Flotek reports Q4 EPS (25c), two estimates (7c)

Reports Q4 revenue $48.2M, one estimate $51.3M. Reports Q4 adjusted EBITDA negative $5.1M, an improvement of $3.3M compared to negative $8.4M in the third quarter of 2022, and an increase of $0.6M compared to negative $5.7M in the fourth quarter of 2021. Full year 2022 Adjusted EBITDA of negative $26.2M decreased $1.1M compared to negative $25.1M reported for the full year 2021.Harsha V. Agadi, Interim Chief Executive Officer of Flotek stated, "In the fourth quarter, we achieved another quarter of increased volumes, strong revenue growth, and improving operational performance while managing our liquidity to facilitate continued growth. For the sixth consecutive quarter, we posted improvement in Adjusted EBITDA as a percentage of revenue, and Adjusted EBITDA in absolute terms improved from a loss of $8.4 million in the third quarter to a loss of $5.1 million in the fourth quarter. This provides further evidence that the strategy is working and we are progressing toward our goal of positive Adjusted EBITDA. The market for our products remains robust, our execution continues to be outstanding, and achieving positive Adjusted EBITDA remains our primary focus."