FLOTEK INDUSTRIES INC/CN/
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 2026
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
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $21,275 | $5,731 |
| Restricted cash | 105 | 104 |
| Accounts receivable, net of allowance for credit losses of $1,109 and $764 at September 30, 2026 and December 31, 2025, respectively | 66,015 | 19,043 |
| Accounts receivable, related party, net of allowance for credit losses of $0 at September 30, 2026 and December 31, 2025 | 72,621 | 64,204 |
| Equipment credit, related party | 8,230 | — |
| Inventories, net | 33,722 | 10,629 |
| Other current assets | 1,963 | 3,445 |
| Current contract asset | 9,185 | 7,621 |
| Total current assets | 213,116 | 110,777 |
| Long-term contract asset | 46,479 | 55,115 |
| Property and equipment, net | 24,541 | 20,344 |
| Right-of-use assets | 3,094 | 3,083 |
| Deferred tax assets, net | 22,372 | 29,152 |
| Other long-term assets | 1,509 | 1,578 |
| TOTAL ASSETS | $311,111 | $220,049 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $74,485 | $48,317 |
| Accrued liabilities | 6,903 | 7,256 |
| Income taxes payable | 1,293 | 258 |
| Interest payable | 151 | — |
| Interest payable, related party | — | 1,008 |
| Current portion of operating lease liabilities | 1,574 | 1,251 |
| Current portion of finance lease liabilities | 164 | 153 |
| Asset-based loan | 7,933 | 3,332 |
| Total current liabilities | 92,503 | 61,575 |
| Deferred revenue, long-term | 51 | — |
| Term loan facility, net of deferred financing costs, including $11,671 held by related party, net of deferred financing costs | 70,028 | — |
| Note payable - related party, net of deferred financing costs | — | 39,584 |
| Long-term operating lease liabilities | 4,912 | 5,608 |
| Long-term finance lease liabilities | 100 | 224 |
| TOTAL LIABILITIES | 167,594 | 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; 37,440,565 shares issued and 36,218,789 shares outstanding at September 30, 2026; 31,320,960 shares issued and 30,130,480 shares outstanding at December 31, 2025 | 4 | 3 |
| Additional paid-in capital | 438,129 | 434,964 |
| Accumulated other comprehensive income | 155 | 96 |
| Accumulated deficit | (257,857) | (285,780) |
| Treasury stock, at cost; 1,221,776 and 1,190,480 shares at September 30, 2026 and December 31, 2025, respectively | (36,914) | (36,225) |
| Total stockholders’ equity | 143,517 | 113,058 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $311,111 | $220,049 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue: | ||||
| Revenue from external customers | $56,942 | $22,941 | $118,332 | $72,546 |
| Revenue from related party | 57,410 | 33,090 | 165,438 | 97,197 |
| Total revenues | 114,352 | 56,031 | 283,770 | 169,743 |
| Cost of sales | 86,957 | 38,248 | 217,051 | 125,104 |
| Gross profit | 27,395 | 17,783 | 66,719 | 44,639 |
| Operating costs and expenses: | ||||
| Selling, general, and administrative | 8,511 | 7,384 | 23,172 | 20,462 |
| Asset acquisition expenses | — | 167 | — | 4,362 |
| Depreciation | 666 | 581 | 1,961 | 1,207 |
| Research and development | 473 | 549 | 1,366 | 1,359 |
| Gain on sale of property and equipment | (208) | — | (208) | (7) |
| Total operating costs and expenses | 9,442 | 8,681 | 26,291 | 27,383 |
| Income from operations | 17,953 | 9,102 | 40,428 | 17,256 |
| Other expense: | ||||
| Interest expense | (1,416) | (1,351) | (4,119) | (2,563) |
| Loss on extinguishment of debt | (242) | — | (242) | — |
| Other income, net | 59 | (8) | 94 | 279 |
| Total other expense | (1,599) | (1,359) | (4,267) | (2,284) |
| Income before income taxes | 16,354 | 7,743 | 36,161 | 14,972 |
| Income tax (expense) benefit | (3,048) | 12,612 | (8,238) | 12,531 |
| Net income | $13,306 | $20,355 | $27,923 | $27,503 |
| Income per common share: | ||||
| Basic | $0.37 | $0.57 | $0.77 | $0.83 |
| Diluted | $0.34 | $0.53 | $0.72 | $0.78 |
| Weighted average common shares: | ||||
| Weighted average common shares used in computing basic income per common share | 36,174 | 35,868 | 36,142 | 33,189 |
| Weighted average common shares used in computing diluted income per common share | 38,684 | 38,137 | 38,522 | 35,420 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Net income | $13,306 | $20,355 | $27,923 | $27,503 |
| Other comprehensive income: | ||||
| Foreign currency translation adjustment | 2 | 13 | 59 | (142) |
| Comprehensive income | $13,308 | $20,368 | $27,982 | $27,361 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $27,923 | $27,503 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
| Change in fair value of contingent consideration | — | (127) |
| Amortization of contract assets | 7,072 | 4,210 |
| Depreciation | 1,961 | 1,207 |
| Amortization of deferred financing costs | 257 | 252 |
| Loss on extinguishment of debt | 242 | — |
| Provision for credit losses, net of recoveries | 383 | 555 |
| Provision for excess and obsolete inventory | 1,172 | 307 |
| Gain on sale of property and equipment | (208) | (7) |
| Non-cash lease expense | 587 | 840 |
| Stock compensation expense | 3,020 | 1,706 |
| Deferred income tax expense (benefit) | 6,780 | (12,773) |
| Changes in current assets and liabilities: | ||
| Accounts receivable | (47,355) | (9,936) |
| Accounts receivable, related party | (21,396) | (10,013) |
| Inventories | (23,764) | 462 |
| Income tax receivable | 32 | (32) |
| Other assets | 1,379 | 724 |
| Accounts payable | 26,168 | (3,000) |
| Accrued liabilities | (302) | (874) |
| Operating lease liabilities | (971) | (1,204) |
| Income taxes payable | 1,035 | 149 |
| Interest payable | 151 | — |
| Interest payable, related party | (1,008) | 1,008 |
| Net cash (used in) provided by operating activities | (16,842) | 957 |
| Cash flows from investing activities: | ||
| Capital expenditures | (1,702) | (1,697) |
| Proceeds from sale of assets | — | 7 |
| Net cash used in investing activities | (1,702) | (1,690) |
| Cash flows from financing activities: | ||
| Proceeds from term loan facility | 62,500 | — |
| Term loan facility issuance cost | (4,875) | — |
| Payment of related party note payable | (27,500) | — |
| Payments on long term debt | — | (60) |
| Proceeds from asset-based loan | 199,310 | 147,000 |
| Payments on asset-based loan | (194,709) | (145,127) |
| Payments of asset-based loan origination costs | (40) | (150) |
| Payment of note payable issuance costs | — | (480) |
| Payment of stock warrant issuance costs | — | (653) |
| Proceeds from exercise of April 2025 Warrant | 1 | — |
| Payments to tax authorities for shares withheld from employees | (689) | (82) |
| Proceeds from issuance of stock under Employee Stock Purchase Plan | 137 | 113 |
| Proceeds from stock option exercises | 8 | 574 |
| Payments for finance leases | (113) | (60) |
| Net cash provided by financing activities | 34,030 | 1,075 |
| Effect of changes in exchange rates on cash and cash equivalents | 59 | (142) |
| Net change in cash and cash equivalents and restricted cash | 15,545 | 200 |
| 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 | 21,275 | 4,603 |
| Restricted cash at the end of the period | 105 | 103 |
| Cash and cash equivalents and restricted cash at the end of the period | $21,380 | $4,706 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Three Months Ended September 30, 2026 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Common Stock · Treasury Stock · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome · Accumulated Deficit · Total Stockholders’ Equity | ||||||||
| SharesIssued · ParValue · Shares · Cost | ||||||||
| Balance, June 30, 2026 | 37,441 | $4 | 1,223 | $(36,869) | $437,088 | $153 | $(271,163) | $129,213 |
| Net income | — | — | — | — | — | — | 13,306 | 13,306 |
| Foreign currency translation adjustment | — | — | — | — | — | 2 | — | 2 |
| Stock issued under employee stock purchase plan | — | — | (3) | — | 54 | — | — | 54 |
| Stock compensation expense | — | — | — | — | 987 | — | — | 987 |
| Shares withheld to cover taxes | — | — | 2 | (45) | — | — | — | (45) |
| Balance, September 30, 2026 | 37,441 | $4 | 1,222 | $(36,914) | $438,129 | $155 | $(257,857) | $143,517 |
| 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 13) | — | — | — | — | (208) | — | — | (208) |
| Fees related to issuance of April 2025 Warrant (Note 13) | — | — | — | — | (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 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
| Nine Months Ended September 30, 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 | — | — | — | — | — | — | 27,923 | 27,923 |
| Foreign currency translation adjustment | — | — | — | — | — | 59 | — | 59 |
| Stock option exercises | 3 | — | — | — | 8 | — | — | 8 |
| Stock issued under employee stock purchase plan | — | — | (8) | — | 137 | — | — | 137 |
| Restricted stock granted | 92 | — | — | — | — | — | — | — |
| Restricted stock units vested | 25 | — | — | — | — | — | — | — |
| Stock compensation expense | — | — | — | — | 3,020 | — | — | 3,020 |
| Shares withheld to cover taxes | — | — | 40 | (689) | — | — | — | (689) |
| Exercise of April 2025 Warrant (Note 13) | 6,000 | 1 | — | — | — | — | — | 1 |
| Balance, September 30, 2026 | 37,441 | $4 | 1,222 | $(36,914) | $438,129 | $155 | $(257,857) | $143,517 |
| 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 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 13) | — | — | — | — | (92,608) | — | — | (92,608) |
| Issuance of April 2025 Warrant, net (Note 13) | — | — | — | — | 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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.