ProPetro (PUMP) investor relations material

Executive summary

• Q1 2026 revenue was $271 million, down 7% sequentially and 24.7% year-over-year, with a net loss of $4 million ($0.03 per diluted share), as completions remained resilient despite weather disruptions and PROPWR scaled rapidly through major contracts and a strategic Caterpillar agreement for up to 2.6 GW of power generation capacity by 2032.

• Adjusted EBITDA was $36 million (13% of revenue), down from $51 million in Q4 2025 and 49.9% year-over-year.

• Strategic actions in 2025 to rightsize costs and protect assets are yielding measurable benefits.

• PROPWR advanced equipment orders, secured additional capital, and expanded its commercial pipeline, with several hundred megawatts of high-potential data center and oil and gas microgrid opportunities.

• Raised $163.4 million in a public equity offering in January 2026 to fund power generation growth.

Financial highlights

• Q1 2026 revenue was $271 million; net loss of $4 million ($0.03 per diluted share) vs. Q4 2025 net income of $1 million ($0.01 per share).

• Adjusted EBITDA was $36 million (13% of revenue), down 29% from the prior quarter.

• Net cash from operating activities was $3 million, down from $81 million in Q4 2025, due to lower EBITDA and working capital headwinds.

• Capital expenditures paid were $43 million; incurred CapEx was $85 million, with $71 million supporting PROPWR orders.

• Cash at March 31, 2026 was $157 million; total liquidity $289 million, including $132 million available under the ABL facility.

Outlook and guidance

• Full-year 2026 capital expenditures expected between $540 million and $610 million, with $400–$450 million allocated to power generation and $140–$160 million to completions, including $40–$50 million for FORCE Electric fleet lease buyouts.

• PROPWR expects to deploy up to 2.6 GW of power generation capacity by 2032, with significant growth in data center and industrial contracts.

• Expect to run 12 fleets in Q2 2026, up from 11 in Q1, with additional Tier II diesel fleets available for high-return opportunities.

• PROPWR expected to deliver positive earnings in H2 2026 as deployments scale.

• Ongoing pursuit of low-cost, flexible financing to support PROPWR expansion.