FLOTEK INDUSTRIES INC/CN/

For the period ended Mar 31, 2026. Filed May 7, 2026.

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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.

Mar 31, 2026 · Filed May 7, 2026

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

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Contents

PART II

FLOTEK INDUSTRIES INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	March 31, 2026	December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$5,676	$5,731
Restricted cash	104	104
Accounts receivable, net of allowance for credit losses of $820 and $764 at March 31, 2026 and December 31, 2025, respectively	21,794	19,043
Accounts receivable, related party, net of allowance for credit losses of $0 at March 31, 2026 and December 31, 2025	61,023	64,204
Equipment credit, related party	11,782	—
Inventories, net	14,303	10,629
Other current assets	2,709	3,445
Current contract asset	8,402	7,621
Total current assets	125,793	110,777
Long-term contract asset	52,102	55,115
Property and equipment, net	21,912	20,344
Right-of-use assets	2,895	3,083
Deferred tax assets, net	27,580	29,152
Other long-term assets	1,561	1,578
TOTAL ASSETS	$231,843	$220,049
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$52,566	$48,317
Accrued liabilities	8,771	7,256
Income taxes payable	295	258
Interest payable, related party	986	1,008
Current portion of operating lease liabilities	1,287	1,251
Current portion of finance lease liabilities	156	153
Asset-based loan	4,666	3,332
Total current liabilities	68,727	61,575
Note payable - related party, net of deferred financing costs	39,608	39,584
Long-term operating lease liabilities	5,149	5,608
Long-term finance lease liabilities	184	224
TOTAL LIABILITIES	113,668	106,991
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; 37,390,332 shares issued and 36,174,338 shares outstanding at March 31, 2026; 31,320,960 shares issued and 30,130,480 shares outstanding at December 31, 2025	4	3
Additional paid-in capital	435,838	434,964
Accumulated other comprehensive income	130	96
Accumulated deficit	(281,116)	(285,780)
Treasury stock, at cost; 1,215,994 and 1,190,480 shares at March 31, 2026 and December 31, 2025, respectively	(36,681)	(36,225)
Total stockholders’ equity	118,175	113,058
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$231,843	$220,049

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three Months Ended March 31,
	2026	2025
Revenue:
Revenue from external customers	$18,165	$24,423
Revenue from related party	51,886	30,939
Total revenues	70,051	55,362
Cost of sales	54,510	42,913
Gross profit	15,541	12,449
Operating costs and expenses:
Selling, general, and administrative	6,925	6,282
Depreciation	631	252
Research and development	396	355
Gain on sale of property and equipment	—	(7)
Total operating costs and expenses	7,952	6,882
Income from operations	7,589	5,567
Other expense:
Interest expense	(1,332)	(229)
Other income, net	16	106
Total other expense	(1,316)	(123)
Income before income taxes	6,273	5,444
Income tax expense	(1,609)	(64)
Net income	$4,664	$5,380
Income per common share:
Basic	$0.13	$0.18
Diluted	$0.12	$0.17
Weighted average common shares:
Weighted average common shares used in computing basic income per common share	36,100	29,683
Weighted average common shares used in computing diluted income per common share	38,340	31,752

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three months ended March 31,
	2026	2025
Net income	$4,664	$5,380
Other comprehensive income:
Foreign currency translation adjustment	34	(45)
Comprehensive income	$4,698	$5,335

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

	Three months ended March 31,
	2026	2025
Cash flows from operating activities:
Net income	$4,664	$5,380
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of contingent consideration	—	(125)
Amortization of contract assets	2,232	1,482
Depreciation	631	252
Amortization of deferred financing costs	95	71
Provision for credit losses, net of recoveries	56	66
Provision for excess and obsolete inventory	396	64
Gain on sale of property and equipment	—	(7)
Non-cash lease expense	188	318
Stock compensation expense	824	461
Deferred income tax expense	1,572	14
Changes in current assets and liabilities:
Accounts receivable	(2,808)	(2,489)
Accounts receivable, related party	(9,798)	4,124
Inventories	(4,070)	(354)
Income tax receivable	20	—
Other assets	663	(540)
Accounts payable	4,249	893
Accrued liabilities	1,515	(1,811)
Operating lease liabilities	(423)	(568)
Income taxes payable	37	82
Interest payable, related party	(22)	—
Net cash provided by operating activities	21	7,313
Cash flows from investing activities:
Capital expenditures	(1,002)	(598)
Proceeds from sale of assets	—	7
Net cash used in investing activities	(1,002)	(591)
Cash flows from financing activities:
Payments on long term debt	—	(45)
Proceeds from asset-based loan	55,100	53,345
Payments on asset-based loan	(53,766)	(58,136)
Proceeds from exercise of April 2025 Warrant	1	—
Payments to tax authorities for shares withheld from employees	(456)	(23)
Proceeds from issuance of stock under Employee Stock Purchase Plan	44	31
Proceeds from stock option exercises	6	—
Payments for finance leases	(37)	—
Net cash provided by (used in) financing activities	892	(4,828)
Effect of changes in exchange rates on cash and cash equivalents	34	(45)
Net change in cash and cash equivalents and restricted cash	(55)	1,849
Cash and cash equivalents at the beginning of the period	5,731	4,404
Restricted cash at the beginning of the period	104	102
Cash and cash equivalents and restricted cash at the beginning of the period	5,835	4,506
Cash and cash equivalents at the end of the period	5,676	6,253
Restricted cash at the end of the period	104	102
Cash and cash equivalents and restricted cash at the end of the period	$5,780	$6,355

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2026
Common Stock · Treasury Stock · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome · Accumulated Deficit · Total Stockholders’ Equity
SharesIssued · ParValue · Shares · Cost
Balance, December 31, 2025	31,321	3	1,190	(36,225)	$434,964	$96	$(285,780)	$113,058
Net income	—	—	—	—	—	—	4,664	4,664
Foreign currency translation adjustment	—	—	—	—	—	34	—	34
Stock option exercises	2	—	—	—	6	—	—	6
Stock issued under employee stock purchase plan	—	—	(2)	—	44	—	—	44
Restricted stock granted	67	—	—	—	—	—	—	—
Stock compensation expense	—	—	—	—	824	—	—	824
Shares withheld to cover taxes	—	—	28	(456)	—	—	—	(456)
Exercise of April 2025 Warrant (Note 13)	6,000	1	—	—	—	—	—	1
Balance, March 31, 2026	37,390	$4	1,216	$(36,681)	$435,838	$130	$(281,116)	$118,175

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 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

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.