Financial Data and Key Metrics Changes - Revenue for Q2 2024 was reported at $46 million, reflecting a sequential increase of 14% compared to Q1 2024, driven primarily by strong growth in external customer chemistry sales [14][5] - Gross profit increased to $9.2 million, representing a 136% year-over-year increase from $3.9 million in Q2 2023 [15] - Adjusted EBITDA for Q2 2024 increased by $6.4 million compared to the same quarter last year, marking a 10% sequential growth [17] - The company raised its full-year adjusted EBITDA guidance by 23% at the midpoint, now expecting it to be in the range of $14 million to $18 million [19] Business Line Data and Key Metrics Changes - External customer chemistry sales grew by 40% from Q1 2024, with significant growth in the Permian Basin, where sales increased by 186% from Q1 2024 and 68% year-over-year [5][7] - The Data Analytics segment saw a 22% quarter-over-quarter increase in revenue [5][8] - The proprietary Complex nano-Fluids technology sales increased by 89% in the first half of 2024 compared to the first half of 2023 [7] Market Data and Key Metrics Changes - The active rig and frac fleet counts declined sequentially during the same period, yet the company managed to grow revenue, indicating market share gains [5][26] - The company anticipates a rebound in drilling and completion activity in 2025, with further acceleration expected in 2026 as noncore assets are divested and developed [11] Company Strategy and Development Direction - Flotek aims to remain at the forefront of innovation, focusing on AI-driven reservoir modeling and the development of new technologies to enhance hydrocarbon recovery [8] - The approval of the JP3 analyzer system by the EPA positions the company for growth in flare emission monitoring, with an estimated annual total addressable market of $220 million [6][10] - The company is committed to expanding its service offerings and market share while maintaining cost efficiency and creating shareholder value [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on opportunities both domestically and internationally, despite near-term volatility in natural gas pricing [10][20] - The long-term fundamentals for energy-related services remain strong, with expected demand for oil and gas to expand over the next decade [11] - Management noted that while the rebound in the natural gas market has been slower than expected, they believe LNG buildout will lead to higher prices and increased activity [20] Other Important Information - The company amended its ABL facility, increasing the loan commitment by 45% to $20 million while reducing the interest rate [6][18] - SG&A costs declined to $6.3 million, a 25% improvement from the previous year, primarily due to lower professional fees [17] Q&A Session Summary Question: Can you provide details on the orders for flare sites? - The majority of the orders are from upstream customers, with a 50-50 blend of traditional and new customers, and expected delivery in Q3, Q4, and early 2025 [24] Question: What is the outlook for the second half of the year? - The company expects slight growth in the chemistry business despite a projected 5-6% reduction in average frac fleet count [25][26] Question: How many of the flare sensor orders are subscription-based? - All current orders have been on a subscription model, aligning with the strategy to move towards a Data as a Service revenue model [27] Question: What is the addressable market for the flare monitoring technology? - The total market over five years is estimated at over $1 billion, with a recurring revenue space of about $220 million annually [28] Question: How is the company addressing the production side of the business? - There is significant interest in the production side, with ongoing deployments and a growing customer base [29] Question: Can you elaborate on the growth strategy for the flare gas market? - The company expects to see acceleration in growth in 2025, with a commitment to invest in advancing builds to support this growth [35] Question: How does the company differentiate itself in the downstream market? - The company prioritizes areas with significant price and technical differentiation, focusing on upstream opportunities for rapid growth [41]

HOUSTON, July 16, 2024 /PRNewswire/ -- Flotek Industries' (NYSE: FTK) wholly owned subsidiary JP3 Measurement, a leader in innovative analytical measurement solutions, today announced that the Environmental Protection Agency (EPA) has designated the JP3 system as an approved measurement technology with respect to recently enacted flare regulations. This state-of-the-art optical instrument, designed for the precise measurement of net heating values (NHV) in flare gases, is the first to be approved as an alte ...

HOUSTON, June 11, 2024 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) announced today that the company is set to join the Russell Microcap® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1, 2024. About FTSE Russell FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent commi ...

Core Viewpoint - Flotek Industries has appointed Leon Chad as Senior Vice President, Commercial, effective June 3, 2024, to enhance its leadership team and drive business strategies in the energy and chemistry sectors [1][2]. Company Overview - Flotek Industries is a technology-driven company focused on green chemicals and data analytics, providing innovative completion solutions that positively impact sustainability and reduce environmental effects [3]. - The company holds an intellectual property portfolio of over 170 patents and operates in more than 59 countries, emphasizing sustainable and optimized chemistry and data solutions [3]. Leadership Appointment - Leon Chad brings over three decades of experience in the energy and chemistry industries, which will support Flotek's strategy to gain market share through differentiated chemistry and data solutions [4]. - Prior to joining Flotek, Chad held significant roles at Baker Hughes, Locus Fermentation Solutions, and Clariant Oil Services, focusing on market growth and business development [5].

Flotek Industries, Inc. is an advanced technology-driven, green chemical and data analytics company providing unique and innovative completion solutions that have a proven, positive impact on sustainability and reducing the overall environmental impact of energy on air, land, water and people. Flotek has an intellectual property portfolio of over 170 patents and a global presence in more than 15 countries throughout North America, Latin America, the Middle East and North Africa. Flotek has established colla ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANG ACT OF 1934 For the quarterly period ended March 31, 2024 5775 N. Sam Houston Parkway W., Suite 400, Houston, TX 77086 (Address of principal executive offices) (Zip Code) (713) 849-9911 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: | Title of each class | Trading Symbol(s) | N ...

48,007 46,127 1,880 6,451 176 614 2,223 (26,095) (16,631) 4,522 (1,672) (9) 2,841 21,352 (9) 21,343 1.30 (0.12) 16,468 26,462 Unaudited Condensed Consolidated Balance Sheets (in thousands, except share data) Current liabilities: S 35,962 S 31,706 Accounts payable 3,385 Accrued liabilities 5,890 78 45 Income taxes payable Current portion of operating lease liabilities 2,063 2,449 Current portion of finance lease liabilities 13 22 7.402 Asset-based loan 3,111 Current portion of long-term debt 179 179 Total cu ...

| | | | Three months ended March 31, | | | | --- | --- | --- | --- | --- | --- | | | 2024 | | | 2023 | % Change | | Total Revenues | $ | 40,374 | $ | 48,007 | (16)% | | Gross Profit | $ | 8,821 | $ | 1,880 | 369% | | (1) Adjusted Gross Profit | $ | 10,075 | $ | 2,647 | 281% | | Net Income | $ | 1,562 | $ | 21,343 | (93)% | | Diluted Income (Loss) Per Share | $ | 0.05 | $ | (0.12) | n/a | | (1) Adjusted EBITDA | $ | 4,026 | $ | (3,851) | n/a | First Quarter 2024 Highlights Full Year 2024 Profitability Outloo ...

HOUSTON, May 7, 2024 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced operational and financial results for the quarter ended March 31, 2024, highlighted by significant improvement in profitability metrics as compared to the first quarter of 2023. Financial Summary (in thousands, except per share amounts) Three months ended March 31, 2024 2023 % Change Total Revenues $                    40,374 $                     48,007 (16) ...

HOUSTON, April 8, 2024 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced the Company's schedule for releasing its first quarter 2024 financial and operating results for the period ended March 31, 2024.   The Company plans to release its first quarter 2024 financial and operating results press release after market close on Tuesday, May 7, 2024, and host its earnings conference call on Wednesday, May 8, 2024, at 9:00 a.m. CST (10:00 a.m. EST).To participate in the ...