Flowco Holdings Inc. Reports First Quarter 2025 Results
HOUSTON--(BUSINESS WIRE)--May 13, 2025--
Flowco Holdings Inc. (NYSE: FLOC) ("Flowco" or the "Company"), a provider of production optimization, artificial lift and methane abatement solutions for the oil and natural gas industry, today announced financial results for the first quarter ended March 31, 2025.
Where presented, the financial results for 2024 represent periods (i) during which Flowco's operating subsidiary, Flowco MergeCo LLC ("Flowco LLC"), was a privately-owned limited liability company and (ii) prior to the completion of Flowco's initial public offering in January 2025. Historical financial information for the periods ended in 2024 reflects information for Flowco LLC, and historical financial information presented prior to June 20, 2024 reflects only the historical financial information of Estis Compression LLC ("Estis") as the accounting predecessor prior to the business combination of Estis, Flowco Production Solutions, L.L.C. ("FPS") and Flogistix, LP ("Flogistix") and parent entities formed in connection with such business combination (the "2024 Business Combination").
Key First Quarter 2025 Highlights
-- Revenues of $192.4 million, generating net income of $27.0 million and
Adjusted Net Income1 of $32.8 million
-- Adjusted EBITDA1 of $74.9 million
-- Adjusted EBITDA Margin1 of 38.9%
-- In May 2025, Flowco's Board of Directors declared a quarterly cash
dividend of $0.08 per share
-- Robust balance sheet with $547.4 million of availability under our
revolving credit facility as of May 9, 2025
Financial Summary
Three Months Ended
------------------------------------------------
March 31, December 31, March 31,
2025 2024 2024
----------- -------------- -----------
(in thousands)
Revenues $ 192,350 $ 185,993 $ 66,712
Net income 27,045 22,336 17,185
Adjusted Net
Income (1) 32,769 28,779 17,574
Adjusted EBITDA
(1) 74,901 73,779 34,226
------- ---------- -------
Adjusted EBITDA
Margin (1) 38.9% 39.7% 51.3%
(1) Adjusted Net Income, Adjusted EBITDA, and Adjusted EBITDA Margin are
non-GAAP financial measures. See definitions of these measures and the
reconciliation of GAAP to non-GAAP financial measures outlined in the
reconciliation tables accompanying this press release.
Joe Bob Edwards, President and CEO, commented, "Flowco delivered solid first-quarter results, underscoring the resilience of our business and the strength of both our Production Solutions and Natural Gas Technologies operating segments. We believe our differentiated portfolio of products, technology and services continues to position us as a partner of choice for customers, while supporting our financial performance through dynamic markets.
Over the past several weeks, the U.S. upstream outlook has been challenged by evolving tariff policies, OPEC+ commentary suggesting accelerated production, and broader economic uncertainty. At current commodity price levels, many of our customers have announced plans to modestly reduce capital spending, but most have reiterated or only slightly reduced their production expectations. Importantly, operators have also emphasized their commitment to generating cash flow through the cycle. Flowco's strategic focus on production optimization and our integral role in a critical path of our customers' operations uniquely positions us to deliver value, as we work alongside operators to drive greater performance through this dynamic market backdrop.
We remain confident in our ability to generate growth year over year, even in a flat production environment. We continue to invest growth capital in our High Pressure Gas Lift and Vapor Recovery offerings, which are experiencing strong demand driven by broader customer adoption. Under the current tariff environment, we believe our High Pressure Gas Lift solution offers a cost-effective alternative to certain other competing technologies that may be negatively impacted by tariffs. Thanks to our vertically integrated manufacturing footprint and domestic supply chain, we believe our exposure to similar tariff-related cost pressures remains limited.
Although we expect ongoing market volatility, our strategic positioning, innovative solutions and capital discipline give us confidence in our ability to navigate the current uncertainties and evolving market landscape while delivering attractive returns on capital employed."
Segment Information
We report our results in two segments, Production Solutions and Natural Gas Technologies. Production Solutions includes the rental, sale and service associated with high pressure gas lift, conventional gas lift and plunger lift, including a range of digital solutions and other production related technologies. Natural Gas Technologies includes the design, manufacture, rental and sale of vapor recovery and natural gas systems. Corporate costs not directly related to either segment are categorized separately.
Segment Financial Information
Three Months Ended
------------------------------------------------
March 31, December 31, March 31,
2025 2024 2024
----------- -------------- -----------
(in thousands)
Production
Solutions
Revenues $ 115,992 $ 113,330 $ 46,163
Adjusted Segment
EBITDA (1) 50,590 49,929 31,672
------- ---------- -------
Adjusted Segment
EBITDA Margin
(1) 43.6% 44.1% 68.6%
Natural Gas
Technologies
Revenues $ 76,358 $ 72,663 $ 20,549
Adjusted Segment
EBITDA (1) 28,662 27,802 2,571
------- ---------- -------
Adjusted Segment
EBITDA Margin
(1) 37.5% 38.3% 12.5%
Corporate
Revenues $ -- $ -- $ --
Adjusted Segment
EBITDA (1) (4,351) (3,952) (17)
------- ---------- -------
Adjusted Segment
EBITDA Margin
(1) nm nm nm
Total
Revenues $ 192,350 $ 185,993 $ 66,712
Adjusted Segment
EBITDA (1) 74,901 73,779 34,226
------- ---------- -------
Adjusted Segment
EBITDA Margin
(1) 38.9% 39.7% 51.3%
(1) Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin are non-GAAP
financial measures. See definitions of these measures and the
reconciliation of GAAP to non-GAAP financial measures outlined in the
reconciliation tables accompanying this release.
Production Solutions
First quarter 2025 revenue for the Production Solutions segment increased 2.3% from the fourth quarter of 2024, and Adjusted Segment EBITDA increased 1.3% quarter over quarter for the same periods. The increase in revenue and Adjusted Segment EBITDA resulted from higher operating leverage. Adjusted Segment EBITDA Margin decreased 44 basis points due to credited expenses incurred in the fourth quarter related to the establishment of our corporate function.
Natural Gas Technologies
First quarter 2025 revenue for the Natural Gas Technologies segment increased 5.1% from the fourth quarter of 2024, primarily due to a shift in timing of sales within Natural Gas systems. Adjusted Segment EBITDA increased 3.1% quarter over quarter for the same periods, with Adjusted Segment EBITDA Margins down 73 basis points due to unfavorable revenue mix.
Corporate
Corporate Adjusted Segment EBITDA for the quarter ended March 31, 2025 was ($4.4) million, compared to ($3.9) million corporate Adjusted Segment EBITDA in the quarter ended December 31, 2024. The decrease in corporate Adjusted Segment EBITDA was primarily associated with the continued buildout of our public corporate functions.
Balance Sheet & Liquidity
As of May 9, 2025, the Company had outstanding borrowings under its senior secured revolving credit facility ("Credit Agreement") of $175.6 million and, with a current borrowing base of $723.0 million, had availability under the Credit Agreement of $547.4 million.
Dividend Declaration
On May 2, 2025, Flowco announced that its Board of Directors had declared a quarterly cash dividend of $0.08 per share of Class A common stock payable on May 28, 2025 to Class A common stockholders of record as of the close of business on May 14, 2025. Flowco MergeCo LLC, the Company's operating subsidiary, will make a corresponding distribution of $0.08 per unit to holders of its common units.
Conference Call and Webcast Information
Flowco will host a conference call on Tuesday, May 13, 2025, at 8:00 am. Eastern Time to discuss first quarter 2025 results. The conference call can be accessed live over the phone by dialing 1-877-704-4453 (for the U.S.) or 1-201-389-0920 (for International). A telephonic replay of the conference call will be available two hours after the call and can be accessed by dialing 1-844-512-2921 (for the U.S.) or 1-412-317-6671 (for International). The passcode for the call and replay is 13752793. A live webcast of the conference call will also be available under the Investor Relations section of Flowco's website at ir.flowco-inc.com.
About Flowco
Flowco is a leading provider of production optimization, artificial lift and methane abatement solutions for the oil and natural gas industry. The company's products and services include a full range of equipment and technology solutions that enable oil and natural gas producers to efficiently and cost-effectively maximize the profitability and economic lifespan of their assets.
Forward-Looking Statements
The information in this press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release may be forward-looking statements. These statements generally relate to future events or our future financial or operating performance, and include, but are not limited to: statements regarding guidance or estimates related to the Company's results of operations or financial condition; industry trends, customer demand and industry outlook, and effects on Flowco's operations; Flowco's strategies and plans, including matters relating to the Company growth, capital expenditures, dividend policies, and leverage profile. When used in this press release, words such as "expect, " "project," "estimate," "believe," "anticipate," "intend," "plan," "seek," "forecast," "target," "predict," "may," "should," "would," "could," and "will," the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Flowco believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. These risks and uncertainties are described further in Item 1A under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission. Flowco undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Flowco Holdings Inc.
Condensed Consolidated Statement of Operations
Three Months Ended
---------------------------------
March
March 31, December 31,
2025 31, 2024 2024
----------- --------- -------
(in thousands except share and
per share amounts)
Revenues:
Rentals $ 97,296 $ 91,705 $46,163
Sales 95,054 94,288 20,549
---------- -------- ------
Total revenues 192,350 185,993 66,712
Operating expenses:
Cost of rentals
(exclusive of
depreciation and
amortization
disclosed
separately
below) 26,851 25,538 10,975
Cost of sales
(exclusive of
depreciation and
amortization
disclosed
separately
below) 65,566 65,857 16,933
Selling, general
and
administrative
expenses 30,534 26,249 4,476
Depreciation and
amortization 34,119 34,360 11,712
(Gain) loss on
sale of
equipment (45) 70 389
---------- -------- ------
Income from
operations 35,325 33,919 22,227
Other expenses:
Interest expenses (5,365) (10,171) (4,807)
Other expenses,
net (267) (943) (102)
---------- -------- ------
Total other
expenses (5,632) (11,114) (4,909)
---------- -------- ------
Income before
provision for
income taxes 29,693 22,805 17,318
Provision for
income taxes (2,648) (469) (133)
---------- -------- ------
Net income 27,045 $ 22,336 $17,185
======== ======
Net income
attributable to
redeemable
non-controlling
interests 20,873
----------
Net income
attributable to
Flowco Holdings
Inc. $ 6,172
==========
Earnings per share
(1):
Basic $ 0.24
Diluted $ 0.24
Weighted average
shares outstanding
(1):
Basic 25,721,620
Diluted 26,187,264
(1) Basic and diluted earnings per of share and weighted average shares of
Class A and Class B common stock outstanding for the period from
January 16, 2025 through March 31, 2025, the period following the
Company's initial public offering and the related reorganization
transactions through the end of first quarter 2025
Flowco Holdings Inc.
Condensed Consolidated Balance Sheets
As of
------------------------------------------
March 31, December 31,
2025 2024
------------------ ------------------
(in thousands except share and per share
amounts)
Assets
Current assets:
Cash and cash
equivalents $ 687 $ 4,615
Accounts receivable,
net of allowances
for credit losses of
$1,306 and $1,169,
respectively 134,301 120,353
Inventory 156,956 151,179
Prepaid expenses and
other current
assets 5,004 9,982
--- ------------- --------------
Total current
assets 296,948 286,129
Property, plant and
equipment, net 706,812 702,616
Operating lease
right-of-use assets 18,065 19,480
Finance lease
right-of-use assets 23,077 21,871
Intangible assets, net 294,724 302,522
Goodwill 249,692 249,692
Deferred tax asset 10,173 --
Other assets 6,319 6,639
--- ------------- --------------
Total assets $ 1,605,810 $ 1,588,949
=== ============= ==============
Liabilities, redeemable
non-controlling
interests and
stockholders'/members'
equity (deficit)
Current liabilities:
Accounts payable $ 31,722 $ 31,321
Accrued expenses 27,132 33,829
Current portion of
operating lease
obligations 7,530 6,809
Current portion of
finance lease
obligations 12,162 7,837
Deferred revenue 7,578 8,002
--- ------------- --------------
Total current
liabilities 86,124 87,798
Long-term liabilities:
Long-term debt, net 181,014 635,916
Tax receivable
agreement liability 12,484 --
Operating lease
obligations, net of
current portion 10,672 12,739
Finance lease
obligations, net of
current portion 9,934 13,389
--- ------------- --------------
Total long-term
liabilities 214,104 662,044
--- ------------- --------------
Total liabilities 300,228 749,842
Commitments and
contingencies
--- ------------- --------------
Redeemable
non-controlling
interests 1,675,676 --
--- ------------- --------------
Members' equity:
Members' equity -- 839,107
--- ------------- --------------
Total members'
equity -- 839,107
--- ------------- --------------
Stockholders' equity
(deficit):
Class A common
stock, $0.0001 par
value -- 300,000,000
shares authorized;
25,721,620 shares
issued and
outstanding as of
March 31, 2025; no
such shares
authorized, issued
or outstanding as of
December 31, 2024. 3 --
Class B common
stock, $0.0001 par
value -- 150,000,000
shares authorized;
64,823,042 shares
issued and
outstanding as of
March 31, 2025; no
such shares
authorized, issued
or outstanding as of
December 31, 2024. 6 --
Additional paid-in
capital -- --
Retained earnings
(deficit) (370,103) --
--- ------------- --------------
Total
stockholders'
equity (deficit)
to Flowco
Holdings Inc. (370,094) --
--- ------------- --------------
Total liabilities,
redeemable
non-controlling
interests and
members'/stockholders'
equity (deficit) $ 1,605,810 $ 1,588,949
=== ============= ==============
Flowco Holdings Inc.
Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31,
----------------------------------
2025 2024
----------------- -----------
(in thousands)
Cash flows from operating
activities
Net income $ 27,045 $ 17,185
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 34,119 11,712
Provision for
inventory
obsolescence 603 --
Amortization of
operating right-of-use
assets 2,052 161
Amortization of
deferred financing
costs 335 117
(Gain) loss on sale of
equipment (45) 389
Gain on lease
termination (190) (120)
Share-based
compensation 4,962 17
Provision for deferred
income taxes 2,648 --
Allowance for credit
losses 407 --
Changes in operating
assets and liabilities:
Accounts receivable (14,355) (385)
Inventory (6,380) (4,785)
Prepaid expenses and
other current assets 461 (1,263)
Accounts payable -
trade 401 2,301
Accrued expenses (6,943) 2,355
Deferred revenue (426) 109
Operating lease
liabilities (1,848) (669)
Finance lease
liabilities (297) --
------------- ----------
Net cash provided by
operating activities 42,549 27,124
------------- ----------
Cash flows used in investing
activities
Additions to property,
plant and equipment (27,850) (14,774)
Proceeds from sale of
property, plant and
equipment 206 29
Payment for capitalized
patent costs (19) --
------------- ----------
Net cash used in investing
activities (27,663) (14,745)
------------- ----------
Cash flows used in financing
activities
Issuance of Class A
common stock in IPO, net
of underwriting discount 461,803 --
Payment of offering costs (2,034) --
Payments on long-term debt (564,764) --
Proceeds from long-term
debt 109,862 5,364
Payments on finance lease
obligations (2,829) --
Proceeds on finance lease
terminations 37 120
Purchase of LLC Interests
from Continuing Equity
Owners (20,876) --
Payment of debt issuance
costs (13) --
Distributions to members -- (17,000)
------------- ----------
Net cash used in financing
activities (18,814) (11,516)
------------- ----------
Net increase (decrease) in
cash and cash equivalents (3,928) 863
Cash and cash equivalents
Beginning of period 4,615 --
------------- ----------
End of period $ 687 $ 863
============= ==========
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States ("GAAP"), the Company uses non-GAAP financial measures, such as Adjusted Net Income, EBITDA and Adjusted EBITDA, as well as Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin, in this press release to supplement financial information presented in accordance with GAAP. We believe that excluding certain items from our GAAP results provides management additional insight on the consolidated financial performance from period to period to project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our management and investors with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The Company urges investors to review the reconciliation and not to rely on any single financial measure to evaluate our business.
Adjusted Net Income
Adjusted Net Income is a non-GAAP measure that we define as net income (loss) adjusted to eliminate the impact of (i) transaction-related expenses, (ii) share-based compensation, (iii) loss on the sale of equipment, (iv) loss on debt payments and (v) changes to the value of our inventory. Adjusted Net Income is a supplemental non-GAAP financial measure used by management, our stockholders and others to provide visibility on the profitability and financial strength of the Company by excluding certain expenses related to non-recurring Company transactions.
Reconciliation from net income to Adjusted Net Income is set forth as follows:
Three Months Ended
-----------------------------------------
March 31, December 31, March 31,
2025 2024 2024
----------- -------------- -----------
(in thousands)
Net income $ 27,045 $ 22,336 $ 17,185
Transaction related
expenses (1) 493 2,727 --
Share-based
compensation expense
(2) 4,962 483 --
Loss on sale of
equipment (45) 70 389
Loss on debt
extinguishment -- -- --
Inventory valuation
adjustments (3) 314 3,163 --
------- ---------- -------
Adjusted Net Income $ 32,769 $ 28,779 $ 17,574
======= ========== =======
(1) Represents the transaction-related expenses as part of the 2024
Business Combination and non-capitalizable IPO related costs, which
were expensed as incurred and included in the consolidated statements
of operations.
(2) Reflects non-cash compensation expense for equity-based awards to our
employees and non-employee directors for the periods presented.
(3) Reflects non-cash adjustment related to inventory fair value step-up
from 2024 Business Combination which has been included in cost of
sales.
Adjusted EBITDA and Adjusted EBITDA margin
We define EBITDA as net income, adjusted to exclude interest expense, provision for income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted to exclude (i) share-based compensation expense, (ii) business combination-related expenses and (iii) other non-cash and non-recurring expenses.
EBITDA and Adjusted EBITDA are key performance indicators we use in evaluating our operating performance and in making financial, operating and planning decisions. In particular, the exclusion of certain expenses in calculating EBITDA and Adjusted EBITDA provides additional visibility on operating performance across reporting periods by removing the effect of non-cash and/or non-recurring expenses. Accordingly, we believe that this measure provides useful information to our stockholders and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Reconciliation from net income to EBITDA and Adjusted EBITDA are set forth as follows:
Three Months Ended
-----------------------------------------
March 31, December 31, March 31,
2025 2024 2024
----------- -------------- -----------
(in thousands)
Net income $ 27,045 $ 22,336 $ 17,185
Interest expense 5,365 10,171 4,807
Provision for income
taxes (1) 2,648 469 133
Depreciation and
amortization 34,119 34,360 11,712
------- ---------- -------
EBITDA 69,177 67,336 33,837
Transaction related
expenses (2) 493 2,727 --
Share-based
compensation expense
(3) 4,962 483 --
Loss on sale of
equipment (45) 70 389
Loss on debt
extinguishment -- -- --
Inventory valuation
adjustments (4) 314 3,163 --
------- ---------- -------
Adjusted EBITDA $ 74,901 $ 73,779 $ 34,226
======= ========== =======
(1) Previously issued non-GAAP information did not include provision for
income taxes amounts as a reconciling item for the year ended December
31, 2023, as Texas margin tax was included within other expense in the
previously issued consolidated statements of operations. In order to
conform with current year's presentation, the Company reclassified
Texas margin tax amounts from other expense into provision for income
taxes, and consequently, have been included as a reconciling item to
Adjusted EBITDA from net income for all periods presented above.
(2) Represents the transaction-related expenses as part of the 2024
Business Combination and non-capitalizable IPO related costs, which
were expensed as incurred and included in the consolidated statements
of operations.
(3) Reflects non-cash compensation expense for equity-based awards to our
employees and non-employee directors for the periods presented.
(4) Reflects non-cash adjustment related to inventory fair value step-up
from 2024 Business Combination which has been included in cost of
sales.
Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin
In addition to business segment profit or loss, our management also evaluates Adjusted Segment EBITDA, which is presented on a business unit level for purposes of allocating resources and evaluating operating and financial performance. As discussed above, the Company operates and manages its business units in the following two operating and reporting segments:
-- Production Solutions: relates to rentals, sales and services related to
high pressure gas lift, conventional gas lift and plunger lift;
including other digital solutions and methane abatement technologies.
-- Natural Gas Technologies: relates to the design and manufacturing for the
rental, sales and servicing of vapor recovery and natural gas systems.
We define Adjusted Segment EBITDA as segment net income, as adjusted in the same manner as defined for EBITDA and Adjusted EBITDA above. Reconciliation from segment net income, which includes direct segment costs but excludes corporate costs not directly related to either segment, to Adjusted Segment EBITDA is set forth as follows:
Three Months Ended
----------------------------------
December
March 31, 31, March 31,
2025 2024 2024
--------- -------- ---------
(in thousands)
Production
Solutions
Net income $ 29,032 $ 29,712 $ 14,978
Interest expense 93 (3,031) 4,807
Provision for
income taxes 211 356 72
Depreciation and
amortization 19,614 20,198 11,426
--------- -------- ---------
EBITDA 48,950 47,235 31,283
Transaction
related
expenses (1) -- -- --
Share-based
compensation
expense (2) 1,280 329 --
Loss on sale of
equipment 46 41 389
Loss on debt
extinguishment -- (221) --
Inventory
valuation
adjustments
(3) 314 2,545 --
--------- -------- ---------
Adjusted Segment
EBITDA 50,590 49,929 31,672
Natural Gas
Technologies
Net income $ 11,632 $ 14,542 $ 2,224
Interest expense 202 (1,816) --
Provision for
income taxes 112 113 61
Depreciation and
amortization 14,499 14,162 286
--------- -------- ---------
EBITDA 26,445 27,001 2,571
Transaction
related
expenses (1) -- -- --
Share-based
compensation
expense (2) 2,308 154 --
Loss on sale of
equipment (91) 29 --
Loss on debt
extinguishment -- -- --
Inventory
valuation
adjustments
(3) -- 618 --
--------- -------- ---------
Adjusted Segment
EBITDA 28,662 27,802 2,571
Corporate
Net income $ (13,619) $ (21,918) $ (17)
Interest expense 5,070 15,018 --
Provision for
income taxes 2,325 -- --
Depreciation
and
amortization 6 -- --
--------- -------- ---------
EBITDA (6,218) (6,900) (17)
Transaction
related
expenses (1) 493 2,727 --
Share-based
compensation
expense (2) 1,374 -- --
Loss on sale of
equipment -- -- --
Loss on debt
extinguishment -- 221 --
Inventory
valuation
adjustments
(3) -- -- --
--------- -------- ---------
Adjusted Segment
EBITDA (4,351) (3,952) (17)
Total Adjusted
EBITDA $ 74,901 $ 73,779 $ 34,226
========= ======== =========
(1) Represents the transaction-related expenses as part of the 2024
Business Combination and non-capitalizable IPO related costs, which
were expensed as incurred and included in the consolidated statements
of operations.
(2) Reflects non-cash compensation expense for equity-based awards to our
employees and non-employee directors for the periods presented.
(3) Reflects non-cash adjustment related to inventory fair value step-up
from 2024 Business Combination which has been included in cost of
sales.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250512875328/en/
CONTACT: Investor Contact:
Andrew Leonpacher
investor.relations@flowco-inc.com
Media Contact:
Niki Sikinger
Niki.Sikinger@flowco-inc.com
(END) Dow Jones Newswires
May 13, 2025 06:00 ET (10:00 GMT)
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