FTS International, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2021 10-Q, filed Nov 5, 2021. Its latest SEC filing is a SC 13G/A from Apr 8, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Provides hydraulic fracturing services and supplies the equipment, crews and materials needed to stimulate oil and natural gas wells for exploration and production companies.

How Did They Make Money?

Oil and gas producers pay for hydraulic-fracturing services by completed stage, including equipment and any materials used; some contracts charge for use of a fleet over time.

FY2019 revenue

Who Were Their Customers?

Primarily large, independent exploration and production companies in North America contract for well-fracturing services.

Customers above 10% of revenue, FY2019

of revenue from one customer

FY2018: 24% from one customer

Did Revenues Turn Into Profits?

No. It lost $72.9M in FY2019.

Operating income, FY2019

−6% of revenue

▼ Now a loss vs FY2018 ($318.4M, 21%)

Net income, FY2019

−9% of revenue

▼ Now a loss vs FY2018 ($258.4M, 17%)

How Were They Changing?

Since the FY2020 annual report

Latest quarter: Q3 FY2021, the three months to Sep 30, 2021

Revenue: ▲ +183%; vs $32.1M in Q3 FY2020
Net income: ▼ −85% (Loss); vs −$68.7M in Q3 FY2020

Mar 7, 2022 ProFrac completed its merger with FTS International FTSI became a majority-owned subsidiary of ProFrac, and requested withdrawal of its NYSE American listing.

Grew. Revenue grew 46% in 3 years, from $532.2M in FY2016 to $776.6M in FY2019, about 13% a year.

Who Did They Compete With?

Competes with Halliburton, NextTier Oilfield Solutions, ProPetro Holding, Liberty Oilfield Services, RPC, Patterson-UTI Energy, and Pro Frac Services

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