FLOTEK INDUSTRIES INC/CN/

For the period ended Mar 31, 2025. Filed May 8, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

FTK$25.98+6.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

PART II

FLOTEK INDUSTRIES INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	March 31, 2025	December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$6,253	$4,404
Restricted cash	102	102
Accounts receivable, net of allowance for credit losses of $460 and $447 at March 31, 2025 and December 31, 2024, respectively	19,809	17,386
Accounts receivable, related party, net of allowance for credit losses of $0 at March 31, 2025 and December 31, 2024	48,246	52,370
Inventories, net	13,691	13,303
Other current assets	3,464	2,952
Current contract asset	5,782	5,939
Total current assets	97,347	96,456
Long-term contract asset	61,781	63,105
Property and equipment, net	6,426	6,178
Operating lease right-of-use assets	3,008	3,326
Deferred tax assets, net	38	51
Other long-term assets	1,637	1,680
TOTAL ASSETS	$170,237	$170,796
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$38,967	$38,073
Accrued liabilities	3,975	5,912
Income taxes payable	130	48
Current portion of operating lease liabilities	1,316	1,486
Asset-based loan	—	4,789
Current portion of long-term debt	15	60
Total current liabilities	44,403	50,368
Deferred revenue, long-term	14	14
Long-term operating lease liabilities	6,116	6,514
TOTAL LIABILITIES	50,533	56,896
Stockholders’ equity:
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding	—	—
Common stock, $0.0001 par value, 240,000,000 shares authorized; 30,940,761 shares issued and 29,826,816 shares outstanding at March 31, 2025; 30,938,073 shares issued and 29,826,508 shares outstanding at December 31, 2024	3	3
Additional paid-in capital	465,112	464,620
Accumulated other comprehensive income	206	251
Accumulated deficit	(310,928)	(316,308)
Treasury stock, at cost; 1,113,945 and 1,111,565 shares at March 31, 2025 and December 31, 2024, respectively	(34,689)	(34,666)
Total stockholders’ equity	119,704	113,900
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$170,237	$170,796

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three months ended March 31,
	2025	2024
Revenue:
Revenue from external customers	$24,423	$13,180
Revenue from related party	30,939	27,194
Total revenues	55,362	40,374
Cost of sales	42,913	31,553
Gross profit	12,449	8,821
Operating costs and expenses:
Selling, general, and administrative	6,282	6,087
Depreciation	252	220
Research and development	355	406
Gain on sale of property and equipment	(7)	—
Total operating costs and expenses	6,882	6,713
Income from operations	5,567	2,108
Other income (expense):
Interest expense	(229)	(278)
Other income (expense), net	106	(26)
Total other expense	(123)	(304)
Income before income taxes	5,444	1,804
Income tax expense	(64)	(242)
Net income	$5,380	$1,562
Income per common share:
Basic	$0.18	$0.05
Diluted	$0.17	$0.05
Weighted average common shares:
Weighted average common shares used in computing basic income per common share	29,683	29,431
Weighted average common shares used in computing diluted income per common share	31,752	30,316

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three months ended March 31,
	2025	2024
Net income	$5,380	$1,562
Other comprehensive income:
Foreign currency translation adjustment	(45)	42
Comprehensive income	$5,335	$1,604

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

	Three months ended March 31,
	2025	2024
Cash flows from operating activities:
Net income	$5,380	$1,562
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of contingent consideration	(125)	(26)
Amortization of contract assets	1,482	1,267
Depreciation	252	220
Amortization of asset-based loan origination costs	71	85
Provision for credit losses, net of recoveries	66	32
Provision for excess and obsolete inventory	64	285
Gain on sale of property and equipment	(7)	—
Non-cash lease expense	318	694
Stock compensation expense	461	311
Deferred income tax expense	14	209
Changes in current assets and liabilities:
Accounts receivable	(2,489)	2,937
Accounts receivable, related party	4,124	(4,086)
Inventories	(354)	(1,318)
Other assets	(540)	856
Accounts payable	893	4,246
Accrued liabilities	(1,811)	(2,499)
Operating lease liabilities	(568)	(921)
Income taxes payable	82	33
Net cash provided by operating activities	7,313	3,887
Cash flows from investing activities:
Capital expenditures	(598)	(152)
Proceeds from sale of assets	7	—
Net cash used in investing activities	(591)	(152)
Cash flows from financing activities:
Payments on long term debt	(45)	(45)
Proceeds from asset-based loan	53,345	38,800
Payments on asset-based loan	(58,136)	(43,181)
Payments to tax authorities for shares withheld from employees	(23)	(9)
Proceeds from issuance of stock under Employee Stock Purchase Plan	31	33
Payments for finance leases	—	(9)
Net cash used in financing activities	(4,828)	(4,411)
Effect of changes in exchange rates on cash and cash equivalents	(45)	42
Net change in cash and cash equivalents and restricted cash	1,849	(634)
Cash and cash equivalents at the beginning of period	4,404	5,851
Restricted cash at the beginning of period	102	102
Cash and cash equivalents and restricted cash at beginning of period	4,506	5,953
Cash and cash equivalents at end of period	6,253	5,219
Restricted cash at the end of period	102	100
Cash and cash equivalents and restricted cash at end of period	$6,355	$5,319

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2025
Common Stock · Treasury Stock · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome · Accumulated Deficit · Total Stockholders’ Equity
SharesIssued · ParValue · Shares · Cost
Balance, December 31, 2024	30,938	$3	1,112	$(34,666)	$464,620	$251	$(316,308)	$113,900
Net income	—	—	—	—	—	—	5,380	5,380
Foreign currency translation adjustment	—	—	—	—	—	(45)	—	(45)
Stock issued under employee stock purchase plan	—	—	(4)	—	31	—	—	31
Restricted stock forfeited	—	—	3	—	—	—	—	—
Restricted stock units vested	3	—	—	—	—	—	—	—
Stock compensation expense	—	—	—	—	461	—	—	461
Shares withheld to cover taxes	—	—	3	(23)	—	—	—	(23)
Balance, March 31, 2025	30,941	$3	1,114	$(34,689)	$465,112	$206	$(310,928)	$119,704

Three Months Ended March 31, 2024
Common Stock · Treasury Stock · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome · Accumulated Deficit · Total Stockholders’ Equity
SharesIssued · ParValue · Shares · Cost
Balance, December 31, 2023	30,773	$3	1,109	$(34,504)	$463,140		$127		$(326,806)		$101,960
Net income	—	—	—	—	—		—		1,562		1,562
Foreign currency translation adjustment	—	—	—	—		42		—		42
Stock issued under employee stock purchase plan	—	—	(10)	—	33		—		—		33
Restricted stock forfeited	—	—	11	—	—		—		—		—
Stock compensation expense	—	—	—	—	311		—		—		311
Shares withheld to cover taxes	—	—	2	(10)	—		—		—		(10)
Balance, March 31, 2024	30,773	$3	1,112	$(34,514)	$463,484		$169		$(325,244)		$103,898

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.