ProFrac (US:ACDC) Prnewswire·2024-11-05 10:00Financial Performance - Total revenue for Q3 2024 was $575.3 million, slightly down from $579.4 million in Q2 2024 [2] - Net loss improved to $43.5 million from a loss of $65.6 million in the previous quarter [2] - Adjusted EBITDA was $134.8 million, a slight decrease from $135.6 million in Q2 2024 [2] - Net cash provided by operating activities was $98.0 million, down from $113.5 million in Q2 2024 [2] - Free cash flow for the quarter was $30.9 million [2] Business Segments - The Stimulation Services segment generated revenues of $507.1 million with an Adjusted EBITDA of $112.6 million [6] - The Proppant Production segment had revenues of $52.8 million and an Adjusted EBITDA of $17.3 million [6] - The Manufacturing segment reported revenues of $61.5 million with minimal Adjusted EBITDA of $0.1 million [7] - Other Business Activities generated revenues of $51.3 million and an Adjusted EBITDA of $4.8 million [7] Capital Expenditures and Outlook - Capital expenditures totaled $70 million in Q3 2024, remaining flat compared to the previous quarter [8] - For the full year 2024, capital expenditures are expected to be at the lower end of previous guidance, with maintenance-related expenditures projected at $150 million to $200 million [9] - The company anticipates a decline in pricing and activity in the Stimulation Services segment for Q4 2024 but expects a recovery in 2025 [4] Balance Sheet and Liquidity - Total debt outstanding as of September 30, 2024, was $1.17 billion, with net debt at $1.18 billion [10] - Total cash and cash equivalents were $25.5 million, with $5.0 million related to Flotek and not accessible by the company [10] - The company had $109.2 million of liquidity, including approximately $20.5 million in cash and cash equivalents [11] Operational Efficiency - The company set new operating efficiency records per active fleet, demonstrating strong performance despite a challenging market [3] - Approximately 72% of active fleets include electric or natural gas-capable equipment, indicating a focus on integrated and efficient solutions [4]