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ProFrac Holding Corp. (ACDC-19.43%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in total revenue to $2,190.9 million from $2,630.0 million in the previous year. The decline is attributed to lower average active fleets and reduced fleet utilization.
Net loss for the year was $207.8 million, compared to a net loss of $59.2 million in the previous year. The company attributes the increased loss to goodwill impairments and reduced operating results in certain segments.
Cash provided by operating activities was $367.3 million, down from $553.5 million in the previous year. The decrease was primarily due to lower earnings.
Total long-term debt was reported at $1,138.9 million as of December 31, 2024, up from $1,107.9 million at the end of 2023. The increase is due to additional borrowings and refinancing activities.
ProFrac completed several acquisitions in 2024, including Basin Production and Completion LLC, Advanced Stimulation Technologies, Inc., and NRG Manufacturing, Inc., expanding its manufacturing and pressure pumping capabilities.
The company recorded goodwill impairments totaling $74.5 million related to its Proppant Production segment, due to reduced customer activity levels and operating results.
ProFrac's Stimulation Services segment reported a revenue decrease of 16%, driven by fewer active fleets and lower pricing for services.
The Proppant Production segment saw a 36% decrease in revenue, attributed to lower average prices and reduced volumes sold.
The Manufacturing segment reported a 27% increase in revenue, supported by higher intercompany demand and recent acquisitions.
ProFrac's liquidity position at the end of 2024 included $10.4 million in cash and $70.7 million available under its revolving credit facility.
The company anticipates capital expenditures of $150 million to $175 million for maintenance and an additional $100 million to $125 million for growth initiatives in 2025.
ProFrac's management remains focused on improving performance through superior customer service, asset utilization, and cost control, with expectations of improved financial results in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ProFrac Holding Corp. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.