Flotek reports Q4 EPS 7c vs. ($1.51) with items last year

Reports Q4 revenue $42.19M vs. $48.22 last year. Net income for the Q4 of and FY23 and FY22 included non-cash gains on the fair value measurement of convertible notes payable totaling ($8.9M), $30.0M, and $100,000 respectively. CEO Ryan Ezell commented, “2023 was a transformative year as we restored profitability and delivered significant improvement in all key financial metrics, strengthened our leadership team with the addition of several key members, enhanced our liquidity through an ABL, and positioned Flotek to be the collaborative partner of choice for sustainable chemistry and data solutions that maximize our customers’ value. This impressive list of achievements reflects stellar execution throughout our entire organization and speaks to tremendous growth opportunities as we leverage our unique approach to chemistry as a common value creation platform to drive market share gains through our differentiated solutions. We are excited about the next generation of our JP3 Verax Near InfraRed measurement system, which will scale our Data Analytics segment more quickly and is expected to deliver associated revenue growth of greater than 50% in 2024. We also anticipate sustained growth in reservoir centric and international chemistry revenues as we expand our global footprint.”