\nProFrac Holding Corp. (NASDAQ: ACDC) (\u201cProFrac\u201d, or the \u201cCompany\u201d) today announced financial and operational results for its 2026 first quarter ended March 31, 2026.<\/p>\n
First Quarter 2026 Results<\/b><\/p>\n \n\u201cOur first quarter 2026 results exceeded expectations despite weather-related disruptions early in the period, which reduced Adjusted EBITDA by approximately $9 million,\u201d stated Executive Chairman, Matt Wilks. \u201cWhile the quarter got off to a slow start, market dynamics shifted meaningfully beginning in late February-early March, with improving operator sentiment and accelerating activity levels. Our Stimulation Services team delivered record efficiency levels in March. This demonstrates the strength of our operational execution and allowed us to exit the quarter with continued momentum. Given the inflection in utilization, strong efficiencies and limited available capacity, we are in active dialogues with operators regarding balanced pricing following a persistent period of declines.\u201d<\/p>\n \n\u201cWe are also pleased to report strong progress on our business optimization program. On a year-over-year basis and including capital expenditure reduction in the fourth quarter of 2025, we have achieved the majority of our $100 million annualized savings target. Alongside these efforts, our continued focus on technology differentiation further strengthens our value proposition for customers.\u201d<\/p>\n \n\u201cGeopolitical events continue to influence the broader energy landscape,\u201d continued Mr. Wilks. \u201cThe conflict in the Middle East has created supply disruptions that we believe extend beyond near-term dislocations. Energy infrastructure for both crude oil and LNG have been severely impacted further exacerbating dislocations in the physical markets. These dynamics, coupled with the prolonged nature of the conflict in Iran and shuttering of the Strait of Hormuz, are catalyzing a global shift in sentiment in favor of energy security. We believe this will disproportionately benefit North America. At the same time, industry activity has been running below levels needed to maintain flat shale production. As operator activity continues to accelerate, we see an increasingly constructive supply-demand backdrop for services in North America, especially as we enter the second half of 2026,\u201d concluded Mr. Wilks.<\/p>\n Outlook<\/b><\/p>\n \nIn Stimulation Services<\/i><\/b>, ProFrac expects second quarter 2026 results to be stronger than first quarter 2026 performance, as improving operator sentiment has driven an increase in activity levels. The Company\u2019s hydraulic fracturing calendar has continued to tighten from first quarter levels.<\/p>\n \nIn Proppant Production<\/i><\/b>, the Company remains focused on operational execution, cost efficiency, and reliability across its proppant assets. While industry completion activity is expected to increase, due to operational issues and unplanned downtime, the Company expects sequentially lower volumes in second quarter of 2026.<\/p>\n Business Segment Information<\/b><\/p>\n \nThe Stimulation Services<\/i><\/b> segment generated revenues of $407 million in the first quarter, which resulted in $32 million of Adjusted EBITDA and a margin of 8%.<\/p>\n \nThe Proppant Production<\/i><\/b> segment generated revenues of $120 million in the first quarter, which resulted in $7 million of Adjusted EBITDA and a margin of 6%. Approximately 88% of the Proppant Production segment’s first quarter 2026 revenue was intercompany.<\/p>\n \nThe Manufacturing<\/i><\/b> segment generated revenues of $48 million in the first quarter, which resulted in $7 million of Adjusted EBITDA and a margin of 15%. Approximately 86% of the Manufacturing segment’s first quarter 2026 revenue was intercompany.<\/p>\n Flotek Industries, Inc.<\/i><\/b> (“Flotek”) generated revenues of $72 million in the first quarter, which resulted in $11 million of Adjusted EBITDA and a margin of 15%. Approximately 75% of Flotek’s first quarter 2026 revenue was intercompany.<\/p>\n Other Business Activities <\/i><\/b>generated revenues of $3 million in the first quarter, which resulted in $(0.1) million of Adjusted EBITDA and a margin of (3)%.<\/p>\n Capital Expenditures and Capital Allocation<\/b><\/p>\n \nCash capital expenditures totaled $41 million in the first quarter, up from $37 million reported in fourth quarter 2025.<\/p>\n \nFor full year 2026, ProFrac maintains its expectation that capital expenditures will be in the range of $155 million to $185 million, which includes Flotek’s current capital expenditure plan. Excluding Flotek, the Company expects capital expenditures to be in a range of $145 million to $175 million for 2026.<\/p>\n Balance Sheet and Liquidity<\/b><\/p>\n \nTotal principal debt outstanding as of March 31, 2026 was approximately $1.09 billion; net debt3<\/sup> outstanding was approximately $1.05 billion.<\/p>\n \nTotal cash and cash equivalents as of March 31, 2026 was approximately $34 million, of which approximately $6 million was related to Flotek and not accessible by the Company.<\/p>\n \nAs of March 31, 2026 the Company had approximately $108 million of liquidity, including approximately $28 million of cash and cash equivalents, excluding Flotek, and $80 million of availability under its asset-based credit facility.<\/p>\n Footnotes<\/b><\/p>\n\n
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