ProFrac Holding Corp (NASDAQ: ACDC) is an oilfield services company that provides hydraulic fracturing and completion services to upstream oil and natural gas exploration and production companies in the United States. Revenue is transactional, generated across four segments: Stimulation Services (mobile hydraulic fracturing fleets), Proppant Production (sand and proppant supply via Alpine), Manufacturing (high horsepower pumps, valves, piping, fluid ends, manifold systems), and Flotek (chemistry and data technology services for E&P customers). The company is vertically integrated, designing and manufacturing its own equipment and producing its own proppant. Total revenue was $1,941.8 million in FY2025, down from $2,190.9 million in FY2024. Net loss was $355.5 million in FY2025. Long-term debt stood at $1,048.1 million as of December 31, 2025. Founded in 2016, the company is controlled by the Wilks family. Matt Wilks serves as Executive Chairman and Ladd Wilks serves as Chief Executive Officer.

Revenue model

Transactional revenue across four segments: Stimulation Services charges E&P customers for hydraulic fracturing operations using mobile fleet equipment; Proppant Production sells sand and proppant to oilfield service providers and E&P companies; Manufacturing sells pumps, valves, piping, fluid ends, and manifold systems; Flotek sells chemistry products and data technology services to the E&P industry. A newer subsidiary, Livewire Power, began providing onsite natural gas power generation services in October 2024.

Products and services

Mobile hydraulic fracturing units and auxiliary completion equipment (Stimulation Services); sand and proppant (Proppant Production via Alpine); high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends (Manufacturing); oilfield chemistry and data technology services (Flotek); onsite natural gas reciprocating engine and turbine power generation (Livewire Power).

Customers and end markets

Customers are upstream oil and natural gas E&P companies operating in North American unconventional resource plays within the United States. Secondary customers for proppant include oilfield service providers. Demand is directly tied to E&P capital expenditure budgets, which are driven by oil and natural gas prices.

Value-chain role

Oilfield services provider positioned at the completion and well stimulation stage of the upstream value chain. Vertical integration spans equipment manufacturing, proppant production, chemistry services, and field operations, reducing dependence on third-party suppliers for key inputs.

Geographic exposure

Primarily United States, with field operations and manufacturing facilities across Texas, Oklahoma, North Dakota, Ohio, Pennsylvania, Colorado, and other states. Additional facilities in Alberta, Canada and Abu Dhabi, UAE as of the FY2025 10-K filing.

Source: SEC 10-K, filed 2026-03-13

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