ProFrac Holding Corp. reported total revenue of $2.19 billion for the fiscal year ended December 31, 2024, a 16% decrease compared to $2.63 billion in 2023. The company incurred a net loss of $207.8 million in 2024, significantly higher than the $59.2 million net loss reported in 2023. Cash provided by operating activities decreased to $367.3 million in 2024 from $553.5 million in 2023. Total long-term debt stood at $1.14 billion at the end of 2024, slightly up from $1.11 billion at the end of 2023.
The decrease in revenue was primarily attributed to lower average active fleets and decreased fleet utilization in the Stimulation Services segment, lower average pricing, and an increase in customers supplying their own proppant and chemistry. The Proppant Production segment also experienced a revenue decline due to lower average product prices and reduced sales volumes. Conversely, the Manufacturing segment saw a 27% increase in revenue, driven by higher intercompany demand and contributions from acquisitions of Basin Production and Completion LLC and NRG Manufacturing, Inc.
During 2024, ProFrac Holding Corp. completed several acquisitions, including Basin Production and Completion LLC ($39.8 million), Advanced Stimulation Technologies, Inc. ($174 million), and NRG Manufacturing, Inc. ($6 million). The company also formed Livewire Power, LLC, a new entity focused on onsite power generation services. Additionally, ProFrac sold certain stimulation service equipment to related parties for $40 million, subsequently leasing the equipment back. In 2023, significant acquisitions included Performance Proppants ($462.8 million) and Producers Service Holdings LLC ($35 million). A debt refinancing in December 2023 extended significant debt maturities to 2029.
As of December 31, 2024, ProFrac Holding Corp. employed 3,077 people and operated 28 active hydraulic fracturing fleets. The company's proppant production capacity totaled approximately 21.5 million tons annually across eight mines, with one mine idled. The company also reported a Total Reportable Incident Rate of 0.28 for the year ended December 31, 2024. The company holds over 149 patents worldwide and has over 160 additional patent applications pending.
Looking ahead, ProFrac anticipates improved performance in 2025, driven by increased customer demand for stimulation services and expected growth in the proppant production segment. The company plans to focus on superior customer service, improved asset utilization, and cost control to enhance its commercial positioning and financial results. However, the company acknowledges several risk factors, including dependence on capital spending by oil and gas companies, reliance on a few large customers, and the cyclical nature of the energy business. The company also notes risks related to its growth strategy, indebtedness, environmental regulations, and its corporate structure.
About ProFrac Holding Corp.
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