ProFrac (ACDC) investor relations material

Executive summary

• Q1 2026 revenue was $450 million, up from $437 million in Q4 2025, but down $150.7 million year-over-year, with results exceeding expectations due to strong operational performance and improved market dynamics late in the quarter.

• Net loss for Q1 2026 was $80.8 million, narrowing from $140.5 million in Q4 2025 but higher than Q1 2025, driven by lower activity and pricing in Stimulation Services and higher costs in Proppant Production.

• Adjusted EBITDA was $54 million (11.9–12% margin), down from $61 million in Q4 2025 and $129.5 million in Q1 2025, with a $9.3 million weather impact.

• Operational momentum improved late in the quarter, with record efficiency in Stimulation Services in March and most of the $100 million annualized savings target achieved.

• Macro environment supports increased North American energy activity due to geopolitical events and tightening supply-demand.

Financial highlights

• Stimulation Services revenue was $407 million, down 22% year-over-year, with adjusted EBITDA of $32 million (7.8–8% margin).

• Proppant Production revenue was $120 million, up 78% year-over-year, with adjusted EBITDA of $7 million (5.4–6% margin); 88% of revenue was intercompany.

• Manufacturing revenue was $48 million, adjusted EBITDA $7 million (15% margin); Flotek revenue was $72 million, adjusted EBITDA $11 million (15% margin).

• Free cash flow was negative $25 million, compared to $14 million in Q4 2025.

• Net cash from operating activities was $9.3 million, down from $49.5 million in Q4 2025.

Outlook and guidance

• Q2 2026 expected to trend higher sequentially, with price increases secured for most fleets and further improvements anticipated in the second half of the year.

• Full-year 2026 capital expenditures expected at $155–185 million (including Flotek), or $145–175 million (excluding Flotek).

• Management expects to remain in compliance with debt covenants for at least the next 12 months and believes liquidity is sufficient to fund operations and capital needs.

• Majority of $100 million annualized cost savings already achieved, with further benefits expected as initiatives mature.

• Positive net income anticipated in the near term as pricing and efficiency gains materialize.