Eco-Stim Energy Solutions, Inc.

[1]	The Argentina segment has been reclassified into discontinued operations.
[2]	U.S. activity began in February 2017 with start-up expenses being incurred. The Company began recognizing U.S. revenue in late May 2017. Intersegment transactions included in revenues were not significant for any of the periods presented.
[3]	Gross margin is defined as revenues less costs of services. Cost of services excludes selling, general and administrative expenses, research and development expenses and depreciation and amortization expense.

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net loss	$ (87,867,070)	$ (26,946,877)
Adjustments to reconcile net loss from operations to net cash provided by operating activities:
Depreciation and amortization	14,199,357	2,760,277
Amortization of debt discount and loan origination cost	70,167	459,797
Impairment of fixed assets	28,803,756
Stock based compensation	2,977,423	1,754,706
Gain on sale of fixed assets	(1,257,273)
Changes in operating assets and liabilities:
Accounts receivable	5,510,015	(1,217,914)
Inventory	550,422	(3,699,245)
Prepaids and other assets	2,128,418	3,080,224
Accounts payable and accrued expenses	912,083	(3,447,915)
Net cash used in operating activities of continuing operations	(33,972,702)	(27,256,947)
Net cash provided by operating activities of discontinued operations	20,380,656	12,136,143
Net cash used in operating activities	(13,592,046)	(15,120,804)
Investing Activities
Purchases of equipment	(9,832,074)	(34,831,333)
Proceeds from sale of equipment	8,635,788
Net cash used in investing activities of continuing operations	(1,196,286)	(34,831,333)
Net cash used in investing activities of discontinued operations	(2,846)	(548,108)
Net cash used in investing activities	(1,199,132)	(35,379,441)
Financing Activities
Proceeds from sale of common stock, net		41,624,402
Proceeds from sale of preferred stock, net	9,702,793
Proceeds from notes payable	11,537,417	18,719,126
Payments on notes payable	(9,160,095)	(2,587,852)
Payments on capital lease	(518,236)	(789,166)
Net cash provided by financing activities	11,561,879	56,966,510
Net increase (decrease) in cash and cash equivalents	(3,229,299)	6,466,265
Cash and cash equivalents, beginning of year	6,970,926	504,661
Cash and cash equivalents, end of year	3,741,627	6,970,926
Supplemental Disclosure of Cash Flow Information
Cash paid during the year for interest	1,227,002	385,259
Cash paid during the year for income taxes	309,417	541,723
Non-cash transactions
Property, plant and equipment additions in accounts payable	1,760,514	1,669,057
Notes payable settled through recapitalization		22,000,000
Conversion of debt to equity		41,195,599
Equipment purchased with notes payable	44,503	8,807,582
Accrued but unpaid dividends	900,000
Return of capital leased assets	$ 4,617,223

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 3,741,627	$ 6,970,926
Accounts receivable, net of allowance	182,464	5,692,479
Prepaids	81,459	699,150
Other assets	69,235	254,454
Assets held for sale	25,030,359	79,050,532
Total current assets	29,105,144	92,667,541
Property, plant and equipment, net	2,050,000	11,001,273
Total assets	31,155,144	103,668,814
Current liabilities:
Accounts payable	15,181,502	11,828,201
Accrued expenses	3,760,135	1,606,922
Short-term notes payable	7,916,188
Liabilities held for sale	7,703,411	17,552,929
Total current liabilities	34,561,236	30,988,052
Commitments and contingencies
Stockholders' equity (deficit)
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 30,000 designated as Series A Convertible Preferred Stock, 10,600 of Series A Preferred issued and outstanding at December 31, 2018 and none issued or outstanding at December 31, 2017	11
Common stock, $0.001 par value, 200,000,000 shares authorized, 18,849,935 issued and 18,844,472 outstanding at December 31, 2018 and 18,649,937 issued and 18,644,474 outstanding at December 31, 2017	75,400	74,578
Additional paid-in capital	155,850,502	144,071,119
Treasury stock, at cost; 5,462 common shares at December 31, 2018 and December 31, 2017	(57,469)	(57,469)
Accumulated deficit	(159,274,536)	(71,407,466)
Total stockholders' equity (deficit)	(3,406,092)	72,680,762
Total liabilities and stockholders' equity (deficit)	$ 31,155,144	$ 103,668,814