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FLOTEK INDUSTRIES INC/CN/ [FTK] has reported a net loss of $23.3 million for the third quarter ended September 30, 2023. The company's quarterly revenue reached $47.3 million during the same period.
Despite the net loss, Flotek Industries saw an improvement in its financial performance compared to the previous year. The company recorded a net loss of $18.8 million in the third quarter of 2022, indicating a reduction in losses by $5.5 million. Additionally, quarterly revenue increased by $1.6 million from $45.6 million in 2022 to $47.3 million in 2023.
Flotek Industries experienced significant revenue growth in the third quarter of 2023, with a year-over-year increase of approximately 66%. The company's revenue from external customers totaled $145.9 million for the first nine months of the year, compared to $87.9 million in the same period in 2022.
Flotek Industries demonstrated financial stability during the third quarter, with a total stockholders' equity of $99.6 million. The company's current assets amounted to $73.2 million, while total assets reached $152.5 million. Flotek Industries also effectively managed its liabilities, with total liabilities amounting to $52.9 million.
Flotek Industries reported basic earnings per share (EPS) of $0.04 and diluted EPS of $0.04 for the quarter ended September 30, 2023. The weighted average number of common shares used in computing basic EPS was 29,358, and for calculating diluted EPS, it was 30,688.
Looking ahead, Flotek Industries remains focused on improving its financial performance and generating profitable growth. The company aims to leverage its competitive strengths and drive innovation to expand its customer base and increase market share.
In summary, Flotek Industries Inc/CN/ reported a net loss of $23.3 million for the third quarter of 2023, with quarterly revenue reaching $47.3 million. Despite the loss, the company demonstrated improved financial performance, significant revenue growth, and financial stability. Flotek Industries is optimistic about its future prospects and will continue to prioritize growth and innovation.