ProPetro Holding Corp. 8-K

What Happened

• On January 26, 2026, ProPetro Holding Corp. (PUMP) filed an 8‑K providing preliminary, unaudited financial and operational estimates for the three months and year ended December 31, 2025, and announcing an underwritten public offering of 12,500,000 common shares (with a 30‑day option for 1,875,000 additional shares).
• The company reported ranges for key metrics: Q4 2025 revenue of $289–291M and FY2025 revenue of $1,269–1,271M; Q4 cost of services $214–216M and FY cost of services $967–969M. Q4 capital expenditures incurred were $70–72M (FY $280–282M); capex paid Q4 $63–65M (FY $185–187M). G&A (ex. stock‑based comp/nonrecurring) was $23–25M for Q4 and $92–94M for the year. ProPetro had about $91M cash at year‑end and outstanding borrowings of roughly $78M under a Caterpillar equipment loan and $45M under its revolver (borrowing base ≈ $168M). Between Jan 1–26, 2026 the company drew ~ $10M more on the Caterpillar loan. The company expects about 11 active frac fleets in Q1 2026, subject to winter weather.
• The filing also provided an operational update on PROPWRSM (power business): PROPWR launched deployment in 2025, signed a turnkey power contract with Coterra (Dec 11, 2025), and as of Jan 26, 2026 had ~230 MW committed capacity (weighted average contract term ≈ 5 years) and ~550 MW delivered/on order (about 70% high‑efficiency engines, 30% modular turbines), with expected deliveries by year‑end 2027.

Key Details

• Offering: 12,500,000 shares of common stock, with underwriters’ option for 1,875,000 additional shares.
• Preliminary financial ranges (unaudited): FY2025 revenue $1,269–1,271M; FY cost of services $967–969M; FY capex incurred $280–282M.
• Liquidity and debt: ~$91M cash; ~$78M Caterpillar loan outstanding (plus ~$10M drawn in Jan 2026); ~$45M revolver outstanding; borrowing base ≈ $168M.
• PROPWRSM: ~230 MW committed capacity, ~550 MW delivered/on order, deployments beginning Q1 2026.

Why It Matters

• These preliminary results give investors early visibility into ProPetro’s 2025 performance and near‑term liquidity needs, but they are unaudited and may change — the company’s auditor has not reviewed these figures.
• The planned equity offering could dilute existing shareholders but would raise capital to support operations, growth (including PROPWRSM), and debt management.
• The PROPWRSM contracts and pipeline indicate a potential new revenue stream and diversification into power solutions; timing and deliveries (through 2027) will influence future revenue and capital needs.
• Investors should treat the numbers as estimates and await the company’s finalized, audited financial statements for definitive results.