






)








Proceeds from issuance of common stock






 






 






0.6






 






 






 






82.4






 






 






 






—






 






 






 






83.0






 






 






 






—






 








Payment of common stock issuance costs






 






 






—






 






 






 






(3.4






)






 






 






—






 






 






 






(3.4






)






 






 






—






 








Other






 






 






—






 






 






 






(0.1






)






 






 






—






 






 






 






(0.5






)






 






 






—






 








Net cash provided by (used in) financing activities






 






 






(48.9






)






 






 






61.2






 






 






 






(66.7






)






 






 






(17.7






)






 






 






(5.5






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Net increase (decrease) in cash, cash equivalents, and restricted cash






 






 






(35.1






)






 






 






32.0






 






 






 






(10.7






)






 






 






8.1






 






 






 






(10.5






)








Cash, cash equivalents, and restricted cash beginning of period






 






 






58.0






 






 






 






26.0






 






 






 






25.5






 






 






 






14.8






 






 






 






25.3






 








Cash, cash equivalents, and restricted cash end of period






 






$






22.9






 






 






$






58.0






 






 






$






14.8






 






 






$






22.9






 






 






$






14.8






 









ProFrac Holding Corp. (NasdaqGS: ACDC)








Reconciliation of Net Income (Loss) to Adjusted EBITDA









 






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Dec. 31,






 








(In millions)






 






2025






 






 






2025






 






 






2024






 






 






2024






 






 






2025






 






 






2024






 








Net loss






 






$






(140.5






)






 






$






(92.4






)






 






$






(101.7






)






 






$






(43.5






)






 






$






(355.5






)






 






$






(207.8






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






 






33.3






 






 






 






34.5






 






 






 






38.8






 






 






 






40.6






 






 






 






138.8






 






 






 






156.6






 








Depreciation, depletion and amortization






 






 






102.6






 






 






 






103.0






 






 






 






113.3






 






 






 






112.7






 






 






 






416.3






 






 






 






442.2






 








Income tax expense (benefit)






 






 






2.6






 






 






 






(20.2






)






 






 






17.9






 






 






 






(1.5






)






 






 






(12.9






)






 






 






(7.0






)








Loss (gain) on disposal of assets, net






 






 






4.0






 






 






 






5.5






 






 






 






2.8






 






 






 






(1.4






)






 






 






18.1






 






 






 






0.3






 








Loss on extinguishment of debt






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






0.8






 








Provision for credit losses, net of recoveries






 






 






0.9






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






13.7






 






 






 






—






 








Stock-based compensation






 






 






3.1






 






 






 






4.2






 






 






 






1.2






 






 






 






1.1






 






 






 






10.4






 






 






 






7.3






 








Lease termination






 






 






0.3






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1.1






 






 






 






—






 








Transaction costs






 






 






(0.3






)






 






 






1.1






 






 






 






—






 






 






 






3.9






 






 






 






8.0






 






 






 






3.9






 








Severance charges






 






 






—






 






 






 






—






 






 






 






—






 






 






 






0.7






 






 






 






0.4






 






 






 






2.5






 








Acquisition and integration costs






 






 






—






 






 






 






—






 






 






 






2.7






 






 






 






2.0






 






 






 






0.2






 






 






 






7.8






 








Supply commitment charges






 






 






—






 






 






 






—






 






 






 






—






 






 






 






9.4






 






 






 






—






 






 






 






9.6






 








Impairment of long-lived assets and goodwill






 






 






52.6






 






 






 






—






 






 






 






—






 






 






 






6.8






 






 






 






52.6






 






 






 






74.5






 








Inventory write-down






 






 






0.8






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






0.8






 






 






 






—






 








Loss (gain) on insurance recoveries






 






 






—






 






 






 






0.3






 






 






 






(1.7






)






 






 






—






 






 






 






0.3






 






 






 






(4.9






)








Litigation expenses and accruals for legal contingencies






 






 






1.7






 






 






 






4.9






 






 






 






(1.2






)






 






 






2.9






 






 






 






11.0






 






 






 






15.7






 








Loss (gain) on investments, net






 






 






—






 






 






 






—






 






 






 






(1.3






)






 






 






1.1






 






 






 






6.8






 






 






 






(0.4






)








Adjusted EBITDA






 






$






61.1






 






 






$






40.9






 






 






$






70.8






 






 






$






134.8






 






 






$






310.1






 






 






$






501.1






 









ProFrac Holding Corp. (NasdaqGS: ACDC)








Segment Information









 






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Dec. 31,






 








(In millions)






 






2025






 






 






2025






 






 






2024






 






 






2024






 






 






2025






 






 






2024






 








Revenues






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Stimulation services






 






$






383.5






 






 






$






342.9






 






 






$






384.4






 






 






$






507.1






 






 






$






1,682.9






 






 






$






1,914.4






 








Proppant production






 






 






114.8






 






 






 






76.4






 






 






 






46.5






 






 






 






52.8






 






 






 






336.0






 






 






 






246.5






 








Manufacturing






 






 






42.6






 






 






 






48.1






 






 






 






61.9






 






 






 






61.5






 






 






 






212.3






 






 






 






222.8






 








Flotek






 






 






69.6






 






 






 






57.4






 






 






 






51.8






 






 






 






51.3






 






 






 






243.6






 






 






 






192.4






 








Other






 






 






3.3






 






 






 






3.4






 






 






 






3.1






 






 






 






—






 






 






 






17.3






 






 






 






3.1






 








Total segments






 






 






613.8






 






 






 






528.2






 






 






 






547.7






 






 






 






672.7






 






 






 






2,492.1






 






 






 






2,579.2






 








Eliminations






 






 






(177.3






)






 






 






(125.1






)






 






 






(93.0






)






 






 






(97.4






)






 






 






(550.3






)






 






 






(388.3






)








Total revenues






 






$






436.5






 






 






$






403.1






 






 






$






454.7






 






 






$






575.3






 






 






$






1,941.8






 






 






$






2,190.9






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Adjusted EBITDA






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Stimulation services






 






$






33.2






 






 






$






19.6






 






 






$






53.6






 






 






$






112.6






 






 






$






208.5






 






 






$






398.7






 








Proppant production






 






 






16.0






 






 






 






8.0






 






 






 






14.2






 






 






 






17.3






 






 






 






57.1






 






 






 






85.6






 








Manufacturing






 






 






3.6






 






 






 






3.6






 






 






 






3.0






 






 






 






0.1






 






 






 






18.5






 






 






 






7.6






 








Flotek






 






 






10.1






 






 






 






11.4






 






 






 






7.3






 






 






 






4.8






 






 






 






38.2






 






 






 






20.1






 








Other






 






 






(0.2






)






 






 






0.6






 






 






 






(2.9






)






 






 






—






 






 






 






(0.2






)






 






 






(2.9






)








Total segments






 






 






62.7






 






 






 






43.2






 






 






 






75.2






 






 






 






134.8






 






 






 






322.1






 






 






 






509.1






 








Eliminations






 






 






(1.6






)






 






 






(2.3






)






 






 






(4.4






)






 






 






—






 






 






 






(12.0






)






 






 






(8.0






)








Total adjusted EBITDA






 






$






61.1






 






 






$






40.9






 






 






$






70.8






 






 






$






134.8






 






 






$






310.1






 






 






$






501.1






 









ProFrac Holding Corp. (NasdaqGS: ACDC)








Net Debt









 






 






December 31,






 






 






December 31,






 








(In millions)






 






2025






 






 






2024






 








Current portion of long-term debt






 






$






144.7






 






 






$






159.6






 








Current portion of long-term debt— related party






 






 






5.0






 






 






 






5.0






 








Long-term debt






 






 






832.7






 






 






 






936.1






 








Long-term debt — related party






 






 






42.9






 






 






 






8.3






 








Total debt






 






 






1,025.3






 






 






 






1,109.0






 








 






 






 






 






 






 






 








Plus: unamortized debt discounts, premiums, and issuance costs






 






 






22.8






 






 






 






29.9






 








Total principal amount of debt






 






 






1,048.1






 






 






 






1,138.9






 








 






 






 






 






 






 






 








Less: cash and cash equivalents






 






 






(22.9






)






 






 






(14.8






)








Net debt






 






$






1,025.2






 






 






$






1,124.1






 









ProFrac Holding Corp. (NasdaqGS: ACDC)








Free Cash Flow









 






 






Three Months Ended






 






 






Twelve Months Ended






 








 






 






Dec. 31,






 






 






Sept. 30,






 






 






Dec. 31,






 






 






Dec. 31,






 






 






Dec. 31,






 








(In millions)






 






2025






 






 






2025






 






 






2024






 






 






2025






 






 






2024






 








Net cash provided by operating activities






 






$






49.5






 






 






$






4.6






 






 






$






76.5






 






 






$






189.5






 






 






$






367.3






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Investment in property, plant & equipment






 






 






(36.6






)






 






 






(38.0






)






 






 






(63.2






)






 






 






(169.9






)






 






 






(255.0






)








Proceeds from sale of assets






 






 






0.9






 






 






 






4.2






 






 






 






41.0






 






 






 






5.8






 






 






 






72.9






 








Free cash flow






 






$






13.8






 






 






$






(29.2






)






 






$






54.3






 






 






$






25.4






 






 






$






185.2






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312419361/en/
ProFrac Holding Corp.

Austin Harbour – Chief Financial Officer

Michael Messina – SVP of Finance

investors@pfholdingscorp.com


ICR, Inc.

PFHoldingsIR@icrinc.com


Original: ProFrac Holding Corp. Reports Full Year and Fourth Quarter 2025 Results