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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 001-41388

ProFrac Holding Corp.

(Exact Name of Registrant as Specified in its Charter)


Delaware		87-2424964
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
333 Shops Boulevard, Suite 301, Willow Park, Texas		76087
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (254) 776-3722

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.01 per share	ACDC	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑Yes ☐No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☑
Non-accelerated filer	☐	Smaller reporting company	☑
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐Yes ☑No

As of November 6, 2025 the registrant had 180,871,183 shares of Class A common stock outstanding.

TABLE OF CONTENTS


		Page
Cautionary Note Regarding Forward-Looking Statements		3
PART I
Item 1.	Financial Statements (Unaudited)	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Income	7
	Condensed Consolidated Statements of Changes in Equity	8
	Condensed Consolidated Statements of Cash Flows	10
	Notes to Unaudited Condensed Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36
PART II
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38
SIGNATURES		39

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains certain “forward-looking statements” within the meaning of in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include those that express a belief, expectation or intention, as well as those that are not statements of historical fact. Forward-looking statements include information regarding our future plans and goals, as well as our expectations with respect to:

•

our future profitability, cash flows, liquidity and management of debt obligations;

•

our financial strategy, budget, projections and operating results;

•

the availability and terms of capital;

•

our business strategy, plans for cash savings and sources of liquidity;

•

our industry, including our ability to manage the industry and commodity downturn;

•

integration of acquired businesses;

•

the amount, nature and timing of our capital expenditures and the impact of such expenditures on our performance;

•

our exploration, development and production activities;

•

the market for our existing and future products and services;

•

competition and government regulations; and

•

general economic conditions.

These forward-looking statements may be accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “should,” “could,” “would,” “likely,” “future,” “budget,” “pursue,” “target,” “seek,” “objective,” or similar expressions that are predictions of or indicate future events or trends that do not relate to historical matters.

The forward-looking statements in this Quarterly Report speak only as of the date of this Quarterly Report, or such other date as specified herein. We disclaim any obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Forward-looking statements are not assurances of future performance and involve risks and uncertainties. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties include, but are not limited to, the following:

•

the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil, natural gas, natural gas liquids and other hydrocarbons;

•

our ability to finance, consummate, integrate and realize the benefits expected from our past or future acquisitions, including any related synergies;

•

the price and availability of debt and equity financing, including changes in interest rates;

•

the ability of the Company to consummate expected financings;

•

changes in the availability and cost of capital;

•

uncertainty regarding the timing, pace and extent of economic growth in the United States and elsewhere, which in turn may affect demand for crude oil and natural gas and the demand for our services;

•

a further decline or future decline in domestic spending by the onshore oil and natural gas industry;

•

actions by members of the Organization of Petroleum Exporting Countries, Russia and other oil-producing countries with respect to oil production levels and announcements of potential changes in such levels;

•

the political environment in oil and natural gas producing regions, including uncertainty or instability resulting from civil disorder, terrorism or war, such as the ongoing war between Russia and Ukraine, tensions in the Middle East, particularly in connection with Israel and Hamas, and the global response to such hostilities, which may negatively impact our operating results;

•

changes in general economic and geopolitical conditions, including any impacts from inflation and tariffs;

•

competitive conditions in our industry;

•

changes in the long-term supply of and demand for oil and natural gas;

•

actions taken by our customers, competitors and third-party operators, which are beyond the Company's control;

•

technological advances affecting energy consumption;

•

fluctuations in demand for proppant;

•

our ability as well as the ability of our customers to obtain permits, approvals and authorizations from governmental and third parties, and the effects of or changes to U.S. government regulation;

•

inflationary factors, such as increases in labor costs, material costs and overhead costs;

•

large or multiple customer defaults, including defaults resulting from actual or potential insolvencies;

•

the effects of consolidation on our customers or competitors;

•

introduction of new drilling or completion techniques, or services using new technologies subject to patent or other intellectual property protections;

•

unexpected operational issues that increase the cost of operations;

•

the ability to realize costs savings as expected;

•

operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control;

•

acts of terrorism, war or political or civil unrest in the United States or elsewhere;

•

loss or corruption of our information or a cyberattack on our computer systems;

•

the price and availability of alternative fuels and energy sources;

•

risks relating to launching new businesses;

•

federal, state and local regulation of hydraulic fracturing and other oilfield service activities, as well as exploration and production activities, including public pressure on governmental bodies and regulatory agencies to regulate the industry;

•

the availability of water resources, suitable proppant and chemicals in sufficient quantities for use in hydraulic fracturing fluids;

•

the effects of existing and future laws and governmental regulations (or the interpretation thereof) on us and our customers;

•

the severity and duration of widespread health events and related economic repercussions on the oil and gas industry and on demand for oil and gas; and

•

the effects of future litigation.

These forward-looking statements speak only as of the date they were made and, except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements because of new information, future events or other factors. All of our forward-looking information involves risks and uncertainties that could cause actual results to differ materially from the results expected. Although it is not possible to identify all factors, these risks and uncertainties include the risk factors and the timing of any of the risk factors identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report") and our other reports and filings we make with the SEC from time to time.

PART I

ITEM 1. FINANCIAL STATEMENTS

ProFrac Holding Corp.

Condensed Consolidated Balance Sheets

(in millions, except per share amounts or where otherwise noted)

(Unaudited)


	September 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	58.0		$	14.8
Accounts receivable, net		269.1			312.7
Accounts receivable — related party, net		19.1			16.1
Inventories		166.7			201.1
Prepaid expenses and other current assets		28.4			29.4
Total current assets		541.3			574.1
Property, plant, and equipment (net of accumulated depreciation of $1,521.0 and $1,312.4, respectively)		1,567.9			1,761.2
Operating lease right-of-use assets, net		131.8			158.6
Goodwill		301.3			302.0
Intangible assets, net		120.8			148.9
Deferred tax assets		30.4			—
Other assets		48.9			43.3
Total assets	$	2,742.4		$	2,988.1
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	276.6		$	324.3
Accounts payable — related party		21.5			18.1
Accrued expenses		80.9			67.2
Current portion of long-term debt		153.6			159.6
Current portion of long-term debt— related party		5.0			5.0
Current portion of operating lease liabilities		27.4			26.0
Other current liabilities		29.7			56.6
Other current liabilities — related party		0.9			3.2
Total current liabilities		595.6			660.0
Long-term debt		907.0			936.1
Long-term debt — related party		4.6			8.3
Operating lease liabilities		109.9			137.1
Deferred tax liabilities		11.2			14.9
Tax receivable agreement liability		82.9			82.9
Other liabilities		9.9			9.2
Total liabilities		1,721.1			1,848.5
Commitments and contingencies (NOTE 10)
Mezzanine equity:
Series A redeemable convertible preferred stock, $0.01 par value, 50 thousand shares authorized, issued and outstanding		67.4			63.5
Stockholders' equity:
Preferred stock, $0.01 par value, 50.0 shares authorized, no shares issued and outstanding		—			—
Class A common stock, $0.01 par value, 600.0 shares authorized, 180.8 and 160.2 shares issued and outstanding, respectively		1.8			1.5
Class B common stock, $0.01 par value, 400.0 shares authorized, no shares issued and outstanding		—			—
Additional paid-in capital		1,326.4			1,241.2
Accumulated deficit		(466.2	)		(235.9	)
Accumulated other comprehensive income		—			0.1
Total stockholders' equity attributable to ProFrac Holding Corp.		862.0			1,006.9
Noncontrolling interests		91.9			69.2
Total stockholders' equity		953.9			1,076.1
Total liabilities, mezzanine equity, and stockholders' equity	$	2,742.4		$	2,988.1

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ProFrac Holding Corp.

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues:
Services	$	351.2		$	506.5		$	1,307.1		$	1,504.8
Product sales		51.9			68.8			198.2			231.4
Total revenues		403.1			575.3			1,505.3			1,736.2

Operating costs and expenses:
Cost of revenues, exclusive of depreciation, depletion and amortization		324.1			390.7			1,118.2			1,157.5
Selling, general, and administrative		43.0			51.9			148.0			156.6
Depreciation, depletion and amortization		103.0			112.7			313.7			328.9
Acquisition and integration costs		—			2.0			0.2			5.1
Goodwill impairment		—			6.8			—			74.5
Other operating expense, net		11.8			15.5			46.0			27.2
Total operating costs and expenses		481.9			579.6			1,626.1			1,749.8

Operating loss		(78.8	)		(4.3	)		(120.8	)		(13.6	)

Other income (expense):
Interest expense, net		(34.5	)		(40.6	)		(105.5	)		(117.8	)
Loss on extinguishment of debt		—			—			—			(0.8	)
Other income (expense), net		0.7			(0.1	)		(4.2	)		1.2
Loss before income taxes		(112.6	)		(45.0	)		(230.5	)		(131.0	)
Income tax benefit		20.2			1.5			15.5			24.9
Net loss		(92.4	)		(43.5	)		(215.0	)		(106.1	)
Less: net income attributable to noncontrolling interests		(8.5	)		(1.7	)		(11.4	)		(4.0	)
Net loss attributable to ProFrac Holding Corp.	$	(100.9	)	$	(45.2	)	$	(226.4	)	$	(110.1	)
Net loss attributable to Class A common shareholders	$	(102.2	)	$	(46.4	)	$	(230.3	)	$	(113.7	)

Loss per Class A common share (basic and diluted)	$	(0.60	)	$	(0.29	)	$	(1.41	)	$	(0.71	)

Weighted average Class A common shares outstanding:
Basic		170.8			160.1			163.8			159.9
Diluted		170.8			160.1			163.8			159.9

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ProFrac Holding Corp.

Condensed Consolidated Statements of Comprehensive Income

(in millions)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss	$	(92.4	)	$	(43.5	)	$	(215.0	)	$	(106.1	)
Other comprehensive income (loss):
Foreign currency translation adjustments		—			(0.2	)		0.1			0.2
Comprehensive loss		(92.4	)		(43.7	)		(214.9	)		(105.9	)
Less: comprehensive income attributable to noncontrolling interest		(8.5	)		(1.4	)		(11.4	)		(4.2	)
Comprehensive loss attributable to ProFrac Holding Corp.	$	(100.9	)	$	(45.1	)	$	(226.3	)	$	(110.1	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ProFrac Holding Corp.

Condensed Consolidated Statements of Changes in Equity

(in millions)

(Unaudited)


	Class A Common Stock					Additional Paid-in			Accumulated			Accumulated Other Comprehensive			Noncontrolling			Total Stockholders'
	Shares			Amount		Capital			Deficit			Income			Interests			Equity
Balance, December 31, 2024		160.2		$	1.5	$	1,241.2		$	(235.9	)	$	0.1		$	69.2		$	1,076.1
Net income (loss)		—			—		—			(17.5	)		—			2.1			(15.4	)
Stock-based compensation		—			—		0.9			—			—			0.2			1.1
Class A shares issued for vested stock awards		0.1			—		—			—			—			—			—
Cash settlement of vested stock awards		(0.1	)		—		(1.0	)		—			—			—			(1.0	)
Foreign currency translation adjustments		—			—		—			—			0.1			—			0.1
Purchase of noncontrolling interest		—			—		—			—			—			(0.3	)		(0.3	)
Adjustment of convertible preferred stock to redemption amount		—			—		—			(1.3	)		—			—			(1.3	)
Balance, March 31, 2025		160.2		$	1.5	$	1,241.1		$	(254.7	)	$	0.2		$	71.2		$	1,059.3
Net income (loss)		—			—		—			(108.0	)		—			0.8			(107.2	)
Stock-based compensation		—			—		0.5			—			—			0.3			0.8
Class A shares issued for vested stock awards		0.1			—		—			—			—			—			—
Cash settlement of vested stock awards		(0.1	)		—		(0.2	)		—			—			—			(0.2	)
Change in Flotek noncontrolling interest		—			—		(5.9	)		—			—			5.9			—
Change in other noncontrolling interest		—			—		0.4			—			—			(3.1	)		(2.7	)
Transfer of foreign currency translation of disposed subsidiary		—			—		—			—			(0.2	)		—			(0.2	)
Adjustment of convertible preferred stock to redemption amount		—			—		—			(1.3	)		—			—			(1.3	)
Balance, June 30, 2025		160.2		$	1.5	$	1,235.9		$	(364.0	)	$	—		$	75.1		$	948.5
Net income (loss)		—			—		—			(100.9	)		—			8.5			(92.4	)
Stock-based compensation		—			—		0.9			—			—			0.2			1.1
Subsidiary transactions with noncontrolling interests		—			—		—			—			—			0.6			0.6
Change in Flotek noncontrolling interest		—			—		(0.2	)		—			—			0.2			—
Realization of deferred tax assets from Flotek transaction		—			—		10.2			—			—			7.3			17.5
Class A shares issued, net		20.6			0.3		78.7			—			—			—			79.0
Deemed contribution		—			—		0.9			—			—			—			0.9
Adjustment of convertible preferred stock to redemption amount		—			—		—			(1.3	)		—			—			(1.3	)
Balance, September 30, 2025		180.8		$	1.8	$	1,326.4		$	(466.2	)	$	—		$	91.9		$	953.9

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ProFrac Holding Corp.

Condensed Consolidated Statements of Changes in Equity (continued)

(in millions)

(Unaudited)


	Class A Common Stock					Additional Paid-in			Accumulated			Accumulated Other Comprehensive			Noncontrolling			Total Stockholders'
	Shares			Amount		Capital			Deficit			Income			Interests			Equity
Balance, December 31, 2023		159.4		$	1.5	$	1,225.4		$	(16.0	)	$	0.3		$	58.7			1,269.9
Net income		—			—		—			1.8			—			1.2			3.0
Stock-based compensation		—			—		1.9			—			—			0.2			2.1
Tax withholding related to net share settlement of equity awards		—			—		(0.1	)		—			—			—			(0.1	)
Share issuance		0.2			—		—			—			—			—			—
Adjustment of convertible preferred stock to redemption amount		—			—		—			(1.2	)		—			—			(1.2	)
Balance, March 31, 2024		159.6		$	1.5	$	1,227.2		$	(15.4	)	$	0.3		$	60.1		$	1,273.7
Net income (loss)		—			—		—			(66.7	)		—			1.1			(65.6	)
Stock-based compensation		—					2.8			—			—			0.1			2.9
Class A shares issued for vested stock awards		0.8			—		—			—			—			—			—
Tax withholding related to net share settlement of equity awards		(0.2	)		—		(1.4	)		—			—			—			(1.4	)
Foreign currency translation adjustments		—			—		—			—			(0.1	)		0.5			0.4
Adjustment of Series A redeemable convertible preferred stock to redemption amount		—			—		—			(1.2	)		—			—			(1.2	)
Noncontrolling interest of acquired business		—			—		—			—			—			2.2			2.2
Balance, June 30, 2024		160.2		$	1.5	$	1,228.6		$	(83.3	)	$	0.2		$	64.0		$	1,211.0
Net income (loss)		—			—		—			(45.2	)		—			1.7			(43.5	)
Stock-based compensation		—			—		0.9			—			—			0.2			1.1
Foreign currency translation adjustments		—			—		—			—			0.1			(0.3	)		(0.2	)
Adjustment of Series A preferred stock to redemption amount		—			—		—			(1.2	)		—			—			(1.2	)
Balance, September 30, 2024		160.2		$	1.5	$	1,229.5		$	(129.7	)	$	0.3		$	65.6		$	1,167.2

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ProFrac Holding Corp.

Condensed Consolidated Statements of Cash Flows

(in millions)

(Unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities:
Net loss	$	(215.0	)	$	(106.1	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		313.7			328.9
Amortization of acquired unfavorable contracts		(7.6	)		(39.1	)
Stock-based compensation		6.6			6.1
Loss (gain) on insurance recoveries		0.3			(3.2	)
Loss (gain) on disposal of assets, net		14.1			(2.5	)
Non-cash loss on extinguishment of debt		—			0.8
Amortization of debt issuance costs		8.9			11.2
Loss on investments, net		6.8			0.9
Provision for supply commitment charges		—			9.6
Provision for credit losses, net of recoveries		12.8			—
Goodwill impairment		—			74.5
Deferred tax benefit		(16.5	)		(25.4	)
Other non-cash items, net		0.4			(0.1	)
Changes in operating assets and liabilities:
Accounts receivable		26.4			13.4
Inventories		24.1			26.7
Prepaid expenses and other assets		(7.3	)		(15.0	)
Accounts payable		(23.3	)		24.3
Accrued expenses		9.5			7.0
Other liabilities		(13.9	)		(21.2	)
Net cash provided by operating activities		140.0			290.8

Cash flows from investing activities:
Acquisitions, net of cash acquired		—			(194.4	)
Investment in property, plant & equipment		(133.3	)		(191.8	)
Proceeds from sale of assets		4.9			31.9
Proceeds from insurance recoveries		—			4.5
Other		0.4			(2.0	)
Net cash used in investing activities		(128.0	)		(351.8	)

Cash flows from financing activities:
Proceeds from issuance of long-term debt		38.5			136.4
Repayments of long-term debt		(103.7	)		(110.0	)
Borrowings from revolving credit agreements		1,344.3			1,580.4
Repayments of revolving credit agreements		(1,324.6	)		(1,540.6	)
Payment of debt issuance costs		(0.6	)		(3.5	)
Cash settlement of vested stock awards		(1.2	)		—
Tax withholding related to net share settlement of equity awards		—			(1.5	)
Proceeds from issuance of common stock		82.4			—
Payment of common stock issuance costs		(3.4	)		—
Other		(0.5	)		—
Net cash provided by financing activities		31.2			61.2

Net increase in cash, cash equivalents, and restricted cash		43.2			0.2
Cash, cash equivalents, and restricted cash beginning of period		14.8			25.3
Cash, cash equivalents, and restricted cash end of period	$	58.0		$	25.5

Non-cash investing and financing activities
Capital expenditures included in accounts payable	$	10.0		$	38.2
Operating lease liabilities incurred from obtaining right-of-use assets	$	1.0		$	55.7
Finance lease liabilities incurred from obtaining property, plant & equipment	$	1.9		$	9.9

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ProFrac Holding Corp.

Notes to Unaudited Condensed Consolidated Financial Statements

(Amounts in millions, except per share amounts, or where otherwise noted)

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

ProFrac Holding Corp. ("ProFrac Corp.") and its consolidated subsidiaries, including ProFrac Holdings, LLC (“ProFrac LLC”), is a vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production (“E&P”) of North American unconventional oil and natural gas resources.

ProFrac Corp. operates in three business segments: Stimulation Services, Proppant Production and Manufacturing. Our Stimulation Services segment owns and operates a fleet of mobile hydraulic fracturing units and other auxiliary equipment that generates revenue by providing stimulation services to our customers. Our Proppant Production segment provides proppant to oilfield service providers and E&P companies. Our Manufacturing segment sells highly engineered, tight tolerance machined, assembled, and factory tested products such as high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends.

Mr. Dan Wilks and Mr. Farris Wilks are brothers and are the founders and principal stockholders of the Company. Their sons, Mr. Matthew D. Wilks and Mr. Johnathan Ladd Wilks are the Company’s Executive Chairman and Chief Executive Officer, respectively. In the normal course of business, we enter into transactions with related parties where Mr. Dan Wilks and Mr. Farris Wilks and entities owned by or affiliated with them (collectively, the "Wilks Parties") hold a controlling financial interest. Under Nasdaq rules and the Company’s Related Party Transactions Policy, our Audit Committee is responsible for reviewing all related party transactions. Under the policy, potential related party transactions are subject to approval by the Audit Committee in advance or, in certain circumstances, ratification by the Audit Committee, in each case if such transactions satisfy the terms and conditions set forth in the policy. See "Note 14. Related Party Transactions" for further information.

Basis of Presentation

The unaudited condensed consolidated financial statements presented herein include the accounts of ProFrac Corp. and those of its subsidiaries that are wholly owned, controlled by it or a variable interest entity ("VIE") where it is the primary beneficiary. Unless the context requires otherwise, the use of the terms "Company," "we," "us," "our" or "ours" in these notes to the unaudited condensed consolidated financial statements refer to ProFrac Corp., together with its consolidated subsidiaries.

These unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair statement of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in Item 8 "Financial Statements and Supplementary Data" of our Annual Report.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Concentration of Risk and Liquidity Update

Our business activities are concentrated in the well completion services segment of the oilfield services industry in the United States. The market for these services is cyclical, and we depend on the willingness of our customers to make operating and capital expenditures to explore for, develop, and produce oil and natural gas in the United States. The willingness of our customers to undertake these activities depends largely upon prevailing industry conditions that are predominantly influenced by current and expected prices for oil and natural gas. Historically, a low commodity-price environment has caused our customers to significantly reduce their hydraulic fracturing activities and the prices they are willing to pay for those services. During such periods, these customer actions materially adversely affected our business, financial condition and results of operations.

ProFrac Holding Corp.

Notes to Unaudited Condensed Consolidated Financial Statements (continued)

(Amounts in millions, except per share amounts, or where otherwise noted)

Beginning in April 2025, many of our customers began reducing their activity levels as a result of a depressed commodity price environment, and our results of operations and operating cash flows correspondingly began to decline. The third quarter results reflected continued challenging market conditions, with improvement mid-period giving way to an unexpected decline in conditions toward quarter-end. To ensure that we have sufficient near-term liquidity during a prolonged depressed commodity environment, we have executed the following initiatives to optimize the cost structure of the business with a focus on operational efficiency:

•

increased liquidity by issuance of common stock in August 2025, which generated net proceeds of $79.0 million;

•

increased liquidity by selling an intercompany note receivable from Flotek Industries, Inc. ("Flotek") in November 2025 to PC Energy Credit I LLC, an affiliate of the Wilks Parties and a related party to the Company, generating net proceeds of approximately $40.0 million, which amounted to the entire principal amount of the note, plus accrued and unpaid interest;

•

obtained lender commitments to purchase an additional $40.0 million of 2029 Senior Notes, at the Company's option, in December 2025;

•

pursuing capital in the form of incremental debt targeting up to $40.0 million;

•

reduced our direct and indirect labor costs;

•

reduced our selling, general and administrative expenses by reducing headcount and eliminating certain non-labor related costs; and

•

identified areas to enhance operating efficiencies, to reduce operating expenses, and to reduce capital expenditures.

Additionally, the Company also is actively pursuing other sources of capital in the form of non-collateralized asset sales.

If these actions are successful, we believe our cost structure and liquidity will be better positioned for the long term and we believe that our sources of liquidity and our cash provided by operations will be sufficient to fund our capital expenditures, satisfy our obligations, and remain in compliance with our existing debt covenants for at least the next 12 months. However, there is no assurance that we can complete all of these actions or that these actions, if completed, will result in the cost savings or liquidity enhancements that we expect. If that is the case, then we will need to identify additional liquidity enhancements, which may include selling assets or seeking additional sources of capital. There can be no assurance that any such additional liquidity enhancements will be available, or if available, that they will be on terms acceptable to us or our stakeholders.

Correction of an Immaterial Error on Previously Issued Financial Statements

During the third quarter of 2025, the Company identified and corrected an error in our accounting for certain transaction costs capitalized as property, plant and equipment at Flotek for the three and six months ended June 30, 2025. At June 30, 2025, this error understated other operating expenses by $3.7 million and overstated property, plant and equipment by the same amount.

We evaluated whether our previously issued unaudited condensed consolidated financial statements for June 30, 2025, were materially misstated due to these errors. Based upon our evaluation of both quantitative and qualitative factors, we concluded that the effects of these errors were not material individually or in the aggregate to these previously reported periods. Accordingly, we will report the corrected amounts for June 30, 2025, when presented in future financial statements.

Recently Adopted Accounting Standards

The Company has adopted FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, effective retrospectively for the fiscal year ended December 31, 2024, and interim reporting period starting the first quarter of 2025. This ASU enhances the disclosures required for operating segments in the Company's annual and interim consolidated financial statements. As a result of this adoption, the Company's segment disclosure now includes significant expense categories. The Company's primary segment measure remains unchanged. See “Note 13. Business Segments” for the enhanced disclosures associated with the adoption of this ASU.

ProFrac Holding Corp.

Notes to Unaudited Condensed Consolidated Financial Statements (continued)

(Amounts in millions, except per share amounts, or where otherwise noted)

Recently Issued Standards Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU provides for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. This ASU is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which enhances the disclosures for certain expense captions in the Company's annual and interim consolidated financial statements. This ASU is effective prospectively or retrospectively for fiscal years beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments --Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for calculating current expected credit losses on accounts receivable and current contract assets. This ASU permits a reporting entity to assume that current conditions as of the balance sheet date remain unchanged over the remaining life of the assets. The ASU is effective for the Company for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company plans to elect the practical expedient provided by the ASU and does not expect it to have a material impact on its financial statements.

2. SUPPLEMENTAL BALANCE SHEET INFORMATION

Inventories

Inventories are comprised of the following:


	September 30, 2025		December 31, 2024
Raw materials and supplies	$	2.5	$	16.2
Work in process		15.7		19.7
Finished products and parts		148.5		165.2
Total	$	166.7	$	201.1

Accrued Expenses

Accrued expenses are comprised of the following:


	September 30, 2025		December 31, 2024
Employee compensation and benefits	$	36.2	$	22.9
Sales, use, and property taxes		17.6		21.0
Insurance		16.4		13.2
Interest		7.3		6.1
Income taxes		0.7		1.9
Other		2.7		2.1
Total accrued expenses	$	80.9	$	67.2

ProFrac Holding Corp.

Notes to Unaudited Condensed Consolidated Financial Statements (continued)

(Amounts in millions, except per share amounts, or where otherwise noted)

Other Current Liabilities

Other current liabilities are comprised of the following:


	September 30, 2025		December 31, 2024
Acquired unfavorable contracts	$	—	$	7.6
Accrued supply commitment charges		12.6		12.6
Munger make-whole liability		—		8.6
Accrued legal contingencies		5.5		7.1
Deferred revenue		0.8		7.4
Tax receivable agreement obligation		3.4		3.3
Other		7.4		10.0
Total other current liabilities	$	29.7	$	56.6

3. BUSINESS COMBINATIONS AND DISPOSITIONS

2025 Disposition

In June 2025, we disposed of our EKU Power Drives subsidiary in our Manufacturing Segment. We recorded a loss of $10.5 million in connection with this disposal, which was classified as other income and expense, net on our consolidated statements of operations. Total assets decreased approximately $40 million and total liabilities decreased approximately $29 million on our condensed consolidated balance sheet as a result of this disposal. This disposal will not have a major effect on our future operations and financial results.

2024 Acquisitions

In April 2024, we acquired all of the remaining equity interests of Basin Production and Completion LLC (“BPC”). BPC is the parent company of FHE USA LLC, which manufactures equipment used in the hydraulic fracturing industry. The total purchase consideration was $39.8 million, consisting of cash consideration of $14.9 million and our pre-existing equity investment of $24.9 million. BPC is included in our Manufacturing reportable segment.

In June 2024, we acquired 100% of the issued and outstanding capital stock of Advanced Stimulation Technologies, Inc. (“AST”), a pressure pumping services provider serving the Permian Basin, for total purchase consideration of $174.0 million in cash. AST is included in our Stimulation Services reportable segment.

In June 2024, we acquired 100% of the issued and outstanding common stock of NRG Manufacturing, Inc., which manufactures equipment used in the hydraulic fracturing industry, and its affiliate, AMI US Holdings, Inc., which develops commercial software used in hydraulic fracturing industry (collectively “NRG”), for total purchase consideration of $6.0 million in cash. NRG is included in our Manufacturing reportable segment.

The following table reflects pro forma revenues and net income or loss for the three and nine months ended September 30, 2024 as if our 2024 acquisitions had taken place on January 1, 2024. These unaudited pro forma amounts are not necessarily indicative of results that would have actually been obtained during the periods presented or that may be obtained in the future.


	Three Months Ended September 30,			Nine Months Ended September 30,
	2024			2024
Revenues	$	575.3		$	1,900.2
Net loss	$	(43.5	)	$	(108.1	)

ProFrac Holding Corp.

Notes to Unaudited Condensed Consolidated Financial Statements (continued)

(Amounts in millions, except per share amounts, or where otherwise noted)

4. DEBT

Debt is comprised of the following:


	September 30, 2025			December 31, 2024
ProFrac Holding Corp.:
2029 Senior Notes	$	550.0		$	584.2
2022 ABL Credit Facility		160.2			139.8
Equify Notes (1)		9.6			13.3
Finance lease obligations		4.6			6.3
Other		13.2			8.0
ProFrac Holding Corp. principal amount		737.6			751.6
Less: unamortized debt discounts, premiums, and issuance costs		(12.6	)		(15.0	)
Less: current portion of long-term debt		(94.1	)		(87.5	)
ProFrac Holding Corp. long-term debt, net		630.9			649.1

Alpine Subsidiary:
Alpine 2023 Term Loan		325.0			350.0
Other		1.2			0.8
Finance lease obligations		4.4			7.2
Alpine principal amount		330.6			358.0
Less: unamortized debt discounts, premiums, and issuance costs		(10.8	)		(14.5	)
Less: current portion of long-term debt		(54.1	)		(65.5	)
Alpine long-term debt, net		265.7			278.0

Flotek Subsidiary:
Flotek ABL credit facility		6.7			4.7
Finance lease obligations		0.4
Flotek other		—			0.1
Flotek principal amount		7.1			4.8
Less: current portion of long-term debt		(6.8	)		(4.8	)
Flotek long-term debt, net		0.3			—

Other Subsidiaries:
Revolving credit facility		3.0			5.4
Finance lease obligations		6.2			6.4
Other		9.5			12.7
Other subsidiaries principal amount		18.7			24.5
Less: unamortized debt discounts, premiums, and issuance costs		(0.4	)		(0.4	)
Less: current portion of long-term debt		(3.6	)		(6.8	)
Other subsidiaries long-term debt, net		14.7			17.3

Consolidated:
Total principal amount		1,094.0			1,138.9
Less: unamortized debt discounts, premiums, and issuance costs		(23.8	)		(29.9	)
Less: current portion of long-term debt		(158.6	)		(164.6	)
Total long-term debt, net	$	911.6		$	944.4

(1)

Related party debt agreements.

ProFrac Holding Corp.

Notes to Unaudited Condensed Consolidated Financial Statements (continued)

(Amounts in millions, except per share amounts, or where otherwise noted)

Senior Secured Notes Due 2029

On June 30, 2025, ProFrac Holdings II, LLC, a Texas limited liability company and an indirect wholly-owned subsidiary of ProFrac Holding Corp., entered into a purchase agreement with Beal Bank USA and Wilks Brothers, LLC, which is a Wilks Party, pursuant to which ProFrac Holdings II, LLC has agreed to issue and sell $60.0 million aggregate principal amount of its Senior Secured Floating Rate Notes due 2029 in a private placement. An aggregate of $20.0 million of new notes was purchased by Wilks Brothers, LLC on June 30, 2025. ProFrac Holdings II, LLC obtained two commitments to purchase an additional $40.0 million aggregate principal amount of new notes, at the Company's option, in the second half of 2025. The first commitment was for $20.0 million aggregate principal amount of new notes to be purchased by Wilks Brothers, LLC and Beal Bank, USA on September 30, 2025, and the second commitment is for $20.0 million aggregate principal amount of new notes to be purchased by Beal Bank, USA on December 15, 2025. ProFrac Holdings II, LLC had the option to defer the September 30, 2025 issuance to December 15, 2025 and has the option to cancel such additional issuances. ProFrac Holdings II, LLC exercised its option to defer the September 30, 2025 issuance to December 15, 2025. Such additional issuances are subject to certain customary closing conditions, including the requirement that we deliver a certificate to the 2029 Senior Notes Purchasers that we are solvent (meaning that the fair market value of our assets exceeds our total liabilities and that we can pay our total liabilities, including contingent liabilities, as they mature).

These new notes were, and will be, issued as additional notes pursuant to the original indenture, dated as of December 27, 2023, as supplemented. These new notes and the notes previously issued under the indenture will be treated as a single series of securities under the indenture and the new notes will have substantially identical terms, other than the issue date, issue price and first payment date, as the existing notes and be secured by a security interest in the same collateral. If we issue 2029 Senior Notes in December 2025, we will use the net proceeds therefrom to fund capital expenditures with any remaining proceeds used for general corporate purposes.

Alpine 2023 Term Loan

On June 26, 2025, we amended the Alpine 2023 Term Loan. Under the terms of the amendment, the amortization payments required to be made on June 30, 2025, September 30, 2025 and December 31, 2025 were reduced from $15.0 million to $5.0 million and we will pay an exit fee of $3.4

ProFrac Holding Corp. 10-Q