Flotek Secures Puerto Rico Power Contract to Expand Capacity
The company projected full-year revenue between $270 million and $290 million following a strong start to the fiscal year.
Flotek Industries (FTK), a provider of chemistry and data analytics solutions, secured a 10-year contract with the Puerto Rico Electric Power Authority for a 400 MW power project.
The agreement marks a rapid scaling of the company's power services capacity, which had been limited to a contract for up to 50 MW in March 2026. The new project is expected to generate approximately $40 million in annual revenue and adds roughly $400 million to the company's total revenue backlog.
First-quarter revenue rose 27% year-over-year to $70.1 million, up from $55.4 million in the same period last year. Adjusted EBITDA for the quarter increased 44% to $9.1 million, compared to $6.3 million in the prior-year quarter. Net income declined 13% to $4.7 million from $5.4 million.
Growth was driven largely by the Data Analytics segment, where revenue grew 295% year-over-year to reach its highest quarterly level. The segment's contribution to total gross profit rose to 50%, compared to 8% in the prior-year quarter.
Chemistry Technologies revenue also reached its highest quarterly level in over seven years, rising 13% year-over-year.
Flotek issued full-year guidance projecting total revenue between $270 million and $290 million and Adjusted EBITDA between $36 million and $41 million.
The company revised its Adjusted EBITDA calculation starting with year-end 2025 reporting to exclude the add-back of non-cash amortization of contract assets associated with the ProFrac Agreement.