ProFrac reports sequential revenue growth and reduced net loss in Q1

ProFrac Holding (NASDAQ:ACDC) reported a sequential uptick in revenue for the first quarter of 2026, though the company continues to face margin pressure amid shifting dynamics in the North American pressure pumping market.

The Willow Park, Texas-based company reported total revenue of $450 million for the quarter ended March 31, 2026, a 3% increase from the $437 million recorded in the fourth quarter of 2025.

While the company remained in the red, its bottom line showed signs of improvement.

ProFrac reported a net loss of $81 million for the quarter, a significant reduction compared to the $141 million net loss posted in the preceding three-month period.

Despite the revenue growth, the company experienced a contraction in its profit margins.

Adjusted EBITDA for the first quarter was $54 million, or 12% of revenue, down from $61 million (14% of revenue) in the fourth quarter.

This compression reflects the competitive pricing environment in the oilpatch and the rising costs of maintenance and equipment upgrades as the company transitions its fleet.

Operational cash metrics also faced headwinds during the period.

Net cash provided by operating activities totaled $9 million, a sharp decrease from the $50 million generated in the fourth quarter of 2025.

Consequently, free cash flow turned negative at $25 million, compared to a positive $14 million in the prior quarter.

Elsewhere, ProFrac increased its capital investment during the quarter, with expenditures totaling $41 million.

This capital was primarily directed toward maintenance and the continued deployment of more efficient, lower-emission pumping technologies, which are increasingly demanded by major exploration and production (E&P) customers.