ProFrac Holding Corp.

Listed Company

ACDCCIK 0001881487NasdaqAcceleratedSmaller ReportingOil & Gas Field Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.94B

Net Income

$-369.00M

Total Assets

$2.57B

Equity

$717.50M

Shares Out

180.92M

Op. Cash Flow

$189.50M

Business

ProFrac Holding Corp. is a technology‑focused, vertically integrated energy services holding company providing hydraulic fracturing, proppant production, completion services and distributed power generation to upstream oil and natural gas companies. It offers pressure‑pumping fleets (including diesel, dual‑fuel and electric fleets), in‑basin frac sand, equipment manufacturing and refurbishment, specialty chemicals and data analytics through Flotek, and on‑site power via Livewire. Operations are organized into three segments—Stimulation Services, Proppant Production and Manufacturing—with other business activities reported separately. ProFrac operates across major U.S. unconventional basins (Permian, Eagle Ford, Haynesville, Appalachia, Bakken and Rockies) and serves E&P customers directly and proppant buyers regionally.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	1,942	2,191	2,630	2,426	768
Cost of revenues, exclusive of depreciation, depletion and amortization	1,455	1,495	1,740	1,457	570
Selling, general, and administrative	191	205	234	225	64
Depreciation, depletion and amortization	416	442	438	267	141
Impairment of long-lived assets and goodwill	53	75	3	—	—
Acquisition and integration costs	200,000	8	22	49	—
Other operating expense, net	53	27	27	15	11
Total operating costs and expenses	2,168	2,251	2,463	2,013	786
Operating income (loss)	−226	−60	167	412	−18
Interest expense, net	−139	−157	−155	−60	−26
Loss on extinguishment of debt	—	−800,000	−34	−18	−500,000
Other income (expense), net	−4	3	−36	17	600,000
Loss before income taxes	−368	−215	−58	352	−44
Income tax benefit (expense)	13	7	−1	−9	200,000
Net loss	−356	−208	−59	343	−44
Less: net (income) loss attributable to noncontrolling interests	−14	−7	3	28	1
Less: net income attributable to redeemable noncontrolling interests	—	0	−42	−206	—
Net loss attributable to ProFrac Holding Corp.	−369	−215	−98	92	—
Net loss attributable to Class A common shareholders	−374	−220	−108	92	—
Basic Loss per Class A common share	−2.22	−1.38	−0.82	2.06	—
Diluted Loss per Class A common share	−2.22	−1.38	−0.82	2.06	—
Weighted average Class A common shares outstanding, basic	168	160	131	44	—
Weighted average Class A common shares outstanding, diluted	168	160	131	45	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents (includes VIE balances of $5.7 and $4.4)	23	15	25	35	5
Accounts receivable, net (net of allowances for credit losses of $14.6 and $2.7) (includes VIE balances of $19.0 and $17.3)	267	313	346	536	162
Accounts receivable - related party, net	20	16	7	2	—
Inventories (includes VIE balances of $10.6 and $12.9)	151	201	237	250	74
Prepaid expenses and other current assets (includes VIE balances of $0.9 and $0.9)	23	29	23	43	6
Total current assets	484	574	638	865	252
Property, plant, and equipment (net of accumulated depreciation of $1,582.2 and $1,312.4) (includes VIE net balances of $29.6 and $16.7)	1,464	1,761	1,779	1,396	364
Operating lease right-of-use assets, net	154	159	87	113	36
Goodwill	290	302	326	241	—
Intangible assets, net	112	149	174	203	28
Deferred tax assets (includes VIE balances of $29.0 and $0.0)	29	0	300,000	400,000	—
Other assets (includes VIE balances of $1.0 and $1.0)	40	43	38	56	17
Total assets	2,573	2,988	3,071	2,934	665
Accounts payable (includes VIE balances of $48.0 and $37.4)	257	324	319	339	137
Accounts payable - related party	42	18	22	24	—
Accrued expenses (includes VIE balances of $8.5 and $6.0)	74	67	66	104	23
Current portion of long-term debt (includes VIE balances of $3.5 and $4.8)	145	160	126	128	32
Current portion of long-term debt- related party	5	5	—	—	—
Current portion of operating lease liabilities (includes VIE balances of $1.3 and $1.5)	45	26	25	36	—
Other current liabilities	29	57	84	53	34
Other current liabilities - related party	800,000	3	7	—	—
Total current liabilities	597	660	649	684	247
Long-term debt	833	936	924	735	235
Long-term debt - related party (includes VIE balances of $39.6 and $0)	43	8	19	63	—
Operating lease liabilities (includes VIE balances of $5.6 and $6.5)	116	137	68	81	—
Deferred tax liabilities	12	15	—	—	—
Tax receivable agreement liability	82	83	68	—	—
Other liabilities	10	9	15	20	—
Total liabilities	1,692	1,849	1,742	1,583	517
Commitments and contingencies (Note 14)	—	—	—	—	—
Series A redeemable convertible preferred stock, $0.01 par value, 50 thousand shares authorized, issued and outstanding	69	64	59	—	—
Preferred stock, $0.01 par value, 50.0 shares authorized, no shares issued and outstanding	—	—	—	—	—
Additional paid-in capital	1,326	1,241	1,225	—	—
Accumulated deficit	−610	−236	−16	−1,186	—
Accumulated other comprehensive income	0	100,000	300,000	—	100,000
Total stockholders' equity attributable to ProFrac Holding Corp.	718	1,007	1,211	−1,184	147
Noncontrolling interests	94	69	59	72	1
Total stockholders' equity	812	1,076	1,270	−1,112	148
Total liabilities, mezzanine equity, and stockholders' equity	2,573	2,988	3,071	2,934	665

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and amortization	416	442	438	267	141
Amortization of acquired unfavorable contracts	−8	−47	−58	−7	—
Stock-based compensation	9	7	30	67	—
Loss (gain) on insurance recoveries	300,000	−5	—	—	—
Loss (gain) on disposal of assets, net	18	300,000	−2	2	10
Non-cash loss on extinguishment of debt	—	800,000	17	11	500,000
Amortization of debt issuance costs	12	15	24	7	2
Acquisition earnout adjustment	—	0	−7	—	—
Loss (gain) on investments, net	7	−400,000	39	−17	—
Provision for supply commitment charges	—	10	—	—	—
Provision for credit losses, net of recoveries	14	—	100,000	—	—
Deferred tax expense (benefit)	−14	−11	100,000	4	—
Other non-cash items, net	1	−100,000	—	2	−1
Accounts receivable	27	56	205	−203	−90
Inventories	39	65	19	−105	−16
Prepaid expenses and other assets	7	−2	27	−26	4
Accounts payable	−22	−8	−68	43	32
Accrued expenses	3	−1	−44	19	6
Other liabilities	−16	−21	−8	9	−300,000
Net cash provided by operating activities	190	367	554	415	44
Acquisitions, net of cash acquired	—	−194	−455	−641	−4
Investment in property, plant & equipment	−170	−255	−267	−356	−87
Proceeds from sale of assets	6	73	6	48	18
Proceeds from insurance recoveries	—	6	—	—	—
Other	400,000	−2	−500,000	−23	—
Net cash used in investing activities	−164	−372	−716	−1,029	−78
Proceeds from issuance of long-term debt	119	137	1,220	819	160
Repayments of long-term debt	−136	−157	−947	−532	−147
Borrowings from revolving credit agreements	1,756	1,938	1,576	568	64
Repayments of revolving credit agreements	−1,831	−1,918	−1,685	−403	−36
Payment of debt issuance costs	−2	−4	−62	−39	−2
Cash settlement of vested stock awards	−1	—	—	—	—
Tax withholding related to net share settlement of noncontrolling interest equity awards	−2	−2	−800,000	—	—
Payment of stock issuance costs	−3	0	—	−27	—
Proceeds from issuance of common stock	83	0	—	329	—
Other	−500,000	0	—	−2	−3
Net cash provided by (used in) financing activities	−18	−6	150	646	37
Net increase (decrease) in cash, cash equivalents, and restricted cash	8	−11	−13	33	2
Capital expenditures included in accounts payable	9	32	45	27	25
Cash payments for interest	126	138	139	35	24
Cash payments for income taxes	2	3	300,000	5	−200,000

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