Quarterly results improve on higher revenue and EBITDA
ProFrac posted second-quarter revenue of $498 million, up from $450 million in the first quarter.
Net loss narrowed to $75 million from $81 million in the prior quarter.
Adjusted EBITDA (non-GAAP) rose to $69 million from $54 million, lifting margin to 14% from 12%.
Operating cash flow increased to $23 million from $9 million; free cash flow (non-GAAP) improved to negative $8 million from negative $25 million.
Matt Wilks said pricing increases are layering into the third quarter as high-spec fleets tighten; CEO Ladd Wilks resigns Aug. 7, with Matt Wilks adding CEO duties.
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