ProFrac Holding Corp.

Previous wording

Total revenue for the three months ended March 31, 2026 was $449.6 million which represented decreases of $150.7 million from the same period in 2025.

Current wording

Total revenue for the three months and six months ended June 30, 2026 was $498.1 million and $947.7 million, respectively, which represented decreases of $3.8 million and $154.5 million, respectively, from the same periods in 2025.

Previous wording

Net loss attributable to ProFrac Holding Corp. for the three months ended March 31, 2026 was $83.5 million which represented increase in net loss of $66.0 million from the same period in 2025.

Current wording

Net loss attributable to ProFrac Holding Corp. for the three months and six months ended June 30, 2026 was $79.7 million and $163.2 million, respectively, which represented a decrease in net loss of $28.3 million and an increase of net loss of $37.7 million, respectively, from the same periods in 2025.

Previous wording

Cash provided by operating activities for the three months ended March 31, 2026, was $9.3 million, a decrease of $29.4 million from the same period in 2025.

Current wording

Cash provided by operating activities for the six months ended June 30, 2026, was $32.2 million, a decrease of $103.2 million from the same period in 2025.

Previous wording

Total principal amount of long-term debt was $1,085.6 million at March 31, 2026, an increase of $37.5 million from December 31, 2025.

Current wording

Total principal amount of long-term debt was $1,102.4 million at June 30, 2026, an increase of $54.3 million from December 31, 2025.

Previous wording

Our business depends on the willingness of E&P companies to make expenditures to explore for, develop, and produce oil and natural gas in the United States. The willingness of E&P companies to undertake these activities is predominantly influenced by current and expected future prices for oil and natural gas. Although adverse weather impacted our results early in the first quarter of 2026, our results improved in February and March on a relative basis. We believe the conflict in the

Current wording

Our business depends on the willingness of E&P companies to make expenditures to explore for, develop, and produce oil and natural gas in the United States. The willingness of E&P companies to undertake these activities is predominantly influenced by current and expected future prices for oil and natural gas. Adverse weather impacted our results early in the first quarter of 2026. In the second quarter of 2026, oil commodity prices were higher than their average in the first quarter of 2026 with increased volatility.

Previous wording

We actively monitor the effects of inflation on our business. In the first quarter we noted initial indications of certain increased costs as a result of the conflict in the Middle East; however, the potential effects and duration of inflation on our business remain uncertain at this time.

Current wording

We actively monitor the effects of inflation and tariffs on our business; however, the potential effects of inflation and tariffs on our business remain uncertain at this time.

Previous wording

Stimulation Services. Stimulation Services revenues for the three months ended March 31, 2026 decreased $117.5 million, or 22%, from the same period in 2025. The decrease was primarily due to a decrease in average active fleets and lower average pricing for our services in the first quarter of 2026 compared to the same period in 2025 as well as cold weather related work disruptions in January 2026. The decrease was partially offset by increased proppant revenue volumes in 2026.

Current wording

Stimulation Services. Stimulation Services revenues for the three and six months ended June 30, 2026 decreased $2.5 million and $120.0 million, or 1% and 13%, respectively, from the same periods in 2025. The decreases were primarily due to decreases in average active fleets and lower average pricing for our services in 2026 compared to the same periods in 2025. The decreases were also due to cold weather related work disruptions in January 2026. These decreases were partially offset by an increase in jobs where we supplied proppant and chemistry.

Previous wording

Proppant Production. Proppant Production revenues for the three months ended March 31, 2026 increased $52.3 million, or 78%, from the same period in 2025. The increase was primarily due to higher average pricing for our proppant in 2026 compared to the same period last year, which was due to a shift in intercompany sales mix from mine-gate pricing to wellsite pricing that began in the second quarter of 2025.

Current wording

Proppant Production. Proppant Production revenues for the three and six months ended June 30, 2026 increased $43.8 million and $96.1 million, or 57% and 66%, respectively, from the same periods in 2025. The increase was primarily due to higher average pricing for our proppant in 2026 compared to the same periods last year, which was due to a shift in intercompany sales mix from mine-gate pricing to wellsite pricing that began in the second quarter of 2025.

Previous wording

Additionally, revenue recognized for the amortization of acquired off-market contracts for the three months ended March 31, 2026 was zero compared to $5.7 million in the same period in 2025. Refer to Item 8 "Financial Statements and Supplementary Data" in our Annual Report for information about our acquired contract liabilities. During the three months ended March 31, 2026, approximately 88% of the Proppant Production segment's revenues were intercompany, compared with 36% in the same period in 2025.

Current wording

Additionally, revenue recognized for the amortization of acquired off-market contracts for the three and six months ended June 30, 2026 was zero, compared to $1.9 million and $7.6 million in the same periods in 2025. Refer to Item 8 "Financial Statements and Supplementary Data" in our Annual Report for information about our acquired contract liabilities. During the three and six months ended June 30, 2026, approximately 87% and 88%, respectively, of the Proppant Production segment's revenues were intercompany, compared with 58% and 48% in the same periods in 2025.

Previous wording

Manufacturing. Manufacturing revenues for the three months ended March 31, 2026 decreased by $17.4 million, or 26%, from the same period last year. The decrease was due to decreased intercompany demand for manufacturing products. During the three months ended March 31, 2026, approximately 86% of the Manufacturing segment's revenues were intercompany, compared with 87% in the same period in 2025.

Current wording

Manufacturing. Manufacturing revenues for the three and six months ended June 30, 2026 decreased by $8.0 million and $25.4 million, or 14% and 21% respectively from the same periods in 2025. The decrease was due to decreased intercompany demand for manufacturing products. During the three and six months ended June 30, 2026, approximately 82% and 84%, respectively, of the Manufacturing segment's revenues were intercompany, compared with 78% and 83% in the same periods in 2025.

Previous wording

Flotek. Flotek revenues for the three months ended March 31, 2026 increased by $15.5 million, or 27%, from the same period last year. The increase was primarily due to increased volume of intercompany sales to the Stimulation Services segment. Flotek recorded contract shortfall revenue of $2.7 million and $7.5 million for the three months ended March 31, 2026 and 2025, respectively, related to contract shortfalls with the Stimulation Services segment. During the three months ended March 31, 2026, approximately 75% of Flotek revenues were intercompany, compared with 57% in the same period in 2025.

Current wording

Flotek. Flotek revenues for the three and six months ended June 30, 2026 increased by $42.0 million and $57.5 million, or 70% and 49%, from the same periods in 2025. The increase was primarily due to increased volume of intercompany sales to the Stimulation Services segment and increased sales to external customers. Flotek recorded contract shortfall revenue for the three and six months ended June 30, 2026 of $1.2 and $3.9, compared to $7.7 million and $15.2 million in the same periods in 2025, related to contract shortfalls with the Stimulation Services segment. During the three and six months ended June 30, 2026, approximately 58% and 65% of Flotek revenues were intercompany, compared with 58% and 58% in the same periods in 2025.

Previous wording

Other. Other revenues for the three months ended March 31, 2026 decreased by $2.5 million, or 46%, from the same period in 2025. The decrease was due to lower intercompany sales for Livewire. During the three months ended March 31, 2026, approximately 100% of other revenues were intercompany, compared with 98% in the same period in 2025.

Current wording

Other. Other revenues for the three and six months ended June 30, 2026 decreased by $1.6 million and $4.1 million from the same periods in 2025. The decrease was due to lower intercompany sales for Livewire. During the three and six months ended June 30, 2026, approximately 100% and 100%, respectively, of other revenues were intercompany, compared with 100% and 99% in the same periods in 2025.

Previous wording

Stimulation Services. Stimulation Services cost of revenues for the three months ended March 31, 2026 decreased by $38.5 million, or 10%, from the same period in 2025. The decrease was primarily due to a decrease in average active fleets in the first quarter of 2026 compared to the same period last year. This decrease was partially offset by the cost of increased proppant volumes. Cost of revenues for this segment included intercompany supply commitment charges of $2.7 million and $7.5 million for the three months ended March 31, 2026 and 2025, respectively, because the Stimulation Services segment did not purchase the minimum contractual commitment of chemistry products from Flotek.

Current wording

Stimulation Services. Stimulation Services cost of revenues for the three and six months ended June 30, 2026 increased by $15.5 million and decreased $23.0 million, or 4% and 3%, respectively, from the same periods in 2025. These changes were due to a decrease in average active fleets in 2026 compared to the same periods last year. These decreases were offset by an increase in jobs where we supplied proppant and chemistry. Cost of revenues for this segment included intercompany supply commitment charges of $1.2 million and $7.7 million for the three months ended June 30, 2026 and 2025, respectively, and $3.9 million and $15.2 million for the six months ended June 30, 2026 and 2025, respectively, because the Stimulation Services segment did not purchase the minimum contractual commitment of chemistry products from Flotek.

Previous wording

Proppant Production. Proppant Production cost of revenues for the three months ended March 31, 2026 increased by $65.3 million, or 151%, from the same period in 2025. The increase was primarily due to increased costs to support the shift in intercompany sales mix from mine-gate pricing to wellsite pricing, which began in the second quarter of 2025. Additionally, costs of revenues also increased due to a mix shift towards brokered volumes in 2026.

Current wording

Proppant Production. Proppant Production cost of revenues for the three and six months ended June 30, 2026 increased by $52.2 million and $117.5 million, or 91% and 117%, respectively, from the same periods in 2025. These increases were primarily due to increased costs to support the shift in intercompany sales mix from mine-gate pricing to wellsite pricing, which began in the second quarter of 2025. Additionally, costs of revenues also increased due to a mix shift towards brokered volumes in 2026.

Previous wording

Manufacturing. Manufacturing cost of revenues for the three months ended March 31, 2026 decreased by $17.2 million, or 31%, from the same period in 2025. The decrease in the first quarter was due to decreased volumes of products sold to intercompany customers in the first quarter of 2026.

Current wording

Manufacturing. Manufacturing cost of revenues for the three and six months ended June 30, 2026 decreased by $5.0 million and $22.2 million, or 11% and 22%, respectively, from the same periods in 2025. These decreases were due to decreased volumes of products sold to intercompany customers in 2026.

Previous wording

Flotek.. Flotek cost of revenues for the three months ended March 31, 2026 increased by $11.1 million, or 26%, from the same period in 2025. The increase was primarily due to increased volume of intercompany sales.

Current wording

Flotek.. Flotek cost of revenues for the three and six months ended June 30, 2026 increased by $31.3 million and $42.4 million, or 72% and 49%, respectively, from the same periods in 2025. These increases were primarily due to increased volumes of intercompany sales and sales to external customers.

Previous wording

Other. Other cost of revenues for the three months ended March 31, 2026 decreased by $2.0 million, or 40%, from the same period in 2025. The decrease was due to lower intercompany sales for Livewire.

Current wording

Other. Other cost of revenues for the three and six months ended June 30, 2026 decreased by $1.9 million and $3.9 million, or 37% and 39%, respectively, from the same periods in 2025. The decrease was due to lower intercompany sales for Livewire.

Previous wording

Selling, general and administrative expenses for the three months ended March 31, 2026 decreased by $10.0 million, or 19%, from the same period in 2025. The decrease was primarily due to lower labor and non-labor costs resulting from cost control measures. These decreases were partially offset by increased expense at Flotek.

Current wording

Selling, general and administrative expenses for the three and six months ended June 30, 2026 decreased by $7.7 million and $17.7 million, or 15% and 17%, respectively, from the same periods in 2025. These decreases were primarily due to lower labor and non-labor costs resulting from cost control measures.

Previous wording

Depreciation, depletion, and amortization for the three months ended March 31, 2026 decreased by $8.9 million from the same period in 2025 due to certain assets becoming fully depreciated.

Current wording

Depreciation, depletion, and amortization for the three and six months ended June 30, 2026 decreased by $7.7 million and $16.6 million, respectively, from the same periods in 2025 due to certain assets becoming fully depreciated.

Previous wording

Litigation expenses generally represent legal and professional fees incurred in litigation as well as estimates for loss contingencies with regards to certain vendor disputes and litigation matters. In the periods presented, substantially all of these costs represent litigation costs incurred in connection with certain patent infringement lawsuits.

Current wording

Litigation expenses generally represent legal and professional fees incurred in litigation as well as estimates for loss contingencies with regards to certain vendor disputes and litigation matters. In the periods presented, these costs primarily represent litigation costs incurred in connection with certain patent infringement lawsuits.

Previous wording

Interest expense, net of interest income, for the three months ended March 31, 2026 was $32.8 million compared to $35.9 million in the same period in 2025. These decreases were due to lower average outstanding debt balances and interest rates in 2026.

Current wording

Interest expense, net of interest income, for the three and six months ended June 30, 2026 was $33.2 million and $66.0 million, respectively, compared to $35.1 million and $71.0 million in the same periods in 2025. These decreases were due to lower average outstanding debt balances and interest rates in 2026.

Previous wording

For the three months ended March 31, 2025, we recognized other income, net of $4.8 million which was primarily attributable to a decrease in the fair value of our Munger make-whole provision.

Current wording

For the three and six months ended June 30, 2025, we recognized other expense, net of $9.7 million and $4.9 million, respectively. These amounts were primarily due to a $10.5 million loss on disposal of EKU Power Drives in the second quarter of 2025, which was partially offset by a decrease in the fair value of our Munger make-whole provision in the first quarter of 2025.

Previous wording

Income taxes expense was $1.6 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. Our effective tax rate was for the three months ended March 31, 2026 was negative 2.0%, compared with negative 2.0% in the same period in 2025.

Current wording

Income taxes expense was $5.2 million and $4.7 million for the six months ended June 30, 2026 and 2025, respectively. Our effective tax rate for the six months ended June 30, 2026 was negative 3.5%, compared with negative 4.0% in the same period in 2025.

Previous wording

For the three months ended March 31, 2025 and 2026, the difference between our effective tax rate and the federal statutory rate related to changes in the valuation allowance on our net deferred tax assets.

Current wording

For the six months ended June 30, 2026, the difference between our effective tax rate and the federal statutory rate related to changes in the valuation allowance on our net deferred tax assets.

Previous wording

Historically, our primary sources of liquidity are cash flows from operations and availability under our revolving credit facility. In the three months ended March 31, 2026, we also issued $25.0 million of 2029 Senior Notes. While Flotek is included in our unaudited condensed consolidated financial statements, we do not have the ability to access or use Flotek’s cash or liquidity in our operations and, accordingly, have excluded Flotek’s cash and other sources of liquidity from the following discussion of our liquidity and capital resources. See "Note 1. Organization and Description of Business" in the notes to our unaudited condensed consolidated financial statements for discussion of our ownership of Flotek.

Current wording

Historically, our primary sources of liquidity are cash flows from operations and availability under our revolving credit facility. In the three months ended March 31, 2026, we issued $25.0 million of 2029 Senior Notes. While Flotek is included in our unaudited condensed consolidated financial statements, we do not have the ability to access or use Flotek’s cash or liquidity in our operations and, accordingly, have excluded Flotek’s cash and other sources of liquidity from the following discussion of our liquidity and capital resources. See "Note 1. Organization and Description of Business" in the notes to our unaudited condensed consolidated financial statements for discussion of our ownership of Flotek.

Previous wording

At March 31, 2026, we had $27.8 million of cash and cash equivalents, excluding Flotek, and $80.0 million available for borrowings under our revolving credit facility, which resulted in a total liquidity position of $107.8 million. Refer to our Annual Report for more information regarding our revolving credit facility.

Current wording

At June 30, 2026, we had $14.4 million of cash and cash equivalents, excluding Flotek, and $57.6 million available for borrowings under our previous revolving credit facility, which resulted in a total liquidity position of $72.0 million. On July 1, 2026, we entered into a new revolving credit facility. See “Note 14. Subsequent Events” in the notes to our unaudited condensed consolidated financial statements for more information regarding our new revolving credit facility. At July 1, 2026, we had $70.6 million available for borrowings under our new revolving credit facility.

Previous wording

We believe that our cash and cash equivalents, cash provided by operations, and the availability under our revolving credit facility will be sufficient to fund our capital expenditures, satisfy our obligations, and remain in compliance with our existing debt covenants for at least the next 12 months. The market for our services is cyclical and if our customers unexpectedly reduce activity levels or the pricing of our products and services unexpectedly declines, we may need to take action to improve our liquidity, which may include selling assets or seeking additional sources of capital. In addition, Alpine is closely monitoring its forthcoming debt covenant compliance obligation that commences in the fiscal quarter ending March 31, 2028. While there can be no assurance, Alpine believes that it will be able to meet, modify, or further defer this debt covenant. See “Note 4. Debt” in the notes to our unaudited condensed consolidated financial statements for more information about this forthcoming debt covenant.

Current wording

We believe that our cash and cash equivalents, cash provided by operations, and the availability under our new revolving credit facility will be sufficient to fund our capital expenditures, satisfy our obligations, and remain in compliance with our existing debt covenants for at least the next 12 months. The market for our services is cyclical and if our customers unexpectedly reduce activity levels or the pricing of our products and services unexpectedly declines, we may need to take action to improve our liquidity, which may include selling assets or seeking additional sources of capital. There can be no assurance that any such additional liquidity enhancements will be available, or if available, that they will be on terms acceptable to us or our stakeholders. In addition, Alpine is closely monitoring its forthcoming debt covenant compliance obligation that commences in the fiscal quarter ending March 31, 2028. While there can be no assurance, Alpine believes that it will be able to meet, modify, or further defer this debt covenant. See “Note 4. Debt” in the notes to our unaudited condensed consolidated financial statements for more information about this forthcoming debt covenant.

Previous wording

Operating Activities. Net cash provided by operating activities was $9.3 million and $38.7 million for the three months ended March 31, 2026 and 2025, respectively. Cash flows from operating activities consist of net income or loss adjusted for non-cash items and changes in net working capital. Net income or loss adjusted for non-cash items for the three months ended March 31, 2026 resulted in a cash increase of $19.4 million compared with a cash increase of $88.9 million in the same period of 2025. This change was primarily due to lower earnings in 2026. Changes in net working capital for the three months ended March 31, 2026 resulted in a cash decrease of $10.1 million compared with a cash decrease of $50.2 million in the same period in 2025.

Current wording

Operating Activities. Net cash provided by operating activities was $32.2 million and $135.4 million for the six months ended June 30, 2026 and 2025, respectively. Cash flows from operating activities consist of net income or loss adjusted for non-cash items and changes in net working capital. Net income or loss adjusted for non-cash items for the six months ended June 30, 2026 resulted in a cash increase of $54.9 million compared with a cash increase of $116.8 million in the same period of 2025. This change was primarily due to lower earnings in 2026. Changes in net working capital for the six months ended June 30, 2026 resulted in a cash decrease of $22.7 million compared with a cash increase of $18.6 million in the same period in 2025.

Previous wording

Investing Activities. Net cash used in investing activities was $34.5 million and $51.7 million for the three months ended March 31, 2026 and 2025, respectively. This change was primarily due to decreased capital expenditures in 2026.

Current wording

Investing Activities. Net cash used in investing activities was $65.3 million and $94.2 million for the six months ended June 30, 2026 and 2025, respectively. This change was primarily due to decreased capital expenditures in 2026.

Previous wording

Financing Activities. Net cash provided by financing activities was $35.8 million for the three months ended March 31, 2026, compared with cash provided by financing activities of $14.2 million for the same period in 2025. This change was primarily due to increased net borrowings in 2026.

Current wording

Financing Activities. Net cash provided by financing activities was $51.1 million for the six months ended June 30, 2026, compared with cash used by financing activities of $30.0 million for the same period in 2025. This change was primarily due to increased net borrowings in 2026.

Previous wording

As of March 31, 2026 we have $1,085.6 million in aggregate principal amount of long-term debt outstanding, with $156.2 million coming due over the next twelve months. For additional information about our long-term debt, see "Note 4. Debt" in the notes to our unaudited condensed consolidated financial statements and Item 8 "Financial Statements and Supplementary Data" in our Annual Report.

Current wording

As of June 30, 2026 we have $1,102.4 million in aggregate principal amount of long-term debt outstanding, with $165.3 million coming due over the next twelve months. For additional information about our long-term debt, see "Note 4. Debt" in the notes to our unaudited condensed consolidated financial statements and Item 8 "Financial Statements and Supplementary Data" in our Annual Report.

Previous wording

Both the 2029 Senior Notes and the ABL Credit Facility contain certain customary representations and warranties and affirmative and negative covenants. As of March 31, 2026, we were in compliance with these covenants and expect to be compliant for at least the next twelve months.

Current wording

Both the 2029 Senior Notes and our revolving credit facility contain certain customary representations and warranties and affirmative and negative covenants. As of June 30, 2026, we were in compliance with these covenants and expect to be compliant for at least the next twelve months.

Previous wording

During the three months ended March 31, 2026 our capital expenditures were $40.7 million, consisting of maintenance capital expenditures for our hydraulic fracturing fleet, upgrades to legacy pumps, expenditures to maintain efficient operations at our sand mines, and investments in next generation technology.

Current wording

During the six months ended June 30, 2026 our capital expenditures were $72.4 million, consisting of maintenance capital expenditures for our hydraulic fracturing fleet, upgrades to legacy pumps, expenditures to maintain efficient operations at our sand mines, and investments in next generation technology.

Previous wording

For the full year of 2026, we estimate capital expenditures will range from $80 million to $100 million in maintenance related expenditures and an additional $75 million to $85 million for growth initiatives. Growth initiatives in 2026 relate to upgrades to our hydraulic fracturing fleet, investments in next generation technology and sand mine improvements.

Current wording

For the full year of 2026, we estimate capital expenditures will range from $100 million to $120 million in maintenance related expenditures and an additional $55 million to $65 million for growth initiatives. Growth initiatives in 2026 relate to upgrades to our hydraulic fracturing fleet, investments in next generation technology and sand mine improvements.

Previous wording

As of March 31, 2026, we had purchase commitments of $6.4 million.

Current wording

As of June 30, 2026, we had purchase commitments of $0.9 million in 2026, $1.6 million in 2027, $1.6 million in 2028, and $0.3 million in 2029.

Previous wording

As of March 31, 2026 we have $86.6 million of estimated tax receivable agreement obligations, with an estimated $4.6 million coming due over the next twelve months. This obligation will generally be paid under the tax receivable agreement as the Company realizes actual cash tax savings from the tax benefits covered by the tax receivable agreement in future tax years. We do not expect a significant increase in the estimate of this liability in future periods. For additional information about our tax receivable agreement, please see Item 8 "Financial Statements and Supplementary Data" in our Annual Report.

Current wording

As of June 30, 2026 we have $86.7 million of estimated tax receivable agreement obligations, with an estimated $4.7 million coming due over the next twelve months. This obligation will generally be paid under the tax receivable agreement as the Company realizes actual cash tax savings from the tax benefits covered by the tax receivable agreement in future tax years. We do not expect a significant increase in the estimate of this liability in future periods. For additional information about our tax receivable agreement, please see Item 8 "Financial Statements and Supplementary Data" in our Annual Report.