FTK - Flotek rises 5% as 2Q22 prelim revenue grew 3 times annually
- Flotek Industries ( NYSE: FTK ) expects 2Q22 revenue to be in excess of $28M compared to 1Q22 revenue of $12.9M and 2Q21 revenue of $9.2M.
- During the second quarter, we serviced an average of 8 ProFrac hydraulic fracturing fleets with no service quality issues, and expect to service an average of 16 or greater fleets in the third quarter.
- While the company expects to deliver strong growth in volume and revenue Q/Q, the company did incur some one-time expenses related to the mobilization of additional field deployment tanks ( ISO ), which increased from 20 to 101. In addition, freight and logistics costs are expected to be significantly above expectations, consistent with inflation being experienced by peers.
- However, the company still expects consistent improvement in Adjusted EBITDA margin through the second half of 2022, and the Company still expects to generate positive Adjusted EBITDA excluding convertible notes amortization before the end of the fourth quarter 2022.
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Flotek rises 5% as 2Q22 prelim revenue grew 3 times annually