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v3.26.1

Business Segments (Table) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Summary of Financial Information for Reportable Segments | Summarized financial information for our reportable segments is as follows:
|  | Stimulation Services |  |  | Proppant Production |  |  | Manufacturing |  |  | Flotek |  |  | Other |  |  | Eliminations |  |  | Total |
Three Months Ended March 31 2026: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers — services |  | $ | 407.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3.3 |  |  | $ | 410.3 |
External customers — product sales (1) |  |  | — |  |  |  | 14.1 |  |  |  | 7.0 |  |  |  | 18.2 |  |  |  | — |  |  |  | — |  |  |  | 39.3 |
Intercompany (2) |  |  | — |  |  |  | 105.5 |  |  |  | 41.4 |  |  |  | 54.1 |  |  |  | 2.9 |  |  |  | (203.9 | ) |  |  | — |
Total Revenue |  | $ | 407.0 |  |  | $ | 119.6 |  |  | $ | 48.4 |  |  | $ | 72.3 |  |  | $ | 2.9 |  |  | $ | (200.6 | ) |  | $ | 449.6 |
Cost of revenues, exclusive of depreciation, depletion, and amortization (3) |  |  | 349.3 |  |  |  | 108.5 |  |  |  | 38.1 |  |  |  | 53.6 |  |  |  | 3.0 |  |  |  | (198.1 | ) |  |  | 354.4 |
Selling, general and administrative, excluding stock-based compensation |  |  | 25.7 |  |  |  | 4.6 |  |  |  | 3.5 |  |  |  | 7.4 |  |  |  | — |  |  |  | — |  |  |  | 41.2 |
Other income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Adjusted EBITDA |  | $ | 32.0 |  |  | $ | 6.5 |  |  | $ | 6.8 |  |  | $ | 11.3 |  |  | $ | (0.1 | ) |  | $ | (2.5 | ) |  | $ | 54.0 |
Depreciation, depletion and amortization |  |  | 75.1 |  |  |  | 18.7 |  |  |  | 2.8 |  |  |  | 1.0 |  |  |  | 0.8 |  |  |  | (1.3 | ) |  |  | 97.1 |
Investment in property, plant & equipment |  |  | 36.0 |  |  |  | 4.9 |  |  |  | 0.2 |  |  |  | 2.2 |  |  |  | — |  |  |  | (2.6 | ) |  |  | 40.7 |
As of March 31, 2026: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 20.1 |  |  | $ | 5.1 |  |  | $ | 2.6 |  |  | $ | 5.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 33.5 |
Total current assets |  |  | 454.4 |  |  |  | 89.6 |  |  |  | 315.3 |  |  |  | 117.5 |  |  |  | 4.4 |  |  |  | (446.8 | ) |  |  | 534.4 |
Property, plant, and equipment, net |  |  | 635.6 |  |  |  | 711.6 |  |  |  | 40.5 |  |  |  | 30.8 |  |  |  | 9.6 |  |  |  | (14.7 | ) |  |  | 1,413.4 |
Total assets |  |  | 2,801.0 |  |  |  | 1,113.8 |  |  |  | 459.2 |  |  |  | 272.7 |  |  |  | 35.0 |  |  |  | (2,131.1 | ) |  |  | 2,550.6 |
Current portion of long-term debt |  |  | 92.6 |  |  |  | 55.7 |  |  |  | 3.1 |  |  |  | 4.8 |  |  |  | — |  |  |  | — |  |  |  | 156.2 |
Long-term debt |  |  | 602.4 |  |  |  | 251.7 |  |  |  | 14.5 |  |  |  | 39.8 |  |  |  | — |  |  |  | — |  |  |  | 908.4 |
Total liabilities |  |  | 1,941.6 |  |  |  | 446.5 |  |  |  | 378.0 |  |  |  | 113.7 |  |  |  | 40.7 |  |  |  | (1,154.7 | ) |  |  | 1,765.8 |
|  | Stimulation Services |  |  | Proppant Production |  |  | Manufacturing |  |  | Flotek |  |  | Other |  |  | Eliminations |  |  | Total |
Three Months Ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers — services |  | $ | 523.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 523.9 |
External customers — product sales (1) |  |  | — |  |  |  | 43.3 |  |  |  | 8.7 |  |  |  | 24.4 |  |  |  | — |  |  |  | — |  |  |  | 76.4 |
Intercompany (2) |  |  | 0.7 |  |  |  | 24.0 |  |  |  | 57.1 |  |  |  | 32.4 |  |  |  | 5.3 |  |  |  | (119.5 | ) |  |  | — |
Total Revenue |  | $ | 524.5 |  |  | $ | 67.3 |  |  | $ | 65.8 |  |  | $ | 56.8 |  |  | $ | 5.4 |  |  | $ | (119.5 | ) |  | $ | 600.3 |
Cost of revenues, exclusive of depreciation, depletion, and amortization (3) |  |  | 387.8 |  |  |  | 43.2 |  |  |  | 55.3 |  |  |  | 42.5 |  |  |  | 5.0 |  |  |  | (114.4 | ) |  |  | 419.4 |
Selling, general and administrative, excluding stock-based compensation |  |  | 33.1 |  |  |  | 5.8 |  |  |  | 6.5 |  |  |  | 6.4 |  |  |  | 0.7 |  |  |  | — |  |  |  | 52.5 |
Other expense (income) |  |  | (1.0 | ) |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | — |  |  |  | — |  |  |  | (1.1 | )
Adjusted EBITDA |  | $ | 104.6 |  |  | $ | 18.3 |  |  | $ | 4.0 |  |  | $ | 8.0 |  |  | $ | (0.3 | ) |  | $ | (5.1 | ) |  | $ | 129.5 |
Depreciation, depletion and amortization |  |  | 82.4 |  |  |  | 19.2 |  |  |  | 4.6 |  |  |  | 0.7 |  |  |  | — |  |  |  | (0.9 | ) |  | $ | 106.0 |
Investment in property, plant & equipment |  |  | 51.3 |  |  |  | 3.7 |  |  |  | — |  |  |  | 0.4 |  |  |  | 1.0 |  |  |  | (3.9 | ) |  | $ | 52.5 |
As of December 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14.0 |  |  | $ | 1.1 |  |  | $ | 2.1 |  |  | $ | 5.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 22.9 |
Total current assets |  |  | 403.1 |  |  |  | 78.5 |  |  |  | 315.7 |  |  |  | 110.4 |  |  |  | 3.5 |  |  |  | (427.7 | ) |  |  | 483.5 |
Property, plant, and equipment, net |  |  | 669.4 |  |  |  | 725.6 |  |  |  | 42.7 |  |  |  | 29.6 |  |  |  | 10.4 |  |  |  | (13.4 | ) |  |  | 1,464.3 |
Total assets |  |  | 2,795.6 |  |  |  | 1,115.8 |  |  |  | 455.8 |  |  |  | 266.2 |  |  |  | 37.0 |  |  |  | (2,097.3 | ) |  |  | 2,573.1 |
Current portion of long-term debt |  |  | 94.1 |  |  |  | 48.5 |  |  |  | 3.6 |  |  |  | 3.5 |  |  |  | — |  |  |  | — |  |  |  | 149.7 |
Long-term debt |  |  | 554.8 |  |  |  | 266.4 |  |  |  | 14.6 |  |  |  | 39.8 |  |  |  | — |  |  |  | — |  |  |  | 875.6 |
Total liabilities |  |  | 1,855.2 |  |  |  | 425.2 |  |  |  | 378.0 |  |  |  | 114.2 |  |  |  | 41.9 |  |  |  | (1,122.1 | ) |  |  | 1,692.4 |
(1) Our Proppant Production segment recognized noncash revenue associated with acquired contract liabilities of zero and $5.7 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Item 8 "Financial Statements and Supplementary Data" in our Annual Report for information about our acquired contract liabilities. (2) In our other business activities, Flotek recorded revenue of $2.7 million and $7.5 million for the three months ended March 31, 2026 and 2025, respectively, related to contract shortfalls because the Stimulation Services segment did not purchase the minimum contractual commitment of chemistry products from Flotek. (3) Cost of revenues, exclusive of depreciation, depletion, and amortization, for the Stimulation Services segment included an intercompany supply commitment charge of $2.7 million and $7.5 million for the three months ended March 31, 2026 and 2025, respectively, because this segment did not purchase the minimum contractual commitment of chemistry products from Flotek. The following table reconciles consolidated Adjusted EBITDA to net income (loss):
|  | Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Adjusted EBITDA |  | $ | 54.0 |  |  | $ | 129.5 |
Interest expense, net |  |  | (32.8 | ) |  |  | (35.9 | )
Depreciation, depletion and amortization |  |  | (97.1 | ) |  |  | (106.0 | )
Income tax expense |  |  | (1.6 | ) |  |  | (0.3 | )
Gain (loss) on disposal of assets, net |  |  | 2.0 |  |  |  | (3.4 | )
Stock-based compensation (1) |  |  | (2.4 | ) |  |  | (1.1 | )
Lease termination |  |  | (0.2 | ) |  |  | — |
Transaction costs |  |  | (0.3 | ) |  |  | (0.2 | )
Acquisition and integration costs |  |  | — |  |  |  | (0.1 | )
Litigation expenses |  |  | (2.4 | ) |  |  | (1.6 | )
Gain on investments, net |  |  | — |  |  |  | 3.7 |
Net loss |  | $ | (80.8 | ) |  | $ | (15.4 | )
(1) Stock-based compensation is reported in “Selling, general and administrative” in the unaudited condensed consolidated statements of operations and is not allocated to the segments.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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