Profrac holding corp. reports first quarter 2023 financial and operational results
Willow park, texas , may 9, 2023 /prnewswire/ -- profrac holding corp. (nasdaq: acdc) ("profrac", or the "company") today announced financial and operational results for its first quarter ended march 31, 2023. first quarter 2023 results and recent highlights total revenue grew approximately 7% sequentially to $851.7 million over 2022 fourth quarter revenue net income declined approximately 48% sequentially to $59.8 million adjusted ebitda(1) excluding flotek declined approximately 5% sequentially to $255.0 million annualized adjusted ebitda per fleet(2) excluding flotek was $25.1 million on 40.7 average active fleets during the quarter the company did not adjust for approximately $20 million of costs related to the conversion, optimization and retirement of certain acquired assets and businesses; excluding these costs annualized adjusted ebitda per fleet excluding flotek would have been approximately $27 million first quarter results include the consolidation of flotek results which contributed $49.2 million in revenue and a loss of ($7.9) million in adjusted ebitda following the acquisition of performance proppants, profrac is the largest provider of in-basin sand in north america matt wilks, profrac's executive chairman, stated, "we are pleased to report that profrac delivered solid operational and financial results for the first quarter of 2023.
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