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FTK Flotek Industries

Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that serves customers across industrial, commercial and consumer markets. It operates through the following segments: Chemistry Technologies and Data Analytics. The Chemistry Technologies segment develops, manufactures, packages, distributes delivers, and markets sanitizers and disinfectants for commercial, governmental and personal consumer use and also includes specialty chemistries and logistics which enable customers to improve efficiencies in the drilling and completion of well. The Data Analytics segment includes the design, development, production, sale and support of equipment and services that create and provide valuable information about the composition of energy customer's hydrocarbon fluids. The firm also empowers the energy industry to maximize the value of hydrocarbon streams and improve return on invested capital through real-time data platforms and chemistry technologies. It serves downstream, midstream and upstream customers, both domestic and international. Flotek Industries was founded on May 17, 1985 and is headquartered in Houston, TX.

Company profile

FTK stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 Mar 21
12 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
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Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 39.32M 39.32M 39.32M 39.32M 39.32M 39.32M
Cash burn (monthly) 3.51M 5.16M 5.91M 11.97M 2.91M 4.26M
Cash used (since last report) 11.92M 17.52M 20.07M 40.64M 9.89M 14.46M
Cash remaining 27.41M 21.81M 19.25M -1.31M 29.43M 24.86M
Runway (months of cash) 7.8 4.2 3.3 -0.1 10.1 5.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
5 Apr 21 Denise Danielle Allen Common Shares Payment of exercise Dispose F No No 1.75 6,709 11.74K 284,307
5 Apr 21 Gibson John W JR Common Shares Payment of exercise Dispose F No No 1.75 23,833 41.71K 838,760
5 Apr 21 James A Silas Common Stock Payment of exercise Dispose F No No 1.75 6,323 11.07K 254,262
5 Apr 21 Nicholas J. Bigney Common Stock Payment of exercise Dispose F No No 1.75 5,544 9.7K 132,894
5 Apr 21 Ryan Gillis Ezell Common Shares Payment of exercise Dispose F No No 1.75 6,764 11.84K 166,377

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

44.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 63 57 +10.5%
Opened positions 20 10 +100.0%
Closed positions 14 15 -6.7%
Increased positions 15 10 +50.0%
Reduced positions 13 22 -40.9%
13F shares
Current Prev Q Change
Total value 104.13M 64.42M +61.7%
Total shares 32.6M 21.26M +53.4%
Total puts 10.2K 11.1K -8.1%
Total calls 89K 204.8K -56.5%
Total put/call ratio 0.1 0.1 +111.5%
Largest owners
Shares Value Change
North Sound Trading 7M $15.75M NEW
Nierenberg Investment Management 4.68M $9.89M NEW
Dimensional Fund Advisors 3.16M $6.66M -1.4%
Vanguard 2.86M $6.04M +3.6%
Newtyn Management 2.79M $5.89M -43.3%
Masters Capital Management 2.75M $5.8M +10.0%
Disciplined Growth Investors 1.39M $2.94M -5.4%
D. E. Shaw & Co. 1.23M $2.6M +13.9%
Roumell Asset Management 1.07M $2.26M NEW
BLK Blackrock 1.01M $2.13M +0.2%
Largest transactions
Shares Bought/sold Change
North Sound Trading 7M +7M NEW
Nierenberg Investment Management 4.68M +4.68M NEW
Newtyn Management 2.79M -2.13M -43.3%
Rutabaga Capital Management 0 -1.14M EXIT
Roumell Asset Management 1.07M +1.07M NEW
Ardsley Advisory Partners 400K +400K NEW
Two Sigma Investments 275.1K +263.6K +2292.2%
Masters Capital Management 2.75M +250K +10.0%
Arrowstreet Capital, Limited Partnership 253.37K +222.69K +725.9%
First Midwest Bank Trust Division 191.24K +191.24K NEW

Financial report summary

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Risks
  • The Company’s business is largely dependent upon its customers’ spending, both in the oil and gas industry and in the sanitizer, surface cleaner and disinfectant sector. Spending could be adversely affected by industry conditions or by new or increased governmental regulations; global economic conditions; spending on sanitizer, surface cleaner and disinfectant products; sentiment surrounding the COVID-19 pandemic; the availability of credit; and oil and natural gas prices.
  • The COVID-19 pandemic has significantly reduced demand for our services and may continue to have a prolonged material adverse impact on our financial condition, results of operations and cash flows.
  • Reduced unconventional oil production could lessen the positive effects of a general recovery of the oil and gas industry.
  • The Company’s inability to develop and/or introduce new products or differentiate existing products could have an adverse effect on its ability to be responsive to customers’ needs and could result in a loss of customers, as well as adversely affecting the Company’s future success and profitability.
  • Increased competition could exert downward pressure on prices charged for the Company’s products and services.
  • If the Company is unable to adequately protect intellectual property rights or is found to infringe upon the intellectual property rights of others, or is unable to maintain the registrations and certifications of its products and facilities, the Company’s business is likely to be adversely affected.
  • The loss of key customers could have an adverse impact on the Company’s results of operations and could result in a decline in the Company’s revenue.
  • Loss of key suppliers, the inability to secure raw materials on a timely basis, or the Company’s inability to pass commodity price increases on to its customers could have a material adverse effect on the Company’s ability to service its customers’ needs and could result in a significant loss of customers.
  • Removal of members of management or directors may be difficult or costly.
  • Failure to maintain effective disclosure controls and procedures and internal controls over financial reporting could have an adverse effect on the Company’s operations and the trading price of the Company’s common stock.
  • Network disruptions, security threats and activity related to global cyber-crime pose risks to the Company’s key operational, reporting and communication systems.
  • The Company may pursue strategic acquisitions, joint ventures and strategic divestitures, which could have an adverse impact on the Company’s business.
  • If the Company does not manage the potential difficulties associated with expansion successfully, the Company’s operating results could be adversely affected.
  • The Company’s ability to grow and compete could be adversely affected if adequate capital is not available.
  • Failure to collect for goods and services sold to key customers could have an adverse effect on the Company’s financial results, liquidity and cash flows.
  • Unforeseen contingencies such as litigation could adversely affect the Company’s financial condition.
  • The Company’s current insurance policies may not adequately protect the Company’s business from all potential risks.
  • Regulatory pressures, environmental activism, and legislation could result in reduced demand for the Company’s products and services, increase the Company’s costs, and adversely affect the Company’s business, financial condition and results of operations.
  • The Company is subject to complex foreign, federal, state and local environmental, health, and safety laws and regulations, which expose the Company to liabilities that could adversely affect the Company’s business, financial condition, and results of operations.
  • Changes in law and regulation relating to hydraulic fracturing may have a negative effect on the Company’s operations.
  • Regulation of greenhouse gases and/or climate change could have a negative impact on the Company’s business.
  • The Company and the Company’s customers are subject to risks associated with doing business outside of the U.S., including political risk, foreign exchange risk, and other uncertainties.
  • The Company’s ability to use net operating loss and tax attribute carryforwards to offset future taxable income may be limited.
  • General economic declines or recessions, limits to credit availability, and industry specific factors could have an adverse effect on energy industry activity resulting in lower demand for the Company’s products and services.
  • A continuing period of depressed oil and natural gas prices could result in further reductions in demand for the Company’s products and services and adversely affect the Company’s business, financial condition, and results of operations.
  • New and existing competitors within the Company’s industries could have an adverse effect on results of operations.
  • The Company’s industry has a high rate of employee turnover. Difficulty attracting or retaining personnel or agents could adversely affect the Company’s business.
  • Severe weather could have an adverse impact on the Company’s business.
  • A terrorist attack or armed conflict could harm the Company’s business.
  • Our DA segment may be materially and negatively affected by government regulations and/or facility disruptions.
  • The market price of the Company’s common stock has been and may continue to be volatile.
  • If the Company cannot meet the New York Stock Exchange continued listing requirements, the NYSE may delist the Company’s common stock.
  • An active market for the Company’s common stock may not continue to exist or may not continue to exist at current trading levels.
  • If securities or industry analysts do not publish research or reports about the Company’s business or publish negative reports, the Company’s securities prices and trading volumes could decline and affect the price at which investors could sell securities.
  • The Company has no plans to pay dividends on the Company’s common stock, and, therefore, investors will have to look to stock appreciation for return on investments.
  • Certain anti-takeover provisions of the Company’s certificate of incorporation and applicable Delaware law could discourage or prevent others from acquiring the Company, which may adversely affect the market price of the Company’s common stock.
  • Future issuance of additional shares of common stock could cause dilution of ownership interests and adversely affect the Company’s common stock price.
  • The Company may issue shares of preferred stock or debt securities with greater rights than the Company’s common stock.
Management Discussion
  • CT revenue for the year ended December 31, 2020, decreased $69.0 million, or 57.8% compared to 2019. The decrease in revenue was largely a result of the volatile macro-environment. Contributing to the volatility were OPEC-related actions disrupting market pricing and resulting in oversupply of hydrocarbons, and the COVID-19 impact on productivity and customers during the year. Partially offsetting the decrease were new revenues in 2020 from the introduction of sanitizing, surface cleaning and disinfecting products.
  • Loss from operations for the CT segment increased $42.8 million for the year ended December 31, 2020, compared to 2019. The increased loss from operations for 2020 was due to impairment charges of fixed and long-lived assets of $54.7 million, further impacted by lower revenue related to reduced demand. The provision for excess and obsolete inventory in 2020 included charges of $8.4 million. In 2020, the Company recognized a loss of $9.9 million for the amended terpene agreement due to adjustments to the Company’s expected usage, combined with product mix changes using lower concentration of terpene. In 2019, the Company recognized a loss of $15.8 million for the amended terpene agreement.
  • On May 18, 2020, the Company purchased JP3 and formed the DA segment. The segment revenue for the period from acquisition to December 31, 2020, was $2.8 million, which came from existing customers on minor project expansions and new
Content analysis
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