Overview

• U.S. energy services firm's Q1 revenue rose sequentially but fell short of year-ago levels

• Company posted Q1 net loss of $81 mln, narrower than prior quarter's loss

• Q1 results impacted by weather disruptions; operator activity improved late in quarter

Outlook

• ProFrac expects Q2 Stimulation Services results to be stronger than Q1 performance

• Company expects sequentially lower Proppant Production volumes in Q2 2026 due to operational issues

• ProFrac maintains full-year 2026 capital expenditure guidance of $155 mln to $185 mln

Result Drivers

• WEATHER DISRUPTIONS - Co said early Q1 weather disruptions reduced Adjusted EBITDA by about $9 mln

• IMPROVED OPERATOR ACTIVITY - Market dynamics shifted in late February-early March, with improving operator sentiment and accelerating activity levels

• OPERATIONAL EFFICIENCY - Stimulation Services team delivered record efficiency levels in March, supporting momentum exiting the quarter

Company press release: ID:nBw508MYTa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Miss*	$449.60 mln	$450.14 mln (2 Analysts)
Q1 Net Income		-$80.80 mln
Q1 Operating Income		-$46.40 mln
Q1 Pretax Profit		-$79.20 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the oil related services and equipment peer group is "buy."

• Wall Street's median 12-month price target for ProFrac Holding Corp is $5.00, about 29.9% below its May 6 closing price of $7.13

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