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Flotek Industries Inc. (FTK+2.80%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total revenues of $187,025,000, a slight decrease from $188,058,000 in the previous year. Revenue from related party ProFrac Services, LLC contributed significantly to the total, amounting to $115,762,000.
Cost of sales decreased to $147,639,000 from $163,795,000, resulting in a gross profit of $39,386,000, up from $24,263,000 in the previous year.
Operating income was reported at $12,196,000, down from $23,223,000, primarily due to the absence of a gain in fair value of Contract Consideration Convertible Notes Payable which was present in the previous year.
Net income for the year was $10,498,000, compared to $24,713,000 in the previous year. The decrease is attributed to the absence of a gain from loan forgiveness that was recognized in the prior year.
Cash provided by operating activities was $3,361,000, while cash used in investing and financing activities was $1,816,000 and $3,116,000, respectively.
Flotek had a working capital of $46,088,000 as of December 31, 2024. The company highlights its dependence on the ProFrac Agreement for a significant portion of its revenue.
The filing outlines various financial agreements, including an amended revolving loan and security agreement with Amerisource Funding, Inc.
Flotek does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Flotek continues to focus on providing sustainable and optimized chemistry and data technology solutions for both domestic and international energy markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flotek Industries Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.