Flotek Reports Fourth Quarter and Full-Year 2023 Results Highlighted by Growth in All Profitability Metrics Including a $31 Million Improvement in Annual Gross Profit
Gross Profit (Loss): The Company generated gross profit of $9.4 million during the fourth quarter 2023 as compared to a gross loss of $2.1 million for the fourth quarter 2022.
- Gross Profit (Loss): The Company generated gross profit of $9.4 million during the fourth quarter 2023 as compared to a gross loss of $2.1 million for the fourth quarter 2022.
- Adjusted Gross Profit (Non-GAAP)(1): Flotek generated adjusted gross profit(1) of $10.7 million during the fourth quarter 2023 compared to adjusted gross loss(1) of $0.5 million for the fourth quarter 2022.
- Selling, General and Administrative ("SG&A") Expense: SG&A expense totaled $6.6 million for the fourth quarter 2023 compared to $6.2 million for the fourth quarter 2022.
- Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was $4.0 million in the fourth quarter 2023 as compared to negative $5.1 million in the fourth quarter 2022.