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- Business Wire
ProFrac Holding Corp. Reports Second Quarter 2025 Results
WILLOW PARK, Texas--(BUSINESS WIRE)--ProFrac Holding Corp. (NASDAQ: ACDC) ('ProFrac', or the 'Company') today announced financial and operational results for its second quarter ended June 30, 2025. 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. That said, our operational excellence initiatives continued to deliver value, particularly our asset management program, which is driving impressive capital efficiency gains and enabling us to optimize our capital investments. Additionally, we exceeded our expectations on adjusted EBITDA less capital expenditures and continue to be a leader in our industry on that metric. Since second quarter end, a number of crews have returned to work and we have seen a modest improvement in frac calendar utilization versus the recent trough. Further, we're encouraged by increasing customer engagement around 2026 planning, and believe that given the current market dynamics in hydraulic fracturing, a simultaneous increase in both oil-directed and gas-directed activity could lead to favorable market tightening early next year," said Matt Wilks, ProFrac's Executive Chairman. "While we remain focused on operational excellence and the high-quality service delivery that differentiates ProFrac in the market, we also continue to be strategic and opportunistic in advancing key initiatives that further position us for long-term success. Our ProPilot platform, which is delivering transformational improvements in automated fracturing operations, is a prime example of this. We continue to invest in and develop our ProPilot automation system and have deployed ProPilot to all of our active fleets. Our innovative Flotek partnership unlocked immediate value while providing ownership exposure to a highly scalable gas quality and asset integrity management business. Additionally, we strengthened our financial flexibility through targeted debt refinancing measures that provide incremental liquidity. These initiatives underscore our commitment to creating sustainable competitive advantages while maintaining disciplined capital allocation," concluded Mr. Wilks. 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
Yahoo
3 days ago
- Automotive
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Nissan Qashqai e-Power review: The petrol car that thinks it's an EV
While we're all waiting for the new all-electric Nissan Leaf and Nissan Micra to arrive, there's nothing that's fully electric in Nissan's line-up. What it does have, though, is a petrol-powered car that thinks it's an EV – and does a very good job of giving anyone nervous about going fully electric an opportunity to see what it might be like. The Nissan Qashqai e-Power has just been revamped to make it feel more like an electric car than ever. The e-Power system uses a 1.5-litre petrol engine solely to generate electricity, which powers the car's front wheels via an electric motor. The engine also charges a small 2.1kWh battery through an inverter, but never directly drives the wheels as in conventional hybrids. Additionally, regenerative braking captures kinetic energy during deceleration and stores it in the battery, similar to EVs and full hybrids. The Qashqai e-Power operates in a manner similar to an electric vehicle, offering immediate acceleration and eliminating gear shifts, while the petrol engine supplies the necessary power. This latest model is more powerful than before, more efficient than before and should be cheaper to run than before. Nissan has also taken this as an opportunity for a mild tweak to other aspects of the Qashqai with revisions to its Google-powered infotainment and its ProPilot autonomous driving features. How we tested Despite many hours driving the latest British-built Qashqai on UK roads, it was Spain where I was invited to drive the latest Qashqai e-Power, just south of Barcelona on the streets and motorways down towards Sitges. As well as long drives, I reacquainted myself with the Qashqai, checking on the space and quality that the car offers. Nissan Qashqai e-Power: From £34,860, Independent rating: 7/10 Pros: Real EV feel around town, improved refinement on the motorway Cons: Material quality not the best, imperfect ride Nissan Qashqai e-Power specs Price range: £34,860 to £43,210 Battery size: 2.1kWw Engine: 1.5-litre petrol Claimed mpg: 64 Battery, range, charging, performance and drive This is as close as you can get to an EV without a plug. There's a 1.5-litre petrol engine that's used to generate electricity to power an electric motor that drives the front wheels or charge the tiny 2.1kWh battery. At no time does the petrol engine drive the wheels. While you're aware of the buzz of a petrol engine running away to itself, it's near silent most of the time, especially when you're running around town. Ask for more power for instant acceleration – and acceleration is pretty instant as it is in an EV – and you'll here the engine rev and continue to rev, especially on the motorway. However, while not as silent as a pure EV, the Qashqai e-Power isn't as noisy as a petrol or diesel engine can be. Nissan has worked hard on sound deadening in this latest model to reduce noise by 5.6 decibels compared with the previous model. As with an EV there's an auto gearbox that makes driving the Qashqai a doddle. And as petrol-powered cars go, efficiency looks good with an expected average of 62mpg meaning a total range of 745 miles on one tank of fuel. So the drivetrain is impressive, but the rest of the Qashqai is less so. You're not short of choice in the mid-size SUV market, electric or otherwise. And sadly, the Qashqai has never been near the top of the class. It's far from a bad car, but it just lacks the all-round appeal of rivals. Lesser models feel a bit cheap inside, the ride isn't as comfy as some cars and the price seems high when there are lookalike models from the likes of Omoda available for less. Interior, practicality and boot space The Nissan Qashqai's interior does a decent job of blending practicality with a hint of upmarket ambition, though it doesn't quite hit the premium heights some rivals now manage. The dashboard layout is clear and the controls are where you'd expect, but some of the plastics – particularly lower down – still feel a bit workmanlike. Space is good though. There's decent room up front and enough in the back for adults on shorter trips, though taller passengers might find knee-room tight on longer journeys. You sit high, which drivers will appreciate, but the seats themselves can feel flat over time. Where Nissan has always scored is on in-car practicality and there are loads of useful spaces to put things. I've visited Nissan's engineering base in the UK and they take great pleasure in showing you the racks of odds and ends – from child seats to bizarrely-shaped cups – that they make sure they can fit inside a Qashqai. The boot is usefully shaped and competitive at 504 litres, with an adjustable floor and no annoying load lip – but it's not class-leading. Overall, it's practical in all the right places, but don't expect it to surprise or delight. It's functional more than fabulous. Technology, stereo and infotainment Nissan's Alliance with Renault means that the two companies share a relationship with Google – a good thing as far as in-car tech is concerned. So the widescreen 12.3in infotainment system in the Qashqai is Google powered with Google Maps, Google Assistant – including 'hey Google' voice command – and access to apps on the Google Play Store. It's not all about voice control and Google, though – the inclusion of physical shortcut buttons is welcome, making it easier to switch between functions on the move. Apple CarPlay and Android Auto are standard, with wireless CarPlay on some versions. The stereo is average unless you opt for the Bose system on top-spec models – which adds clarity and punch, but still isn't as immersive as the best out there. You can get some real premium car tech inside with everything from a head-up display and massaging seats to multi-colour ambient lighting and a heated steering wheel. Nissan's ProPilot adaptive driving system has always been good and now features enhanced multi-lane autonomous driving for improved traffic monitoring and environmental awareness – in our tests on the Spanish motorway it drove well. Prices and running costs You're not short of choice with the Qashqai e-Power with five different trim levels to choose from. There's a wide spread of prices, too, ranging from £34,860 to £43,210. In my view the Qashqai looks and feels more like a car in the low- to mid-£30,000s than something in the mid-£40,000s. That's especially the case with the likes of the Jaecoo 7 and Omoda 5 around, the latter looking amazingly similar to the Qashqai. In terms of petrol-powered vehicles, the efficiency is pretty good with an estimated average fuel consumption of 62mpg, providing a total range of approximately 745 miles on a single tank. Nissan Qashqai e-Power rivals Kia Sportage Jaecoo 7 Renault Scenic FAQs How much does it cost - is it worth it? You'll probably want to avoid more expensive models in the £40,000s, but I reckon the sweet spot is the N-Connecta model which gets a good look and a decent amount of tech. Does Nissan replace batteries for free? There's eight years or 100,000 mile cover for the battery pack, five years on EV components and a three-year or 60,000 mile warranty on the rest of the car. Why trust us Our team of motoring experts have decades of experience driving, reviewing and reporting on the latest EV cars, and our verdicts are reached with every kind of driver in mind. We thoroughly test drive every car we recommend, so you can be sure our verdicts are honest, unbiased and authentic. The verdict: Nissan Qashqai e-Power If you're thinking of going electric, but the plugging in part is problematic, the Qashqai e-Power makes a strong case for itself. Around town you'd genuinely think you were driving an EV – it's hushed and smooth. This latest version is more efficient and quieter on the motorway, too. But as much as the tech is impressive, the Qashqai itself is merely an also-ran amongst a sea of excellent family SUVs.
The Independent
3 days ago
- Automotive
- The Independent
Nissan Qashqai e-Power review: The petrol car that thinks it's an EV
While we're all waiting for the new all-electric Nissan Leaf and Nissan Micra to arrive, there's nothing that's fully electric in Nissan's line-up. What it does have, though, is a petrol-powered car that thinks it's an EV – and does a very good job of giving anyone nervous about going fully electric an opportunity to see what it might be like. The Nissan Qashqai e-Power has just been revamped to make it feel more like an electric car than ever. The e-Power system uses a 1.5-litre petrol engine solely to generate electricity, which powers the car's front wheels via an electric motor. The engine also charges a small 2.1kWh battery through an inverter, but never directly drives the wheels as in conventional hybrids. Additionally, regenerative braking captures kinetic energy during deceleration and stores it in the battery, similar to EVs and full hybrids. The Qashqai e-Power operates in a manner similar to an electric vehicle, offering immediate acceleration and eliminating gear shifts, while the petrol engine supplies the necessary power. This latest model is more powerful than before, more efficient than before and should be cheaper to run than before. Nissan has also taken this as an opportunity for a mild tweak to other aspects of the Qashqai with revisions to its Google -powered infotainment and its ProPilot autonomous driving features. How we tested Despite many hours driving the latest British-built Qashqai on UK roads, it was Spain where I was invited to drive the latest Qashqai e-Power, just south of Barcelona on the streets and motorways down towards Sitges. As well as long drives, I reacquainted myself with the Qashqai, checking on the space and quality that the car offers. Nissan Qashqai e-Power: From £34,860, Independent rating: 7/10 Nissan Qashqai e-Power specs Price range: £34,860 to £43,210 Battery size: 2.1kWw Engine: 1.5-litre petrol Claimed mpg: 64 Battery, range, charging, performance and drive This is as close as you can get to an EV without a plug. There's a 1.5-litre petrol engine that's used to generate electricity to power an electric motor that drives the front wheels or charge the tiny 2.1kWh battery. At no time does the petrol engine drive the wheels. While you're aware of the buzz of a petrol engine running away to itself, it's near silent most of the time, especially when you're running around town. Ask for more power for instant acceleration – and acceleration is pretty instant as it is in an EV – and you'll here the engine rev and continue to rev, especially on the motorway. However, while not as silent as a pure EV, the Qashqai e-Power isn't as noisy as a petrol or diesel engine can be. Nissan has worked hard on sound deadening in this latest model to reduce noise by 5.6 decibels compared with the previous model. As with an EV there's an auto gearbox that makes driving the Qashqai a doddle. And as petrol-powered cars go, efficiency looks good with an expected average of 62mpg meaning a total range of 745 miles on one tank of fuel. So the drivetrain is impressive, but the rest of the Qashqai is less so. You're not short of choice in the mid-size SUV market, electric or otherwise. And sadly, the Qashqai has never been near the top of the class. It's far from a bad car, but it just lacks the all-round appeal of rivals. Lesser models feel a bit cheap inside, the ride isn't as comfy as some cars and the price seems high when there are lookalike models from the likes of Omoda available for less. Interior, practicality and boot space The Nissan Qashqai's interior does a decent job of blending practicality with a hint of upmarket ambition, though it doesn't quite hit the premium heights some rivals now manage. The dashboard layout is clear and the controls are where you'd expect, but some of the plastics – particularly lower down – still feel a bit workmanlike. Space is good though. There's decent room up front and enough in the back for adults on shorter trips, though taller passengers might find knee-room tight on longer journeys. You sit high, which drivers will appreciate, but the seats themselves can feel flat over time. Where Nissan has always scored is on in-car practicality and there are loads of useful spaces to put things. I've visited Nissan's engineering base in the UK and they take great pleasure in showing you the racks of odds and ends – from child seats to bizarrely-shaped cups – that they make sure they can fit inside a Qashqai. The boot is usefully shaped and competitive at 504 litres, with an adjustable floor and no annoying load lip – but it's not class-leading. Overall, it's practical in all the right places, but don't expect it to surprise or delight. It's functional more than fabulous. Technology, stereo and infotainment Nissan's Alliance with Renault means that the two companies share a relationship with Google – a good thing as far as in-car tech is concerned. So the widescreen 12.3in infotainment system in the Qashqai is Google powered with Google Maps, Google Assistant – including 'hey Google' voice command – and access to apps on the Google Play Store. It's not all about voice control and Google, though – the inclusion of physical shortcut buttons is welcome, making it easier to switch between functions on the move. Apple CarPlay and Android Auto are standard, with wireless CarPlay on some versions. The stereo is average unless you opt for the Bose system on top-spec models – which adds clarity and punch, but still isn't as immersive as the best out there. You can get some real premium car tech inside with everything from a head-up display and massaging seats to multi-colour ambient lighting and a heated steering wheel. Nissan's ProPilot adaptive driving system has always been good and now features enhanced multi-lane autonomous driving for improved traffic monitoring and environmental awareness – in our tests on the Spanish motorway it drove well. Prices and running costs You're not short of choice with the Qashqai e-Power with five different trim levels to choose from. There's a wide spread of prices, too, ranging from £34,860 to £43,210. In my view the Qashqai looks and feels more like a car in the low- to mid-£30,000s than something in the mid-£40,000s. That's especially the case with the likes of the Jaecoo 7 and Omoda 5 around, the latter looking amazingly similar to the Qashqai. In terms of petrol-powered vehicles, the efficiency is pretty good with an estimated average fuel consumption of 62mpg, providing a total range of approximately 745 miles on a single tank. Nissan Qashqai e-Power rivals FAQs How much does it cost - is it worth it? You'll probably want to avoid more expensive models in the £40,000s, but I reckon the sweet spot is the N-Connecta model which gets a good look and a decent amount of tech. Does Nissan replace batteries for free? There's eight years or 100,000 mile cover for the battery pack, five years on EV components and a three-year or 60,000 mile warranty on the rest of the car. Why trust us Our team of motoring experts have decades of experience driving, reviewing and reporting on the latest EV cars, and our verdicts are reached with every kind of driver in mind. We thoroughly test drive every car we recommend, so you can be sure our verdicts are honest, unbiased and authentic. The verdict: Nissan Qashqai e-Power If you're thinking of going electric, but the plugging in part is problematic, the Qashqai e-Power makes a strong case for itself. Around town you'd genuinely think you were driving an EV – it's hushed and smooth. This latest version is more efficient and quieter on the motorway, too. But as much as the tech is impressive, the Qashqai itself is merely an also-ran amongst a sea of excellent family SUVs.
Yahoo
10-06-2025
- Automotive
- Yahoo
Uber, SoftBank-Backed Wayve To Test Self-Driving Cars On Public Roads In UK
Wayve and Uber Technologies, Inc (NYSE:UBER) on Tuesday announced a first-ever plan to develop and launch public-road trials of Level 4 (L4) fully autonomous vehicles in London. This was enabled by the U.K. Secretary of State for Transport's announcement of an accelerated framework for self-driving commercial pilots. In 2024, Wayve and Uber announced a multi-year collaboration to integrate Wayve's Embodied AI into vehicles operating on the Uber platform. This next phase moves the partnership into live operational trials on U.K. roads, building toward scaled deployment in key European announcement marks the U.K. as the largest market in which Uber shares plans to pilot autonomous vehicles. The trials will combine Wayve's Embodied AI platform with Uber's global mobility network to bring autonomous vehicles to the streets of Europe at scale. Wayve and Uber will collaborate with the U.K. Government and Transport for London on the regulatory approval process before the launch. Heidi Alexander, Secretary of State for Transport, said that by fast-tracking pilots of self-driving vehicles to spring 2026, it noted safety-first tests that will drive growth, create 38,000 jobs, and add 42 billion pounds to its economy. In April, Nissan Motor announced partnering with Wayve to power the next generation of its ProPilot driver-assist system, set to debut in vehicles by the 2027 fiscal year. Wayve, backed by a $1.3 billion funding led by SoftBank (OTC:SFTBF) (OTC:SFTBY), has emerged as a key player in the autonomous vehicle space. Other major investors include Nvidia Corp (NASDAQ:NVDA), Microsoft Corp (MSFT), and Uber. Price Action: UBER stock is trading higher by 0.59% to $87.63 premarket at last check Tuesday. Read Next:Photo by DenPhotos via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Uber, SoftBank-Backed Wayve To Test Self-Driving Cars On Public Roads In UK originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Top Gear
03-06-2025
- Automotive
- Top Gear
Buy Nissan Ariya Price, PPC or HP
Buying What should I be paying? You've got four trims, two batteries and a choice of front-wheel or four-wheel drive powertrains to choose from, starting at £39,655 for the entry-level Engage model and topping out at £56,620 for the Nismo with its perky twin motors. As an example on Nissan's own finance scheme, you'd be looking at around £590 a month for the Ariya in Advance trim with the bigger battery over three years/10,000 miles and a £4,500 deposit. Advertisement - Page continues below What are the trims like? The £39,655 Engage squeaks under the £40k threshold for the Expensive Car Supplement that comes with your VED bill. It offers the small 63kWh battery, 19in alloys, LED headlights, a heat pump, dual zone aircon, auto lights and wipers, rear parking camera and Apple/Android connectivity as standard. It's an extra £5k for the bigger 87kWh battery. Advance trim starts at £43,155 and adds a powered tailgate, heated front seats and windscreen, wireless phone charging, fancy ProPilot cruise control and 360-degree parking cameras. Again, it's £5k for the bigger battery and this time you can add another £2.7k on top for AWD. Evolve spec comes in from £47,150 with the same jumps for the bigger battery and extra motor on the rear wheels, this trim adding a panoramic sunroof, ventilated front seats and heated rear seats, the power sliding centre console, Bose sound system and the head-up display. The £56,630 Nismo car has some exterior styling tweaks, light drivetrain upgrades and the bootful of extra power, as well as 20in alloys and some further styling upgrades on the inside. Advertisement - Page continues below The Ariya looked pricey compared to some of its competitors when it was launched, but recent reductions have actually brought the entry price down below a few of its main rivals. Which one should I go for? Range is the thing here – if it was our money, it would be going on the £48k Advance trim car with the bigger battery, for 329 miles of range and some choice equipment additions over the entry-level car (we love our heated seats). If you want to, you can add the panoramic sunroof (£1,295) and a Bose tech pack (£1,750) that features a 10-speaker sound system, head-up display and digital rearview mirror, but save it and go on a nice holiday instead. If you're after a performance EV and are eying up the £56k Nismo version, perhaps we could interest you in the infinitely more entertaining £65k Hyundai Ioniq 5 N? Or perhaps the £40k entry car plus a second-hand Caterham for sunny weekends. You know it makes sense.
