Business
ProFrac Holding Corp. Reports 2022 Third Quarter Financial and Operational Results
WILLOW PARK, Texas, Nov. 10, 2022 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) ("ProFrac", "ACDC," or the "Company") today announced financial and
About this update from Profrac Holding Corp.
[{"type":"text","content":"WILLOW PARK, Texas, Nov. 10, 2022 /PRNewswire/ -- ProFrac Holding Corp. (NASDAQ: ACDC) (\"ProFrac\", \"ACDC,\" or the \"Company\") today announced financial and operational results for its third quarter ended September 30, 2022.\nThird Quarter 2022 Results and Recent Highlights\nTotal revenue grew approximately 18% sequentially to $696.7 million over 2022 second quarter revenue, Net income rose approximately 105% sequentially to $143.4 millionAdjusted EBITDA(1) excluding Flotek increased approximately 23% sequentially to $267.2 millionAnnualized Adjusted EBITDA per fleet(2) excluding Flotek was $34.5 million on 31 average active fleets during the quarterThird quarter results include the consolidation of Flotek results which contributed $46.9 million in revenue and ($11.1) million in Adjusted EBITDASubsequent to the third quarter, the Company closed on its acquisition of U.S. Well Services (\"USWS\") on November 1, 2022Matt Wilks, ProFrac's Executive Chairman, stated, \"We are proud to report that we grew sequential revenue by 18% and drove sequential Adjusted EBITDA up 23% in the third quarter. Our annualized Adjusted EBITDA per fleet continued to grow, supporting the ongoing investment in our equipment and developing next generation equipment. These third quarter results demonstrate our Company's commitment and hard work that have produced strong operational efficiencies and financial growth as we continue to scale the business. We are bullish on the future of our industry and even more so, on ProFrac, as we continue to execute our Acquire-Retire-Replace(TM) and vertical integration strategies.\" \nLadd Wilks, Chief Executive Officer, added, \"I am excited to welcome the U.S. Well Services team onboard as ProFrac continues to lead our industry in reducing emissions and reducing our customers' carbon footprints in support of their ESG initiatives. We believe our employees and assets are the best in the industry, and we are laser-focused on three critical factors that are driving our industry leading results: pricing, utilization, and our ability to control the supply chain. Constructive market dynamics are supporting pricing and utilization. In addition, our unique ability to manage the complicated supply chain as a single provider represents the greatest opportunity for us to enhance profitability through more efficiently provi...