ProPetro (US:PUMP)2025-10-29 20:11Financial Performance - Total revenue for Q3 2025 was $294 million, a decrease of 10% from $326 million in Q2 2025[5] - Net loss for the quarter was $2 million, or $0.02 loss per diluted share, compared to a net loss of $7 million, or $0.07 loss per diluted share in the prior quarter[10] - Adjusted EBITDA was $35 million, representing 12% of revenue, down 29% from $50 million in Q2 2025[10] - Service revenue for Q3 2025 was $293,916 thousand, a decrease of 20% from $360,868 thousand in Q3 2024[31] - The net loss for Q3 2025 was $2,365 thousand, compared to a net loss of $137,067 thousand in Q3 2024, indicating improved financial performance[31] - Service revenue for the three months ended September 30, 2025, was $293.916 million, a decrease from $326.151 million for the three months ended June 30, 2025, representing a decline of approximately 9.8%[37] - Adjusted EBITDA for the three months ended September 30, 2025, was $35.164 million, down from $49.607 million for the three months ended June 30, 2025, reflecting a decrease of about 29.1%[41] - Net loss for the three months ended September 30, 2025, was $2.365 million, an improvement compared to a net loss of $7.155 million for the three months ended June 30, 2025[41] Cash Flow and Assets - Free Cash Flow for the completions business was $25 million, totaling $92 million year-to-date through Q3 2025[5] - Cash and cash equivalents increased to $66,541 thousand as of September 30, 2025, up from $50,443 thousand at the beginning of the period[33] - The company experienced a net cash provided by operating activities of $150,563 thousand for the nine months ended September 30, 2025, compared to $214,432 thousand in 2024[33] - The total shareholders' equity increased to $826,210 thousand as of September 30, 2025, from $816,273 thousand at the end of 2024[32] Capital Expenditures - Capital expenditures incurred were $98 million, with $79 million supporting PROPWR orders[19] - The company anticipates full-year 2025 capital expenditures to be between $270 million and $290 million, with PROPWR accounting for approximately $190 million[21] - The company reported capital expenditures of $122,084 thousand for the nine months ended September 30, 2025, compared to $112,449 thousand for the same period in 2024[33] - Capital expenditures incurred for the three months ended September 30, 2025, totaled $98.353 million, compared to $73.092 million for the three months ended June 30, 2025, indicating an increase of approximately 34.6%[37] Contracts and Growth - The company secured a long-term contract for 60 megawatts of power capacity for a hyperscaler data center, marking its entry into the data center power market[5] - Total contracted capacity for PROPWR expanded to over 150 megawatts, with expectations to reach at least 220 megawatts by year-end 2025[14] - The company has executed a letter of intent for a $350 million lease financing facility to support PROPWR growth[16] - The company targets an installed capacity of one gigawatt or greater by 2030, driven by growth in oilfield and data center power projects[17] Other Financial Metrics - Total costs and expenses for Q3 2025 were $299,982 thousand, down from $539,160 thousand in Q3 2024, reflecting a significant reduction[31] - Accounts receivable increased to $209,225 thousand as of September 30, 2025, from $195,994 thousand at the end of 2024[32] - The weighted average common shares outstanding for Q3 2025 were 103,974 thousand, consistent with the previous quarter[31] - Depreciation and amortization for the three months ended September 30, 2025, was $41.660 million, down from $43.309 million for the three months ended June 30, 2025[41] - Interest expense for the three months ended September 30, 2025, was $2.110 million, an increase from $1.811 million for the three months ended June 30, 2025[41] - The company reported a $2.0 million unrealized gain on short-term investments for the three months ended September 30, 2025, contributing to other income[43] - The company incurred a retention bonus and severance expense of $200 thousand for the three months ended September 30, 2025, compared to $327 thousand for the three months ended June 30, 2025[41]