Flotek announces third quarter 2022 financial results

Houston , nov. 8, 2022 /prnewswire/ -- flotek industries, inc. ("flotek" or the "company") (nyse: ftk) today announced third quarter results for the three months ended september 30, 2022. total third quarter revenue of $45.6mm increased 55% sequentially, 4.5x year-over-year, and exceeded full year 2021 revenue of $43.3mm announced agreement with profrac services, llc to supply 20 jp3 verax® analyzers with six placed in service in the fourth quarter adjusted ebitda as a percentage of revenue improved for the fifth consecutive quarter, to negative 18% compared to negative 25% in the second quarter 2022 and negative 42% in the first quarter 2022 quarter-end cash and cash equivalents of $8.6mm was impacted by continued rapid growth and the associated increase in working capital.
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