Flotek says Puerto Rico power project work halts as PREPA reviews contract status
FTK•Short-seller allegations
Flotek said a short seller published allegations on Aug. 17, which it believes were intended to pressure its stock.
Puerto Rico project work halted pending review
Flotek said work on its Puerto Rico emergency temporary power project has halted after the Puerto Rico Electric Power Authority, or PREPA, ordered an immediate work stoppage while it reviews the contract status.
The company said the Oversight Board voted to direct PREPA to terminate the contract, but that no formal termination notice had been delivered to Flotek as of the update.
Guidance reaffirmed despite contract uncertainty
Flotek reaffirmed its 2026 guidance, noting that it excludes any contribution from the Puerto Rico emergency temporary power project contract.
The company said it expects revenue of $340 million to $350 million and adjusted EBITDA of $47 million to $51 million.
