FLOTEK INDUSTRIES INC/CN/
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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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.
Sep 30, 2025 · Filed Nov 7, 2025
FTK$25.98+6.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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PART II
FLOTEK INDUSTRIES INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $4,603 | $4,404 |
| Restricted cash | 103 | 102 |
| Accounts receivable, net of allowance for credit losses of $716 and $447 at September 30, 2025 and December 31, 2024, respectively | 26,767 | 17,386 |
| Accounts receivable, related party, net of allowance for credit losses of $0 at September 30, 2025 and December 31, 2024 | 44,831 | 52,370 |
| Inventories, net | 13,232 | 13,303 |
| Other current assets | 2,305 | 2,952 |
| Current contract asset | 8,179 | 5,939 |
| Total current assets | 100,020 | 96,456 |
| Long-term contract asset | 56,655 | 63,105 |
| Property and equipment, net | 20,822 | 6,178 |
| Right-of-use assets | 3,266 | 3,326 |
| Deferred tax assets, net | 30,351 | 51 |
| Other long-term assets | 1,573 | 1,680 |
| TOTAL ASSETS | $212,687 | $170,796 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $35,073 | $38,073 |
| Accrued liabilities | 4,925 | 5,912 |
| Accrued liabilities, related party | 7,248 | — |
| Income taxes payable | 197 | 48 |
| Interest payable, related party | 1,008 | — |
| Current portion of operating lease liabilities | 1,216 | 1,486 |
| Current portion of finance lease liabilities | 149 | — |
| Asset-based loan | 6,662 | 4,789 |
| Current portion of long-term debt | — | 60 |
| Total current liabilities | 56,478 | 50,368 |
| Deferred revenue, long-term | — | 14 |
| Note payable - related party, net of deferred financing costs | 39,560 | — |
| Long-term operating lease liabilities | 5,887 | 6,514 |
| Long-term finance lease liabilities | 264 | — |
| TOTAL LIABILITIES | 102,189 | 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; 31,102,241 shares issued and 29,989,657 shares outstanding at September 30, 2025; 30,938,073 shares issued and 29,826,508 shares outstanding at December 31, 2024 | 3 | 3 |
| Additional paid-in capital | 433,939 | 464,620 |
| Accumulated other comprehensive income | 109 | 251 |
| Accumulated deficit | (288,805) | (316,308) |
| Treasury stock, at cost; 1,112,584 and 1,111,565 shares at September 30, 2025 and December 31, 2024, respectively | (34,748) | (34,666) |
| Total stockholders’ equity | 110,498 | 113,900 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $212,687 | $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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Revenue from external customers | $22,941 | $16,565 | $72,546 | $47,935 |
| Revenue from related party | 33,090 | 33,177 | 97,197 | 88,332 |
| Total revenues | 56,031 | 49,742 | 169,743 | 136,267 |
| Cost of sales | 38,248 | 40,623 | 125,104 | 109,159 |
| Gross profit | 17,783 | 9,119 | 44,639 | 27,108 |
| Operating costs and expenses: | ||||
| Selling, general, and administrative | 7,384 | 5,714 | 20,462 | 18,079 |
| Asset acquisition expenses | 167 | — | 4,362 | — |
| Depreciation | 581 | 220 | 1,207 | 662 |
| Research and development | 549 | 462 | 1,359 | 1,349 |
| Gain on sale of property and equipment | — | — | (7) | (34) |
| Total operating costs and expenses | 8,681 | 6,396 | 27,383 | 20,056 |
| Income from operations | 9,102 | 2,723 | 17,256 | 7,052 |
| Other income (expense): | ||||
| Interest expense | (1,351) | (256) | (2,563) | (842) |
| Other income (expense), net | (8) | 102 | 279 | 151 |
| Total other expense | (1,359) | (154) | (2,284) | (691) |
| Income before income taxes | 7,743 | 2,569 | 14,972 | 6,361 |
| Income tax benefit (expense) | 12,612 | (37) | 12,531 | (293) |
| Net income | $20,355 | $2,532 | $27,503 | $6,068 |
| Income per common share: | ||||
| Basic | $0.57 | $0.09 | $0.83 | $0.21 |
| Diluted | $0.53 | $0.08 | $0.78 | $0.20 |
| Weighted average common shares: | ||||
| Weighted average common shares used in computing basic income per common share | 35,868 | 29,613 | 33,189 | 29,498 |
| Weighted average common shares used in computing diluted income per common share | 38,137 | 30,897 | 35,420 | 30,655 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net income | $20,355 | $2,532 | $27,503 | $6,068 |
| Other comprehensive income: | ||||
| Foreign currency translation adjustment | 13 | (52) | (142) | 6 |
| Comprehensive income | $20,368 | $2,480 | $27,361 | $6,074 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
| Nine months ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net income | $27,503 | $6,068 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Change in fair value of contingent consideration | (127) | (46) |
| Amortization of contract assets | 4,210 | 4,341 |
| Depreciation | 1,207 | 662 |
| Amortization of deferred financing costs | 252 | 243 |
| Provision for credit losses, net of recoveries | 555 | 121 |
| Provision for excess and obsolete inventory | 307 | 626 |
| Gain on sale of property and equipment | (7) | (34) |
| Non-cash lease expense | 840 | 1,661 |
| Stock compensation expense | 1,706 | 915 |
| Deferred income tax (benefit) expense | (12,773) | 233 |
| Changes in current assets and liabilities: | ||
| Accounts receivable | (9,936) | 1,346 |
| Accounts receivable, related party | (10,013) | (12,495) |
| Inventories | 462 | (532) |
| Income tax receivable | (32) | — |
| Other assets | 724 | 849 |
| Accounts payable | (3,000) | 5,690 |
| Accrued liabilities | (874) | (1,730) |
| Operating lease liabilities | (1,204) | (2,002) |
| Income taxes payable | 149 | 9 |
| Interest payable, related party | 1,008 | — |
| Net cash provided by operating activities | 957 | 5,925 |
| Cash flows from investing activities: | ||
| Capital expenditures | (1,697) | (491) |
| Proceeds from sale of assets | 7 | 34 |
| Net cash used in investing activities | (1,690) | (457) |
| Cash flows from financing activities: | ||
| Payments on long term debt | (60) | (135) |
| Proceeds from asset-based loan | 147,000 | 122,600 |
| Payments on asset-based loan | (145,127) | (128,666) |
| Payments of asset-based loan origination costs | (150) | (164) |
| Payment of note payable issuance costs | (480) | — |
| Payment of stock warrant issuance costs | (653) | — |
| Payments to tax authorities for shares withheld from employees | (82) | (30) |
| Proceeds from issuance of stock under Employee Stock Purchase Plan | 113 | 88 |
| Proceeds from stock option exercises | 574 | — |
| Payments for finance leases | (60) | (22) |
| Net cash provided by (used in) financing activities | 1,075 | (6,329) |
| Effect of changes in exchange rates on cash and cash equivalents | (142) | 6 |
| Net change in cash and cash equivalents and restricted cash | 200 | (855) |
| 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 | 4,603 | 4,997 |
| Restricted cash at the end of period | 103 | 101 |
| Cash and cash equivalents and restricted cash at end of period | $4,706 | $5,098 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Three Months Ended September 30, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Common Stock · Treasury Stock · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome · Accumulated Deficit · Total Stockholders’ Equity | ||||||||
| SharesIssued · ParValue · Shares · Cost | ||||||||
| Balance, June 30, 2025 | 30,969 | $3 | 1,114 | $(34,726) | $415,637 | $96 | $(309,160) | $71,850 |
| Net income | — | — | — | — | — | — | 20,355 | 20,355 |
| Foreign currency translation adjustment | — | — | — | — | — | 13 | — | 13 |
| Stock option exercises | 133 | — | — | — | 566 | — | — | 566 |
| Stock issued under employee stock purchase plan | — | — | (4) | — | 45 | — | — | 45 |
| Stock compensation expense | — | — | — | — | 569 | — | — | 569 |
| Shares withheld to cover taxes | — | — | 3 | (22) | — | — | — | (22) |
| Excess consideration over historical asset book value (Note 3) | — | — | — | — | (208) | — | — | (208) |
| Fees related to issuance of April 2025 Warrant (Note 3) | — | — | — | — | (197) | — | — | (197) |
| Valuation allowance release on deferred tax asset | — | — | — | — | 17,527 | — | — | 17,527 |
| Balance, September 30, 2025 | 31,102 | $3 | 1,113 | $(34,748) | $433,939 | $109 | $(288,805) | $110,498 |
| Three Months Ended September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Common Stock · Treasury Stock · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome · Accumulated Deficit · Total Stockholders’ Equity | ||||||||
| SharesIssued · ParValue · Shares · Cost | ||||||||
| Balance, June 30, 2024 | 30,867 | $3 | 1,107 | $(34,528) | $463,844 | $185 | $(323,270) | $106,234 |
| Net income | — | — | — | — | — | — | 2,532 | 2,532 |
| Foreign currency translation adjustment | — | — | — | — | — | (52) | — | (52) |
| Stock issued under employee stock purchase plan | — | — | (6) | — | 26 | — | — | 26 |
| Restricted stock vested | 25 | — | — | — | — | — | — | — |
| Stock compensation expense | — | — | — | — | 273 | — | — | 273 |
| Shares withheld to cover taxes | — | — | 1 | (6) | — | — | — | (6) |
| Balance, September 30, 2024 | 30,892 | $3 | 1,102 | $(34,534) | $464,143 | $133 | $(320,738) | $109,007 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Nine Months Ended September 30, 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 | — | — | — | — | — | — | 27,503 | 27,503 |
| Foreign currency translation adjustment | — | — | — | — | — | (142) | — | (142) |
| Stock option exercises | 135 | — | — | — | 574 | — | — | 574 |
| Stock issued under employee stock purchase plan | — | — | (13) | — | 113 | — | — | 113 |
| Restricted stock granted | 26 | — | — | — | — | — | — | — |
| Restricted stock forfeited | — | — | 3 | — | — | — | — | — |
| Restricted stock units vested | 3 | — | — | — | — | — | — | — |
| Stock compensation expense | — | — | — | — | 1,706 | — | — | 1,706 |
| Shares withheld to cover taxes | — | — | 11 | (82) | — | — | — | (82) |
| Excess consideration over historical asset book value (Note 3) | — | — | — | — | (92,608) | — | — | (92,608) |
| Issuance of April 2025 Warrant, net (Note 3) | — | — | — | — | 42,007 | — | — | 42,007 |
| Valuation allowance release on deferred tax asset | — | — | — | — | 17,527 | — | — | 17,527 |
| Balance, September 30, 2025 | 31,102 | $3 | 1,113 | $(34,748) | $433,939 | $109 | $(288,805) | $110,498 |
| Nine Months Ended September 30, 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 | — | — | — | — | — | — | 6,068 | 6,068 |
| Foreign currency translation adjustment | — | — | — | — | — | 6 | — | 6 |
| Stock issued under employee stock purchase plan | — | — | (25) | — | 88 | — | — | 88 |
| Restricted stock granted | 94 | — | — | — | — | — | — | — |
| Restricted stock forfeited | — | — | 11 | — | — | — | — | — |
| Restricted stock vested | 25 | — | — | — | — | — | — | — |
| Stock compensation expense | — | — | — | — | 915 | — | — | 915 |
| Shares withheld to cover taxes | — | — | 7 | (30) | — | — | — | (30) |
| Balance, September 30, 2024 | 30,892 | $3 | 1,102 | $(34,534) | $464,143 | $133 | $(320,738) | $109,007 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.