ACDC · ProFrac Holding Corp.

ProFrac Holding Corp. announced first quarter 2026 results via press release on May 7, 2026, reporting total revenue of $450 million, a sequential increase from $437 million in the prior quarter, driven primarily by the Stimulation Services segment at $407 million. Despite a net loss of $81 million, improved from $141 million previously, Adjusted EBITDA came in at $54 million or 12% of revenue, down slightly from $61 million or 14% in Q4 2025. Executive Chairman Matt Wilks noted that results exceeded expectations notwithstanding $9 million in weather-related Adjusted EBITDA impacts early in the period. March saw record efficiency levels in Stimulation Services amid shifting market dynamics, with improving operator sentiment and accelerating activity from late February. The company highlighted progress on a $100 million annualized savings target through business optimization and technology differentiation. Segment details show Stimulation Services at 8% Adjusted EBITDA margin, Proppant Production at $120 million revenue with 6% margin (88% intercompany), Manufacturing at $48 million with 15% margin (86% intercompany), Flotek at $72 million with 15% margin (75% intercompany), and Other at $(0.1) million. Cash from operations was $9 million, with capex at $41 million leading to negative free cash flow of $25 million. Balance sheet shows $1.09 billion debt, $1.05 billion net debt, $34 million cash, and $108 million liquidity. Full-year 2026 capex guidance remains $155-185 million. Outlook points to stronger Q2 Stimulation Services results due to tightening fracturing calendar, though Proppant Production expects lower volumes from operational issues.