$ACDC

ProFrac Holding Corp.

CIK:0001881487|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 498.1	$ 501.9	$ 947.7	$ 1,102.2
Operating costs and expenses:
Cost of revenues, exclusive of depreciation, depletion and amortization	388.1	374.7	742.5	794.1
Selling, general, and administrative	43.7	51.4	87.3	105.0
Depreciation, depletion and amortization	97.0	104.7	194.1	210.7
Acquisition and integration costs		0.1		0.2
Other operating expense, net	7.2	29.0	8.1	34.2
Total operating costs and expenses	536.0	559.9	1,032.0	1,144.2
Operating loss	(37.9)	(58.0)	(84.3)	(42.0)
Other income (expense):
Interest expense, net	(33.2)	(35.1)	(66.0)	(71.0)
Other expense, net		(9.7)		(4.9)
Loss before income taxes	(71.1)	(102.8)	(150.3)	(117.9)
Income tax expense	(3.6)	(4.4)	(5.2)	(4.7)
Net loss	(74.7)	(107.2)	(155.5)	(122.6)
Less: net income attributable to noncontrolling interests	(5.0)	(0.8)	(7.7)	(2.9)
Net loss attributable to ProFrac Holding Corp.	(79.7)	(108.0)	(163.2)	(125.5)
Net loss attributable to Class A common shareholders	$ (81.0)	$ (109.3)	$ (165.9)	$ (128.1)
Basic Loss per Class A share	$ (0.45)	$ (0.68)	$ (0.91)	$ (0.8)
Diluted Loss per Class A share	$ (0.45)	$ (0.68)	$ (0.91)	$ (0.8)
Weighted average Class A common shares outstanding, basic	182.0	160.2	181.5	160.2
Weighted average Class A common shares outstanding, diluted	182.0	160.2	181.5	160.2
Services
Revenues	$ 430.9	$ 432.0	$ 841.2	$ 955.9
Product Sales
Revenues	$ 67.2	$ 69.9	$ 106.5	$ 146.3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (155.5)	$ (122.6)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	194.1	210.7
Amortization of acquired unfavorable contracts		(7.6)
Stock-based compensation	3.4	1.9
Loss on disposal of assets, net	2.5	8.6
Amortization of debt issuance costs	5.6	6.0
Loss on investments, net		6.8
Provision for credit losses, net of recoveries		12.8
Deferred tax expense	4.6
Other non-cash items, net	0.2	0.2
Changes in operating assets and liabilities:
Accounts receivable	(68.2)	(38.0)
Inventories	(23.5)	9.9
Prepaid expenses and other assets	(1.8)	4.7
Accounts payable	78.6	47.2
Accrued expenses	(6.6)	5.6
Other liabilities	(1.2)	(10.8)
Net cash provided by operating activities	32.2	135.4
Cash flows from investing activities:
Investment in property, plant & equipment	(72.4)	(95.3)
Proceeds from sale of assets	7.1	0.7
Other		0.4
Net cash used in investing activities	(65.3)	(94.2)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	25.0	21.6
Repayments of long-term debt	(70.0)	(71.9)
Borrowings from revolving credit agreements	844.0	916.7
Repayments of revolving credit agreements	(744.4)	(894.4)
Payment of debt issuance costs	(1.4)	(0.4)
Cash settlement of vested stock awards		(1.2)
Tax withholding related to net share settlement of noncontrolling interest equity awards	(0.5)
Payment of deferred financing costs	(1.2)
Other	(0.4)	(0.4)
Net cash provided by (used in) financing activities	51.1	(30.0)
Net increase in cash, cash equivalents, and restricted cash	18.0	11.2
Cash, cash equivalents, and restricted cash beginning of period	22.9	14.8
Cash, cash equivalents, and restricted cash end of period	40.9	26.0
Non-cash investing and financing activities
Capital expenditures included in accounts payable	9.5	10.6
Operating lease liabilities incurred from obtaining right-of-use assets		0.8
Acquisition of equipment through settlement of accounts receivable - related party	$ 15.0
Finance lease liabilities incurred from obtaining property, plant & equipment		$ 0.5

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (includes VIE balances of $4.4 and $5.7)	$ 18.8	$ 22.9
Accounts receivable, net (net of allowances for credit losses of $14.2 and $14.6) (includes VIE balances of $43.5 and $19.0)	334.0	266.8
Accounts receivable - related party, net	5.7	19.9
Inventories (includes VIE balances of $26.6 and $10.6)	174.8	151.3
Prepaid expenses and other current assets (includes VIE balances of $0.5 and $0.9)	38.8	22.6
Total current assets	572.1	483.5
Property, plant, and equipment (net of accumulated depreciation of $1,696.4 and $1,582.2) (includes VIE net balances of $31.8 and $29.6)	1,350.8	1,464.3
Operating lease right-of-use assets, net	128.2	154.3
Goodwill	290.2	290.2
Intangible assets, net	93.8	111.8
Deferred tax assets (includes VIE balances of $24.4 and $29.0)	24.4	29.0
Other assets (includes VIE balances of $1.0 and $1.0)	48.4	40.0
Total assets	2,507.9	2,573.1
Current liabilities:
Accounts payable (includes VIE balances of $75.2 and $48.0)	323.7	257.1
Accounts payable - related party	50.1	42.2
Accrued expenses (includes VIE balances of $5.4 and $8.5)	67.4	74.0
Current portion of long-term debt (includes VIE balances of $10.5 and $3.5)	159.9	144.7
Current portion of long-term debt --- related party	5.4	5.0
Current portion of operating lease liabilities (includes VIE balances of $1.3 and $1.3)	41.4	44.8
Other current liabilities	28.8	28.8
Other current liabilities - related party	0.4	0.8
Total current liabilities	677.1	597.4
Long-term debt	877.7	832.7
Long-term debt - related party (includes VIE balances of $39.8 and $39.6)	40.5	42.9
Operating lease liabilities (includes VIE balances of $4.8 and $5.6)	92.6	115.5
Deferred tax liabilities	11.8	11.8
Tax receivable agreement liability	82.0	82.0
Other liabilities	9.1	10.1
Total liabilities	1,790.8	1,692.4
Commitments and contingencies (NOTE 10)
Mezzanine equity:
Series A redeemable convertible preferred stock, $0.01 par value, 50 thousand shares authorized, issued and outstanding	71.5	68.8
Stockholders' equity:
Preferred stock, $0.01 par value, 50.0 shares authorized, no shares issued and outstanding
Additional paid-in capital	1,316.8	1,325.9
Accumulated deficit	(776.1)	(610.2)
Total stockholders' equity attributable to ProFrac Holding Corp.	542.5	717.5
Noncontrolling interests	103.1	94.4
Total stockholders' equity	645.6	811.9
Total liabilities, mezzanine equity, and stockholders' equity	2,507.9	2,573.1
Common Class A
Stockholders' equity:
Common stock, value	1.8	1.8
Common Class B
Stockholders' equity:
Common stock, value	$ 0.0	$ 0.0