Flotek Increases 2026 Guidance as Data Analytics Delivers Record Quarterly Revenue
HOUSTON, Aug. 4, 2026 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced operational and financial results for the quarter ended June 30, 2026. As a result of strong year-to-date results combined with the Company's outlook on the remainder of the year, Flotek increased its previously issued 2026 guidance.
A summary of key financial metrics is as follows (in thousands, except 'per share' amounts):
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||
Total Revenues | $ 99,367 | $ 58,350 | 70 % | $ 169,418 | $ 113,712 | 49 % | |||||
Gross Profit | $ 23,783 | $ 14,407 | 65 % | $ 39,324 | $ 26,856 | 46 % | |||||
Net Income | $ 9,953 | $ 1,768 | 463 % | $ 14,617 | $ 7,148 | 104 % | |||||
Diluted Income Per Share | $ 0.26 | $ 0.05 | 420 % | $ 0.38 | $ 0.21 | 81 % | |||||
Adjusted EBITDA (1) | $ 16,788 | $ 8,018 | 109 % | $ 25,881 | $ 14,316 | 81 % | |||||
Second Quarter 2026 Highlights
- Total revenue grew 70% as compared to the second quarter of 2025.
- Data Analytics achieved record quarterly revenue of $19.2 million, with external customers representing 63% of segment revenue.
- Chemistry Technologies quarterly revenue totaled $80.2 million, the highest since 2017.
- Data Analytics comprised 51% of total gross profit versus 26% in the prior-year quarter.
- Net income and diluted net income per share increased 463% and 420%, respectively, as compared to the year-ago quarter.
- Adjusted EBITDA(1) totaled $16.8 million, a 109% increase from second quarter 2025.
- Announced a 10-year, $400 million power services contract to support 400 MW Puerto Rico gas power project.
2026 Guidance Update
Based on results through the first half of 2026 and the Company's current expectations, Flotek is increasing its guidance metrics for 2026 as follows (in millions):
Metric | Previous | Current | |
Total Revenues | $270-$290 | $340-$350 | |
Adjusted EBITDA(2) | $36-$41 | $47-$51 |
The Company's updated 2026 guidance above does not include any potential impact from the Puerto Rico Power Services (PREPA) contract announced on August 3, 2026. The Company is working closely with the customer and other service providers to finalize the initial deployment schedule.
Management Commentary
Chief Executive Officer Dr. Ryan Ezell commented, "We delivered outstanding second-quarter results with each segment generating strong year-over-year growth. Data Analytics generated second-quarter 2026 gross profit of $12 million, representing 51% of total Company gross profit. For the first time, Data Analytics surpassed Chemistry as the largest contributor to overall gross profit, underscoring the continued momentum and scalability of the segment. Including our related-party revenues, domestic chemistry revenue increased 43% and international chemistry grew 172% compared with the second quarter of 2025 marking the segment's highest quarterly revenue in nearly 10 years.
Our second-quarter performance exemplifies the execution of our corporate strategy and strengthens the momentum of Flotek's industrialized pivot to a data-driven technology leader. Our recently announced contract award to support power initiatives in Puerto Rico validates our ongoing efforts to expand our portfolio of technologies beyond oil and gas, as we believe our real-time measurement solutions can play an important role in meeting the rapidly growing demand for behind the meter power generation and other differentiated industrial and infrastructure verticals. We believe these pursuits will significantly expand our addressable market and accelerate our pivot toward a more diversified and balanced platform."
Second Quarter 2026 Financial Results
- Revenue: Flotek reported total revenues of $99.4 million for the second quarter of 2026, an increase of 70% compared to total revenues of $58.4 million for the second quarter of 2025.
Revenue during the quarter included a 53% increase in Chemistry revenue and a 223% increase in Data Analytics revenue as compared to the 2025 quarter. International Chemistry revenue totaled $10.6 million during the second quarter, as compared to $3.9 million in the year-ago period reflecting the Company's ongoing work in the Middle East. Data Analytics revenue during the quarter included $5.9 million related to the Company's utility infrastructure support agreement announced in March 2026.
Revenue related to the minimum purchase requirements (the "Minimum Purchase Requirements") under the Company's long-term supply agreement with ProFrac Services, LLC, totaled $1.2 million and $7.8 million, during the second quarters of 2026 and 2025, respectively. The reduction in the Minimum Purchase Requirement during the current quarter was due to increased related party Chemistry revenue versus the year-ago quarter.
Segment Revenue Summary (in thousands)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||
Chemistry Technologies: | |||||||||||
External Revenues | $ 31,114 | $ 22,543 | 38 % | $ 45,856 | $ 44,552 | 3 % | |||||
Related Party Revenues | 49,071 | 29,877 | 64 % | 94,012 | 60,606 | 55 % | |||||
Total | $ 80,185 | $ 52,420 | 53 % | $ 139,868 | $ 105,158 | 33 % | |||||
Data Analytics: | |||||||||||
Product Revenues | $ 5,177 | $ 1,820 | 184 % | $ 7,030 | $ 3,482 | 102 % | |||||
Service Revenues | 14,005 | 4,110 | 241 % | 22,520 | 5,072 | 344 % | |||||
Total | $ 19,182 | $ 5,930 | 223 % | $ 29,550 | $ 8,554 | 245 % | |||||
- Gross Profit: The Company generated gross profit of $23.8 million during the second quarter of 2026, or 24% of revenue, compared to $14.4 million during the second quarter of 2025, or 25% of revenue.
- Selling, General and Administrative ("SG&A") Expense: SG&A expense totaled $7.7 million for the second quarter of 2026, or 8% of revenue, compared to $6.8 million during the second quarter of 2025, or 12% of revenue. The increase in current quarter SG&A expense was primarily the result of higher non-cash stock compensation costs.
- Net Income and EPS: Flotek reported net income of $10.0 million, or $0.26 per diluted share, for the second quarter of 2026. This compares to net income of $1.8 million, or $0.05 per diluted share, for the second quarter of 2025. Second quarter 2025 net income and per share amounts were negatively impacted by $4.2 million of transaction costs associated with the PWRtekTM asset acquisition.
- Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA totaled $16.8 million in the second quarter of 2026 as compared to $8 million in the second quarter of 2025. Adjusted EBITDA calculations for the second quarter of 2026 and 2025 do not add back non-cash amortization of contract assets totaling $2.4 million and $1.4 million, respectively.
(1) | A non-GAAP financial measure. See the "Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings" section in this release for more information about this measure, including reconciliations to the most comparable GAAP measures. Calculations do not add back non-cash amortization of contract assets totaling $2.4 million and $1.4 million during the second quarters of 2026 and 2025, respectively and $4.7 million and $2.9 million during the six months ended June 30, 2026 and 2025, respectively. |
(2) | A non-GAAP financial measure. See the "Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings" section in this release for more information about this measure. We are unable to reconcile this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure without unreasonable efforts, as we are unable to predict with a reasonable degree of certainty the impact of certain items that would be expected to impact the GAAP financial measure, including, among other items, certain stock-based compensation costs and interest costs related to fluctuations in borrowings under the Company's asset based loan. These items do not impact the non-GAAP financial measure. Guidance does not add back non-cash amortization of contract assets estimated to total approximately $9 million during full-year 2026. |
Conference Call Details
The Company plans to host its earnings conference call on Wednesday, August 5, 2026, at 9:00 a.m. CDT (10:00 a.m. EDT).
Participants may access the call through Flotek's website at https://ir.flotekind.com/events, by telephone toll free at 1-800-836-8184 (international toll: 1-646-357-8785), or by using the following link to access the webcast: https://app.webinar.net/dYJWBo8V8lL approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company's website.
About Flotek Industries, Inc.
Flotek Industries, Inc. is a leading chemistry and data technology company focused on servicing the Energy industry. The Company's top tier technologies leverage near real-time data to deliver innovative solutions to maximize customer returns. Flotek has an intellectual property portfolio of over 130 patents, 20+ years of field and laboratory data, and a global presence in more than 59 countries.
Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions, aiming to reduce the environmental impact of energy on land, air, water and people.
Flotek is based in Houston, Texas and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK." For additional information, please visit www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. These statements include, without limitation, statements regarding expected revenues under the Company's long-term contracts, the total term of such contracts, the timing of the scaling and deployment of equipment, the total power capacity and operating performance of equipment once deployed, and the Company's ability to perform under and satisfy the terms and conditions of its contracts. Factors that could cause actual results to differ materially from anticipated results include risks related to the Company's projects that are outside the Company's control, including, without limitation, securing fuel supply, international logistics, obtaining permits and governmental approvals, satisfying financial requirements, third-party equipment delivery, construction execution and scheduling, meeting execution deadlines, integrating systems, political and regulatory developments, geopolitical instability or armed conflicts, and severe weather events. Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filing with the Securities and Exchange Commission on Form 10-K and Form 10-Q (including, without limitation, in the "Risk Factors" section thereof), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
FLOTEK INDUSTRIES, INC. | |||
June 30, 2026 | December 31, 2025 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 4,402 | $ 5,731 | |
Restricted cash | 104 | 104 | |
Accounts receivable, net of allowance for credit losses of $961 and $764 at | 43,415 | 19,043 | |
Accounts receivable, related party, net of allowance for credit losses of $0 at | 70,711 | 64,204 | |
Equipment credit, related party | 9,521 | — | |
Inventories, net | 26,626 | 10,629 | |
Other current assets | 3,273 | 3,445 | |
Current contract asset | 9,485 | 7,621 | |
Total current assets | 167,537 | 110,777 | |
Long-term contract asset | 48,593 | 55,115 | |
Property and equipment, net | 23,245 | 20,344 | |
Right-of-use assets | 2,705 | 3,083 | |
Deferred tax assets, net | 24,410 | 29,152 | |
Other long-term assets | 1,546 | 1,578 | |
TOTAL ASSETS | $ 268,036 | $ 220,049 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 74,550 | $ 48,317 | |
Accrued liabilities | 6,121 | 7,256 | |
Income taxes payable | 593 | 258 | |
Interest payable, related party | 997 | 1,008 | |
Current portion of operating lease liabilities | 1,324 | 1,251 | |
Current portion of finance lease liabilities | 160 | 153 | |
Asset-based loan | 10,400 | 3,332 | |
Total current liabilities | 94,145 | 61,575 | |
Deferred revenue, long-term | 55 | — | |
Note payable - related party | 39,632 | 39,584 | |
Long-term operating lease liabilities | 4,849 | 5,608 | |
Long-term finance lease liabilities | 142 | 224 | |
TOTAL LIABILITIES | 138,823 | 106,991 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares | — | — | |
Common stock, $0.0001 par value, 240,000,000 shares authorized; | 4 | 3 | |
Additional paid-in capital | 437,088 | 434,964 | |
Accumulated other comprehensive income | 153 | 96 | |
Accumulated deficit | (271,163) | (285,780) | |
Treasury stock, at cost; 1,222,856 and 1,190,480 shares at June 30, 2026 | (36,869) | (36,225) | |
Total stockholders' equity | 129,213 | 113,058 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 268,036 | $ 220,049 | |
FLOTEK INDUSTRIES, INC. | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Revenue: | |||||||
Revenue from external customers | $ 43,225 | $ 25,182 | $ 61,390 | $ 49,605 | |||
Revenue from related party | 56,142 | 33,168 | 108,028 | 64,107 | |||
Total revenues | 99,367 | 58,350 | 169,418 | 113,712 | |||
Cost of goods sold | 75,584 | 43,943 | 130,094 | 86,856 | |||
Gross profit | 23,783 | 14,407 | 39,324 | 26,856 | |||
Operating costs and expenses: | |||||||
Selling, general, and administrative | 7,736 | 6,796 | 14,661 | 13,078 | |||
Asset acquisition expenses | — | 4,195 | — | 4,195 | |||
Depreciation | 664 | 374 | 1,295 | 626 | |||
Research and development | 497 | 455 | 893 | 810 | |||
Gain on sale of property and equipment | — | — | — | (7) | |||
Total operating costs and expenses | 8,897 | 11,820 | 16,849 | 18,702 | |||
Income from operations | 14,886 | 2,587 | 22,475 | 8,154 | |||
Other income (expense): | |||||||
Interest expense | (1,371) | (983) | (2,703) | (1,212) | |||
Other income, net | 19 | 181 | 35 | 287 | |||
Total other expense | (1,352) | (802) | (2,668) | (925) | |||
Income before income taxes | 13,534 | 1,785 | 19,807 | 7,229 | |||
Income tax expense | (3,581) | (17) | (5,190) | (81) | |||
Net income | $ 9,953 | $ 1,768 | $ 14,617 | $ 7,148 | |||
Income per common share: | |||||||
Basic | $ 0.28 | $ 0.05 | $ 0.40 | $ 0.22 | |||
Diluted | $ 0.26 | $ 0.05 | $ 0.38 | $ 0.21 | |||
Weighted average common shares: | |||||||
Weighted average common shares used in | 36,151 | 33,947 | 36,126 | 31,827 | |||
Weighted average common shares used in | 38,472 | 36,231 | 38,409 | 34,026 | |||
FLOTEK INDUSTRIES, INC. | |||
Six Months Ended June 30, | |||
2026 | 2025 | ||
Cash flows from operating activities: | |||
Net income | $ 14,617 | $ 7,148 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Change in fair value of contingent consideration | — | (127) | |
Amortization of contract assets | 4,658 | 2,916 | |
Depreciation | 1,295 | 626 | |
Amortization of deferred financing costs | 189 | 157 | |
Provision for credit losses, net of recoveries | 197 | 261 | |
Provision for excess and obsolete inventory | 1,089 | 250 | |
Gain on sale of property and equipment | — | (7) | |
Non-cash lease expense | 378 | 624 | |
Stock compensation expense | 2,033 | 1,137 | |
Deferred income tax expense | 4,742 | 16 | |
Changes in current assets and liabilities: | |||
Accounts receivable | (24,570) | (5,096) | |
Accounts receivable, related party | (19,486) | (2,532) | |
Inventories | (16,585) | 1,448 | |
Income tax receivable | 20 | (32) | |
Other assets | 52 | (155) | |
Accounts payable | 26,233 | (1,722) | |
Accrued liabilities | (1,080) | (1,893) | |
Operating lease liabilities | (686) | (935) | |
Income taxes payable | 335 | 37 | |
Interest payable, related party | (11) | 701 | |
Net cash (used in) provided by operating activities | (6,580) | 2,822 | |
Cash flows from investing activities: | |||
Capital expenditures | (1,239) | (1,309) | |
Proceeds from sale of assets | — | 7 | |
Net cash used in investing activities | (1,239) | (1,302) | |
Cash flows from financing activities: | |||
Payments on long term debt | — | (60) | |
Proceeds from asset-based loan | 122,150 | 106,950 | |
Payments on asset-based loan | (115,082) | (106,685) | |
Payment of loan origination costs | (8) | — | |
Payment of note payable issuance costs | — | (480) | |
Payment of stock warrant issuance costs | — | (456) | |
Proceeds from exercise of April 2025 Warrant | 1 | — | |
Payments to tax authorities for shares withheld from employees | (644) | (60) | |
Proceeds from issuance of stock under Employee Stock Purchase Plan | 83 | 68 | |
Proceeds from issuance of stock from stock option exercises | 8 | 8 | |
Payments for finance leases | (75) | (25) | |
Net cash provided by (used in) financing activities | 6,433 | (740) | |
Effect of changes in exchange rates on cash and cash equivalents | 57 | (155) | |
Net change in cash and cash equivalents and restricted cash | (1,329) | 625 | |
Cash and cash equivalents at the beginning of period | 5,731 | 4,404 | |
Restricted cash at the beginning of period | 104 | 102 | |
Cash and cash equivalents and restricted cash at beginning of period | 5,835 | 4,506 | |
Cash and cash equivalents at end of period | 4,402 | 5,028 | |
Restricted cash at the end of period | 104 | 103 | |
Cash and cash equivalents and restricted cash at end of period | $ 4,506 | $ 5,131 | |
FLOTEK INDUSTRIES, INC. | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net income | $ 9,953 | $ 1,768 | $ 14,617 | $ 7,148 | |||
Interest expense | 1,371 | 983 | 2,703 | 1,212 | |||
Income tax expense | 3,581 | 17 | 5,190 | 81 | |||
Depreciation and amortization | 664 | 374 | 1,295 | 626 | |||
EBITDA (Non-GAAP) (1) | $ 15,569 | $ 3,142 | $ 23,805 | $ 9,067 | |||
Stock compensation expense | 1,210 | 676 | 2,034 | 1,137 | |||
Severance and retirement | — | 7 | 11 | 51 | |||
Contingent liability revaluation | — | (2) | — | (127) | |||
Gain on disposal of asset | — | — | — | (7) | |||
Non-Recurring professional fees (2) | 9 | 4,195 | 31 | 4,195 | |||
Adjusted EBITDA (Non-GAAP) (1) | $ 16,788 | $ 8,018 | $ 25,881 | $ 14,316 | |||
(1) | Management believes that EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods. Management views the adjustments made to net income for certain non-cash or non-recurring items noted above to be outside of the Company's normal operating results. Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial, compensation and operational objectives. Adjusted EBITDA as presented above does not add back non-cash amortization of contract assets totaling $2.4 million and $1.4 million during the three months ended June 30, 2026 and 2025, respectively, and $4.7 million and $2.9 million during the six months ended June 30, 2026 and 2025, respectively. |
(2) | Includes $4.2 million of expenses for the three and six months ended June 30, 2025 related to an asset acquisition. |
SOURCE Flotek Industries, Inc.
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