Revenue: As of FY2026 Q1, the actual value is USD 449.6 M, beating the estimate of USD 430.09 M.EPS: As of FY2026 Q1, the actual value is USD -0.47, missing the estimate of USD -0.46.EBIT: As of FY2026 Q1, the actual value is USD -13.6 M.<h3>Consolidated Financial Performance</h3>ProFrac Holding Corp. reported a net loss attributable to ProFrac Holding Corp. of - $83.5 million for the three months ended March 31, 2026, an increase from - $17.5 million in the same period in 2025. The company recorded an operating loss of - $46.4 million for the three months ended March 31, 2026, compared to an operating income of $16.0 million in the prior year period. Consolidated Adjusted EBITDA was $54.0 million for the three months ended March 31, 2026, down from $129.5 million for the same period in 2025. Total cost of revenues was $354.4 million for the three months ended March 31, 2026, decreasing from $419.4 million in the same period of 2025. Selling, General and Administrative (SG&amp;A) expenses decreased by $10.0 million, or 19%, to $43.6 million for the three months ended March 31, 2026, from $53.6 million in the same period in 2025, primarily due to lower labor and non-labor costs. Depreciation, Depletion, and Amortization (DD&amp;A) decreased by $8.9 million to $97.1 million for the three months ended March 31, 2026, from $106.0 million in the same period in 2025. Interest expense, net, decreased to - $32.8 million for the three months ended March 31, 2026, from - $35.9 million in the same period in 2025, due to lower average outstanding debt balances and interest rates.<h3>Segmented Operational Metrics</h3><h4>Stimulation Services Segment</h4>Revenue for the Stimulation Services segment decreased by $117.5 million, or 22%, to $407.0 million from $524.5 million, primarily due to a decrease in average active fleets and lower average pricing. Cost of revenues decreased by $38.5 million, or 10%, to $349.3 million from $387.8 million. Adjusted EBITDA was $32.0 million, a significant decrease from $104.6 million in the prior year period. Depreciation, Depletion, and Amortization was $75.1 million, down from $82.4 million. Investment in Property, Plant &amp; Equipment was $36.0 million, down from $51.3 million.<h4>Proppant Production Segment</h4>Revenue for the Proppant Production segment increased by $52.3 million, or 78%, to $119.6 million from $67.3 million, primarily due to higher average pricing from a shift in intercompany sales mix. Cost of revenues increased by $65.3 million, or 151%, to $108.5 million from $43.2 million, due to increased costs supporting the shift to wellsite pricing and a mix shift towards brokered volumes. Adjusted EBITDA was $6.5 million, down from $18.3 million in the prior year period. Depreciation, Depletion, and Amortization was $18.7 million, down from $19.2 million. Investment in Property, Plant &amp; Equipment was $4.9 million, up from $3.7 million.<h4>Manufacturing Segment</h4>Revenue for the Manufacturing segment decreased by $17.4 million, or 26%, to $48.4 million from $65.8 million, due to decreased intercompany demand. Cost of revenues decreased by $17.2 million, or 31%, to $38.1 million from $55.3 million, due to decreased volumes of products sold to intercompany customers. Adjusted EBITDA was $6.8 million, up from $4.0 million in the prior year period. Depreciation, Depletion, and Amortization was $2.8 million, down from $4.6 million. Investment in Property, Plant &amp; Equipment was $0.2 million, compared to zero in the prior year period.<h4>Flotek Segment</h4>Revenue for the Flotek segment increased by $15.5 million, or 27%, to $72.3 million from $56.8 million, primarily due to increased volume of intercompany sales to the Stimulation Services segment. Cost of revenues increased by $11.1 million, or 26%, to $53.6 million from $42.5 million, primarily due to increased volume of intercompany sales. Adjusted EBITDA was $11.3 million, up from $8.0 million in the prior year period. Depreciation, Depletion, and Amortization was $1.0 million, up from $0.7 million. Investment in Property, Plant &amp; Equipment was $2.2 million, up from $0.4 million.<h3>Cash Flow</h3>Net cash provided by operating activities was $9.3 million for the three months ended March 31, 2026, a decrease of $29.4 million from $38.7 million in the same period in 2025. Net cash used in investing activities was - $34.5 million for the three months ended March 31, 2026, an improvement from - $51.7 million in the same period in 2025, primarily due to decreased capital expenditures. Net cash provided by financing activities was $35.8 million for the three months ended March 31, 2026, compared to $14.2 million for the same period in 2025, primarily due to increased net borrowings.<h3>Liquidity and Debt</h3>The total principal amount of long-term debt was $1,085.6 million at March 31, 2026, an increase of $37.5 million from December 31, 2025. At March 31, 2026, ProFrac Holding Corp. had a total liquidity position of $107.8 million, comprising $27.8 million of cash and cash equivalents (excluding Flotek) and $80.0 million available under its revolving credit facility.<h3>Capital Expenditures</h3>Capital expenditures were $40.7 million for the three months ended March 31, 2026, focusing on maintenance for hydraulic fracturing fleets, upgrades, and investments in technology and sand mines. Estimated capital expenditures for the full year 2026 are projected to range from $80 million to $100 million for maintenance and an additional $75 million to $85 million for growth initiatives.<h3>Outlook and Strategic Focus</h3>ProFrac Holding Corp. anticipates improved results in February and March 2026, following adverse weather impacts in January, and is engaging in discussions with customers for improved pricing due to market dynamics. The company is prioritizing financial and operational discipline, optimizing its asset base, and has implemented initiatives to enhance platform resiliency, leading to lower cash operating expenses and capital expenditures. While monitoring inflation, ProFrac Holding Corp. believes its cash, operating cash flow, and revolving credit facility will be sufficient to cover capital expenditures, obligations, and debt covenants for at least the next 12 months, acknowledging potential needs for additional capital if market conditions deteriorate.

ProFrac | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 449.6 M