ftk-20260331


UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended March 31, 2026
or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to
			Commission File Number 1-13270


FLOTEK INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

Delaware

90-0023731

(State of other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

5775 N. Sam Houston Parkway W., Suite 400, Houston, TX

77086

(Address of principal executive offices)

(Zip Code)

(713) 849-9911

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	FTK	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐

Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At May 4, 2026, there were 36,177,483 outstanding shares of the registrant’s common stock, $0.0001 par value.

TABLE OF CONTENTS


Forward-Looking Statements		3

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	4
	Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	5
	Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025	6
	Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	7
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	32

Item 4.	Controls and Procedures	32

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	34

Item 1A	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34

Item 3.	Defaults Upon Senior Securities	34

Item 4.	Mine Safety Disclosures	34

Item 5.	Other Information	34

Item 6.	Exhibits	35


SIGNATURES		36

FORWARD-LOOKING STATEMENTS

In this Quarterly Report on Form 10-Q (this “Quarterly Report”), unless the context otherwise requires, the terms “Flotek,” the "Company," "we," "us" and "our" refer to Flotek Industries, Inc. and its wholly-owned subsidiaries.

This Quarterly Report on Form 10-Q, and in particular, Part I, Item 2 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are not historical facts, but instead represent the current assumptions and beliefs regarding future events of Flotek, many of which, by their nature, are inherently uncertain and outside the Company’s control. Such statements include, but are not limited to, estimates, projections, and statements related to the Company’s business plan or performance under the ProFrac Agreement (defined below) or Lease Agreement (defined below), objectives, expected operating results, and assumptions upon which those statements are based. The forward-looking statements contained in this Quarterly Report are based on information available as of the date of this Quarterly Report.

The forward-looking statements relate to future industry trends and economic conditions, forecast performance or results of current and future initiatives and the outcome of contingencies and other uncertainties that may have a significant impact on the Company’s business, future operating results and liquidity. These forward-looking statements generally are identified by words including but not limited to, “anticipate,” “believe,” “estimate,” “commit,” “budget,” “aim,” “potential,” “schedule,” “continue,” “intend,” “expect,” “plan,” “forecast,” “target,” “think,” “likely,” “project” and similar expressions, or future-tense or conditional constructions such as “will,” “may,” “should,” “could” and “would,” or the negative thereof or other variations thereon or comparable terminology. The Company cautions that these statements are merely predictions and are not to be considered guarantees of future performance. Forward-looking statements may also include statements regarding the anticipated performance under long-term supply or lease agreements or amendments thereto and the potential value thereof or potential revenue or liquidated damages thereunder. Forward-looking statements are based upon current expectations and assumptions that are subject to risks and uncertainties that can cause actual results to differ materially from those projected, anticipated or implied.

A detailed discussion of potential risks and uncertainties that could cause actual results and events to differ materially from forward-looking statements include, but are not limited to, those discussed in Part I, Item 1A — “Risk Factors” of the Annual Report on Form 10-K for the year ended December 31, 2025 (“Annual Report” or “2025 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on March 16, 2026 and Part II, Item 1A — “Risk Factors” in this Quarterly Report, and periodically in subsequent reports filed with the SEC. The Company has no obligation, and we disclaim any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information or future events, except as required by law.

In certain places in this Quarterly Report on Form 10-Q, we may refer to statements provided by third parties that purport to describe trends or developments in supply chain or energy exploration and production activity and we specifically disclaim any responsibility for the accuracy and completeness of such information and have undertaken no steps to update or independently verify such information.

The following information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto included in Part 1, Item 1 of this Quarterly Report on Form 10-Q and related disclosures and our 2025 Annual Report.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

FLOTEK INDUSTRIES INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	5,676	$	5,731
Restricted cash	104		104
Accounts receivable, net of allowance for credit losses of $820 and $764 at March 31, 2026 and December 31, 2025, respectively	21,794		19,043
Accounts receivable, related party, net of allowance for credit losses of $0 at March 31, 2026 and December 31, 2025	61,023		64,204
Equipment credit, related party	11,782		—
Inventories, net	14,303		10,629


Other current assets	2,709		3,445
Current contract asset	8,402		7,621
Total current assets	125,793		110,777
Long-term contract asset	52,102		55,115
Property and equipment, net	21,912		20,344
Right-of-use assets	2,895		3,083
Deferred tax assets, net	27,580		29,152
Other long-term assets	1,561		1,578
TOTAL ASSETS	$	231,843	$	220,049

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	52,566	$	48,317
Accrued liabilities	8,771		7,256
Income taxes payable	295		258
Interest payable, related party	986		1,008
Current portion of operating lease liabilities	1,287		1,251
Current portion of finance lease liabilities	156		153
Asset-based loan	4,666		3,332

Total current liabilities	68,727		61,575

Note payable - related party, net of deferred financing costs	39,608		39,584
Long-term operating lease liabilities	5,149		5,608
Long-term finance lease liabilities	184		224

TOTAL LIABILITIES	113,668		106,991
Stockholders’ equity:
Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares issued and outstanding	—		—
Common stock, $0.0001 par value, 240,000,000 shares authorized; 37,390,332 shares issued and 36,174,338 shares outstanding at March 31, 2026; 31,320,960 shares issued and 30,130,480 shares outstanding at December 31, 2025	4		3
Additional paid-in capital	435,838		434,964
Accumulated other comprehensive income	130		96
Accumulated deficit	(281,116)		(285,780)
Treasury stock, at cost; 1,215,994 and 1,190,480 shares at March 31, 2026 and December 31, 2025, respectively	(36,681)		(36,225)
Total stockholders’ equity	118,175		113,058
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	231,843	$	220,049

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)


	Three Months Ended March 31,
		2026		2025
Revenue:
Revenue from external customers		$	18,165	$	24,423
Revenue from related party		51,886		30,939
Total revenues		70,051		55,362
Cost of sales		54,510		42,913
Gross profit		15,541		12,449
Operating costs and expenses:
Selling, general, and administrative		6,925		6,282

Depreciation		631		252
Research and development		396		355

Gain on sale of property and equipment		—		(7)
Total operating costs and expenses		7,952		6,882
Income from operations		7,589		5,567
Other expense:
Interest expense		(1,332)		(229)
Other income, net		16		106
Total other expense		(1,316)		(123)
Income before income taxes		6,273		5,444
Income tax expense		(1,609)		(64)
Net income		$	4,664	$	5,380










Income per common share:
Basic		$	0.13	$	0.18
Diluted		$	0.12	$	0.17










Weighted average common shares:
Weighted average common shares used in computing basic income per common share		36,100		29,683
Weighted average common shares used in computing diluted income per common share		38,340		31,752

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)


	Three months ended March 31,
		2026		2025
Net income		$	4,664	$	5,380
Other comprehensive income:
Foreign currency translation adjustment		34		(45)

Comprehensive income		$	4,698	$	5,335

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(in thousands)


	Three months ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	4,664	$	5,380
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of contingent consideration	—		(125)
Amortization of contract assets	2,232		1,482
Depreciation	631		252
Amortization of deferred financing costs	95		71
Provision for credit losses, net of recoveries	56		66
Provision for excess and obsolete inventory	396		64
Gain on sale of property and equipment	—		(7)
Non-cash lease expense	188		318
Stock compensation expense	824		461
Deferred income tax expense	1,572		14
Changes in current assets and liabilities:
Accounts receivable	(2,808)		(2,489)
Accounts receivable, related party	(9,798)		4,124
Inventories	(4,070)		(354)
Income tax receivable	20		—
Other assets	663		(540)
Accounts payable	4,249		893
Accrued liabilities	1,515		(1,811)
Operating lease liabilities	(423)		(568)
Income taxes payable	37		82
Interest payable, related party	(22)		—
Net cash provided by operating activities	21		7,313
Cash flows from investing activities:
Capital expenditures	(1,002)		(598)
Proceeds from sale of assets	—		7
Net cash used in investing activities	(1,002)		(591)
Cash flows from financing activities:
Payments on long term debt	—		(45)
Proceeds from asset-based loan	55,100		53,345
Payments on asset-based loan	(53,766)		(58,136)


Proceeds from exercise of April 2025 Warrant	1		—
Payments to tax authorities for shares withheld from employees	(456)		(23)
Proceeds from issuance of stock under Employee Stock Purchase Plan	44		31
Proceeds from stock option exercises	6		—
Payments for finance leases	(37)		—
Net cash provided by (used in) financing activities	892		(4,828)
Effect of changes in exchange rates on cash and cash equivalents	34		(45)
Net change in cash and cash equivalents and restricted cash	(55)		1,849
Cash and cash equivalents at the beginning of the period	5,731		4,404
Restricted cash at the beginning of the period	104		102
Cash and cash equivalents and restricted cash at the beginning of the period	5,835		4,506
Cash and cash equivalents at the end of the period	5,676		6,253
Restricted cash at the end of the period	104		102
Cash and cash equivalents and restricted cash at the end of the period	$	5,780	$	6,355

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)


Three Months Ended March 31, 2026
	Common Stock		Treasury Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity
	Shares Issued	Par Value	Shares	Cost
Balance, December 31, 2025	31,321	3	1,190	(36,225)	$	434,964	$	96	$	(285,780)	$	113,058
Net income	—	—	—	—	—		—		4,664		4,664
Foreign currency translation adjustment	—

SEC Form 10-Q filed by Flotek Industries Inc.