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Sep 30, 2023
ProFrac Q3 2023 Earnings Report
ProFrac's third quarter results were announced, revealing a decrease in revenue and a net loss, but also highlighting progress in strategic initiatives and positioning for future growth.
Key Takeaways
ProFrac Holding Corp. reported a decrease in revenue to $574.2 million, a net loss of $17.9 million, and an adjusted EBITDA of $149.3 million for Q3 2023. The company focused on right-sizing its fleet and support structure, and is optimistic about 2024 due to dedicated agreements and increased utilization of mining assets.
Revenue decreased to $574.2 million due to lower fleet count and material sales.
Net loss was $17.9 million, impacted by fleet adjustments and support structure changes.
Adjusted EBITDA decreased to $149.3 million.
Free cash flow was $72.6 million, contributing to a reduction in net debt.
ProFrac
ProFrac
ProFrac Revenue by Segment
Revenue by Segment
Stimulation Services Revenue
CapyFin.comProppant Production Revenue
CapyFin.comManufacturing Revenue
CapyFin.com Forward Guidance
ProFrac anticipates an improved 2024, driven by dedicated agreements with operators, increased fleet count, and enhanced utilization of mining assets through third-party contracts.
Positive Outlook
- Focus on dedicated agreements with operators in 2024.
- Expectation to increase fleet count in Q1, with commitments already in place.
- Marketing all eight mines for the first time, anticipating positive results.
- Anticipation of more contracts with third parties, increasing mining asset utilization.
- Confidence that 2024 will be much improved over 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income