ProFrac

ProFrac helps energy companies extract oil and natural gas from the ground. It uses high-pressure water and sand to break rock and release resources. These services support fuel production across the United States.

Tools for the Oilfield

• Stimulation Services: Pumping water and sand into wells at high pressure to release oil; operated 22 active fleets as of December 31, 2025.
• Proppant Production: Mining and processing specialized sand used to keep underground cracks open during extraction; maintains 21.5 million tons of annual capacity.
• Manufacturing: Building and repairing the pumps and heavy equipment used at well sites in-house to reduce costs.
• Flotek: Creating specialty green chemicals and data technology to help energy producers improve their efficiency and environmental performance.

Building the Business Through Deals

• Acquired Advanced Stimulation Technologies, Inc. in June 2024 for $173.4 million to expand service capacity in the Permian Basin.
• Purchased Performance Proppants in February 2023 for approximately $462.8 million to become a leading sand provider in the Haynesville region.
• Acquired Producers Service Holdings LLC in January 2023 for $36.5 million to expand its footprint into the Appalachia market.
• Sold gas conditioning equipment to Flotek for $107.5 million in April 2025 and leased the assets back to improve liquidity.

Why Vertical Integration Matters

The company builds its own equipment and mines its own sand to lower costs and control its supply chain. This vertical integration allows ProFrac to repair machines quickly and tailor its services to specific customer needs without relying on outside vendors.

A Look at the Numbers

• Revenue reached $436.5 million in Q4 2025, down 4% from $454.7 million in Q4 2024.
• Gross profit was -$2.5 million in Q4 2025, down 165.8% from $3.8 million in Q4 2024.
• Net income fell to -$142.6 million in Q4 2025, a loss that deepened 35.8% year-over-year.
• Free cash flow reached $12.9 million in Q4 2025, down 3% from $13.3 million in Q4 2024.

ProFrac's Path Forward

ProFrac has used large acquisitions to control every step of the energy service process, from manufacturing pumps to mining sand. While this strategy provides strong operational control, the company is currently navigating deepening net losses and a slight decline in quarterly revenue.