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Flowco Holdings Inc. Class A (FLOC+1.39%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's financial performance, highlighting total revenues of $535.3 million, a significant increase from the previous year. This growth was driven by increases in both rental and sales revenues.
Flowco Holdings reported a net income of $80.2 million for the year, up from $58.1 million in 2023. The increase in net income is attributed to higher revenues and controlled operating expenses.
The company completed a business combination in 2024, acquiring Flowco Productions and Flogistix. This acquisition contributed to the revenue growth and expanded the company's operations in the Production Solutions and Natural Gas Technologies segments.
Flowco Holdings' balance sheet shows total assets of $1.59 billion as of December 31, 2024, with significant increases in property, plant, and equipment, as well as intangible assets, following the business combination.
The company identified material weaknesses in its internal control over financial reporting, primarily due to insufficient resources and ineffective controls related to financial reporting processes. Plans to address these weaknesses include hiring additional personnel and enhancing IT governance processes.
Flowco Holdings completed its initial public offering on January 15, 2025, raising approximately $461.8 million in net proceeds, which were used to repay a portion of its revolving credit facility.
The company operates in two segments: Production Solutions and Natural Gas Technologies, with a focus on providing production optimization, artificial lift, and methane abatement solutions for the oil and natural gas industry.
Flowco Holdings anticipates continued growth in the U.S. onshore market, driven by demand for production optimization and artificial lift solutions. The company is positioned to capitalize on these trends with its expanded product offerings and strategic acquisitions.
The report also discusses the company's commitment to addressing environmental and regulatory challenges, including reducing greenhouse gas emissions and enhancing its sustainability practices.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flowco Holdings Inc. Class A annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.