Flotek Industries, Inc. (FTK) is an innovative leading technology-driven, green chemistry tech and data analytics company. It decreases the environmental impact of energy on different components of the ecosystem. The company operates in two segments. The Chemistry portion develops high-quality disinfecting and cleaning products for consumer use. The data segment provides its consumers with real-time data about different products.
The price of FTK stock during the regular trading on December 27, 2021, was $0.56 with a significant decline of 8.59%. At last check in the aftermarket the stock was tremendously surged by 49.29%.
FTK: Events and Happenings
On December 27, 2021, FTK had received an unsolicited show of interest for a possible deal of the Company wholly or partly. Company’s top management had involved Piper Sandler & Co. as a financial advisor to sort out with the assessing process.
On December 10, 2021, FTK reported about receipt of notice from the New York Stock Exchange. The notice states that the average closing price of the FTK’s shares of common stock was less than $1.00 per share. The price was lower than the obligation for listing on the NYSE.
On November 29, 2021, FTK reported that the top management of the company represented in Virtual Noble Capital Markets’ Road Show Series. The event was held on December 1, 2021.
FTK: Key Financials
On November 8, 2021, FTK reported its third quarter results for the three months ended September 30, 2021. Some of the main highlights are as follows
Revenue
Revenue generated by the company for third quarter 2021 was $10.2 million as compared to $12.7 million for the third quarter 2020. The revenue decreased 20.1% from last year.
Net Income/Loss per Share
Net income per basic and diluted share for the third quarter 2021 was $0.5 million or $0.01 per share, as compared to a net loss of $45.2 million, or $0.66 per share for the same quarter of 2020.
Total Current Assets
Total current assets reported for Q3 2021 were $46.3 million.
FTK: CEO Comments
John W. Gibson, CEO of FTK told that revenues for the third quarter surged as compared to the previous quarter. He further added that the customer growth also improved by 22% sequentially.
On October 27, 2021, FTK’s subsidiary reported about ATEX/IECEx certified online analyzers. The Verax ISX/IMX™ analyzers can withstand poor environmental conditions. They can also provide real-time data regarding different aspects. On October 15, 2021, FTK reported about Automated Interface Detection Algorithm (AIDA), a near infrared real-time analyzer. It provides real-time exposure of interfaces in liquid pipeline.
Conclusion
FTK stock is on a declining trend from the past week as 28% reduction was observed. But the aftermarket showed promising results for the investors and stockholders. The major leap in aftermarket is possibly due to company’s announcement of receipt of interest. The analysts are optimistic about the company that it will regain its lost momentum.
