ProFrac Holding Corp. reported third‑quarter 2025 revenue of $403.1 million, a 19.7% decline from the $502 million earned in the second quarter and a 30% drop from the $575.3 million recorded in Q3 2024. Adjusted EBITDA fell to $41 million, giving a margin of 10% versus 16% in Q2 and 22% in Q1. The company posted a net loss of $92 million, reflecting the combined impact of lower top line growth and higher operating costs.
Segment results highlighted a sharp contraction in the core Stimulation Services business, which generated $343 million in revenue and an adjusted EBITDA margin of 6%—down from 12% in Q2. Proppant Production revenue was $76 million with a 10% margin, a decline from 19% in the prior quarter. Manufacturing revenue fell 14% to $48 million, with a 7% margin versus 13% in Q2. Other Business Activities, which includes Flotek and Livewire, produced $61 million in revenue and a 20% margin, up from 12% in Q2.
The revenue shortfall and margin compression stem from intensified pricing pressure across the oilfield services market and rising operating costs, particularly in the Stimulation Services segment. Management noted that activity levels improved mid‑quarter but slipped toward the end of the period, underscoring the volatility of the onshore completions market. The company’s cost‑control program is expected to offset some of the margin erosion, but the current environment limits pricing power.
Capital expenditures for the quarter were $38 million, a $5 million reduction from the $43 million spent in Q2. Management has lowered its 2025 CapEx guidance to $160–$190 million, trimming the previous $175–$225 million range. Liquidity stands at $95 million—$53 million in cash and $41 million of asset‑based credit—while total debt remains at $1.07 billion with net debt of $1.04 billion. ProFrac expects sequential improvement in Q4 and aims to deliver $85–$115 million in annualized cash savings by the second quarter of 2026 through right‑sizing and operational efficiencies.
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