Flotek sees positive adjusted EBITDA in Q3

Flotek Industries announced it expects to report positive adjusted EBITDA for the quarter ending September 30, 2023, accelerating its previous estimate of achieving this financial metric before year-end. Reaching positive adjusted EBITDA builds upon the company’s improvement in its financial results over the last several quarters, highlighted by revenues and gross profit during the first half of 2023 increasing by approximately $56M and $9M, respectively, as compared to the first half of 2022. The company expects that its third quarter 2023 adjusted EBITDA will reflect the ninth consecutive quarter of improvement.