Profrac holding corp. reports third quarter 2023 financial and operational results
Willow park, texas , nov. 9, 2023 /prnewswire/ -- profrac holding corp. (nasdaq: acdc) ("profrac", or the "company") today announced financial and operational results for its third quarter ended september 30, 2023. third quarter 2023 results and recent highlights total revenue was $574.2 million compared to $709.2 million in the second quarter of 2023 net loss was $17.9 million compared to a net loss of $4.6 million in the second quarter of 2023 adjusted ebitda(1) was $149.3 million net cash provided by operating activities was $123.6 million free cash flow was $72.6 million, which combined with the preferred equity issuance, reduced net debt by $122.9 million (2) further right-sized active fleet count in august to optimize calendar efficiencies, increase utilization and reduce costs issued $50 million of perpetual preferred equity securities convertible into profrac holding corp. class a common stock at a conversion price of $20.00 per share, subject to adjustment, to the wilks family matt wilks, profrac's executive chairman, stated, "after right-sizing our fleet count and our overall support structure, we believe we have realized the synergies from our acquisitions and positioned the company to capitalize on the operating leverage this business has when we experience incremental customer demand.
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