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Flotek Industries, Inc. (FTK) Stock Rocketing in Aftermarket Following Contract Award

Flotek Industries, Inc. (FTK) is a leading tech-driven data analytics company. It reduces the environmental influence of energy on the components of the ecosystem. The company operates in two sections, the Chemistry segment develops disinfecting and cleaning products and the data section provides real-time data about different products to its clients.

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The price of FTK stock during the regular trading on February 17, 2022, was $1.35 with a rise of 70.2%. At last check in the aftermarket, the stock was further up by 14.07%.

FTK: Events and Happenings

On February 17, 2022, FTK reported about its entry into a contract with ProFrac Holdings, for the expansion of the long-term supply contract with one of ProFrac’sassociates.The company expects that the new expansion after its completion will grow revenue backlog in the range of $1 billion to $2.1 billion, over the ten years.

On February 2, 2022, FTK updated about its entry into contract withProFrac Services, to provide its sustainable chemistry solutions portfolio to ProFrac’s hydraulic fracturing fleets. The collaboration created a vertically integrated solution to allow E&Ps to develop natural resources sustainably and reduce the overall ownership cost.

On December 27, 2021, FTK was informed about the receipt of an unsolicited indication of interest for a transaction for the Company. The company’s BoDs engaged Piper Sandler & Co. as a financial advisor to assist in the assessment proceedings. On December 10, 2021, FTK announced the receipt of written notification from NYSE regarding its non-compliance with the shares’ average closing price, which was less than $1.00 per share for 30 consecutive days.

FTK: Key Financials

On November 8, 2021, FTK released its financial results for the third quarter of2021 ended September 30, 2021. Some of the key highlights are discussed below.

Revenue

Revenue in the third quarter of 2021 was $10.2 million versus $12.7 million in the same period of 2020. The company observed a decrease of 20.1% in revenue over the year. The company topped the analysts’ estimates by $79 thousand.

Net Income/Loss per Share

Basic and diluted net income per share in Q3 2021 was $0.5 million or $0.01 compared to a net loss of $45.2 million or $0.66 in the same period of 2020. The EPS of the company increased over the yearly period. Also, the company topped the estimated EPS by $0.09.

Conclusion

FTK stock dropped by 40% over the last year as the economic conditions were hit by the pandemic. The recent stock price increase in the aftermarket is the result of a contract awarded to the company by Profrac. For the fourth quarter of 2021, the company is expecting a revenue of $11.7 million against EPS of -$0.06.

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