Harmony Biosciences Presents Preclinical Data Demonstrating Significant Wake-Promoting and Cataplexy-Suppressing Effects of BP1.15205 in Narcolepsy at SLEEP 2025
'We are encouraged by the robust preclinical data being presented at SLEEP, highlighting BP1.15205 as a potentially best-in-class OX2R agonist,' said Kumar Budur, MD, MS, Chief Medical and Scientific Officer at Harmony Biosciences. 'BP1.15205 is a new and unique chemical scaffold optimized for high potency that demonstrated statistically significant wake-promoting effects at very low doses administered orally in the standard transgenic mouse model. These findings are supportive of dosing flexibility to potentially treat all three central disorders of hypersomnolence at low doses, which could offer an optimized benefit / risk profile. The 3-month GLP toxicity study in two species revealed no concerning adverse events and supports a favorable safety and tolerability profile.'
Orexin receptor functional studies showed that BP1.15205 is a highly potent, selective OX2R receptor agonist with no off-target effects expected and a >600-fold selectivity over human OX1R. BP1.15205 is orally bioavailable and has the potential for once-daily dosing.
Absorption, distribution, metabolism, and excretion (ADME) properties and preliminary toxicology studies showed that BP1.15205 is a differentiated OX2R agonist drug candidate. In the GLP toxicity study, no adverse events or biochemical changes were observed following a 3-month treatment period at doses up to 300 mg/kg/day, pending histopathology data.
An Investigational Medicinal Product Dossier (IMPD) application with the European Medicines Agency (EMA) is being completed for BP1.15205. A first-in-human study is planned to begin in 2H 2025 with topline data anticipated in 2026. Additionally, an Investigational New Drug (IND) application for BP1.15205 will be filed with the U.S. Food and Drug Administration (FDA).
'We are very excited to advance our potentially best-in-class OX2R program and support the strategic expansion of our sleep-wake franchise. We are dedicated to investigating this potential new solution further with the hope of bringing a novel treatment to market that can help even more people with narcolepsy and other central disorders of hypersomnolence,' Budur added.
The poster entitled, 'BP1.15205, a Novel Orexin-2 Receptor Agonist, Demonstrates Pharmacological Effects in a Mouse Model of Narcolepsy,' will be presented at P-38; Poster Board Number 1; on June 11, 2025, at 10:00 AM PDT.
KEY FINDINGS FROM THE STUDIES INCLUDE:
In Vitro Orexin Receptor Functional Studies:
BP1.15205 is a highly potent agonist at OX2R receptors: EC 50 = 0.015 nM.
BP1.15205 is highly selective for human OX2R receptors: >600-fold selectivity over human OX1R receptors.
Minimal interspecies difference in agonist functional properties was observed between human and mouse orexin-2 receptors.
In Vivo Pharmacology Studies:
Single oral dose administration of BP1.15205 in transgenic mice at the beginning of the 12-hour dark period of a 24-hour light/dark cycle produced significant and dose-dependent increases in total wakefulness time and sleep latency at every dose tested beginning at 0.03 and 0.1 mg/kg, respectfully, as compared to vehicle-treated animals.
Significant and dose-dependent decreases in the total number and duration of cataplexy-like episodes were measured following single dose, oral administration of BP1.15205 beginning at 1mg/kg, as compared to vehicle.
About Narcolepsy
Narcolepsy is a rare, chronic, debilitating neurological disease of sleep-wake state instability that impacts approximately 170,000 Americans and is primarily characterized by excessive daytime sleepiness (EDS) and cataplexy – its two cardinal symptoms – along with other manifestations of REM sleep dysregulation (hallucinations and sleep paralysis), which intrude into wakefulness. EDS is the inability to stay awake and alert during the day and is the symptom that is present in all people living with narcolepsy. In most patients, narcolepsy is caused by the loss of hypocretin/orexin, a neuropeptide in the brain that supports sleep-wake state stability. This disease affects men and women equally, with typical symptom onset in adolescence or young adulthood; however, it can take up to a decade to be properly diagnosed.
About Harmony Biosciences
Harmony Biosciences is a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients with rare neurological diseases who have unmet medical needs. Driven by novel science, visionary thinking, and a commitment to those who feel overlooked, Harmony Biosciences is nurturing a future full of therapeutic possibilities that may enable patients with rare neurological diseases to truly thrive. Established by Paragon Biosciences, LLC, in 2017 and headquartered in Plymouth Meeting, Pa., we believe that when empathy and innovation meet, a better future can begin; a vision evident in the therapeutic innovations we advance, the culture we cultivate, and the community programs we foster. For more information, please visit www.harmonybiosciences.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding our full year 2025 net product revenue, expectations for the growth and value of WAKIX, plans to submit an sNDA for pitolisant in idiopathic hypersomnia; our future results of operations and financial position, business strategy, products, prospective products, product approvals, the plans and objectives of management for future operations and future results of anticipated products. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our commercialization efforts and strategy for WAKIX; the rate and degree of market acceptance and clinical utility of pitolisant in additional indications, if approved, and any other product candidates we may develop or acquire, if approved, including ZYN002 and EPX-100; our research and development plans, including our plans to explore the therapeutic potential of pitolisant in additional indications; our ongoing and planned clinical trials; our ability to expand the scope of our license agreements with Bioprojet Société Civile de Recherche ('Bioprojet'); the availability of favorable insurance coverage and reimbursement for WAKIX; the timing of, and our ability to obtain, regulatory approvals for pitolisant for other indications as well as any other product candidates; our estimates regarding expenses, future revenue, capital requirements and additional financing needs; our ability to identify, acquire and integrate additional products or product candidates with significant commercial potential that are consistent with our commercial objectives; our commercialization, marketing and manufacturing capabilities and strategy; significant competition in our industry; our intellectual property position; loss or retirement of key members of management; failure to successfully execute our growth strategy, including any delays in our planned future growth; our failure to maintain effective internal controls; the impact of government laws and regulations; volatility and fluctuations in the price of our common stock; the significant costs and required management time as a result of operating as a public company; the fact that the price of Harmony's common stock may be volatile and fluctuate substantially; statements related to our intended share repurchases and repurchase timeframe; and macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation and the risk of recession. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2025, and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
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Expand
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Total revenue was $502 million compared to first quarter 2025 revenue of $600 million Net loss was $104 million compared to net loss of $15 million in first quarter 2025 Adjusted EBITDA (1) was $79 million compared to $130 million in first quarter 2025; 16% of revenue in the second quarter compared to 22% of revenue in first quarter 2025 Net cash provided by operating activities of $100 million compared to $39 million in first quarter 2025 Capital expenditures of $47 million compared to $53 million in first quarter 2025 Free cash flow (2) of $54 million compared to $(14) million in first quarter 2025 "Our second quarter results reflected the market headwinds that emerged following the sharp commodity price decline in early April, generally consistent with the outlook we provided with our first quarter results. 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Outlook In the Stimulation Services segment, ProFrac's active fleet count reached a trough in late June-early July, and since that time the Company has redeployed incremental fleets as of July 31, 2025. Although activity has improved from the trough, the Company believes that its third quarter segment results will decrease relative to the second quarter results. The Company's asset management approach continues to provide capital efficiency in addition to flexibility in maintenance scheduling and fleet deployment, enabling optimal equipment performance and strategic resource allocation. In the Proppant Production segment, the Company expects volumes to remain relatively flat compared to the second quarter exit rate, with efficiency gains expected to drive segment profitability levels similar to the second quarter despite the lower sequential volumes. Business Segment Information The Stimulation Services segment generated revenues of $432 million in second quarter 2025, which resulted in $51 million of Adjusted EBITDA and a margin of 12%. This compared with $525 million in revenues in first quarter 2025, which resulted in $105 million of Adjusted EBITDA and a margin of 20%. The Proppant Production segment generated revenues of $78 million in second quarter 2025, which resulted in $15 million of Adjusted EBITDA and a margin of 19%. This compared with revenues of $67 million in first quarter 2025, which resulted in $18 million of Adjusted EBITDA and a margin of 27%. Approximately 58% of the Proppant Production segment's revenue was intercompany during second quarter 2025. The Manufacturing segment generated revenues of $56 million in second quarter 2025, which resulted in $7 million of Adjusted EBITDA and a margin of 13%. This compared with revenues of $66 million in first quarter 2025, which resulted in $4 million of Adjusted EBITDA and a margin of 6%. Approximately 78% of the Manufacturing segment's revenue was intercompany during second quarter 2025. Other Business Activities generated revenues of $65 million in second quarter 2025, which resulted in $8 million of Adjusted EBITDA and a margin of 12%. This compared with revenues of $62 million in first quarter 2025, which resulted in $8 million of Adjusted EBITDA and a margin of 13%. ProFrac's Other Business Activities include the results of Flotek Industries and Livewire Power. Capital Expenditures and Capital Allocation Cash capital expenditures totaled $47 million in the second quarter, a decline from the $53 million reported in first quarter 2025. The Company's vertical integration and various strategic initiatives enable it to respond rapidly to evolving market conditions. On capital allocation, the Company has made significant progress to reduce its capital expenditure needs without sacrificing service quality, operational efficiency or our ability to deploy high-quality additional fleets quickly. Previously the Company noted that it had identified approximately $70-100 million in potential capital expenditure reductions to flexibly align with evolving market conditions. The Company now expects to incur approximately $175 million to $225 million in capital expenditures in 2025 driven primarily by frac fleet maintenance and selective growth initiatives, as well as improvements at Alpine aimed at increasing quality and throughput at the mines, particularly in South Texas and at mines located in the Haynesville Shale. Balance Sheet and Liquidity Total debt outstanding as of June 30, 2025 was $1.08 billion while total principal amount of debt outstanding as of June 30, 2025 was $1.11 billion. Net debt (3) outstanding as of June 30, 2025 was $1.08 billion. Total cash and cash equivalents as of June 30, 2025 was $26 million, of which $5 million was related to Flotek and not accessible by the Company. As of June 30, 2025 the Company had $108 million of liquidity, including approximately $21 million in cash and cash equivalents, excluding Flotek, and $87 million of availability under its asset-based credit facility. Footnotes Conference Call ProFrac has scheduled a conference call on Thursday, August 7, 2025, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call's conclusion on the IR Calendar section of ProFrac's investor relations website for 90 days. About ProFrac Holding Corp. ProFrac Holding Corp. is a technology-focused, vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, related completion services and complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources. ProFrac operates through three business segments: Stimulation Services, Proppant Production and Manufacturing, in addition to Other Business Activities. For more information, please visit ProFrac's website at Cautionary Statement Regarding Forward-Looking Statements Certain statements in this press release may be considered 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as 'may,' 'should,' 'expect,' 'intend,' 'will,' 'estimate,' 'anticipate,' 'believe,' 'predict,' or similar words. Forward-looking statements relate to future events or the Company's future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company's strategies and plans for growth; the Company's positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; the Company's expectations about contributions of acquired entities; fleet deployment levels; the Company's expectations about price fluctuations, and macroeconomic conditions impacting the industry; competitive conditions in the industry; the Company's ability to increase the utilization of its mining assets and lower our mining costs per ton; success of the Company's ongoing strategic initiatives; the risks relating to launching a new business; the Company's intention to increase the number of fully integrated fleets; the Company's currently expected guidance regarding its 2025 financial and operational results; the Company's ability to earn its targeted rates of return; pricing of the Company's services in light of the prevailing market conditions; the impact of continued inflation, risk of a global recession, and U.S. trade policy, including the imposition of tariffs and retaliatory measures; the Company's currently expected guidance regarding its planned capital expenditures; statements regarding the Company's liquidity and debt obligations; the Company's anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; expectations regarding pricing per ton range; the amount of capital that may be available to the Company in future periods; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; any estimates and forecasts of financial and other performance metrics; and the Company's outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability to achieve the anticipated benefits of the Company's acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company's actions intended to achieve its 2025 financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; risks related to the imposition of tariffs and retaliatory measures, and changes in U.S. trade policy; the failure to operationalize or utilize to the extent anticipated the Company's fleets and sand mines in a timely manner or at all; the Company's ability to deploy capital in a manner that furthers the Company's growth strategy, as well as the Company's general ability to execute its business plans; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; risks regrading access to additional capital; industry conditions, including fluctuations in supply, demand and prices for the Company's products and services and for oil and natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the Middle East and in Ukraine; the effectiveness of the Company's risk management strategies; and other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the Company's filings with the Securities and Exchange Commission ('SEC'), which are available on the SEC's website at Forward-looking statements are also subject to the risks and other issues described below under 'Non-GAAP Financial Measures,' which could cause actual results to differ materially from current expectations included in the Company's forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, including without limitation any expectations about the Company's operational and financial performance or achievements through and including 2025. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law. Non-GAAP Financial Measures Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, respectively, or any other performance measure derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our profitability or liquidity. Adjusted EBITDA, Free Cash Flow and Net Debt are supplemental measures utilized by our management and other users of our financial statements such as investors, commercial banks, research analysts and others, to assess our financial performance. We believe Adjusted EBITDA is an important supplemental measure because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income tax rates). We believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. We believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents. We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net, (v) stock-based compensation, and (vi) other charges, such as certain credit losses, gain or loss on extinguishment of debt, unrealized loss or gain on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, lease termination costs, and impairments of long-lived assets. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company. The presentation of Non-GAAP Financial Measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated. - Tables to Follow- June 30, December 31, (In millions) 2025 ASSETS Current assets: Cash and cash equivalents $ 26.0 $ 14.8 Accounts receivable, net 333.8 312.7 Accounts receivable — related party, net 18.9 16.1 Inventories 180.9 201.1 Prepaid expenses and other current assets 20.7 29.4 Total current assets 580.3 574.1 Property, plant, and equipment, net 1,636.0 1,761.2 Operating lease right-of-use assets, net 138.0 158.6 Goodwill 301.3 302.0 Intangible assets, net 129.9 148.9 Other assets 45.2 43.3 Total assets $ 2,830.7 $ 2,988.1 LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 335.8 $ 324.3 Accounts payable — related party 30.0 18.1 Accrued expenses 77.0 67.2 Current portion of long-term debt 131.0 159.6 Current portion of long-term debt— related party 5.0 5.0 Current portion of operating lease liabilities 26.7 26.0 Other current liabilities 33.0 56.6 Other current liabilities — related party 1.6 3.2 Total current liabilities 640.1 660.0 Long-term debt 941.9 936.1 Long-term debt — related party 6.3 8.3 Operating lease liabilities 116.6 137.1 Deferred tax liabilities 14.8 14.9 Tax receivable agreement liability 82.9 82.9 Other liabilities 9.8 9.2 Total liabilities 1,812.4 1,848.5 Mezzanine equity: Series A preferred stock 66.1 63.5 Stockholders' equity: Class A common stock 1.5 1.5 Additional paid-in capital 1,235.9 1,241.2 Accumulated deficit (361.9 ) (235.9 ) Accumulated other comprehensive income — 0.1 Total stockholders' equity attributable to ProFrac Holding Corp. 875.5 1,006.9 Noncontrolling interests 76.7 69.2 Total stockholders' equity 952.2 1,076.1 Total liabilities, mezzanine equity, and stockholders' equity $ 2,830.7 $ 2,988.1 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Consolidated Statements of Operations Expand Three Months Ended Six Months Ended June 30, March 31, June 30, March 31, June 30, June 30, (In millions) 2025 2025 2024 2024 2025 2024 Total revenues $ 501.9 $ 600.3 $ 579.4 $ 581.5 $ 1,102.2 $ 1,160.9 Operating costs and expenses: Cost of revenues, exclusive of depreciation, depletion and amortization 374.7 419.4 393.1 373.7 794.1 766.8 Selling, general, and administrative 51.4 53.6 54.1 50.6 105.0 104.7 Depreciation, depletion and amortization 104.7 106.0 103.4 112.8 210.7 216.2 Acquisition and integration costs 0.1 0.1 2.9 0.2 0.2 3.1 Goodwill impairment — — 67.7 — — 67.7 Other operating expense, net 25.3 5.2 7.4 4.3 30.5 11.7 Total operating costs and expenses 556.2 584.3 628.6 541.6 1,140.5 1,170.2 Operating income (loss) (54.3 ) 16.0 (49.2 ) 39.9 (38.3 ) (9.3 ) Other income (expense): Interest expense, net (35.1 ) (35.9 ) (39.6 ) (37.6 ) (71.0 ) (77.2 ) Loss on extinguishment of debt — — — (0.8 ) — (0.8 ) Other income (expense), net (9.7 ) 4.8 (0.5 ) 1.8 (4.9 ) 1.3 Income (loss) before income taxes (99.1 ) (15.1 ) (89.3 ) 3.3 (114.2 ) (86.0 ) Income tax benefit (expense) (4.4 ) (0.3 ) 23.7 (0.3 ) (4.7 ) 23.4 Net income (loss) (103.5 ) (15.4 ) (65.6 ) 3.0 (118.9 ) (62.6 ) Less: net income attributable to noncontrolling interests (2.4 ) (2.1 ) (1.1 ) (1.2 ) (4.5 ) (2.3 ) Net income (loss) attributable to ProFrac Holding Corp. $ (105.9 ) $ (17.5 ) $ (66.7 ) $ 1.8 $ (123.4 ) $ (64.9 ) Net income (loss) attributable to Class A common shareholders $ (107.2 ) $ (18.8 ) $ (67.9 ) $ 0.6 $ (126.0 ) $ (67.3 ) Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Consolidated Statements of Cash Flows Expand Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, (In millions) 2025 2025 2024 2025 2024 Cash flows from operating activities: Net loss $ (103.5 ) $ (15.4 ) $ (65.6 ) $ (118.9 ) $ (62.6 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation, depletion and amortization 104.7 $ 106.0 103.4 210.7 216.2 Amortization of acquired unfavorable contracts (1.9 ) (5.7 ) (10.9 ) (7.6 ) (27.4 ) Stock-based compensation — equity classified 0.8 1.1 2.9 1.9 5.0 Gain on insurance recoveries — — (3.2 ) — (3.2 ) Loss (gain) on disposal of assets, net 5.2 3.4 0.3 8.6 (1.1 ) Non-cash loss on extinguishment of debt — — — — 0.8 Amortization of debt issuance costs 3.0 3.0 4.4 6.0 7.6 Loss (gain) on investments, net 10.5 (3.7 ) 1.0 6.8 (0.2 ) Provision for credit losses, net of recoveries 12.8 — — 12.8 — Goodwill impairment — — 67.7 — 67.7 Deferred tax benefit — — (27.4 ) — (27.2 ) Other non-cash items, net — 0.2 — 0.2 — Changes in operating assets and liabilities 68.8 (50.2 ) 40.9 18.6 17.0 Net cash provided by operating activities 100.4 38.7 113.5 139.1 192.6 Cash flows from investing activities: Acquisitions, net of cash acquired — — (194.4 ) — (194.4 ) Investment in property, plant & equipment (46.5 ) (52.5 ) (61.9 ) (99.0 ) (121.8 ) Proceeds from sale of assets 0.5 0.2 22.4 0.7 29.0 Proceeds from insurance recoveries — — 4.4 — 4.4 Other (0.2 ) 0.6 (2.0 ) 0.4 (2.0 ) Net cash used in investing activities (46.2 ) (51.7 ) (231.5 ) (97.9 ) (284.8 ) Cash flows from financing activities: Proceeds from issuance of long-term debt 21.6 — 120.9 21.6 120.9 Repayments of long-term debt (29.4 ) (42.5 ) (18.1 ) (71.9 ) (55.6 ) Borrowings from revolving credit agreements 497.6 419.1 533.1 916.7 1,034.2 Repayments of revolving credit agreements (533.3 ) (361.1 ) (518.5 ) (894.4 ) (1,003.7 ) Payment of debt issuance costs (0.4 ) — (2.3 ) (0.4 ) (3.4 ) Cash settlement of vested stock awards (0.2 ) (1.0 ) — (1.2 ) — Tax withholding related to net share settlement of equity awards — — (1.4 ) — (1.5 ) Other (0.1 ) (0.3 ) — (0.4 ) — Net cash provided by (used in) financing activities (44.2 ) 14.2 113.7 (30.0 ) 90.9 Net increase (decrease) in cash, cash equivalents, and restricted cash 10.0 1.2 (4.3 ) 11.2 (1.3 ) Cash, cash equivalents, and restricted cash beginning of period 16.0 14.8 28.3 14.8 25.3 Cash, cash equivalents, and restricted cash end of period $ 26.0 $ 16.0 $ 24.0 $ 26.0 $ 24.0 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Reconciliation of Net Income (Loss) to Adjusted EBITDA Expand Three Months Ended Six Months Ended June 30, March 31, June 30, March 31, June 30, June 30, (In millions) 2025 2025 2024 2024 2025 2024 Net income (loss) $ (103.5 ) $ (15.4 ) $ (65.6 ) $ 3.0 $ (118.9 ) $ (62.6 ) Interest expense, net 35.1 35.9 39.6 37.6 71.0 77.2 Depreciation, depletion and amortization 104.7 106.0 103.4 112.8 210.7 216.2 Income tax expense (benefit) 4.4 0.3 (23.7 ) 0.3 4.7 (23.4 ) Loss (gain) on disposal of assets, net 5.2 3.4 0.3 (1.4 ) 8.6 (1.1 ) Loss on extinguishment of debt — — — 0.8 — 0.8 Provision for credit losses, net of recoveries 12.8 — — — 12.8 — Stock-based compensation 2.0 1.1 2.9 2.1 3.1 5.0 Lease termination 0.8 — — — 0.8 — Transaction costs 3.3 0.2 — — 3.5 — Severance charges 0.4 — 1.1 0.7 0.4 1.8 Acquisition and integration costs 0.1 0.1 2.9 0.2 0.2 3.1 Supply commitment charges — — — 0.2 — 0.2 Impairment of goodwill — — 67.7 — — 67.7 Gain on insurance recoveries — — (3.2 ) — — (3.2 ) Litigation expenses and accruals for legal contingencies 2.8 1.6 9.2 4.8 4.4 14.0 Loss (gain) on investments, net 10.5 (3.7 ) 1.0 (1.2 ) 6.8 (0.2 ) Adjusted EBITDA $ 78.6 $ 129.5 $ 135.6 $ 159.9 $ 208.1 $ 295.5 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Segment Information Expand Three Months Ended Six Months Ended June 30, March 31, June 30, March 31, June 30, June 30, Revenues Stimulation services $ 432.0 $ 524.5 $ 505.6 $ 517.3 $ 956.5 $ 1,022.9 Proppant production 77.5 67.3 69.5 77.7 144.8 147.2 Manufacturing 55.8 65.8 55.9 43.5 121.6 99.4 Other 65.0 62.2 47.6 41.7 127.2 89.3 Total segments 630.3 719.8 678.6 680.2 1,350.1 1,358.8 Eliminations (128.4 ) (119.5 ) (99.2 ) (98.7 ) (247.9 ) (197.9 ) Total revenues $ 501.9 $ 600.3 $ 579.4 $ 581.5 $ 1,102.2 $ 1,160.9 Adjusted EBITDA Stimulation services $ 51.1 $ 104.6 $ 107.3 $ 125.2 $ 155.7 $ 232.5 Proppant production 14.8 18.3 25.7 28.4 33.1 54.1 Manufacturing 7.3 4.0 0.1 4.4 11.3 4.5 Other 8.4 7.7 4.4 3.6 16.1 8.0 Total segments 81.6 134.6 137.5 161.6 216.2 299.1 Eliminations (3.0 ) (5.1 ) (1.9 ) (1.7 ) (8.1 ) (3.6 ) Total adjusted EBITDA $ 78.6 $ 129.5 $ 135.6 $ 159.9 $ 208.1 $ 295.5 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Net Debt Expand June 30, December 31, (In millions) 2025 2024 Current portion of long-term debt $ 131.0 $ 159.6 Current portion of long-term debt— related party 5.0 5.0 Long-term debt 941.9 936.1 Long-term debt — related party 6.3 8.3 Total debt 1,084.2 1,109.0 Plus: unamortized debt discounts, premiums, and issuance costs 25.8 29.9 Total principal amount of debt 1,110.0 1,138.9 Less: cash and cash equivalents (26.0 ) (14.8 ) Net debt $ 1,084.0 $ 1,124.1 Expand ProFrac Holding Corp. (NasdaqGS: ACDC) Free Cash Flow Expand Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, Net cash provided by operating activities $ 100.4 $ 38.7 $ 113.5 $ 139.1 $ 192.6 Investment in property, plant & equipment (46.5 ) (52.5 ) (61.9 ) (99.0 ) (121.8 ) Proceeds from sale of assets 0.5 0.2 22.4 0.7 29.0 Free cash flow $ 54.4 $ (13.6 ) $ 74.0 $ 40.8 $ 99.8 Expand
