Flotek Industries Q2 2026 Earnings Call Transcript

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Provided by Quartr
August 5, 2026

Key Takeaways

  • Record quarterly performance: Q2 revenue nearly reached $100 million, up 70% year over year, while adjusted EBITDA rose 109% to $16.8 million. Net income increased to $10 million, or $0.26 per share, from $1.8 million in the prior-year quarter.
  • Data analytics momentum accelerated: Segment revenue grew 223% year over year, and the contracted backlog exceeded $500 million. Flotek expects its PWRtek platform to support more than 5 gigawatts of power through measurement or control by Q1 2027.
  • Puerto Rico contract adds substantial long-term potential: The company announced a 10-year agreement supporting a 400-megawatt natural-gas power project, representing approximately $400 million of expected revenue backlog through 2036. Initial deployment is expected in late 2026 or early 2027, but the updated 2026 guidance excludes material Puerto Rico revenue.
  • Full-year outlook was raised: Flotek now expects 2026 revenue of $340 million to $350 million and adjusted EBITDA of $47 million to $51 million, implying midpoint growth of 45% and 49%, respectively, versus 2025.
  • Near-term revenue remains partly dependent on timing: June chemistry revenue was unusually strong at nearly $31 million, with some customer work pulled forward from July; management therefore expects a more normalized domestic chemistry pace in the second half. The Montana Power Services extension is not included in fourth-quarter guidance, and Puerto Rico margins remain uncertain because the initial equipment may be provided under a lower-margin rental model.
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Earnings Conference Call
Flotek Industries Q2 2026
00:00 / 00:00

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Operator

Good morning, ladies and gentlemen, welcome to the Flotek Q2 2026 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on August 5, 2026. Now I would like to turn the conference over to Mike Critelli. Please go ahead.

Mike Critelli
Mike Critelli
Director of Finance and Investor Relations at Flotek Industries

Thank you and good morning. We're thrilled to have you with us for Flotek's Q2 2026 earnings conference call. Today I'm joined by Ryan Ezell, Chief Executive Officer, and Bond Clement, Chief Financial Officer. We'll begin with prepared remarks on our operations and financial performance, followed by Q&A. Yesterday we released our Q2 results, updated full year guidance, and an updated investor presentation, all available on our investor relations website. This call is being webcast with a replay available shortly afterward. Please note that today's comments may include forward-looking statements. These are subject to risks and uncertainties that could cause actual results to differ materially from our projections. For a full discussion of risk factors, please review our earnings release and most recent SEC filings. Please also refer to the reconciliations in our earnings release and investor presentation for non-GAAP measures.

Mike Critelli
Mike Critelli
Director of Finance and Investor Relations at Flotek Industries

With that, I will turn the call over to our CEO, Ryan Ezell.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Thank you, Mike. Good morning everyone. We appreciate your interest in Flotek and your participation today as we review our Q2 2026 operational and financial results. In the Q2, Flotek continued its transformational growth storyline through the execution of its corporate strategy. Driven by the powerful convergence of innovative real-time data and chemistry solutions, as shown on slide three, Flotek has laid the foundation for a data-driven growth trajectory built on diverse recurring revenue, high margin services, and proprietary technologies that create value for our customers and improve returns for our shareholders. The strategic transition of the company into a data-as-a-service business model continues to gain momentum while expanding the total addressable market for the company.

Ryan Ezell
Ryan Ezell
CEO at Flotek

As a result, Flotek's data analytics segment grew exponentially while our differentiated chemistry segment outpaced the market in a challenging environment through an unwavering commitment to safety, service quality, innovation, and total value creation. With that, I'd like to touch on some key highlights for the Q2 that Bond will discuss later in the call. Company total revenue approached $100 million, up 70% from the Q2 of 2025, and the strongest quarterly performance in the last 10 years. Data analytics achieved its highest quarterly revenue in company history, shattering the Q1 2026 record by 85%. Chemistry technologies revenue increased 53%, with international chemistry revenue reaching $10.6 million, representing 93% of full year 2025 international chemistry revenue of $11.4 million. Company gross profit climbed 65% versus the Q2 of 2025.

Ryan Ezell
Ryan Ezell
CEO at Flotek

It's impactful to note that data analytics accounted for 51% of company gross profit versus 26% in the prior year quarter, marking a major milestone in Flotek's transformation as it became the largest contributing segment to gross profit. Total company adjusted EBITDA grew 109% year-over-year, totaling $16.8 million. On Monday, we also announced a 10-year, $400 million contract award to support PREPA's 400 MW Puerto Rico Gas Power Utilities project referenced on slide four. Finally, the company updated its 2026 guidance with the new midpoint being 45% and 49% increases versus 2025 actuals on revenue and EBITDA, respectively. This update builds upon a multi-year trend of revenue and profitability growth as the company executes on its strategic initiatives to provide long-term resiliency and profitability, as shown on slide six. Most importantly, these results were achieved with zero lost time incidents in the field of operations.

Ryan Ezell
Ryan Ezell
CEO at Flotek

I want to thank all of our employees for their hard work and commitment to safety and service quality in achieving these outstanding results. Turning to the larger picture for the energy and infrastructure sector, we continue to believe that the ongoing situation in the Middle East will have impactful and potentially long-term implications on global supply and energy security that will demand action. The industry continues to exhibit a shift in supply side dynamics that's recalibrating the risk profile of regional supply while fundamentally establishing a higher baseline for energy security. We expect increased investment in localized oil and gas developments, while geographies that do not possess resources look to rapidly diversify energy security exposure. All of these factors point towards a stronger commodity pricing environment for increased upstream activities.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Layering in the expanding power demand driven by AI, data centers, and industrial reshoring combined with the reliability issues of an aging transmission infrastructure, the expectations for tailwinds within the energy sector further strengthen. Our legacy pressure pumping customers continue to capitalize on the portfolio diversification opportunity provided by the demand for remote power generation Flotek is poised to support emerging customers with products and services that help protect their assets while optimizing their operational performance and fuel efficiency. With multi-year waiting lists for turbines and reciprocating engines, protecting these capital-intensive investments is critical, along with enabling reliability standards that exceed the greater than 99% uptime requirements. Transitioning from the macro view, let's dive into the details, starting with slide eight. I want to spotlight the transformational growth in our data analytics segment.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We saw total segment revenues up 223% year-over-year, and Q2 2026 service revenues exceeding total segment revenues from the year-ago quarter. This strong growth is powered by our flagship upstream applications, power services, and digital valuation, both of which are generating significant contracted wins and a robust recurring revenue backlog shown on slide nine. Highlighting those wins are our RESA/PREPA 10-year, 400 MW utilities power support contract, generating over $400 million per year backlog through 2036. By the Q1 2027, Flotek expects to support over 5 GW of power through measurement or control by our proprietary PWRtek platform. This further validates the demand and scalability of our innovative technologies in the behind-the-meter power space. We are also actively engaged in a potential phase II extension of the Montana Power Services contract.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We had the successful utilization of our state-of-the-art smart skid to optimize gas quality with real-time blending of field gas and CNG for a major IOC. This is the first application of its kind. The momentum gained from these wins has expanded our expected contracted backlog to over $500 million. Power services led this growth, further reinforcing our shift towards high margin recurring revenue streams. The PWRtek platform has evolved from a novel analytical approach into a transformative solution for the energy and infrastructure sector. What began as advanced analytics has grown into a comprehensive end-to-end fuel management platform, redefining performance standards and operations within the sector, as shown on slide 10. Our expanding portfolio of patents and field proven use cases position Flotek as a leader across the natural gas value chain.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Looking at slide 11, when considering the velocity of our measurement, we deliver unmatched real-time fuel monitoring, conditioning, blending, and engine control to optimize performance and safety for behind-the-meter distributed power operations. The success of Flotek's power services applications is expanding rapidly as we expect to have proprietary real-time analyzers of more than 50% of the currently active North American eFrac and natural gas powered fleets by the year-end. Additionally, on August 3rd, 2026, Flotek announced its second contract within the utilities infrastructure sector, seen on slide four. Leveraging our patented PWRtek platform, Flotek entered into a 10-year agreement to support natural gas fired grid enhancement initiatives for the Puerto Rico Electric Power Authority, which is the electric utility for the Commonwealth of Puerto Rico.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Under the agreement, Flotek expects to generate a revenue backlog of approximately $400 million through rental of gas-fired power generation equipment, together with the deployment of the company's proprietary smart conditioning and distribution skid systems. Flotek has partnered with Power Expectations, which leads the group executing the emergency temporary power generation project. The initiative is expected to deploy 400 MW of natural gas fired power generation capacity to address Puerto Rico's ongoing energy crisis. Flotek is providing its proprietary PWRtek platform, including 400 MW of primary power generation capacity and six pairs of smart skids with advanced conditioning, real-time analytics, and gas distribution systems, working alongside experienced local partners for on-ground execution and project management. Support equipment is expected to begin deployment in the Q4 of 2026, with the initial power generation equipment and conditioning and distribution skids expected by the end of the Q1 of 2027.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Let's transition to slide 13, where we'll dive into our second upstream application, digital valuation. This groundbreaking use case sets a new standard in the oil and gas industry, delivering unprecedented transparency and minimizing enterprise risk from producing wells like never before through real-time digital valuation. We believe the XSPCT's speed, accuracy, durability, and qualification under the rigorous measurement standards outlined in GPA 2172 will provide a significant advantage in discussions with prospective customers as we aggressively expand its manufacturing and field deployment. In March of 2026, the XSPCT Analyzer was named Product of the Year at the 2026 Analyzer Technology Conference, further exemplifying its differentiating capabilities. In the Q1 of 2026, we ended the quarter with 57 digital valuation measurement devices deployed or contracted for delivery, and that number has grown 56%-89% as of the end of the Q2 of 2026.

Ryan Ezell
Ryan Ezell
CEO at Flotek

The execution of our transformational strategy to grow the data analytics segment through upstream applications is gaining traction. What is most important is what it means for our stakeholders and our investors. First, our DAS-driven strategy ensures predictable recurring revenue and cash flow, delivering stability and long-term value. Secondly, our proprietary data technologies and superior measurement accuracy enable velocity and decision control that establish a high barrier to entry, secure client loyalty, and support our value-based service model. The third long-term high-margin subscriptions position Flotek for sustained growth and margin expansion, driving significant shareholder value over time. Lastly, our chemistry technology segment continues to deliver robust performance driven by the differentiation of our Prescriptive Chemistry Management services and our expanding international presence.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Slide 16 highlights the resilient performance of our chemistry segment, which delivered a 53% increase in total revenue for the Q2 of 2026 compared to the Q2 of 2025, despite a 5% decline in the average North American frack fleet count over the same period, according to Primary Vision data. This was the strongest quarter of chemistry sales since 2017 and exceeded our expectations as our work in the Middle East pulled forward, driving strong performance in the month of June. International revenue totaled $10.6 million, up 172% from a year ago, with the company expecting continued growth in international chemistry sales in the H2 of 2026. It's evident that our chemistry team has executed our strategy flawlessly.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We move into the H2 of 2026, opportunities leveraging the convergence of Prescriptive Chemistry Management and data services move to the forefront through high-margin services that improve operator ROI. These advanced DAS-driven services include smart ChemAD units, real-time flowback monitoring, and implementation of prescriptive geological targeting. Looking ahead, I am more confident than ever in Flotek's momentum and our ability to drive sustained, profitable growth as we execute our transformative corporate strategy. We are firmly positioning Flotek as a high-growth technology leader in the energy and infrastructure sectors, accelerating innovation through the powerful integration of real-time data analytics and advanced chemistry solutions that are tailored precisely to our customers' evolving needs. I'll turn the call over to Bond to provide key financial highlights.

Bond Clement
CFO at Flotek

Thanks, Ryan. Good morning, everyone. Clearly, this was an exceptional quarter compared to both the prior year and the Q1. As Ryan indicated, Q2 revenue exceeded our expectations by a wide margin. I wanted to provide a little color as to how the quarter came together. Q2 revenue growth benefited from a very strong month of chemistry business in June. We recognized nearly $31 million of chemistry revenue in June alone. For perspective, that represents more than 50% of the total chemistry revenue generated during the entire Q1 of 2026. On the strength of our international business, our external customer chemistry revenue in just the month of June totaled $15.2 million, which exceeded the external customer chemistry revenue for the entire Q1.

Bond Clement
CFO at Flotek

As a result, external chemistry revenue increased 111% sequentially and accounted for nearly 60% of the company's total Q2 revenue growth of $29 million compared with the Q1. Our updated guidance builds in a more normalized pace for domestic external customer chemistry revenue in the back half of the year as compared to the Q2 due to the transactional nature of the business. However, in terms of international work, we have inventory shipments expected to arrive in country during August and potentially September that we believe will allow international revenues to remain strong. We expect both chemistry and data analytics segment revenue for each of the Q3 and Q4 to outpace our Q1 results.

Bond Clement
CFO at Flotek

Because we have not yet secured the phase II extension of our Montana Power Services contract, our guidance assumes no revenue from that contract during the Q4, and as noted on slide 12, we are currently in extension discussions with the various parties to that agreement. In addition, our guidance does not yet consider any financial impact in 2026 from the Puerto Rico contract announced Monday as we continue to work on initial deployment timelines. As shown on slide six, we're estimating total revenue to range between $340 million and $350 million, with adjusted EBITDA in a range of $47 million-$51 million. As Ryan pointed out, the midpoints of these ranges imply significant growth in each metric as compared to 2025.

Bond Clement
CFO at Flotek

Just as a reminder for everyone, our adjusted EBITDA guidance does not add back non-cash amortization of contract assets, which is expected to total approximately $9 million during 2026. Moving from guidance to quarterly results, total revenues for the quarter increased $41 million year-over-year, aided by the strong June chemistry sales previously discussed. 68% of the total revenue growth as compared to the second quarter of last year was attributable to chemistry, while 32% was related to data. Chemistry segment related party revenues were up 64% from last year's quarter, while external customer revenue increased 38%. As Ryan noted, international chemistry revenue totaled $10.6 million during the quarter, which is up from $4 million a year ago and up from just $1.9 million in the Q1. Data analytics delivered another record quarter.

Bond Clement
CFO at Flotek

Segment revenue represented 19% of total company revenue in the quarter, up from 10% in the year ago. As outlined on slide nine, we continue to gain momentum with external customer data analytics sales. 63% of Q2 DA revenue was derived from external customers as compared to 44% in the year ago quarter. The increase in externally derived revenue was driven by our Montana Power Services contract that contributed nearly $6 million in revenue during the quarter, as well as a $2.5 million sequential increase in our upstream power services business that continues to expand to external customers. Looking forward to 2027, we expect the project in Puerto Rico will meaningfully increase the percentage of revenue derived from external data customers. Total company gross profit increased 65% as compared to the year ago quarter.

Bond Clement
CFO at Flotek

As a percentage of revenue, gross profit totaled 24% during the quarter, which was down less than 100 basis points versus the year ago quarter, despite the nearly $7 million decline in the order shortfall penalty as compared to the Q2 of last year. G&A expenses increased 14% year-over-year. Excluding stock comp, G&A was only up 7% versus the year ago quarter. As revenues continue to scale, we've seen meaningful leverage in our G&A expenses. Total G&A expense declined to less than 8% of revenue in the Q2 of this year, compared to nearly 12% in the year ago quarter. This marks the lowest quarterly G&A rate as a percentage of revenue that we have achieved in at least the last decade.

Bond Clement
CFO at Flotek

Net income for the quarter was $10 million, or $0.26 per share, compared to $1.8 million or $0.05 per share in the prior year quarter. Our June 30th balance sheet reflects the increased activity during the quarter, particularly the strong month of sales in June. While our ABL balance was elevated at June 30th relative to funding working capital needs, borrowings outstanding as of this morning on our ABL have been reduced to zero. H1 results were impressive, with revenue up 49%, adjusted EBITDA up 81% versus the H1 of last year. We've delivered strong growth while maintaining a disciplined balance sheet and low leverage. As shown on slide 19, using the midpoint of the updated adjusted EBITDA guidance, our leverage ratio is less than one times based on net debt outstanding as of June 30th.

Bond Clement
CFO at Flotek

We believe this positions us to continue executing our growth initiatives while maintaining financial flexibility. With that, I'll turn it back to Ryan for closing remarks.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Thanks, Bond. Our Q2 results extend our multi-year track record of consistent improvement as we continue transforming Flotek into a data-driven technology leader. The data analytics segment delivered strong growth, highlighted by triple-digit increases in service revenue, expanding recurring revenue streams, and a robust multi-year contracted backlog now exceeding $500 million. Together with our resilient Prescriptive Chemistry Management services, Flotek is well-positioned to gain additional market share and drive further top and bottom-line improvement with substantial upside opportunities in our data-driven services. We remain committed to shaping the industry's digital and sustainable future by leveraging chemistry as our common value creation platform. With our proven execution, expanding high-margin capabilities, and clear pathway to scaled growth, Flotek is poised for the next phase of value creation for our investors. Operator, we're ready to open the floor for questions.

Operator

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the number one on your touch-tone phone, and you will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number two. One moment, please, for your first question. Your first question comes from the line of Rob Brown of Lake Street Capital Markets. Your line is now open.

Rob Brown
Analyst at Lake Street Capital Markets

Hi, good morning. Congratulations on all the progress.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah, Brown.

Rob Brown
Analyst at Lake Street Capital Markets

First question's on the overall power infrastructure business. The Puerto Rico contract was a great add. Could you comment on the overall pipeline in that business and maybe just some color on what other kind of projects are out there in terms of the pipeline you're pursuing?

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. Right now, I would say that our power services pipeline, particularly related to utilities, infrastructure, and data centers, are the highest it's been in the history of the company. This recent award with PREPA is an example of the type of pipeline, and we have a series of different opportunities that we're in various stages of bidding and processing around that. What's exciting is we've now moved measurement devices. We're actually monitoring real-time gas-fired traditional power plants, some in the Northeast, a couple here that are moving in Texas. We've also expanded our measurement services into data center growth. I mentioned that project about the real-time blending and control for one of the major IOCs. This is an area that's going to be targeted for data center growth with some of the larger behind-the-meter power generation companies. We're seeing a significant pipeline there.

Ryan Ezell
Ryan Ezell
CEO at Flotek

I would say when you look at a combined value of well over $1 billion now on the pipeline potential and at various stages of bidding, negotiation, et cetera. An exciting time to see what we're doing here at Flotek. I think it's also important to note that since the starting of our PWRtek segment in the Q2 of last year, we've now grown. We'll be doing measurement and/or some variance of control and distribution on almost 5 GW of power. It's an exciting growth platform for Flotek and for the future as it continues to gain rapid growth and scalability.

Rob Brown
Analyst at Lake Street Capital Markets

Okay, excellent. Just some more detail on the Puerto Rico contract. It sounds like you're doing a combination of gas control and power generation. Could you elaborate on the power generation side when that activity kicks in and how that's going to fit into the mix of what you're doing?

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. I would say this was so new where we released that. We're going to be giving some updated numbers on guidance on when we think those financials begin to hit. You'll really start to see those play in the Q1 of 2027, maybe a little bit of mobilization pieces here and at the back part of Q4. Our initial 40 MW of prime generation will move pretty quick as kind of a baseline startup piece there, as well as all of our conditioning and distribution setup. I think what we talk about is the conservative financials around the baseline of the contract. When you look at the infrastructure needs inside Puerto Rico, they're actually out looking at growing almost 3 GW of power as they're moving over from, I would say, coal and/or diesel-type burn fuel facilities to nat gas.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Not only is this initial 400 MW a great opportunity for us, I think we'll have quite a few other opportunities to expand our work there. What's unique is this gonna be a LNG transition to CNG, potentially combined with, I would say biogas, some from landfills. This is where you start to see the unique real-time monitoring and real-time blending technologies of Flotek become extremely differentiated and why it puts us at a forefront of being able to capture this kind of work. I think that we'll give some further updates on timing and maybe potential scope increase as we get closer to the kickoff point in our Q4.

Rob Brown
Analyst at Lake Street Capital Markets

Okay, thank you. I'll turn it over.

Operator

Your next question comes from the line of Jeff Grampp of Northland Capital. Please go ahead.

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

Morning, guys. Congrats on all the recent positive news this week.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah.

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

Good. Thanks. Was curious to get maybe a little more backstory on your involvement with this Puerto Rico contract. My understanding is this project's been in the works for a bit here, and potentially, maybe you guys were involved in some of the earlier stages while that was being negotiated, but what's the backstory on how you guys became aware of this project or how your partner became aware of you? Just kind of curious how that evolved and how you guys ultimately kind of conveyed that value add to win the deal. Thanks.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. It's an interesting evolution piece, I would say, Jeff, is that as we begun, we started out with this initial work in Montana supporting some of the government-driven contracts. This has evolved as some additional pursuit around that. Some of the contacts that we have spoken to there, I would say there's a basket of various opportunities to support land service contracts, utility backup. When you look at the government, U.S. government support of Puerto Rico, I mean, technically, they're backing the majority of a lot of this work, through the financial, FOMB, they call it, Financial Oversight and Management Board, in combination with P3A and PREPA. We had been brought in actually initially to look at gas-fired power generation from U.S. government defense contracting sites, and they were aware of our technologies.

Ryan Ezell
Ryan Ezell
CEO at Flotek

As the opportunities expanded, as I mentioned, under the umbrella of some of that 3 GW gas-fired power transition there, our technology was brought into play in terms of as they want to look at not only doing that LNG to CNG transition, but also the incorporation of potential biogas. Our ability to monitor real-time blend, control, and distribute, became an extremely strong value proposition. This didn't happen overnight. This is a multiple-quarter pursuit and testing component in there. Kudos to the team led by Tom Redlinger and our engineering staff at pursuing this and getting it done. I think it's gonna continue to open multiple doors as people start to kind of put on the center stage the capabilities of the PWRtek platform.

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

Got it. Appreciate those details. For my follow-up, I wanted to understand this metric you guys put in the release, this 5 GW that are under measurement or control. Can you contextualize that, Ryan, like from a revenue perspective?

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

Revenue exposure can vary depending on the exact scope of work there. Just trying to, I guess, triangulate the financial impact of that 5 GW and at the risk of being greedy, maybe if you can split that out between oil and gas exposure versus other end markets you guys are penetrating.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Hey, you're trying to get me to pull a hamstring on guidance here, Jeff. What I'll try to do is I'll walk you through a little bit about how we get to 5 GW, right? Because it's hard to directly extrapolate the revenue because if you look at in the very appendix part of our deck, we talk about the sales pursuit where we go to measurement, and then that transitions into control, and then the longer-term piece with distribution. What we've secured is we've secured measurement devices in over 50% of power generation eFrac and natural gas-fired fleets here in the U.S. on the frac side of business. Those run anywhere from 35-40 MW per location where we're doing some form of measurement and/or measurement and control.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Obviously, if we're doing just plain measurement versus measurement control and distribution, the revenue streams are different. Kind of shy away from giving direct revenue on that, but that helps you understand this. I would say it's roughly 75±1/2, I would say measurement and/or control sites on almost 40 GW per site to get your baseline number.

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

Two more?

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. We turn around, we've got If you take the natural gas fire power plant facilities like CPV, Fairview, and a couple of other ones, those are just under 2 GW of power that we're looking at. What we're doing there traditionally is we have a measurement device looking at unconventional shale gas. We're trying to figure out, do they knock condensates out or what do they do there? Most of these have an ethane capacity problem, and we're trying to figure out, do they cryo drop it or do they let it burn through, and how much are we going to take on a de-rating capacity at those facilities? That contributes just under 2 GW. You've got this recent PREPA 400 MW award, which puts us right at 5 GW.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We talked about our robust pipeline, but that's how it kind of builds up. Each one of them have a little bit different revenue bill because I don't want to say they're complicatedly customized, but depending on what level of conditioning and/or distribution or if primary power is pulled in there with it, that you see kind of a variance in how the revenue evolves there. As you can imagine, there's significant upside because as we transition from measurement to measurement plus control and then control plus distribution, the revenue per location increases dramatically.

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

Got it. That's awesome details and hopefully the hammy made it through that explanation. I'll hop back into queue.

Operator

Your next question comes from the line of Gerry Sweeney of ROTH Capital. Please go ahead.

Gerry Sweeney
Gerry Sweeney
Analyst at ROTH Capital

Hey, good morning, Ryan Ezell, Bond and Mike. Thanks for taking my call this morning.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Hey, Gerry.

Bond Clement
CFO at Flotek

Hey, Gerry.

Gerry Sweeney
Gerry Sweeney
Analyst at ROTH Capital

I had a question. Obviously, on the data analytics side, you have power, you have digital valuation, you have the eFrac fleet opportunity. These markets are expanding. I think you're getting a better understanding of the opportunity. Is there anything you need to do, invest in to maybe attack this market faster, solidify your position, grow a bigger pipeline to drive more potential consistency with unlocking opportunities?

Ryan Ezell
Ryan Ezell
CEO at Flotek

Gerry, that's a very interesting question. I'll try to dissect this as number one. When we look at it from a rapid organic growth penetration and scalability, we have now invested going on $13+ million in CapEx expenditures into monitoring equipment, conditioning equipment, distribution equipment. If you were to take every year that I've been at Flotek and add them together and multiply it times two, we haven't spent that much CapEx. This has been solely in growing the power services digital valuation businesses. I look for that number to continue to expand even further in the back half of the year as we continue putting CapEx on these is a right thing for us to do and reinvest in cash flow just from the fact of the ROI is very, very solid for the company.

Ryan Ezell
Ryan Ezell
CEO at Flotek

There's other opportunities, I think, for us. We mentioned some of these contracts that we're picking up on utilities. We don't want to be a pure play power provider. I think there's opportunities for us to supplement the partners that we work with on some of the mobilization power. There's an opportunity there for us to potentially grow some of our, I would say, organic power service to, say, 50-100 MW, just to have to help stabilize the work that we do with the bigger behind-the-meter power generation people. I also think there's some opportunities for M&A and/or consolidation for some people that are trying to do some level of gas monitoring or conditioning, albeit not in real time or more mechanical in nature.

Ryan Ezell
Ryan Ezell
CEO at Flotek

There's opportunities there that we could take some of their existing equipment and utilize our proprietary blending technology and measurement to upgrade the equipment into a more advanced form of monitoring, depending on the pipe, the vertical application there. I think those are, I would say, three primary pathways we're looking at accelerating the growth. We were speaking to the board. This growth's kind of choppy. When you start picking up 400, 500 MW awards, we got to start pre-investing and having some of those assets. Luckily for us, most of our measurement and/or conditioning assets, we can build in four weeks, five weeks. We get pretty quick turnaround. I hope that gives you a little bit of color on what we're doing to expand the business and grow the opportunities that we're getting.

Gerry Sweeney
Gerry Sweeney
Analyst at ROTH Capital

Yeah, that's helpful. Obviously, you get sometimes these big chunky opportunities, but even on the digital valuation, growing those consistently, I think builds in some of the opportunity as well. Technology. How does this separate you or create advantages in the power market? Are more and more potential customers or clients or partners recognizing this, and how do you actually expand this or sort of highlight it, per se?

Ryan Ezell
Ryan Ezell
CEO at Flotek

I would say that we've started our pursuits with heavily in a lot of the behind-the-meter guys that we knew that started in frack spaces, now moved into the major top 10 behind-the-meter power suppliers, and we started doing measurements. A good example. In the slide deck, we have a representation of the real-time gas conditioning, gas blending. If you look in there, that's specific patented technology for us. There's a graph on there that shows field gas being conditioned by one of these mobile gas power plants, or I should say gas conditioning plants. That even when it comes out of that, it's still variable in quality. What you can see us tracking is the variance in the Methane Number of that gas with how we open and close automatically, by the measurement device, the blending valve to put the CNG in.

Ryan Ezell
Ryan Ezell
CEO at Flotek

After doing that, we level out the MN number directly to what's prescribed for the turbine or the recip. In this particular case, it was a turbine. Up until us coming out there, that turbine was shutting down. They had multiple hours of MPT. It was shutting down once or twice a week. We went out on location, we were out there for six weeks and did not have one single shutdown. You start to see the value creation component around improved fuel efficiency by doing this. What's really important is the maintenance cycle improvements, which saves a lot of money. Some of these turbines and recips are wearing out faster than what they thought because of the wear and tear on variability and gas quality. Also the derating capacity, where you have less equipment on location.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Finally, the value creation and carbon credits from less emissions. When you look at the velocity of measurement and this level of control, speaking directly to the control modules on the engines, we have a very differentiated set of technologies. As we're building these skids, every single one of them are going out contracting on location. We're really excited about it. This was the first of its kind, being able to do that. It's an exciting piece, and I would say that these type of case studies, we're going to continue to put them out and put impact to the number on the ROI, the value creation from them as we begin to accelerate our adoption within the market space.

Gerry Sweeney
Gerry Sweeney
Analyst at ROTH Capital

Got it. I appreciate it. I'll jump back in queue. Thanks, guys. Congratulations.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Thanks, Gerry.

Operator

Your next question comes from the line of Josh Sullivan of JonesTrading. Please go ahead.

Josh Sullivan
Josh Sullivan
Analyst at JonesTrading

Good morning. Congratulations on the quarter here.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Good morning, Josh.

Josh Sullivan
Josh Sullivan
Analyst at JonesTrading

I wanted to follow up on that comment, potential to acquire some of the mechanical conditioning operators. How large is the mechanical market, just so we can think of in frame of reference?

Ryan Ezell
Ryan Ezell
CEO at Flotek

I would say in terms of dollars, it's hard to say on what some of them call theirselves doing. It depends on. Some of them are just doing what I would call traditional filtration, and knocking sands and/or debris, et cetera. Some people move into a more of a JT skid type applications and different parts. Most of the time when you see field gas utilization being run directly to frac fleets, there's traditionally some type of filtration unit ahead of it. The problem is that they never can really detect what quality of the gas is in real time, nor can they effectively blend it. If they were trying to blend it with real-time measuring, they'd be in violation of our technology patent.

Ryan Ezell
Ryan Ezell
CEO at Flotek

I would say there's. I think that when you look at the amount of capital investment that's in the area, that every frac, every key frac fleet that's running field gas and probably running some form of CNG should have at least a smart skid type on there, which is a low rental cost considering the ROI that you get on fuel improvements and protection of the equipment. Right now there's probably 110-120 locations that's possible for it, for full conditioning and distribution. We've got some measurement device on about 75 of those. I think that puts us in a good place to continue to grow. The most exciting part is these are the same companies in the majority of space that are moving into behind-the-meter power generation.

Ryan Ezell
Ryan Ezell
CEO at Flotek

They've created their own interior, some spin-off of their company, and this type of technology is moving directly with them. What's even been more exciting about it is, people have traditionally thought you didn't need some type of monitoring and conditioning, even if you have pipeline gas going to data centers. We've shown that to not be the case because we see that variance in quality in our natural gas-fired power facilities, plus the premature damage on the turbines over a long time, the derating problems, and all the other issues that we can really help to solve.

Josh Sullivan
Josh Sullivan
Analyst at JonesTrading

I guess just to follow-up on that point, and all the advantages you guys are bringing to the behind-the-meter conversation. How much inbound are you guys getting versus outbound work are you doing? Is the word out to your point on some of those dynamics you're really helping out on? Just curious on the inbound at this point.

Ryan Ezell
Ryan Ezell
CEO at Flotek

It's traditionally. What we're starting to see now is we're seeing a growing amount of inbound when companies are at a point of these turbines are shutting down and resetting. It takes multiple hours to get them back up and running. A lot of the inbound we see is where we've already got measurement devices out there. They want to go to the next level of customization. What I would say even more exciting is we're starting to see more on the, I would say, infrastructure side piece around utilities contractors on inbound pieces coming there. They've seen what our technologies can do for protecting assets. Then we're seeing some more of the data center inbounds. We are continuing to expand I'll say sales and pursuit teams in the field right now.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We will double those by the end of the year, we'll continue to add as we see the market piece come. The other side that's been interesting, we've seen a strong imbalance on is the OEM engine builders that we mentioned prior. We didn't talk about in our prepared comments here, but we've built the specific XSpec FG units amount directly to reciprocating engines to control fuel quality and adjust timing and firing on those engines. Those tests are going really well in the field, and we're getting constant inbounds from OEMs to test that type of equipment on their various engine types. It's an exciting time for us. I think we're at that precipice to where the pursuits outward are now being overcome by what we're seeing on inbounds.

Josh Sullivan
Josh Sullivan
Analyst at JonesTrading

Great. Good to hear. Well, congratulations on the quarter, and thanks again for taking the questions.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah, thank you.

Operator

Your next question comes from the line of Blake McLean of Daniel Energy Partners. Please go ahead.

Blake McLean
Analyst at Daniel Energy Partners

Hey, good morning, guys. Thanks for taking my call here.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Hey, Blake.

Blake McLean
Analyst at Daniel Energy Partners

Yeah. I thought maybe I'd switch gears a little bit and talk about chemistry and specifically some of the international success that you guys have had. I think it's been kind of a theme that we've seen across the space this quarter, traditionally sort of more North America focused OFS names, redeploying resources and equipment into international markets. I thought maybe I'd just ask you to talk about that opportunity set more broadly and maybe comment on how you think about that split going forward.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. It's an interesting strategic piece for us at Flotek in that we've probably got over three and a half, four years invested in the evolving growth of our international business. One of the things that I'll say since I came here was focusing on, if you have a lot of these OFS components of the business, it's much better to have a broad, diverse, domestic and international piece to stabilize different points in commodity pricing cycles because it used to be if one was strong, one was weak, and they kind of kept a little balance with one another. On these international contracts, they typically will be of a longer duration, less transactional in nature, a little bit better on the forecastable side.

Ryan Ezell
Ryan Ezell
CEO at Flotek

What we had done in the Middle East, and I'll tell you, Leon Chad has done a fantastic job at driving this pursuit with Jamal Weber, our team in the Middle East for these pursuits. Again, the technology is approved, tested, and continued pursuits and this mobilization through the disruptions we've seen at the Middle East. You've seen this play out now. We moved up to we're on four frac fleets in the Jafurah field providing chemistry. Right now, we have that potential, that business to expand to six by the end of the year. You see a little bit play out on our balance sheet at the end of the quarter numbers. You saw us pull revenue number ahead of what we thought would have been in the normal forecast, which kind of exceeded our expectations in a good way.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Put the supply chain under some strain, but Shane and the team did a great job at getting that through. I think you'll continue to see strong numbers from the Middle East in the back half of the year with potential upside if we expand by another two fleets. The good news about that scope of work is that scope under the Jafurah contract will go for another four and a half plus years. That gives a good runway piece there. Another interesting part is, I think there will be some other unconventional areas or indoor gas fields that'll follow suit on the design of how that executes, and we are actively promoting our technology systems in those other countries and geographies.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We're seeing that start to play out in Latin America as well, moving not only our chemistries down there, but now we're also building data analytics equipment there, as well as our real-time ChemAD units there for applications in Latin America. I would say that in the Middle East, we've deployed a series of data analytics equipment there for gas monitoring, RVP measurements, transmix, and those are all approved technologies inside ADNOC and Aramco. It's a lot of exciting pieces there, and I think we're in the real early innings of our international growth, and I think you're going to see that start to proliferate, or have the potential to proliferate in the back half of the year and further in 2027.

Blake McLean
Analyst at Daniel Energy Partners

Got it. All right. Good stuff. I appreciate all the color this morning, guys.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah, thank you.

Bond Clement
CFO at Flotek

Thanks, Blake.

Operator

Your next question comes from the line of Poe Fratt of AGP. Please go ahead.

Poe Fratt
Analyst at AGP

Hey, good morning. I have a couple questions. The first question I had was if you could just talk about your guidance for the year, and mainly on the revenue side. If I back out the H1 revenues, it looks like the H2 revenues are going to be below the Q2 level. Can you just talk about some of the factors that make the H2 revenue look a little bit lighter than the H1 revenue?

Bond Clement
CFO at Flotek

Yeah. The H2, if you look at just extrapolation, the H2 is going to be bigger than the H1. We made the comment during the call that we did kind of a huge month of external chemistry on the domestic side, a huge quarter at $20 million. We're just moderating our outlook on the back half of the year, given that we know there was a couple of customers who moved work from July into June that sort of front-loaded

Bond Clement
CFO at Flotek

Q2, because you look at the variability in that external chemistry line. We did $12.8 million in the Q1, then it jumped up to $20 million in the Q2. We're sort of normalizing that in the back half as sort of an average between those two quarters. That's probably the biggest change. The other piece that we pointed out in our call commentary, we currently don't have anything forecasted in the Q4 relative to the Montana Power Services contract, which did about $6 million of revenue in Q2.

Poe Fratt
Analyst at AGP

Bond, would the extension of the Montana contract, is that the sort of run rate that you potentially are looking at with an extension, $6 million a quarter?

Bond Clement
CFO at Flotek

Correct. Yeah, correct. For the time being. Yep.

Poe Fratt
Analyst at AGP

Can you just roughly frame out the $340 million-$350 million of revenue guidance for the year and split it between data analytics and chemistry?

Bond Clement
CFO at Flotek

Without giving you specific numbers, obviously, we do expect our data analytics segment to grow revenue sequentially in the back half, with the exception of the Q4. We think we get that extension done, then we'll see sequential growth in both the third and Q4's on data. We're holding ProFrac sort of flat with where the numbers have been in the H1 on an average. International, we're assuming continued strong quarters similar to what we put up in the Q2. On the domestic piece, as I mentioned, we're moderating the back half outlook due to the transitional nature. If you look at an average of Q1 and Q2 as a framework for what we're looking at Q3 and Q4.

Poe Fratt
Analyst at AGP

That's really helpful. From a cash standpoint, if you could just talk about the working capital draw that you saw of the H1. I think it's like, what, about $36 million. Does that unwind over the H2 of the year? Also, Ryan said before that the CapEx number is going to go up. I had built in like $5 million a quarter from here on out. Is that roughly a good estimate for CapEx going forward on a quarterly basis?

Bond Clement
CFO at Flotek

Just keep in mind the CapEx is not going to show up on the cash flow statement because remember, we had about $12.5 million of the shortfall payment at the end of 2025 that we transitioned into a construction credit, if you will. From a cash perspective, that equipment is being constructed currently on a non-cash basis because ProFrac is essentially paying us an OSP through equipment. You won't see that come through on the cash flow statement. I'll tell you, during the Q2, we utilized about $3 million of that order shortfall payment. Even though it doesn't show up on the cash flow statement, it does show up on the balance sheet. We already have POs in place for the remaining kind of $10 million-ish that's in progress right now and coming out sort of on a monthly basis.

Bond Clement
CFO at Flotek

We did have some pretty big working capital headwinds during the quarter, obviously. Supported a big growth trajectory in the Q2. As we looked this morning, as I mentioned, our ABL balance is down to zero as we've monetized a lot of the receivables that we built up there at the end of the quarter.

Poe Fratt
Analyst at AGP

Okay, that's helpful. If I could just look at the comments that you made about the 5 GW of either measurement and control next year, by the Q1. We know 400 MW equals $40 million. The power plant component, I think, is 2 GW. Is there a revenue number associated with that you'd like to offer? The measurement controls, I think is a lot lower, but just sort of get a flavor on sort of the potential revenue impact from that 5 GW of measurement and control in the Q1.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. We won't give any revenue numbers on those.

Bond Clement
CFO at Flotek

We kind of talked about it already.

Ryan Ezell
Ryan Ezell
CEO at Flotek

What I would say is on some of these older, like what I would say, just pure gas-fired power plants with big power DC turbines, we're mostly just doing measurement, right? There's not a significant amount of control on those. As we're getting some of the more advanced designs, because those were built. These started pretty good a while back. Some of our first ones we began monitoring. As we're looking at some of these more advanced combined cycle and we're seeing improved efficiencies, they will have measurement and potential additional control. We're not going to really give out the numbers directly on what those are.

Poe Fratt
Analyst at AGP

Yeah. Understood. I'll try to back into them. Could you talk about the gross margin profile on the PREPA contract? $40 million a year kicking in really the Q2 of 2027, because you stated you have about $30 million built in for 2027, then it goes up to $40 million in 2028. What's the margin profile look like?

Bond Clement
CFO at Flotek

Hey, Poe, we're going to defer on the margin question as well for now. We'd like to give a more holistic update relative to financials as we sink our teeth in a bit more. I would tell you initially, we are thinking the initial power that we will provide will be on a rental basis, similar that we're doing on the Montana project, which will carry lower margins than if we own the equipment. We're still working through when we might transition from a rental model to a power-owned perspective, which changes the margin profile.

Poe Fratt
Analyst at AGP

Great. Thanks for your help.

Operator

Your next question comes from the line of Eric Swergold of Firestorm Capital. Please go ahead.

Eric Swergold
Analyst at Firestorm Capital

Good morning, gentlemen. I can't believe that just a few years ago, I was sitting in your conference room when you were doing $10 million a quarter and had your back against the wall. Now you're doing $100 million in a quarter. Congratulations. Not to put your feet to the fire on one. We talked a little bit this morning about generators versus turbines, and there's been a lot of discussion about getting built into generators. How about getting built into some of the turbines from the biggest turbine manufacturers as a built-in option from the get-go on those? Thanks.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. That's a great question, Eric. I think that's the natural evolution pieces. A lot of the original, I'd say, some of the high-powered density turbines have traditionally required. They have a longstanding agreement with some of the gas chromatography suppliers to do that, even though they know they don't take fast measurements, and they're lucky to get a measurement every couple of hours. We have had some initial inbounds around that potential component. It was always funny because there was a discussion over turbines can burn anything. Well, that's probably true. When you start looking at the amount that are on location and the impact of de-rating and how we can help that overall fuel efficiency over them running in the long term, then you combine that with the improved maintenance schedules, we present a very strong value proposition and ROI.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Our equipment being included is not only an OEM, but as a conditioning package on the front end. I would tell you that they're evolving similar to what we saw on the recep side of the business. It hasn't been as fast. That is evolving.

Eric Swergold
Analyst at Firestorm Capital

Great. That's very helpful. Well, congratulations. Thank you very much for your hard work. Thank you to the entire team. Thanks to Bond for sticking in there when it was really bleak. Thanks to Mike for really helping out with the PWRtek side. You guys have done a fabulous job. Thanks very much.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Appreciate it, Eric.

Mike Critelli
Mike Critelli
Director of Finance and Investor Relations at Flotek Industries

Thank you, Eric.

Operator

Your next question comes from the line of Jeff Grampp of Northland Capital. Please go ahead.

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

Hey, guys. Thanks. I just had one more quick follow-up. Ryan, integrating the data and the chemistry side sounds pretty interesting. I don't know if you guys have talked too much about early time success or revenue contribution there. It makes a ton of sense to blend those two together. Just wondering if you can expand on timing of ramping up some of those opportunities or where the stage of conversation is at with respect to customers adopting that a little bit more extensively.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yeah. Jeff, I got to be honest. You made my day asking about how chemistry and data works together. That's been one of the key value creation platforms as we talk about the convergence of the two segments of the business. I am extremely happy to report that we have now gotten deployment of direct XSPCT units on wells that we have done chemistry completion on. This is the core backbone of us, number one, not only validating that our targeted chemistry improves uplift because we can see the chemistry that comes out of the hole in combination with the initial production on the initial production wedge. We're able to see not only the quality of the liquids, but also gas. We can see any NGLs that potentially be lost, massive value creation there.

Ryan Ezell
Ryan Ezell
CEO at Flotek

More importantly, it's evolved into what we're almost calling reservoir mapping or DNA fingerprinting of higher-end hydrocarbons that we are targeting our PCM treatment to release. We're actually looking at the lab, designing to do that, and then we validate that flow. Even on a flow rate that has the same BTU, because we can see the real-time speciation and the shift in hydrocarbon quality, there's a higher value for that producing oil. This is unlocking tremendous value from multiple customers that we moved in from basically a bench-top discussion to full field deployment, and that is gaining a significant amount of traction. If you think about on a higher scale in the industry, you got the large IOCs of the world between Conoco, Chevron, Ovintiv, and these guys talking about their particular surfactant design, targeted chemistry designs.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We have been, per se, preaching that gospel for over a decade and a half. Not only do I feel Flotek is the best in the business at delivering this type of service, we now have the differentiated high velocity, high accuracy measurement devices to show how effective that service is. That benefits the entire energy and infrastructure chain, because now we have measurement devices that can look at every aspect of the value chain up and down inside hydrocarbon production and improve the overall efficiency. I think you're going to see this have dramatic uptake and really accelerate our digital valuation business hand in hand with our Prescriptive Chemistry Management. We're super excited about it.

Jeff Grampp
Jeff Grampp
Analyst at Northland Capital

That sounds awesome. I look forward to following the details there and congrats on everything. Thanks, guys.

Ryan Ezell
Ryan Ezell
CEO at Flotek

Yep.

Operator

There are no further questions at this time. I will now turn the call over to Mike Critelli. Please go ahead.

Mike Critelli
Mike Critelli
Director of Finance and Investor Relations at Flotek Industries

Thanks again for joining our call. Please join us at some of our upcoming investor events on August 17th to the 19th at EnerCom Denver, where we'll be presenting another updated investor presentation. On September 10th at Lake Street's 10th Annual Best Ideas Growth Conference in New York City. Then join us on November 10th and 11th at the Daniel Energy Partners Annual Permian Barbecue, where we hope to compete for best barbecue dish. For other events and the latest info, look at the event section of our website. With that, I'll hand it over to Ryan.

Ryan Ezell
Ryan Ezell
CEO at Flotek

We'd like to thank everyone for joining us today for the continued support of the organization, and we look forward to bringing you positive updates here in the back half of the year. Thank you for joining.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

Executives
    • Mike Critelli
      Mike Critelli
      Director of Finance and Investor Relations
    • Ryan Ezell
      Ryan Ezell
      CEO
Analysts
    • Bond Clement
      CFO at Flotek
    • Rob Brown
      Analyst at Lake Street Capital Markets
    • Jeff Grampp
      Analyst at Northland Capital
    • Gerry Sweeney
      Analyst at ROTH Capital
    • Josh Sullivan
      Analyst at JonesTrading
    • Blake McLean
      Analyst at Daniel Energy Partners
    • Poe Fratt
      Analyst at AGP
    • Eric Swergold
      Analyst at Firestorm Capital
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