Flotek Industries Files Q3 2024 10-Q

TL;DR

Flotek's Q3 2024 10-Q is in. Check financials.

AI Summary

Flotek Industries Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and operational segments are presented within the report.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Flotek Industries, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal risks or opportunities, but the filing itself doesn't introduce new risks.

Key Numbers

• 95 — Public Document Count (Indicates the volume of documents associated with this filing.)
• 1231 — Fiscal Year End (Defines the company's annual reporting cycle.)

Key Players & Entities

• FLOTEK INDUSTRIES INC/CN/ (company) — Filer
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date
• 7138499911 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value FTK New York Stock Exchange

Filing Documents

• ftk-20240930.htm (10-Q) — 1562KB
• ex311_10q3x24.htm (EX-31.1) — 8KB
• ex312_10q3x24.htm (EX-31.2) — 8KB
• ex321_10q3x24.htm (EX-32.1) — 4KB
• ex322_10q3x24.htm (EX-32.2) — 4KB
• 0000928054-24-000112.txt ( ) — 9296KB
• ftk-20240930.xsd (EX-101.SCH) — 61KB
• ftk-20240930_cal.xml (EX-101.CAL) — 103KB
• ftk-20240930_def.xml (EX-101.DEF) — 370KB
• ftk-20240930_lab.xml (EX-101.LAB) — 628KB
• ftk-20240930_pre.xml (EX-101.PRE) — 536KB
• ftk-20240930_htm.xml (XML) — 1631KB

Forward-Looking Statements 3

Forward-Looking Statements 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 4 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 8 Notes to Unaudited Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. L egal Proceedings 37

Risk Factors 37

Item 1A Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In this Quarterly Report on Form 10-Q (this "Quarterly Report"), unless the context otherwise requires, the terms "Flotek," the "Company," "we," "us" and "our" refer to Flotek Industries, Inc. and its wholly-owned subsidiaries. This Quarterly Report on Form 10-Q, and in particular, Part I, Item 2 — "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent the current assumptions and beliefs regarding future events of Flotek, many of which, by their nature, are inherently uncertain and outside the Company's control. Such statements include estimates, projections, and statements related to the Company's business plan, objectives, expected operating results, and assumptions upon which those statements are based. The forward-looking statements contained in this Quarterly Report are based on information available as of the date of this Quarterly Report. The forward-looking statements relate to future industry trends and economic conditions, forecast performance or results of current and future initiatives and the outcome of contingencies and other uncertainties that may have a significant impact on the Company's business, future operating results and liquidity. These forward-looking statements generally are identified by words including but not limited to, "anticipate," "believe," "estimate," "commit," "budget," "aim," "potential," "schedule," "continue," "intend," "expect," "plan," "forecast," "target," "think," "likely," "project" and similar expressions, or future-tense or conditional constructions such as "will," "may," "should," "could" and "would," or the negative thereof or other variations thereon or comparable terminology. The Company cautions that these statements are merely prediction

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FLOTEK INDUSTRIES INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 4,997 $ 5,851 Restricted cash 101 102 Accounts receivable, net of allowance for credit losses of $ 388 and $ 745 at September 30, 2024 and December 31, 2023, respectively 12,220 13,687 Accounts receivable, related party, net of allowance for credit losses of $ 0 at September 30, 2024 and December 31, 2023, respectively 47,064 34,569 Inventories, net 12,744 12,838 Other current assets 2,687 3,564 Current contract asset 6,480 5,836 Total current assets 86,293 76,447 Long-term contract asset 63,835 68,820 Property and equipment, net 4,958 5,129 Operating lease right-of-use assets 3,759 5,030 Deferred tax assets, net 66 300 Other long-term assets 1,738 1,787 TOTAL ASSETS $ 160,649 $ 157,513 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 37,395 $ 31,705 Accrued liabilities 4,115 5,890 Income taxes payable 54 45 Current portion of operating lease liabilities 1,642 2,449 Current portion of finance lease liabilities — 22 Asset-based loan 1,426 7,492 Current portion of long-term debt 104 179 Total current liabilities 44,736 47,782 Deferred revenue, long-term 35 35 Long-term operating lease liabilities 6,871 7,676 Long-term debt — 60 TOTAL LIABILITIES 51,642 55,553 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; 30,891,597 shares issued and 29,789,476 shares outstanding at September 30, 2024; 30,772,837 shares issued and 29,664,130 shares outstanding at December 31, 2023 (As adjusted, see Note 13) 3 3 Additional paid-in capital (As adjusted, see Note 13) 464,143 463,140 Accumulated other comprehensive income 133 127 Accumulated deficit ( 320,

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View this 10-Q filing on SEC EDGAR